Investment Fund president: Turkic world becoming strategic economic corridor

President of the Turkic Investment Fund Baghdad Amreyev has said that the economic development of the Turkic world will be strengthened in five key areas.

Amreyev made these remarks during a meeting between representatives of the Turkic Investment Fund and the Union of Chambers and Commodity Exchanges of the Turkic World in Baku, Caliber.Az reports via local media.

"First and foremost, it is essential to remove barriers in trade and investment. Other priorities include strengthening transport and energy connections, expanding regional supply chains, promoting innovation and digital transformation, as well as enhancing financial cooperation and developing joint funding mechanisms," he said.

Amreyev highly praised the signing of the first memorandum of understanding between the Turkic Investment Fund and the Union, calling it a significant milestone for the business community of the Turkic world. 

"As part of the ‘Turkic World Vision 2040’, the creation of a unified economic space is planned, which will facilitate the free movement of capital, people, goods, and services among the Turkic countries. The Turkic world is becoming a strategic economic corridor. We are at the beginning of a long journey," he added.

During the same event, Chairman of the Small and Medium Business Development Agency (SMBDA) Orkhan Mammadov said that Azerbaijani entrepreneurs will find it easier to attract investments from the Turkic Investment Fund. 

He noted that the agreement to establish the fund takes into account SMBDA’s proposals for financing small and medium-sized enterprises (SMEs). 

"The fund is aimed at supporting SME projects. In this context, we can explore the creation of a joint funding programme to simplify local entrepreneurs' access to investments," Mammadov stated.

He also emphasised that the fund supports the development of transport and logistics chains and, as such, could assist in establishing the KOB Export Accelerator platform to integrate SMEs into regional supply chains. In the initial stage, the platform could operate in a digital format.

By Naila Huseynova