ASTANA, Kazakhstan, September 14. The countries of the Organization of Turkic States (OTS) agreed to increase mutual investments, said Turkish Trade Minister Omer Bolat, following the 12th meeting of the OTS Ministers of Trade and Economy and the 14th meeting of the Working Group on Economic Cooperation in Istanbul, Trend reports.
"We agreed at our meetings to increase mutual investments, support small and medium-sized enterprises in our countries and cooperate in the field of green and digital transformation and financing of these processes. In accordance with all these agreements, our goal is to increase trade turnover and investment between our countries," he said.
Bolat noted that exports between member countries of the organization in 2022 amounted to approximately $33 billion.
"This export corresponds to 6 percent of the total exports of our countries. Our goal is to fully exploit the commercial potential offered by our region and increase the ratio of intra-regional exports of the Organization of Turkish States to the total exports of our member countries to at least 10 percent in the coming period," he added.
Organization of Turkic States (then called the Cooperation Council of Turkic Speaking States - Turkic Council) was established in 2009 as an intergovernmental organization, with the overarching aim of promoting comprehensive cooperation among Turkic States. Its four founding member states are Azerbaijan, Kazakhstan, Kyrgyzstan and Türkiye. During the 7thSummit held in Baku in October 2019, Uzbekistan joined as a full member.
Hungary received observer status at the Organization during its 6th Summit in Cholpon-Ata, Kyrgyz Republic in September 2018. In the 8th Summit held in November 2021, Turkmenistan and in November 2022, Turkish republic of Northern Cyprus joined as an Observer Members to the Organization.