Tashkent, Uzbekistan (UzDaily.com) -- On 24 October 2023, the Senate Committee of the Oliy Majlis on International Relations, Foreign Economic Relations, Foreign Investments and Tourism preliminary considered issues that are planned to be discussed at the next plenary meeting of the Senate, and in particular the Law “On Ratification of the Agreement on the Establishment of the Turkic Investment Fund (Ankara, on 16 March 2023).”

The meeting of the Committee was attended by senators, representatives of relevant ministries and departments, experts, chairmen of the standing commissions of the Jokargy Kenes of the Republic of Karakalpakstan, regional and Tashkent city Kengash of people’s deputies, members of the Youth Parliament and representatives of the media.

During the meeting, it was noted that the main goal of the agreement is the creation of the Turkic Investment Fund in the form of an international financial organization aimed at promoting the economic development of member states of the Organization of Turkic States.

The agreement establishes the goals, functions, powers and structure of the Turkic Investment Fund.

The senators emphasized that ratification of the agreement will allow Uzbekistan to receive funding for projects in priority sectors of the economy, especially in the development of small and medium-sized businesses, as well as strengthen trade and economic cooperation.

Based on the results of the discussion, a corresponding decision was made by the Committee.