In a bid to strengthen their economic ties, Tajikistan and Turkey are charting a course to elevate their mutual trade volume to $1 billion by 2025. To formalize this ambitious goal, both nations have inked a comprehensive roadmap for boosting bilateral trade. The document, signed by Tajikistan’s Minister of Economic Development and Trade and Turkey’s Minister of Trade, was a pivotal outcome of a business forum held on November 10th in Dushanbe, the capital of Tajikistan.
This roadmap envisions a notable surge in trade activities between the two nations within the period spanning 2023 to 2025, propelling the trade volume to the coveted $1 billion benchmark. The signatories also established a Memorandum of Understanding (MoU) focusing on collaborative efforts in the domain of free economic zones. The groundwork for signing these significant agreements had been previously laid by the top leadership of both countries.
According to available data, the bilateral trade turnover between Tajikistan and Turkey has neared the $400 million mark since the inception of the year. Recognizing the untapped potential of trade and economic collaboration between the two countries, the Turkish Minister expressed his optimism. He stated that by the close of the current year, the trade turnover between the two nations is projected to reach $450 million, with subsequent years setting sights on the ambitious $1 billion goal.
However, as reported by the Statistics Department of Tajikistan, the trade turnover between the two nations in the period of January to September this year totaled $260 million, exhibiting a marginal decline of 5.8% compared to the same period in 2021. Within this trade framework, approximately $144 million accounts for Tajik product exports to Turkey, while $116 million reflects the import of Turkish goods by Tajikistan.
Highlighting the prospects for investment, Tajikistan’s Minister of Economic Development and Trade delineated priority sectors within the Tajik economy that are ripe for Turkish investors. Notably, these sectors encompass hydropower, tourism, agricultural product processing, mining, and more.
According to the State Committee for Investments and State Property Management of the Republic of Tajikistan, Turkish investments in Tajikistan’s economy from 2007 to 2021 aggregated to a substantial $221.7 million. These investments have been channeled into diverse sectors such as financial services, industry, and trade, underlining the multifaceted nature of the bilateral economic partnership.
