Photo: Ministry of Economy of the Republic of Azerbaijan

BAKU, Azerbaijan, October 23. The Turkic Investment Fund’s Board of Governors has discussed expanding the Fund’s activities and strengthening investment cooperation among member states at a meeting in Tashkent.

According to Azerbaijan’s Ministry of Economy, Azerbaijan was represented at the meeting by First Deputy Minister of Economy Elnur Aliyev.

The meeting highlighted the Fund’s role in strengthening economic integration across the Turkic world, promoting mutual investment, and implementing joint projects. The participants reviewed efforts to organize the Fund’s operations, expand financing opportunities, and strengthen cooperation with international financial institutions.

Aliyev shared Azerbaijan’s experience in establishing bilateral investment funds with partner countries and proposed strengthening links between these funds and the Turkic Investment Fund, as well as developing joint financing mechanisms. Supporting cross-border projects and small and medium-sized enterprises, financing trade, and promoting lending in national currencies were identified as priority areas. The importance of improving operational efficiency and corporate governance was also emphasized.

The meeting decided to assign the chairmanship of the Board of Governors to Azerbaijan and the vice-chairmanship to Hungary until the end of the next annual meeting.

The Turkic Investment Fund was established under an agreement signed in Ankara in 2023 to expand economic cooperation, mutual investment, and regional trade among member states. Its members are Azerbaijan, Türkiye, Kazakhstan, Kyrgyzstan, Uzbekistan, and Hungary. The Fund supports small and medium-sized enterprises, infrastructure development, and the financing of joint projects.