BAKU, Azerbaijan, November 28. The Turkic Investment Fund (TIF) intends to further develop the Trans-Caspian International Transport Route (TITR, or Middle Corridor), TIF President Baghdad Amreyev said during a ministerial meeting of the Group of Friends of Sustainable Transport at the United Nations in Ashgabat, the capital of Turkmenistan, TurkicWorld reports.
The event was co-chaired by Turkmenistan and China.
"The meeting underscored the importance of joint efforts and strategic partnerships to achieve the United Nations' goals for sustainable transport, improve road safety, and enhance transport connectivity. It also highlighted the development of sustainable transport solutions and the implementation of innovative green technologies," the fund said in a statement.
In his speech, Amreev drove home the point that transport and customs cooperation have always been at the top of the list in Turkic cooperation. He reminded attendees that the recent Bishkek summit of Turkic-speaking heads of state shone a light on the pressing challenges at hand and underscored the importance of joining forces in the realms of transport and transit.
As the first combined financial institution of the Turkic republics, Amreyev further noted that TIF was established to increase intra-state trade and investment, thereby fostering economic development, and support creative ideas. He underlined that the investment is especially targeted on the transportation industry, with particular attention on helping infrastructure and logistics and Middle Corridor development.
Additionally, he noted that TIF could support other transport initiatives, such as the development of Ro-Ro (a type of freight or ferry vessel that is specifically designed to transport vehicles) and Ro-Pax (roll-on/roll-off passenger) ferry services, expanding cargo capacities, and driving the digitalization of the transport sector.
To note, the Turkic Investment Fund (TIF), the first Turkic mutual financial institution, was founded by an agreement during the Extraordinary Summit of the OTS in Ankara on 16 March 2023. The fund strengthens trade and investment relations and supports regional development projects by mobilizing OTS member nations' economic capacity. The Fund, with an initial authorized capital of US$ 500 million, is the first and main joint financial institution established by the Turkic states to mobilize their economic potential to strengthen trade and economic cooperation and implement joint projects.
