The Oliy Majlis Senate has unanimously approved a law to ratify the agreement for the establishment of the Turkish Investment Fund, aiming to strengthen economic connections and boost regional cooperation. This agreement, signed in Ankara on March 16, 2023, aims to strengthen financial cooperation between Uzbekistan and several Turkic countries, including Turkey, Azerbaijan, Kazakhstan, and Kyrgyzstan.
The agreement outlines the incorporation of funds from the Reconstruction and Development Fund of Uzbekistan into the Turkish Investment Fund. Furthermore, it designates Uzbekistan's share in the Turkish Investment Fund, which will serve as a source of financing for various expenses, including the subscription of 2,000 shares in the fund's initial capital.
The Ministry of Investments, Industry, and Trade of Uzbekistan has been assigned as the responsible body for the implementation of the Agreement. It will also oversee the transfer of funds to the Reconstruction and Development Fund of the Republic of Uzbekistan. Additionally, the Central Bank of the Republic of Uzbekistan will act as the depository for the Turkish Investment Fund.
The Turkish Investment Fund, established as part of this agreement, is designed to facilitate collaborative investment projects in various sectors, such as electrical engineering, light industry, automotive industry, leather industry, and building materials. The primary objective of these projects is to enhance economic development and cooperation among the participating countries.
The fund will primarily focus on the development of interregional trade, joint projects, green economy initiatives, information technologies, and transport and logistics infrastructure. This forward-thinking approach seeks to stimulate economic growth, create job opportunities, and contribute to the sustainable development of the participating nations.
Senators who supported the ratification of this agreement emphasized the numerous benefits it would bring to Uzbekistan. By becoming an equal participant in this important financial mechanism, the country can expect an increase in the volume of mutual trade and the promotion of investment projects in critical sectors of the economy. Moreover, it will help foster the development of infrastructure and transport-logistics relations with Turkic countries, strengthening regional partnerships.
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