ASTANA – The Senate, an upper house of the Kazakh Parliament, ratified the agreement on the establishment of the Turkic Investment Fund on Oct. 6, reported the Ministry of National Economy.
The agreement was signed during the Organization of Turkic States (OTS) Extraordinary Summit in Ankara on March 16.
The OTS member states, which include Azerbaijan, Kazakhstan, the Kyrgyz Republic, Türkiye and Uzbekistan, agreed to create conditions to attract investments into the economy’s advanced sectors and stimulate the introduction of new technologies.
The fund aims to promote the economic development of the OTS member states by expanding intraregional trade and supporting economic activity.
Adopting this law, which was ratified in September by the Mazhilis, the lower house of Parliament, will enable Kazakhstan to receive financing for projects in the economy’s priority sectors, particularly in the development of small and medium-sized businesses.