TIF president: OTS countries increased mutual exports by nearly 23%

In 2023, the value of mutual exports between member countries of the Organization of Turkic States (OTS) amounted to $38 billion, which is 22.6% more compared to 2022, Bagdat Amreyev, President of the Turkish Investment Fund (TIF), said at the General Assembly of the Turkish Chambers of Commerce and Industry Union held in Baku.

According to Amreyev, the share of OTS countries' exports to each other in their total exports has increased to 6.8%: "This is a promising indicator. However, it remains below the desired level. In our meetings with heads of international financial institutions, they always ask us why trade turnover between Turkic states is at a low level. We try to answer and explain to them that during the Soviet era, the economic model was highly centralized. Republics mainly specialized in specific industrial or agricultural products. This led to a one-sided economic system. Some republics were directed towards heavy industry, others towards agriculture and raw material extraction. This specialization reduced interest in diversified trade."

Additionally, the TIF president said that one of the main reasons for low trade levels between OTS countries is the high costs related to transportation, logistics, customs, and similar factors.

"Due to geographical proximity, Central Asian countries naturally conduct more trade operations with China and Russia. However, trade and investments will form the basis of our relations. We should benefit more from better-integrated transport and energy networks, as well as improved mobility, logistics, and customer services. For this reason, efforts are being made to further reduce problems. Our economies and societies are undergoing deep technological-digital transformation, and we should centralize our activities in this area," Amreyev added.