Prospective directions of the Turkmen-British trade and economic relations and investment interaction were discussed today at a working video meeting of the delegations of the two countries.
The Minister of Finance and Economy, the leadership of the Central Bank, Vnesheconombank, the State Committee for Water Resources, the Union of Industrialists and Entrepreneurs, representatives of the Foreign Ministry took part in the negotiations on behalf of Turkmenistan.
The British side was led by Baroness Nicholson of Winterbourne, the Prime Minister’s trade envoy. Also attending were Her Majesty’s Consul General in Istanbul and Her Majesty’s Trade Commissioner for Eastern Europe and Central Asia, Acting Ambassador of Great Britain, top managers of JCB Sales Limited.
The agenda included the issue of agreeing on further actions to approve the commercial offer of JCB Sales Limited for the supply of equipment for the water industry in Turkmenistan and for the private sector with financing from the British bank ABC Bank plc and insurance from the UK Export Finance.
As noted at the meeting, cooperation between Turkmenistan and the UK is consistently developing, the spheres of relations are expanding, which open up broad prospects and new opportunities for mutually beneficial partnership in such priority areas as the fuel and energy sector, agriculture and water management, trade, economic and financial spheres. transport and communication industry, education and new technologies.
It was stated that the decrease in foreign trade turnover between the two countries over the past year was associated with external factors the global economic crisis, the reduction in transport and trade flows due to the pandemic, etc. At the same time, the existing potential of both states makes it possible to significantly increase trade ties.
In 2020, a huge amount of work was done in new areas of interaction.In February last year, Turkmen specialists from various ministries traveled to London took place, where many useful meetings were held and specific agreements were reached.
In terms of developing contacts, the Turkmen side expressed gratitude for the assistance of the British Ambassador to Turkmenistan Hugh Stanley Philpot.
On December 8th last year, a Memorandum of Understanding was signed between the State Committee for Water Resources of Turkmenistan, the Ministry of Finance and Economy of Turkmenistan and JCB Sales Limited.
As part of this Memorandum, JCB offered to conclude a contract for the supply of earthmoving equipment and spare parts in 2021 in the amount of US $ 221.6 million.
Currently, a Memorandum of Understanding between the Union of Industrialists and Entrepreneurs of Turkmenistan, the Ministry of Finance and Economy of Turkmenistan and JCB is at the final stage of agreement. It provides for the supply of construction equipment for private companies in Turkmenistan, as well as educational programs in this area.
The Turkmen side expressed interest in the construction of a new regional JCB Center for training and education of specialists in the country, as well as in the construction of a plant for assembling equipment produced by the British company.