Geography with great but untapped economic potential

Geography with great but untapped economic potential

Economy
15 October 2019, 13:53 73
The meeting of the Foreign Ministers of the Cooperation Council of Turkic Speaking States (Turkic Council) was held in Baku on Oct. 14. The summit of the heads of state of the council is held in Baku today. For the first time, Uzbekistan is participating in the summit as a full member of the Turkic Council. The Turkic Council, established on Oct. 3, 2009, in Azerbaijan's Nakhchivan Autonomous Republic, aims for the development of full cooperation between its member states. Since its establishment, six meetings of the council have been held. Prior to the summit, the Turkish Presidential Administration noted that the strengthening of relations among the Turkic-speaking countries is for the benefit of the entire region. It was said that the Turkic-speaking countries are linked not only by historical and cultural roots but also by common interests aimed both at the development of these countries and the entire region. It was also noted that with the creation of the Turkic Council, relations among the Turkic-speaking countries were further strengthened. Turkic-speaking countries will continue to develop relations with each other in all spheres, including in the fields of economy, energy, tourism and in the military sphere. According to the Turkish Presidential Administration, Turkic-speaking countries are turning into an economic and energy locomotive in their regions and Turkey is ready to share its experience with them in all areas. Before his visit to Azerbaijan, Turkish President Recep Tayyip Erdogan said that Turkey is proud of its relations with the Turkic-speaking countries. He said relations between the Turkic-speaking countries will continue to develop and added that during his visit to Azerbaijan he will hold bilateral meetings with the heads of the Turkic Council member states.
 
So how will this summit affect the economic relations between the countries? What else can be done to increase the trade turnover between Turkic-speaking countries in general?
 
According to economist Rashad Hasanov, the main purpose of these meetings is to promote the solidarity of Turkic speaking countries. "One of the main objectives is to use the existing potential in a more effective way in order to enhance mutual economic and trade relations between these countries. In particular, discussions will be held on expanding trade turnover and mutual investment. Discussions on further liberalization of possible conditions in this area and on the stimulating mechanisms of mutual economic relations are not excluded. It should be noted that the Turkic-speaking countries neighboring Russia, cover great geography. The economic potential of these countries is quite large. This economic potential is also considered untapped. This, in turn, forms a base for expanding opportunities. Of course, each of these countries has a specific economic model. Management in some of them is not liberal and poorly organized. The serious shortcomings in the economic environment of these countries hinder the full use of the economic potential of the Turkic-speaking countries. I hope this meeting will create favorable conditions for more effective use of potential opportunities in this direction,” he said.
 
Economist, MP Azer Badamov said that the summit of the heads of state of the Turkic Council held in Baku is of great importance for the development of economic and political relations between the Turkic-speaking states. "This unity proves to the whole world that the Turkic states support and stand by each other. There are a number of global challenges that the Turkic-speaking countries face. Frequent meetings of the Turkic-speaking countries in solving these problems confirm the existence of a strong alliance in the world. In addition, the meeting could play a new role in the development of trade relations between the Turkic-speaking countries. Mutual economic relations between these countries are developing day by day. But there is a need for further improvement of economic relations between the fraternal countries. This meeting is important in terms of further expanding these ties in the medium and long term. The economic potential of the Turkic world is tremendous. But this potential is not fully used. One of the main priorities of the meeting will be to expand these ties,” the MP noted.
 
Shabnam Mehdizade