Charter capital of Turkic Investment Fund to be increased to $600 million

On February 14, a meeting of entrepreneurs from the member countries of the Organization of Turkic States (OTS) was held in Baku, with representatives from Uzbekistan participating. The event was organized by the TIF and the Union of Turkic Chamber of Commerce and Industry (TCCI).

The meeting focused on expanding mutual economic ties, stimulating investment, and supporting women entrepreneurship. To strengthen the investment and business potential between Turkic countries, TCCI and TIF signed a memorandum of strategic partnership.

The document includes plans to boost funding for infrastructure and trade projects, as well as small and medium-sized enterprises. This is expected to create new business opportunities and foster increased trade among OTS countries.

During the meeting, it was also announced that TIF's charter capital will be increased by 20%, reaching $600 million. This decision is aimed at supporting micro, small, and medium-sized businesses, and further developing trade.

Uzbekistan proposed holding the Forum of Women Entrepreneurs of the Turkic States in Nukus, scheduled for May this year. Additionally, several investment projects were agreed upon during the meeting.

The idea to create the Turkic Investment Fund was first proposed by Turkish President Recep Tayyip Erdoğan at the Organization of Turkic States summit in Samarkand in the fall of 2022. Erdoğan identified trade, transport, and energy as key areas for the fund's focus.

An agreement to establish the investment fund with an initial capital of $500 million was signed at the OTS summit in March 2023. As part of the agreement, Uzbekistan acquired 2,000 shares of the fund for $70 million. The agreement was ratified in November of the same year.