Turkmenistan and Russia Sign Contracts Worth Over $2 Billion

Turkmenistan and Russia Sign Contracts Worth Over $2 Billion

Companies of Turkmenistan and Russia signed bilateral contracts worth over $2 billion during the Turkmen-Russian business forum in Ashgabat, the press service of the Ministry of Economic Development of the Russian Federation reported on Friday.

The Deputy Head of the Ministry of Economic Development of the Russian Federation Dmitriy Volvach emphasized that over 20 investment projects worth $3.5 billion with Russian participation are currently being implemented in Turkmenistan. Besides, new projects in transport, construction, automobile and ship-building, pharmaceutical, geological exploration and oil and gas fields are prepared for launching.

Dmitriy Volvach stated that Turkmenistan is important for Russian business in terms of import substitution.

According to the Deputy Head of the ministry, the Russian market is interested in increasing the supply of agricultural products and textiles from Turkmenistan.

In addition, Russia is ready to increase the volume of non-resource exports and products of high complexity — chemical, machinery, pipes, oil and gas equipment. Such products are needed for major infrastructure projects.

At the end of his speech Dmitriy Volvach added that Russia is ready for a mutual exchange of digital technologies in the sphere of small and medium business and in the field of railway transportation.

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