Business ties with foreign partners are actively developing in Turkmenistan. Companies from Iran, China, Kazakhstan, Uzbekistan and other countries are increasing cooperation with Turkmen enterprises in various sectors of the economy.
Major energy infrastructure projects are creating new opportunities for equipment suppliers and contractors. The expansion of transport and logistics routes will also have a beneficial effect on business opportunities.
Active construction of housing and social facilities opens up good opportunities for construction companies and manufacturers of building materials in the Turkmen market.
Business events
About 100 companies from Iran will take part in the Iran Project exhibition of Iranian goods at the Chamber of Commerce and Industry of Turkmenistan, which will be held from November 17 to 19.
The exhibition will present the products of large Iranian companies working in the field of construction (building materials, plumbing, electrical appliances, lighting) and engineering services (oil and gas production, petrochemicals, electric power).
Agricultural products, medical services, etc.will also be presented.
A representative delegation of Turkmenistan took part in the 6th China International Import Expo (CIIE), which was held in Shanghai on November 5-10. The Turkmen delegation included representatives of the Ministry of Textile Industry, the Chamber of Commerce and Industry and the Union of Industrialists and Entrepreneurs of Turkmenistan.
Fuel and Energy Complex
President of Turkmenistan Serdar Berdimuhamedov announced the country's readiness to increase supplies of natural gas and electricity to member countries of the Economic Cooperation Organization, speaking at the ECO Summit in Tashkent.
The volume of Turkmen gas supplies to Iraq will amount to 9 billion cubic meters per year. The corresponding Protocol on the main commercial terms of the agreement on the sale, purchase and sale of Turkmen natural gas to the Republic of Iraq was signed following a meeting of representatives of the State Concern “Turkmengas” with the Iraqi delegation.
Trade
Turkmenistan intends to create new border trade zones with the involvement of specialists from the Economic Cooperation Organization.They will be created to implement the promising initiative put forward by the President that can give a significant impetus to the development of trade and economic relations of the country with the states of the region.
Involving ECO experts, in turn, will make it possible to use best practices in organizing cross-border trade.
President of Turkmenistan Serdar Berdimuhamedov invited the participating countries of the Economic Cooperation Organization to develop an ECO Framework Agreement on digital technologies and e-commerce.
Finance
Over the 10 months of 2023, Turkmenistan achieved GDP growth of 6,3%.The total volume of production in the country in January-October 2023 increased by 6,3% compared to the same period in 2022.
Retail turnover increased by 9,6%.The revenue part of the State Budget was fulfilled by 110,7%, and the expenditure part by 97,8%.The state budget of Turkmenistan for 2024 will provide for capital investments in the construction of industrial and social facilities, including housing and new settlements.
Information and communication technologies
The “Turkmensvyaz” Agency and the Chinese company JD.com Incorporation, which is engaged in online retail trade, discussed the prospects for cooperation, in particular, the introduction of e-commerce and modern technologies in the telecommunications sector of Turkmenistan. The Turkmen side expressed interest in JD.com’s advanced solutions in the field of online trading and digital technologies.
Türkmen hemrasy OJSC entered into a tripartite agreement with the French companies Thales Alenia Space France SAS and Eutelsat on confidentiality and non-disclosure of information. Previously, Turkmenistan and Thales Alenia Space implemented a project to create the first Turkmen communications satellite TürkmenÄlem 52.0E.
Construction
The Ashgabat hyakimlik was permitted to enter into contracts with Turkmen companies for the design and construction of 30 four-story houses with 40 apartments each and 16 houses with 68 apartments in the Gurtly residential complex.
It is also planned to build a secondary school for 720 students, a kindergarten for 320 students, a park, roads and utility networks.
The international cooperation
Turkmenistan has acceded to the Agreement establishing the International Anti-Corruption Academy (IACA) as an international organization. It is expected that this will expand the country’s ability to train highly qualified personnel in the field of anti-corruption.
The general director of the Turkmen company “Garagum” ES, Gylych Hallyev, and the head of the Kazakh company “Merusar and K LLP”, Marat Mahanov, signed a contract to supply the Kazakh manufacturer with a significant volume of non-woven polypropylene fabric of various densities.
Polypropylene non-woven fabric is a modern synthetic material that is widely used in various fields, including the production of medical clothing.
Transport
Representatives of transport organizations of Turkmenistan, Uzbekistan, Iran and Türkiye signed the Protocol of the Multilateral Meeting on the formation of an international multimodal corridor between Asia and Europe along the route Uzbekistan - Turkmenistan - Iran - Türkiye.
It provides for the organization of cargo transportation from the Asia-Pacific region to the EU, the application of competitive tariffs and the creation of favorable conditions for transportation by rail.
Agriculture
The harvest of raw cotton has been completed in the Balkan velayat of Turkmenistan. Over 16 thousand tons of cotton were harvested.