Turkic Council to launch $700 million investment fund

ISTANBUL

The Turkic Council plans to launch an investment fund, Baghdad Amreyev, the secretary-general of the council, has announced.

“We already created a joint chamber of commerce and industry and are now working to establish a fund. The Turk Investment Fund will be launched soon. Initially the size of the fund will be $600-$700 million”, Amreyev told reporters in Istanbul on June 26.

The joint chamber was launched in May this year and the respective signing ceremony was held on the margins of the Astana Economic Forum.

The 7th Turkic Council Summit will be held in October this year in Baku, Amreyev said.

“The main theme of the summit will be the development of the small and medium-sized companies in member states.”

The Turkic Council was established in 2009 as an intergovernmental organization by Turkey, Azerbaijan, Kazakhstan, and Kyrgyzstan.

The council aims to broaden the existing cooperation areas such as economy, science, education, transportation, customs, tourism and other various fields among the member states into multilateral cooperation for the benefit of the region.

It also targets ensuring peace and stability in the region.

The council has organized six summits, 13 foreign ministers’ meetings, and 50 meetings at the ministerial level.

It has also organized 25 international conferences, forums as well as vocational training programs and youth festivals.