Trade volume between OTS countries forecasted to exceed $45 billion in 2024

In 2023, foreign direct investments (FDI) in member countries of the Organization of Turkic States (OTS) amounted to $24 billion, 15% less compared to 2022, Vusala Jafarova, head of the Turkic World Research Center at the Azerbaijan Center for Analysis of Economic Reforms and Communication, Report informs.

Jafarova noted that to increase FDI, OTS countries need to improve the investment climate and develop the region's economic infrastructure. She emphasized the importance of strengthening the role of the Turkic Investment Fund and supporting the private sector to attract investments and strengthen economic ties, which will contribute to economic diversification and sustainable development.

According to her, economic growth in OTS countries has accelerated, particularly due to the development of the non-oil sector and trade growth. In 2023, the foreign trade volume of OTS countries reached $1.48 trillion, increasing by 4.3% due to the expansion of trade relations and increased mutual trade between OTS member countries.

Furthermore, trade volume between OTS countries grew from 30.9 billion in 2022 to $38.3 billion in 2023, an increase of 24%. According to forecasts, this figure will exceed $45 billion in 2024, indicating further strengthening of trade relations and member countries' interest in comprehensive cooperation.