Trade turnover among Turkic states set to exceed $45 billion in 2024

Head of the Turkic World Research Centre (TWRC) at the Azerbaijani Center for Analysis of Economic Reforms and Communication Vusala Jafarova has said that foreign direct investment (FDI) in member states of the Organisation of Turkic States (OTS) totalled $24 billion in 2023.

Jafarova stated that this figure represents a 15 per cent decrease compared to 2022, Caliber.Az reports per local media.

She highlighted that to increase FDI, the OTS member states should improve the investment climate and develop the region's economic infrastructure.

Emphasising the role of the Turkic Investment Fund, she underlined the importance of supporting the private sector to attract investment and strengthen economic ties, which would contribute to the diversification of their economies and sustainable development.

She also noted that the economic growth in OTS member states had accelerated, particularly due to the development of the non-oil sector and increased trade.

In 2023, the external trade turnover volume of OTS member states reached $1.48 trillion, marking a 4.3 per cent increase. This growth was attributed to expanding trade relations and rising mutual trade between member states.

Moreover, trade turnover among OTS member states grew from $30.9 billion in 2022 to $38.3 billion in 2023, a 24 per cent increase.

According to forecasts, this figure is expected to surpass $45 billion in 2024, reflecting the ongoing strengthening of trade relations and the growing interest of member countries in comprehensive cooperation.

By Aghakazim Guliyev