Majilis deputies adopted adopted today the bill “On ratification of the Agreement on establishment of the Turkic Investment Fund,” Kazinformreports.

“Amid the current global geopolitical instability, the diversification of Kazakhstan’s foreign ties remains one of the major goals. We keep working on boosting the cooperation in all spheres, to ensure a stable growth in sectors of economy. Apart from the bilateral cooperation, we actively interact within multilateral platforms, including within the Organization of Turkic-Speaking States,” Minister of National Economy Alibek Kuantyrov said presenting the document at the plenary session of the Majilis.

The Minister noted that the objective of the OTS states is to create comfortable conditions for attraction of investments into the advanced sectors of economy, to boost their emergence and their active implementation.

One of the major priorities in this area is to establish the Turkic Investment Fund.

In his words, the establishment of the Turkic Investment Fund was initiated by Azerbaijan.

“On March 16, 2023, during the OTS Heads of State Council’s extraordinary summit, the agreement on establishment of the Fund was signed,” he added.

According to him, the Turkic Investment Fund is the first joint financial institution of economic integration of the Turkic world.

The goal of the Fund is to assist in economic development of the OTS member states through the expansion of inter-regional trade and support of economic activity.

“The Fund will focus on financing of projects, in particular, the projects of small and medium enterprises, support of creation and modernization of physical and digital infrastructure, support of development projects in the spheres representing mutual interest, including industrial production, transport, agriculture, tourism and green economy. It should be noted that these projects enable to create new jobs and diversify Kazakhstan’s economy,” Alibek Kuantyrov explained.

Bagdat Amreyev, former Secretary General of the Organization of Turkic States, was appointed the first president of the Turkic Investment Fund on November 11, 2022. The Headquarters of the is located in Istanbul, Türkiye.

“The Agreement on establishment of the Fund does not contradict with the laws, international treaties, international commitments of the Republic of Kazakhstan, goals and objectives in the system of the national strategic planning. The document shall be ratified by the member states of the Fund,” he concluded.

Azerbaijan ratified the document on May 30.

“The ratification of the agreement will enable Kazakhstan, who is an active member of the Turkic world, to become a full-fledged creator of the international Turkic financial organization, to obtain financing of the projects in priority sectors of economy, especially in the SMEs development , as well as to strengthen the trade-economic cooperation within and outside the OTS region. The ratification of the document will not entail any political, legal, economic and other consequences,” Kuantyrov concluded.