The New Economic Agenda of the Turkic World: Uzbekistan Sets the Strategic Development Vector for the TURKSOY Organisation (TDT)

The modern global economy is undergoing a profound transformation. Competition for markets is intensifying, logistics routes are shifting, and new growth centres are emerging. In this context, rising risks and uncertainties demand flexibility and coordinated actions from countries.

Regional organisations are becoming increasingly important in such circumstances. They are not only political platforms but also key economic pillars capable of ensuring sustainable development amid instability.

A striking example of such an evolving organisation is the Turkic Council (TDT). Initially focused on cultural and humanitarian cooperation, it is rapidly transforming into a fully-fledged economic community.

This is reflected in the TDT’s macroeconomic indicators. In 2024, the combined GDP of member states reached $2.1 trillion, while internal trade turnover grew from $30.9 billion in 2022 to $45 billion in 2024. A 45% increase over two years significantly exceeds global average rates, signalling rising economic integration.

Central Asia, particularly Uzbekistan, contributes notably to this growth. While Turkey remains the largest economy within the TDT, Central Asia, and especially Uzbekistan, exhibits the most dynamic development. In 2024, Uzbekistan’s economy demonstrated steady growth, increasing by 6%, and in the first quarter alone, GDP grew 6.8% compared to the same period last year. Key sectors driving growth included services (up 7%), construction (up 10.7%), and industry (up 6.5%).

These figures underline Uzbekistan’s growing role as an economic growth engine within the TDT and highlight its readiness not only to showcase its own successes but also to shape the strategic agenda of the entire Turkic world, offering initiatives capable of setting a long-term development vector for the organisation.

At the informal TDT summit held on May 21, 2025, in Budapest, Uzbekistan’s President Shavkat Mirziyoyev proposed creating a Unified Investment Portal — a digital platform to consolidate information on priority sectors, investment projects, and opportunities. This system will ensure transparent and clear conditions for both domestic and international investors, thereby enhancing the overall investment appeal of the region.

Developing investment integration further, the Head of State noted that the next step would be the establishment of a joint venture company focused on supporting startups and high-tech projects. This initiative is particularly relevant for Central Asian countries, where access to long-term capital remains limited. Venture mechanisms not only help share risks but also stimulate innovative development — a necessary condition for transitioning to the economy of the future.

The growing attractiveness of the region for investors is also evidenced by numbers: foreign direct investments in TDT countries reached $50 billion in 2023, 66% higher than in 2017. Simultaneously, the number of joint ventures nearly doubled — from 53,000 to 92,000 — reflecting growing trust and closer economic cooperation among member states.

These positive trends are particularly evident in Uzbekistan: since early 2024, over 500 new enterprises with capital from TDT member states have been established, bringing the total to 4,000, which accounts for 28.8% of all foreign-invested enterprises in the country.

A logical continuation of the investment agenda is industrial cooperation. Uzbekistan proposed developing an Industrial Cooperation Program to create large-scale production capacities in the chemical, energy, mining, light, pharmaceutical, leather and footwear, food, and construction sectors. This will enable cross-border production chains, optimise costs, and accelerate project implementation.

According to the UN, cooperative models can reduce production preparation time by 14–20 months and cut costs by up to 70% compared to independent implementation. This brings not only economic benefits but also a strong social impact: new jobs are created, and the region’s export potential grows. The pharmaceutical sector is especially promising, where joint ventures could meet domestic demand and expand to external markets, including the Middle East and Africa.

Developing industrial cooperation among TDT countries is highlighted as a priority area in the Turkic World Development Strategy until 2040. A key instrument in this regard is the Turkic Chamber of Commerce and Industry, which effectively strengthens cooperation among entrepreneurs.

However, sustainable industrial and trade interaction cannot be ensured without modern infrastructure. Therefore, establishing efficient East–West and North–South transport corridors is a strategic priority for the TDT. At the same time, it is important to accelerate the implementation of simplified customs procedures that eliminate excessive administrative barriers.

In this context, the President of Uzbekistan proposed holding an International Forum on Multimodal Transport and Logistics of Turkic States in Tashkent in November 2025. This forum will serve as an important platform for developing coordinated approaches and strengthening sectoral partnerships.

This is particularly relevant given the serious challenges faced by cargo transportation among TDT countries — from overloaded existing routes to a lack of modern logistics hubs and service infrastructure.

Western experts estimate that reducing customs clearance time by just one day could increase trade turnover by 3–5%. Thus, investment in infrastructure is not only trade support but also a key to accelerated economic growth in the region.

Among the key initiatives proposed by the President of Uzbekistan, the Practical Program for Expanding Trade deserves special attention. Its implementation can significantly boost economic activity within the TDT, creating additional incentives for increasing trade turnover between member states.

A critical element for the successful implementation of this program is the development of modern digital tools that simplify and accelerate foreign economic activity. In this regard, the President’s initiative to establish the “Turk-Trade” online platform is crucial. This single digital platform aims to unite producers, investors, and buyers within a common ecosystem where deals can be made in real time, logistics tracked, and information exchanged.

Such a system is particularly important for small and medium enterprises (SMEs) — the backbone of Turkic economies. Digital solutions give SMEs access to new markets without significant costs, enhancing competitiveness and stimulating entrepreneurial activity.

Overall, the proposals put forward by the President of Uzbekistan can be seen as the starting point for a large-scale institutional transformation of the organisation. The country is taking on the role not just of an active participant but of an initiator of systemic changes shaping a new architecture for regional cooperation.

The key elements of this new agenda are digital economy-based growth, joint production, logistics modernisation, and investment cooperation. Together, these form a solid foundation for sustainable, competitive, and mutually beneficial growth among the countries of the Turkic world.

The importance and relevance of these initiatives will be confirmed at the upcoming TDT summit in Baku in early October 2025, where heads of state will discuss priority directions for regional cooperation, providing Uzbekistan with a special opportunity to advance key initiatives in the digital economy, joint production, and investment cooperation.

Shavkat Alimbekov,
Senior Researcher, International Institute of Central Asia