Inaugural Meeting of the Turkic Investment Fund’s Board of Governors

The Inaugural Meeting of the Board of Governors of the Turkic Investment Fund (TIF) took place at the Dolmabahçe Palace in Istanbul, Türkiye, on 18 May 2024.

The meeting that the President of TIF Bagdat Amreyev convened was attended by Mehmet Şimşek, the Minister of Treasury and Finance of Türkiye; Nurlan Baibazarov, the Deputy Prime Minister and Minister of National Economy of Kazakhstan; Laziz Kudratov, the Minister of Investment, Industry, and Trade of Uzbekistan; and Elnur Aliyev, the First Deputy Minister of Economy of Azerbaijan.

The Governors officially established the Board of Governors of TIF and elected Mehmet Şimşek, the Minister of Treasury and Finance of Turkey, as the term Chairman. The meeting also formed the Board of Directors and appointed Azerbaijani citizen Ramil A. Babayev as the General Director of TIF.

The Board of Governors made several key decisions on the procedural rules for both the Board of Governors and the Board of Directors, as well as the organizational structure of TIF. The Inaugural Meeting of the Board of Governors of TIF also officially launched the Fund’s activities.

The meeting of the Board of Governors of TIF was followed by a special ceremony attended by H.E. Cevdet Yılmaz, the Vice-President of the Republic of Türkiye; members of the Board of Governors of TIF; Gökhan Turan, the Director General for Central Asia and Organization of Turkic States of the Ministry of Foreign Affairs of the Republic of Türkiye; and other Turkish government officials.

Also present were Kubanychbek Omuraliev, the Secretary General of the Organization of Turkic States; Shahin Mustafayev, the President of Turkic Academy; Mehmet Süreyya Er, Secretary General of the Turkic Parliamentary Assembly; Aktoty Raimkulova, President of the Turkic Culture and Heritage Foundation; Ömer Kocaman, Deputy Secretary General of the Organization of Turkic States, Sayit Yusuf, Deputy Secretary General of the International Organization of Turkic Culture; Adem Kula, Secretary General of the Union of Turkic Chamber of Commerce and Industry, as well as representatives from embassies and consulates of Turkic states and other special guests.

The Vice-President of the Republic of Türkiye, Cevdet Yılmaz, a Guest of Honor at the event, emphasized in his speech that the establishment of TIF marks a significant historical milestone in the ongoing journey towards enhanced economic cooperation and integration between Turkic nations. Mr. Yılmaz reiterated Türkiye’s commitment as the host country to extend full support to implement various programs and ventures under TIF successfully.

Vice-President Yılmaz highlighted the unique role of Bagdat Amreyev, the President of TIF, in establishing the Fund and wished him success in his future endeavors in the economic development and integration of the Turkic World.

The President of TIF, Bagdat Amreyev, briefed the participants on the outcomes of the Inaugural Meeting of the Board of Governors of TIF in his speech and outlined the organization’s mission and main objectives.

Amreyev highlighted the key objectives of TIF, including financing development projects, attracting foreign investments to Turkic states through cooperation with other international financial institutions, and contributing to the economic integration of the Turkic World. He expressed gratitude to everyone who contributed to the establishment of TIF.

Mehmet Şimşek, the Minister of Treasury and Finance of the Republic of Türkiye, said that the TIF is designed to be a high-standard international financial institution. He added that TIF aims to accelerate SMEs’ growth and investments in various sectors. Mr. Şimşek also welcomed Hungary’s interest in joining the TIF and stated that efforts would be made to facilitate Hungary’s membership process.

Ministers from Turkic states have reiterated their unwavering support for the TIF, emphasizing that it presents new opportunities for collaboration and economic growth.

Nurlan Baibazarov, the Deputy Prime Minister and Minister of National Economy of Kazakhstan, emphasized that TIF’s activities will serve the trade, economic development, implementation of innovative projects, and a better future for its member states.

Laziz Kudratov, the Minister of Investment, Industry, and Trade of Uzbekistan, stated that TIF would open new horizons for development and economic cooperation, creating opportunities for investments and industrial growth. He also viewed the establishment of TIF as a commitment to supporting economic cooperation among member countries.

Elnur Aliyev, the First Deputy Minister of Economy of Azerbaijan, stated that strengthening ties with Turkic states in all areas is a main priority of Azerbaijan’s foreign policy and emphasized the importance of implementing artificial intelligence and innovative projects.

The meeting ended with the signing of the Host Country Agreement between TIF President Bagdat Amreyev and Türkiye’s Deputy Minister of Treasury and Finance, Osman Çelik, under the auspices of Vice-President Cevdet Yılmaz.