The Institutionalization of Economic Cooperation in the Turkic World: The Case of the Turkic Investment Fund

Abstract

This study aims to analyze the Turkic Investment Fund (TIF) within the framework of neoliberal institutionalism and the management and organization literature. Established to strengthen economic cooperation and support joint development among Turkic States, the TIF represents the first international organization within the Turkic World with a direct financial character. The study examines the Fund’s establishment process, institutional design, governance structure, and investment priorities. The research is based on qualitative data derived from primary legal documents, institutional policy texts, unpublished reports, and a semi-structured interview conducted with a senior official who played an active role in the Fund’s establishment process.
The findings indicate that the TIF prioritizes the establishment of a governance infrastructure before initiating its investment activities and adopts a multi-layered decision-making mechanism. This structure provides an institutional framework that reduces uncertainty, enhances predictability, and strengthens interdependence among member states, in line with the core assumptions of neoliberal institutionalism. However, the fact that the TIF has not yet faced a major economic or geopolitical crisis suggests that its institutional resilience will need to be assessed through future challenges. The study concludes that the TIF holds significant potential for regional economic integration and institutional deepening, while the sustainability of this potential largely depends on the Fund’s governance capacity and overall institutional performance.

The findings indicate that the TIF prioritizes the establishment of a governance infrastructure before initiating its investment activities and adopts a multi-layered decision-making mechanism. This structure provides an institutional framework that reduces uncertainty, enhances predictability, and strengthens interdependence among member states, in line with the core assumptions of neoliberal institutionalism. However, the fact that the TIF has not yet faced a major economic or geopolitical crisis suggests that its institutional resilience will need to be assessed through future challenges. The study concludes that the TIF holds significant potential for regional economic integration and institutional deepening, while the sustainability of this potential largely depends on the Fund’s governance capacity and overall institutional performance.