The State Bank for Foreign Economic Affairs of Turkmenistan


Partnership for development!

Top level Turkmen-Italian talks in Rome on November 7

  /   State News Agency of Turkmenistan  /   06.11.2019  /   

The President of Turkmenistan arrived in the Republic of Italy on an official visit. High-ranking officials of the friendly country as well as the members of the governmental delegation of Turkmenistan welcomed the President of Turkmenistan in Rome–Fiumicino International Airport.

From the airport, the motor cortege of the President of Turkmenistan headed to the residence at the Rome Cavalieri Hotel.

The talks between President of Turkmenistan Gurbanguly Berdimuhamedov and President of the Republic of Italy Sergio Mattarella and Prime-Minister of the Republic of Italy Giuseppe Conte will take place on November 7. The priority aspects of bilateral relations will be discussed during the top-level talks.

The visit testifies to the enhancement of the Turkmen-Italian dialogue, the dynamics of which proves the commitment of the two states to full-scale cooperation.

As is known, one of the key vectors of the foreign-policy strategy of Turkmenistan is European sphere. In this regard, it should be noted the interest of European partners in developing efficient cooperation with our country at the interstate level as well as in frames of the dialogue – Turkmenistan – the European Union.

Today, businessmen of the two countries has accumulated positive experience in implementing joint investment projects in the oil and gas sector, construction, textile industry and other areas. That is vividly proved by the long-term fruitful cooperation with the world-famous Italian company ENI, which has successfully operated on the Turkmen market since 2008, developing hydrocarbon resources on the Nebitdag contractual territory under the Production Sharing Agreement. Large industrial and infrastructural facilities in our country are supplied with the most-advanced Italian equipment.

Speaking during a meeting of the Cabinet of Ministers of Turkmenistan on November 1, the President of Turkmenistan underlined that wide opportunities for the diversification of the Turkmen-Italian cooperation had opened up today.

The impressive economic and resource potential of our country, the innovative vector of development, large-scale reformatory programmes and infrastructure projects, and the favorable investment climate created in the Turkmen market open up wide opportunities for enhancing cooperation.

Turkmenistan and Italy successfully interact on the international arena, supporting the constructive initiatives and proposals, initiated by our countries in frames of the United Nations Organization and other authoritative international structures. Our countries have close positions on such key topics as strengthening peace and security, transport and energy diplomacy, and achievement of the Sustainable Development Goals.

Turkmenistan and Italy pay particular attention to humanitarian cooperation, in particular in the fields of education and science, tourism and sports is seen as promising.

During the upcoming high-level talks in Rome, it is planned to sign a package of bilateral documents, aimed at strengthening the legal framework of bilateral partnership.


Economic indicators of the first quarter indicate stable growth

Outcomes of the first quarter demonstrate that the economy of Turkmenistan is steadily developed. The growth rates of the GDP remains on 6.2 percent level from the beginning of the year.

Comparing with the same period of the last year, volumes of export of local good have grown by 20.7 percent while import reduced almost by 27 percent.

Volumes of production of various items have increased comparing with the same period of the last year. Positive dynamics of production of confectionary and meat products as well as flour, bread, bakery and pasta has been observed.

The growth rate of indicators in transport and communication sector was observed for the period under review. Cargo traffic by all modes of transport has been increased by 6.4 percent while passenger traffic by 4 percent in January – March comparing with the same period of 2018. The growth rate in communication sphere is equal to 2.7 percent.

The growth rates of agricultural production were provided on 28.2 percent level.

The volume of drawn investments from all sources of financing was 5 billion manats.

The growth of non-governmental sector of the economy, which share in total production was 63.3 percent, has also been reached in the first quarter of the year.

By April 1 of this year, the revenue of the main financial plan of the country has been fulfilled by 104.7 percent while the expenditure part by 84.3 percent.

Average salary wages at big and medium facilities have increased by 9.4 percent comparing with the first quarter of the last year. Salaries, pensions, state allowances and student scholarships have been paid in time for the period under review.

Japan is a leading foreign investor in Turkmenistan

Japan is a leader in the structure of foreign investments allocated for the implementation of large projects in Turkmenistan, Chairman of the Board of Vnesheconombank of Turkmenistan Rahimberdy Djepbarov said at a business forum in Tokyo.

For 9 months of 2019, Japan, China, South Korea, Germany and the United States are the Top-5 countries in the structure of foreign investments.

Jepbarov informed Japanese business that, for the first half of 2019, the volume of foreign trade of the country amounted to $7.2 billion, including export – $4.7 billion, and import – $2.5 billion. That is, the surplus is $2.2 billion.

Long-term cooperation with companies and financial agencies of Japan is an example of the effective implementation of the investment potential of Turkmenistan. There are 10 investment projects amounting more than $7.6 billion in the portfolio of Vnesheconombank of Turkmenistan. The share of Japanese investment is $ 4.6 billion.

As for the industry share in the structure of foreign loans, the gas-and-chemical industry is at the first place here – more than half out of the total volume.

The construction of the second stage of a plant for the production of gasoline from natural gas in Akhal region, another carbamide plant and a gas-and-chemical complex in Balkan region, new chemical facilities in Lebap region as well as many other both industrial and transport projects, including of regional importance, are among the new investment projects.


According to IMF experts, GDP growth in Turkmenistan will be high

  /   State News Agency of Turkmenistan  /   12.04.2019  /  

On March 26 - April 9, the IMF mission, led by Natalia Tamirisa visited Ashgabat to assess the development of the macroeconomic and financial situation, discuss the priorities of the economic policy of Turkmenistan, as well as global economic challenges.

In frames of the visit, the representatives of this largest structure held a number of meetings with senior officials of government administration bodies, the representatives of business circles, financial sector and diplomats, during which they were familiarized with the main results of the socio-economic reforms, taken place in the country.

Upon the completion of the visit, the IMF mission published a press release, providing prediction estimates on some economic and financial positions of Turkmenistan in 2019. Thus, according to experts, the GDP growth in Turkmenistan will be high - 6.3% that is one of the highest rates in the world, and the highest among the neighboring countries in the Central Asian region.

The Head of the IMF mission provided recommendations for the further economic development of the country, which are consonant with the programme objectives set by the President and consistently implemented in the state policy of Turkmenistan.

Among them are, in particular, the acceleration of market reforms and strengthening of human capital, privatization of state-owned enterprises, improvement of the legal system, enhancement of the competitiveness of export products, diversification of the national economic complex and investment promotion.

In these and many other relevant areas, President Gurbanguly Berdimuhamedov identified specific measures and mechanisms for achieving the goals, laid down in the basis of the Programme for the Socio-Economic Development of the country for 2019-2025. In particular, the Programme stipulates the tasks of the most complete utilization of all resources and opportunities for the stable growth of the national economy, development of the private sector, creation of joint-stock companies, strengthening the activities of stock exchanges and the security market.

The President of Turkmenistan pays particular attention to the digitalization of the economy and strengthening human resources in this area, introducing electronic and intellectual systems to improve the efficiency of public administration and the quality of people’s life, reforming and modernizing agriculture through high technologies and attracting small- and medium-sized businesses. The state policy, pursued by the President of Turkmenistan, prioritizes the investment into the spheres of education and health care, strong support to such areas as culture and sports.

Regular assessments and forecasts by IMF invariably confirm that Turkmenistan confidently continues its socio-economic development, consistently implementing large-scale plans. In the process of structural and qualitative transformations in the country, the national model of market economy is being formed and improved, which is actively integrated into the world division of labor, global trade and information links.

The International Monetary Fund is a partner of Turkmenistan in conducting economic reforms. IMF provides technical assistance to support the ongoing macroeconomic reforms. The next visit of IMF is scheduled for October 2019.

President of Turkmenistan proposes new approaches to economic cooperation in CIS

Speaking at the Ashgabat meeting of the Council of CIS Heads of State, the President of Turkmenistan outlined the economic partnership as an important component of cooperation between the CIS.

As emphasized, Turkmenistan stands for offering new impetus to the development of trade and economic ties in the Commonwealth. With this aim, during the CIS Summit in Sochi in October 2017, Turkmenistan put forward an initiative to draft and adopt a multilateral document that defines the basic principles and vectors of cooperation of the Commonwealth states in this field.

Noting that the Declaration was drafted and put on the agenda of the current meeting of the Council of Heads of State, President Gurbanguly Berdimuhamedov underlined that its adoption would require the development of new approaches to boosting economic activity in the CIS.

“The strategy of the CIS economic cooperation should take into account the changes, taking place in the global economy today. It is necessary to respond to these trends in a timely manner, take into account the focus, and use the existing competitive advantages to form and promote the CIS economic agenda in the context of global economic processes” emphasized the President of Turkmenistan..

Highlighting such strategic areas as energy, industry, transport and trade, the Turkmen leader expressed confidence that the CIS was able to implement large-scale and long-term projects in these areas.

“The Commonwealth of Independent States, due to its geopolitical and geo-economic positions, should play an initiative role on the continent, take an active part in the development and expansion of trade and economic partnership between the East and the West, Asia and Europe. In this regard, the most important task is the participation of our countries in the implementation of various projects with other states, access to neighboring regions where we have something to offer to our partners in the economic, innovative and technological spheres”, President Gurbanguly Berdimuhamedov emphasized.

The President of Turkmenistan proposed to consider a plan of joint actions to enhance economic cooperation in the CIS with a focus on the possible formation and development of energy, industrial, transport and trade corridors connecting the Commonwealth states with world markets at the first meeting of the Economic Council in 2020.

As noted, if this initiative is supported by the Economic Council in the future, we can suggest the Council of the Heads of Government of the CIS to discuss the possibilities of its implementation in specific economic projects.


Aspects of Turkmen – Japanese cooperation are discussed at the meeting in the Foreign Ministry

  /   22.01.2019  /  

Meeting with Japanese delegation chaired by Co-chairman of Japanese – Turkmen Committee for economic cooperation Yoichi Kobayashi was held in the Ministry of Foreign Affairs on January 21.

During the meeting, the sides noted high level of cooperation between Turkmenistan and Japan especially in economic, cultural and humanitarian spheres. Subjects of joint projects for supply of Komatsu agricultural equipment as well as joint investments with the participation of Japanese Bank of International Cooperation have been reviewed. Relative Protocol has been signed by the outcomes of the talks.

It is worth mentioning that representative delegation of Turkmenistan has visited Japan in October 2018, during which the expansion of bilateral cooperation in trade and economic sphere has been discussed.

CIS Ministers of Foreign Affairs hold meeting in a narrow format

State News Agency of Turkmenistan  /   10.10.2019

CIS Council of Ministers of Foreign Affairs started its meeting in a narrow format. The heads of diplomatic agencies exchanged views on the important aspects of international relations and interaction within the CIS.

During the meeting, the parties agreed on the adoption of the Programme of Actions to intensify partnership between the CIS foreign-policy agencies. This document is aimed at ensuring the most favorable conditions for the agreed activities on the international agenda.

According to President Gurbanguly Berdimuhamedov, Turkmenistan considers it important to strengthen the political and diplomatic cooperation through enhanced partnership between the CIS foreign-policy agencies and the creation of effective mechanisms for systematic, regular multilateral political consultations based on a medium-term programme of actions in this area.

One of the important directions for strengthening cooperation between the CIS foreign-policy agencies is the joint work on the formation of a positive international agenda. In this context, it was underlined the significance of consultations with the aim to coordinate the positions of our states in the UN General Assembly on the priority issues.

One of them is the implementation of the 2030 Agenda. Turkmenistan expressed willingness to discuss the practical implementation of the Sustainable Development Goals with all CIS countries in order to provide mutual support to each other in the implementation of initiatives put forward by our states at the UN platform.

The documents that will be submitted to the Council of CIS Council of the Heads of States for signing on October 11 were also agreed. Among them is a draft Appeal of the heads of CIS member states to the peoples of the Commonwealth and the world community in connection with the 75th anniversary of the Victory of the Soviet people in the 1941-1945 Great Patriotic War.

The Ministers of Foreign Affairs of the CIS countries were also invited to participate in the International Conference on Peace, Security and Sustainable Development, to be held in Turkmenistan on December 12, 2020, and to celebrate anniversary events on the occasion of the 25th anniversary of Turkmen neutrality.


Implementation of the state investment programme: Key vector of activity of the Bank for Foreign and Economic Affairs

Investment policy of President Gurbanguly Berdimuhamedov is aimed at the provision of high rates and improvement of efficiency of the economy. Attraction of foreign capital to the economy of Turkmenistan acquires great importance for solution of these objectives as well as for further promotion of marketing reforms, structural changes of national economy, improvement of innovative component in the conditions of active integration to the system of global trade, scientific and technological relations.

Summing up strategic priorities of investment policy of the state, the President follows existing competitive advantages of Turkmenistan in the world market, which at first, are expressed in the availability of colossal natural resources, beneficial geographic location and transit potential. Turning of the country into important transport and logistic hub of the region and continent, industrial development of natural resource deposits and production of ready-made goods from local materials with high-added value became key economic vectors of our state.

Selection of the most efficient ways of technical and technological development based on long-term forecast, analysis of external and local factors, consideration of resource base represent innovative strategy of the country in general as well as certain branches and facilities. The Head of the State notes that investment to innovative productions allows giving efficiency to the programme of development of important spheres of national economy, supporting local including private producers, successfully replacing the import and expanding export capabilities by demanded goods, which are the sources of growing income of the country.

Implementation of the state investment programme for formation of mixed national economy and provision f further prosperity of the country are leading directions in the workd of the State Bank for Foreign Economic Affairs of Turkmenistan, which operates as an agent of the Government of the country on international capital markets. The bank has gained unique experience of cooperation and collaboration with different foreign financial organizations in the sphere of attraction of foreign credits to national economy. 2018 was very successful in this aspect.

For example, in February last year, the Bank for Foreign Economic Affairs of Turkmenistan has signed credit agreement with the biggest banking concern of Germany Commerzbank to total amount of 121,082,500 euros for financing of supply of agricultural equipment of European make (Germany, France, Italy, Netherlands) for the Ministry of Agriculture and Water Management.

Conditions for participation of transnational companies in implementation of the projects in Turkmenistan have been created owing to the open door policy of President Gurbanguly Berdimuhamedov together with the measures for creation of general favourable investment climate. For example, two credit agreements have been signed with Japanese Bank of International Cooperation and other financial institutes to the amount of 152,618,478.35 US dollars and 13,101,782,598 Japanese yen for financing of the turnkey construction of 432 MW gas turbine power station in Charjew etrap, Lebap Velayat.

This major investment project has been started in November 2018. Japanese Sumitomo Corporation and Mitsubishi Hitachi Power Systems as well as Turkish Rönesans Holding are involved in this project. Built by the order of the State Power Energy Corporation Turkmen Energy, the facility will not only provide the electricity to Lebap Velayat but will also increase the export of power to neighbouring Afghanistan.

According to the Programme of social and economic development of Turkmenistan in 2018 – 2024, total volume of power energy produced in the country is planned to be increased to 33 billion kilowatt-hours. Improvement of potential of the industry will support further integration f the country to the world energy system, President Gurbanguly Berdimuhamedov highlights giving special attention to this sphere in consolidation of economic power of the country.

Expansion of geography of export routes of supply of Turkmen energy carriers to the world markets would be supported by the Agreement with the Asian Development Bank to the amount of 500 million US dollars for financing of the project of modernization of energy network of Turkmenistan.

In this regard, it is worth to make special mention that active connection of Turkmenistan to unified Central Asian energy system plays an important role in creation of additional capabilities of increment of supplies of Turkmen power energy under international project Turkmenistan – Uzbekistan – Tajikistan – Afghanistan – Pakistan (TUTAP).

Making its contribution to the achievement of the Sustainable Development Goals by Turkmenistan, the Bank for Foreign Economic Affairs has been continuing active cooperation with the UN Development Programme throughout 2018 under the Project Document with this competent international organization signed in October 2017. The partnership between the Bank and the UNDP was carried out in three main directions: improvement of mechanisms of coordination of national projects in development sphere financed by foreign credits; elaboration of middle-term strategy of innovative development of the Bank and; preparation to the introduction of digital banking in the Bank for Foreign Economic Affairs.

In the result, middle-term strategy of bank development including the introduction of digital banking has been developed with the support of the UNDP and close cooperation with the world famous consulting company Pricewaterhouse Coopers Audit S.R.L.

This strategy provides the improvement of the bank activity in all directions especially in the sphere of application of information technologies, which meets the objectives of the Concept of development of digital economy in Turkmenistan in 2019 – 2025 initiated by President Gurbanguly Berdimuhamedov. Targeted implementation of new strategy will allow considerably expand the spectrum of banking services, improving the quality and speed of services.

The document on regulation of crediting of the project financed by international and foreign institutions has been developed in the partnership with the UNDP in 2018. Adoption of this project is aimed at systematization of cooperation between the Bank and ministries and organization of Turkmenistan, it will expand the capabilities and geography of cooperation with foreign financial institutions for attraction of external credits to national economy.

Stable economic and political situation in the country, legal guarantees and Government support are among the main factors of growing attractiveness of Turkmenistan for foreign investors. Such fundamental principles as support of the entering of the country to the wolrd economy through the improvement of its export potential and level of industrialization, development of technological processes, establishment of socially oriented market economy and improvement of life level of the population have taken into consideration during elaboration of integrated measures for stimulation of investments in near future.

President Gurbanguly Berdimuhamedov highlights that together with the increment of investment volumes, it is necessary to provide the improvement of their efficiency including in improvement of organization of productions, formation of bank of investment projects supporting the growth of competitiveness of the economy of Turkmenistan in global scale.

The President of Turkmenistan holds working session on development of banking sphere

 State News Agency of Turkmenistan  /   10.09.2019  

President Gurbanguly Berdimuhamedov held working session with participation of Chairman of the Central Bank M. Annadurdiyev and Board Chairman of the State Bank of Foreign Economic Affairs R. Jepbarov where key objectives of the leading credit institutions of the country and issues of financing of the Programme of social and economic development of Turkmenistan in 2019 – 202, the Concept of transit to digital economy, attraction of investments for implementation of the projects in national economy have been discussed.

First, the head of the Central Bank reported to the Head of the state about the work of the structures under his supervision.

In particular, the information about the financing of digitization of the branches and industrialization of national economy, changes of conditions in the regions of the country, strengthening of positions of national oil and gas sector in the world arena, formation of transport and logistic infrastructure has been presented.

The results of measures taken for increment of volumes of import substitutive and export oriented production, development of agro industrial complex on innovative base and social spheres like health protection and number of other major programmes and projects have been also presented.

Practical measures for improvement of activity of the structures under control were separate subject of the report. It was informed that complex of measures for provision of stability of purchasing power of national currency, sustainability and liquidity of banking sector, reliability of payment system, attraction of investments is under implemented.

At the same time, the works for improvement of level of availability and expansion of spectrum of financial services for citizens and entities of small and medium enterprises, increment of the volumes of the population’s deposits and crediting economically beneficial projects in different spheres are carried out. The information about improvement of the system of non-cash payments using new methods and advanced technologies has been presented.

Having listened to the report, the President Gurbanguly Berdimuhamedov focused on the importance of activation of works in banking sector of the country for successful transit to digital economy. Adequate response to permanently changing situation in the world economy is one of current directions of activity of profile institutuions.

It is necessary to expand the list of banking services offered to the population including through the use of Internet and mobile network capabilities. Special attention has to be paid to the crediting of the projects implemented with participation of representatives of private sector, rapidly developing small and medium enterprises of the Union of Industrialists and Entrepreneurs under the programme of industrialization and other programmes, the Head of the State highlighted, having addressed the Head of the Central Bank with number of specific assignments.

The attracted investments have to be used for financing of major projects in leading branches of national economy, first, in fuel and energy complex, digitization of the branches of national economy, agriculture, transport and communication sectors, President Gurbanguly Berdimuhamedov said.

Reduction of cash circulation and introduction of mechanisms of non-cash payments, which are based on modern banking technologies including bankcards, are among perspective directions, the Head of the State continued. In this regard, it is necessary to approach the regulation of financial operations, which are made using such instruments, with full responsibility, Turkmen leader noted, having ordered to carry out necessary work in this direction.

In his turn, the Head of the state Bank of Foreign Economic Affairs reported on the activity in the structure under his supervision, measures for strengthening of fruitful cooperation with competent international financial organizations and institutions for study of advanced practice in this sphere.

Implementation of investment projects in strategic branches of national economy as well as attraction of foreign business circles investments, which are interested in partnership with Turkmenistan, were separate subjects of the report.

Economic efficiency of joint projects, their social importance and ecological security, search for effective instruments for achievement of firm and long-term success of all participants are fundamental principles of this cooperation.

It was noted that contacts with leading financial structures of Asian Pacific countries such as Japan, the Republic of Korea, China, Singapore and other states have been significantly activated. Number of implemented projects and the ones that under realization, which have an international importance in fuel and energy sphere, transport and communication sector and other field are bright evidence of successful cooperation.

Transnational gas pipelines Turkmenistan – China and Turkmenistan – Afghanistan – Pakistan – India, which have huge social and economic significance not only for our country but for all participating countries as well, are worth special attention among these projects.

The information about the measures taken for expansion of list of services rendered through international payment systems Visa and Master Card, which supports the income of finances of the entities of national economy and improvement of payment capacity of banking sphere has also been presented.

Summing up the report, President Gurbanguly Berdimuhamedov highlighted that while implementing foreign strategy based on the principles of neutrality and making favourable investment climate in the country and all conditions for successful business, Turkmenistan gained high authority in the world arena demonstrating the willingness for long-term and fruitful cooperation with all interested parties.

Activation of strategic partnership of leading foreign investors with our state is provided by political and economic stability in the country, rich natural reserves, its export and transit capabilities as well as industrialization, digitization and steadily developed market.

The Head of Turkmenistan highlighted that solving the objectives for strengthening of economic diplomacy, we pay special attention to the expansion of international cooperation in all directions of economy and service sphere with competent financial institutions, economically developed states, world known companies that have advanced practice and innovative technologies.

The potential of these structures has to be actively used during implementation of investment projects in fuel and energy, agriculture, transport and communication section and other spheres of national and global significance.

Intensification of partnership in the sphere of inter-banking cooperation is one of important subjects, the President continued, having requested to improve legal base of international payments.

The Head of the State highlighted the implementation of digital financial technologies, improvement of efficiency of risk and capital management system, development of the system of corporate management and improvement of business processes, provision of stable development based on increment of income and profitability of bank among actual objectives in the future.

Strengthening of positions in the world banking market will allow the State Bank of Foreign Economic Affairs supporting the status of reliable crediting institution and to be attractive for potential investors.

The focus has also been made on the improvement of professional level of personnel of this sphere, training of personnel, which is able to provide rapid and qualitative development of the economy.

President Gurbanguly Berdimuhamedov highlighted that financial stability remains in Turkmenistan today, stable dynamics of growth in all sectors of national economy is observed, development of social sphere is continued and reformation of the systems of health protection and education is carried out.

The strategy of production of import substitutive products and increment of export supplies volumes, the course toward the activation of industrial branches, which are not related to hydrocarbon resources, support the protection of competiveness of the most sections of Turkmen economy and to expansion of foreign trade operations.

The Head of the State highlighted that economic strategy is oriented more to the attraction of direct investments rather than to credits and loans. Its efficiency lies in the fact that it allow making additional production demand in local market supporting the stabilization of financial and economic situation and does not lead to the growth of foreign debt. This is indicated by the amount of foreign debt of Turkmenistan.

Speaking of the importance of measures for saturation of local market, stimulation of import substitutive production facilities, Turkmen leader stated that export oriented branches supporting the implementation of huge potential of national economy are opened in industry, agriculture and service sphere.

The President also noted that the state budget of the country is made taking into consideration real situation; it provides targeted and well-considered use of finances.

Stabilization Fund, which assets are send for financing of priority investment projects reducing the impact of unfavourable external factors on certain sections of national economy, has a positive influence on economic situation in the country and provide the growth of work productivity and transfer to productive methods of management.

Reforms in budgetary, monetary and crediting sphere, the Head of the state continued, allowed achieving stable economic development and successful solution of structural and social objectives. Providing stability of national currency, the manat, flexible and rational distribution of assets in monetary format among various entities of the economy, financial system supported the enhancement of efficiency of investment processes.

Actual measures for protection of level of macroeconomic indicators, low inflation rate, stable exchange rate of manat, increment of non-cash payments were outlined among the utmost objectives.

The President of Turkmenistan has focused again on the importance of acceleration of works for transit to digital economy. For this purpose, it is necessary to approach the creation of technological platforms responsibly, the Head of the State said, having ordered to strengthen cooperation with competent financial structures.

It is necessary to form an economic environment based on innovations, to accelerate the industrialization of the country in order our state would be able to take deserved place in global market, the Head of Turkmenistan said.

It was mentioned that the Central Bank and the State Bank of Foreign Economic Affairs are the main financial institutes of the country, the locomotives for implementation of adopted programmes and projects.

In this regard, the Head of the State ordered the heads of the banks to hold timely solution of the subjects of financing of social and economic reforms, opening of facilities for production of competitive export product, additional work places, support of entrepreneurship under permanent control.

Having expressed the confidence that successful fulfilment of planned objectives is to support the enhancement of efficiency of not only the activity of banking institutes but also entire national economy, President Gurbanguly Berdimuhamedov wished success in work to the participants of the session.


Priorities of the state development are discussed at the session of the Government

On January 11, President of Turkmenistan Gurbanguly Berdimuhamedov held regular session of the Cabinet of Ministers where the subjects of the state economic and social policy have been discussed, new projects and other utmost issues of implementation of national programmes have been reviewed and number of documents have been adopted.

First, Deputy Chairman of the Cabinet of Ministers G. Myradov reported on the situation in the structures under his supervision as well as on integrated measures taken for improvement of banking system of the country. It was informed that advanced methods of non-cash payments are applied for the expansion of the spectrum of services and improvement of quality of these services.

At present, number of users of Internet-Bank and Mobil-Bank services of Altyn Asyr payment system, which are used by the clients to manage their bank accounts and make remote payments of different services, is growing. In the nearest future, Rysgal Joint Stock and Commercial Bank is planning to introduce payment method using the QR-code.

Having informed the Head of the State about preparation works related to the joining of this bank to the members of Master Card international payment system, the Vice-premier presented national samples of banking cards designated for users of this system to the President of Turkmenistan for review.

Summing up the report, Turkmen leader noted that stable development of banking sphere is one of the key factors of the provision of competiveness and dynamic development of national economy, successful integration of our state to the system of the world economy.

Expansion of list and improvement of quality of banking services including on international level, introduction of advanced practice and innovative technologies have been outlined among perspective directions. Having generally approved the samples of cards of Master Card international payment system for local users, President Gurbanguly Berdimuhamedov addressed the Vice-premier with number of instructions.

After, the floor was given to Deputy Chairman of the Cabinet of Ministers M Meredov who reported on the work for fulfilment of the assignments given by the Head of the State for further improvement of production potential of oil and gas industry, stable growth of technical and economic indicators.

Information about the work for the increment of production volumes of oil and gas including by the increment of production output of the oil wells and wide implementation of modern drilling technologies has been presented.

The President focused on the key aspects of national model of the economy of Turkmenistan, according to which the state allocates big investments to the development of basic branches of industry including to fuel and energy complex.

Wide implementation of innovations and digital technologies in all spheres, which is to increase the competiveness of our economy in the world scale, are the main objectives at current stage, the Head of the State said. In this regard, the utmost attention shall be paid to the training of engineering and technical personnel. The investments to human capital is one of the most important investments, which would play big role in development of the economy and improvement of its efficiency, President Gurbanguly Berdimuhamedov highlighted.

Having noted that this subject is very current for national fuel and energy complex, where large-scale projects of construction of super modern petrochemical facilities are implemented, the Head of the State gave specific assignments to the Vice-premier on improvement of the system of professional education and qualification of the specialists of oil and gas industry.

Deputy Chairman of the Cabinet of Ministers E. Orazgeldieyv reported on seasonal agricultural works in the regions of the country. At present time, vegetation irrigation of the springs and mineral fertilization are carried out at the fields under winter crops. At the same time, planning of the land plots and ploughing of the soil, preparation of the equipment for spring sowing of agricultural crops are continued.

Information about the measures taken for rational use of water resources and wide implementation of advanced world practice to this field as well as for further improvement of the management system of agricultural complex has been presented.

Having listened to the report, President Gurbanguly Berdimuhamedov gave specific assignments to the Vice-premier on the implementation of the programmes of development of agriculture and reforms in agrarian section. Having highlighted the importance of qualitative organization of all seasonal agricultural campaigns, which put the base for good yield production, the Head of the State ordered to provide their compliance with scientifically grounded agrarian technology.

Deputy Chairman of the Cabinet of Ministers M. Chakiyev reported on the work for arrangement of the production of mixed fertilizer – sulphuric carbamide, in the structure of the State Concern Turkmenhimiya as well as on the Draft Resolution on production of cocoons in 2019.

The Vice-premier informed that facilities of chemical industry produce different types of mineral fertilizers – nitrogen, phosphate and potassium, which are also exported abroad. As for today, specialists of the Concern have developed the production of new highly efficient fertilizer by adding sulphur to the composition of carbamide.

Head of the State Gurbanguly Berdimuhamedov highlighted the importance of the increment of production of various types of mineral fertilizers in the context of provision of food abundance both in our country and in the world, which is priority direction of the development of chemical industry. This industrial sector will give huge economic payback in the future by opening of new and modernization of existing facilities on innovative base.

The State Concern Turkmenhimiya will have to increase the volumes of deep processing of mineral resources, to attract the investments for construction of new and modernization of existing facilities for bringing of our country to the rank of the world leaders for production and export of chemical products, the President highlighted, having addressed the Vice-premier to expand the variety of production by implementation of new technologies.

After, the Head of the State has mentioned the importance of the silk production, which has big role in the context of development of textile industry – one of the leading sectors of national economy. Having highlighted the significance of gradual measures for bringing of the branch to modern industrial level as well as continuation of national traditions and use of innovations in production, the President ordered to render comprehensive support to the sill producers. Having signed the presented document, Turkmen leader ordered the Vice-premier to hold these issues under strict control.

At the same time, the Head of Turkmenistan has focused on the growing of mulberry trees, which is forage base for silk cocoons, having addressed relevant officials with specific assignments for planting of mulberry along the banks of Karakum River and other appropriate places.

Deputy Chairman of the Cabinet of Ministers D. Amangeldiyev reported on the work for the fulfilment of the Concept of development of power energy industry of Turkmenistan in 2013 – 2020.

The Vice-premier informed the Head of the state that according to the Concept, it is planned to build 25 facilities including 14 power stations and 9 aerial power lines and power supply systems, service centre for power equipment as well as to carry out repair works at Seydi Thermal Power Station and Balakanabat Hydroelectric Power Plant until 2020. 10 power energy facilitates in Ahal, Lebap and Mary Velayats have been put into operation for the past period.

Having listened to the report and studied presented proposals, President Gurbanguly Berdimuhamedov made number of recommendations. The Head of the State noted that at present time, Turkmenistan implements national programmes, among which the Concept of development of power energy industry is one of the most priority. In general, the establishment of modern energy system is an integral factor of successful development of entire national economy, in modernization of which the country relies on the attraction of the best world practice.

Speaking of huge potential of national power energy industry, the President highlighted that Turkmenistan is one of the richest states in the world by energy resources and production of power energy is one of the most profitable productions in the world. Following this, the volumes of investments to this important branch always grow. In the result, Turkmen power energy industry demonstrates stable high development rates and is able to increase the export of the energy, which is on high demand in the world markets.

The Head of the State said that all set objectives need to be solved by using latest technologies, creation of innovative production structures under implemented programmes and addressed the Vice-premier with relative assignments.

Deputy Chairman of the Cabinet of Ministers Ch. Gylyjov reported on the projects developed for the increment of production volumes of confectionary in the country, having informed on the measures for construction of the facilities for substitution of the import of this production by the Union of Industrialists and Entrepreneurs.

38,324 tons of confectionary have been produced in the country last year. 30,423 tons have been made by private companies. The production under such famous trademarks as Hasar, Oguzkhan, Bars, Tyaze Ay, Nagmat is on high demand in foreign markets, in 2018, the import of confectionary to Turkmenistan reduced almost two times.

The proposals of the members of the UIET are related to the expansion of the variety of chocolate production, flour confectionary, etc. in particular, it is proposed to build three facilities in Ahal Velayat as well as to modernize existing ones introducing new production lines.

After implementation of the these projects, which are planned to fulfilled by private and credit finances, the production of confectionary will increased by 13,800 tons per year. The excess of the production is planned to be exported. Additional working places will be created after putting of new facilities, which would be provided with advanced equipment from the leading European companies, into operation.

Having studied the projects, President Gurbanguly Berdimuhamedov noted growing role of Turkmen business in import substitution sphere and increment of export potential of the country, having highlighted the necessity to intensify analytical component in marketing strategy of Turkmen business. In this regard, the Head of the State ordered to elaborate on proposed projects for establishment of new confectionary facilities in details taking into account the consumer demand in the country and the situation in the foreign market and to find optimum sale links of this product.

After, the Vice-premier reported on the project of construction of Ashgabat – Turkmenabat highway, which implementation has been entrusted by the President of Turkmenistan to private companies, the members of the UIET.

2,300,000,000 US dollars project is proposed to be implemented in three phases in 2019 – 2023 and put into operation as follows: the first phase of Ashgabat – Tejen section in December 2020; the second phase of Tejen – Mary section in December 2022; the third phase of Mary – Turkmenabat section in December 2023.

Summing up the report, President Gurbanguly Berdimuhamedov highlighted the importance of this project for Turkmen economy and international cooperation as well as the necessity of strict control of its implementation. The Head of the State expressed the satisfaction with active participation of Turkmen businessmen in the implementation of national programmes of social and economic development including in the formation of modern industrial and transport infrastructure.

We trust major and important projects to national business, which are to strengthen national economy, improve its competiveness in the region and in the world, the President said, having noted that following the policy of neutrality and open doors, our country aims at the expansion of international cooperation, increment of trade turnover volumes with other states. implementation of our transport potential also meets economic interests of neighbouring countries, supports the establishment of strong logistic connections in the continent and in general, to the consolidation of trustful partnership, stability and sustainable development.

We would continue rendering state support to small and medium business in our country, President Gurbanguly Berdimuhamedov said, having highlighted that this support is aimed at the creation of versatile market economy and improvement of general level of life of the population and its wealth, which is the main direction of our policy. Having noted that implementation of the project of construction of the highway would create many working places, the President gave instructions on implementation of advanced practice and innovative technologies to road construction.

Signing the Resolution on Construction of Ashgabat – Turkmenabat Highway, the Head of the State said that this is historical moment in development of national entrepreneurship, which enters new level of professional growth and social responsibility.

Having highlighted that this is drive engine, which unites material, labour, intellectual and technology resources in efficient innovative combinations, the Head of the State noted important input of the entrepreneurship to the economy of the country. its integration to the world economy, development of production infrastructure, implementation of innovative solutions and improvement of knowledge, qualification and competency of the specialists.

The entrepreneurship performs not only economic functions, it also closely connected to all spheres of life activity of the society, President Gurbanguly Berdimuhamedov said, having again noted that non-governmental section has leading role in national model of modern economy of our country being the catalyst of innovative processes.

Deputy Chairman of the Cabinet of Ministers B. Abdiyeva reported on the work for popularization of national cultural heritage. It was mentioned that the funds of the museums are always supplemented with artefacts found during archaeological excavations at historical monuments of the country. number of findings became the values of the treasury of national heritage of Turkmen nation. According to the order of the President of the country, the information about the findings has been reflected in national and foreign mass media.

At present time, the artefacts are studied by Turkmen specialists and later will be handed over to the museums of the country. scientific data will be used during preparation of the documents for inclusion of the branches of the Silk Road on the territory of Turkmenistan to the UNESCO World Heritage List and will serve not only as valuable information but also significant argument for the nomination.

According to the request of President Gurbanguly Berdimuhamedov, the grounds of international forums including exhibition events held I Turkmenistan and in foreign countries are widely used for the popularization of rich culture and history of the country. For example, 219 museum values, which have already been seen by 390,000 people, are demonstrated at archaeological exhibition “Margiana – the Kingdom of the Bronze Age on the territory of Turkmenistan”, which is held currently in Hamburg (Germany).

This exhibition named “Turkmenistan – Home of Prosperity” will be demonstrated in Reiss-Engelhorn-Museen Mannheim (Germany) on March 1 – February 30. This fact indicates great interest of the world community in cultural heritage of our nation.

The Ministry of Culture of Turkmenistan has signed number of agreements on cooperation in the sphere of archaeological scientific studies with leading research centres of the world. at present time, the work for organization of joint activity is carried out.

In addition, it is planned to exhibit the articles of national craft, items of decorative and applied arts and museum values in the exposition of our country under the World Exhibition EXPO 2020 in UAE. Wide coverage of the subject of national heritage is continued in mass media.

Having listened to the report, President Gurbanguly Berdimuhamedov noted the importance of the work for deep study and popularization of the monuments of tangible and spiritual cultural of Turkmen nation, which is an integral component of universal value.

This activity has to have targeted and gradual character as well as to use the opportunities of mass media for introduction of the culture of Turkmen people, which roots go far to the past, to the world community, the Head of the State said.

The President of Turkmenistan noted that culture, in its wide understanding, outlines ideological content of all reforms in our country, values of modern society, implementation of intellectual and creative potential of Turkmen nations while the subject of policy in humanitarian sphere support the development of international cooperation, rapprochement of the states and nations.

In this context, President Gurbanguly Berdimuhamedov focused on the necessity of development of ancient cultural traditions and rites of the ancestors and giving them modern tune, having addressed the Vice-premier with assignments on this account.

Having highlighted that all events planned for the next year held under slogan “Turkmenistan – Home of Prosperity” have to support the popularization of national heritage, achievements of the country, to meet high creative spirit of the epoch, the Head of the State gave specific assignments on this account to the Deputy Chairperson.

Deputy Chairman of the Cabinet of Ministers P. Agamyradov reported on the activity of the branches under his supervision and on the work for development of educational system in Turkmenistan including the improvement of educational plans of secondary schools, having presented the slide show on this subject.

In particular, the Vice-premier informed about the proposals developed in accordance with the assignments of the President of Turkmenistan on content improvement of educational programmes at all stage of school education, inclusion of new subjects required by modern time and objectives of upbringing of comprehensively and harmonically developed generation prepared to life, professionally oriented and having necessary skills and knowledge.

Improvement of educational programmes is aimed at the finding of backgrounds, interests and abilities of school students, stimulation of their world outlook, development of own thinking as well as mastering of the basis of modern technologies, legal and social culture, etc. It is planned to introduce new disciplines of natural science direction and other. All of these will allow making rich educational environment, which is the most favourable for reveal of the potential of students and comprehensive learning of studied materials and receiving of modern knowledge.

Education is the heritage of the individual, the means to realize oneself in life, President Gurbanguly Berdimuhamedov highlighted. It directly related to the upbringing of children on moral values, civil positions, hard work and creativity. The school has not only to help understanding that future success of high-grade students depends not only from fulfilment of their duties but also from the proactivity, professional knowledge, desire for permanent growth.

Giving instructions to the Vice-premier for establishment of close relations between scientific specialists in educational sphere, methodologists and managers and teachers, the President pointed out the importance of regular pedagogical sessions and seminars, study of the best world practice in this field and its wide practical implementation.

The President of Turkmenistan gave specific assignments to the Vice-premier on thorough elaboration of all organizational issues of the improvement of educational plans of secondary schools and their implementation with application of advanced technologies and methods, to take measures for systematic improvement of qualification of teachers.

In the context of the assignment for training of specialists for solution of the objectives of digitization of national economy given earlier, Head of the State Gurbanguly Berdimuhamedov noted the importance of activation of work in this direction.

Deputy Chairman of the Cabinet of Ministers, Foreign Minister R. Meredov reported on the activity of the ministry in the context of steadfast implementation of constructive foreign course of Turkmenistan, on fulfilment of the assignments given by the Head of the State and on international events planned for the first quarter of the year.

Information about integrated measures for expansion of efficient cooperation both in bilateral and multilateral formats as well as with competent international and regional organizations including the UN has been presented. Active work is carried out for promotion and practical implementation of peace-making initiatives of the Head of the State on the provision of energy security, creation of modern transport and transit corridors, water and ecology diplomacy.

Preparation to coming high-level meetings and intergovernmental talks of Turkmen leader Gurbanguly Berdimuhamedov was one of the subjects of the report. It was informed that at present time, relative activities are carried out and packages of bilateral documents are coordinated. Visits of the heads of competent structures to our country, during which perspectives of further consolidation of fruitful contacts would be discussed, are planned in near future.

Summing up the report, the Head of the State highlighted that Turkmenistan would continue improving and expanding fruitful cooperation with all foreign partners based on existing significant potential. Steadily pursuing foreign policy based on neutral status, principles of peace-loving, goodwill and transparency, our country make significant contribution to common efforts for development of mutually accepted solution of current issues of regional and global agenda and achievement of the Sustainable Development Goals.

Speaking of the main vectors of the activity of Foreign Department, the Head of the State highlighted the necessity of integrated approach to the fulfilment of set objectives, having noted the importance of work for practical implementation of the proposals, the Head of the State ordered to pay utmost attention to the development of scientifically grounded approaches in this direction. At the same time, it is necessary to improve personnel potential of foreign department, President Gurbanguly Berdimuhamedov said, having addressed the Vice-premier with specific assignments.

Having highlighted the subject of coming important events of international significance, Turkmen leader made instructions on preparation and provision of high organizational level.

Speaker of the Mejlis G. Mammedova informed about the activity of National Parliament in the context of the implementation of integrated programme for the formation of modern legal base of the country.

Deputy corps continues work for development of new and improvement of existing legal acts, which are to provide reliable foundation for further implementation of large-scale programme of the state development initiated by Turkmen leader Gurbanguly Berdimuhamedov, to support the consolidation of social solidarity and its democratic basis.

Deputies carry out the work on the sites for explanation of the meaning and importance of legal documents. International cooperation including under the consolidation of inter-Parliamentarian relations and study of the world law-making practice is developed.

The Head of the State noted important role of National Parliament in the formation of modern legal base in the country and high responsibility of the deputies of the Mejlis.

The President highlighted that special attention has to be paid to the development of new laws supporting further improvement of legal and economic basis of the state taking into account democratic values of Turkmen nation. Economic prosperity of the country directly depends of the level of social wealth of its population, the Head of the State said, having cited the lines from his new poem:

You are the great belief of ancestors,
Strong power of example,
You are the epoch and era,
You are the holly pray, the Prosperity!

State News Agency of Turkmenistan

Record number of exchange transactions under the I CEF

 /   State News Agency of Turkmenistan  /   13.08.2019  

Increment of volumes and expansion of variety of production made in the country is an important direction of economic policy of the country. fundamental changes are carried out in this sphere due to successful implementation of large-scale programmes of modernization and diversification of national economy, development of industrial section and agricultural complex. The demand on local goods is growing both in home and foreign markets.

As it was informed it was visually demonstrated at the trades held by the State Commodity and Raw Material Exchange of Turkmenistan during the work of the Caspian Exhibition and Innovative Technologies under the First Caspian Economic Forum in Avaza national tourist zone. The trades resulted in record number of transaction, 256, to total amount of more that 380,179,000 US dollars and 96,600 Turkmen manats. For local market, Turkmen entrepreneurs made deals to total amount of 43 million manats.

Production of petroleum and chemical industry – Turkmenbashy Refinery Complex, Seydi Refinery, Garabogazkarbamid and Marykarbamid, Hazar chemical plant, iodine factories in Balkanabat and Bereket of the State Concern Türkmenhimiýa was a leader of the trades. It was TS-1 jet fuel, A-80 gasoline, various diesel fuel including the one treated by hydraulic method of ECO-5 brand as well as B type carbamide, technical iodine and petroleum coke.

Production of the plant, which was recently put into operation in Ahal Velayat, ECO – 93 gasoline and liquefied gas made of natural gas as well as high-density polypropylene from polymeric plant in Kiyanly of the State Concern Türkmengaz are on high demand among foreign business circles.

This petrochemical production was procured by businessmen from Russia, United Arab emirates, China, Switzerland, Great Britain, Luxemburg, Singapore, Malta, Afghanistan and other countries. The amount of transactions in this section was 335,476,000 US dollars. In addition, Turkmen entrepreneurs have bought polyethylene and polypropylene to total amount of 43 million manats for local market.

Businessmen from Turkey and Switzerland took part in the trades of agricultural production. They have signed four agreements to total amount of more than 36,884,000 US dolars for purchase of cotton fibre.

Businessmen from Russia, united Arab Emirates, USA, Kyrgyzstan, Turkey and Georgia participated in the trades of light industry. 19 transactions to total amount of more than 6,308,000 US dollars for procurement of cotton, flannel and jeans fabrics and one transactions to the amount of 600 Turkmen manats have been registered.

Businessmen from Uzbekistan and Hong Kong took part in construction material trades, having concluded 9 transactions to total amount of more than 1,510,000 US dollars for procurement of glass and Portland cement.

The First Caspian Economic Forum was marked by another event – the State Commodity and Raw Material Exchange of Turkmenistan has been awarded with the ISO 9001 Certificate – the document indicating that Quality Management System meeting the requirements of International Organization for Standardization.

At present time, more than 160 states are the members of ISO. This powerful organization, which develops international standards, has a consulting status in the UN Economic and Social Council and is supported by the World Trade Organization.

The State Commodity and Raw Material exchange of Turkmenistan was founded 25 years ago and holds the position of one of the most important economic institutes. High economic indicators of work of the Exchange provided its successful integration to international economic system and to gain the reputation of reliable partner in wide business circles of the world.

At present time, the Turkmen commodities, which are exported to more than 40 countries of the world including USA, China, Russia, Great Britain, Switzerland, UAE, Singapore, Turkey, Bangladesh and other countries, are sold at the exchange trades. As it was mentioned, all types of petroleum production of Turkmenistan, production of chemical industry, knitted and sewing articles for adults and children, cotton fibre and yarn, sheep, goat, camel wool, licorice and its extract as well as production of local manufacturers are on high demands in the world markets.

This is supported by the open door policy, stable economic situation and favourable investment climate, which attract businessmen from all over the world to our country.


Managers of Turkmenvnesheconombank consolidate their negotiation skills



Twenty-four specialists from the State Bank for Foreign Economic Affairs of Turkmenistan (TFEB) attended an intensive five-day training course on "Strategic Negotiation Skills" organized by the United Nations Development Programme (UNDP) in cooperation with the Malaysian company SkillFocus Consultancy, which provides training on capacity-building for soft skills, interpersonal communication and leadership.

The current seminars were aimed at skill-enhancement workshop for the managerial staff and their main distinguishing feature from such events was the interactive method of training. The participants of the course studied advanced approaches and ways to achieve specific goals during the negotiation process.

The training was conducted by the founder director of SkillFocus Consultancy Shanta Nagendram. The activity of negotiating is universal to all professions. It is used as a means of achieving one’s goals in every relationship so as to succeed in our professional pursuits, she said.

Often, the subtleties of negotiation art are comprehended on a trial and error basis. However, any negotiations have their costs - financial, economic, social and even emotional, which together affects the productivity and, ultimately, the success and profitability of any project/business/enterprise.

Therefore, a good negotiator is a key asset that can confidently represent the interests of an organization or a country on both the domestic and global arena.

Being one of the largest financial institutions of Turkmenistan, TFEB is directly involved in the implementation of significant investment projects with the participation of various international partners, foreign financial institutions, investment banks, export credit agencies. Taking into account this specificity, Vnesheconombank's personnel policy is focused on young professionals and encouraging their professional growth. 


Chairmanship Declaration on the results of the First Caspian Economic Forum

 On August 11-12, 2019, the First Caspian Economic Forum was held in Turkmenbashi city, Turkmenistan.

Various international events were organized in the framework of the Forum, on the outcomes of which the following was stated:

The role of the Convention on the Legal Status of the Caspian Sea signed by the Heads of States of Azerbaijan, Iran, Kazakhstan, the Russian Federation and Turkmenistan on the results of the Fifth Caspian Summit held in the city of Aktau, Kazakhstan on August 12, 2019 which creates the conditions for the advancement of cooperation between the Caspian region to a qualitatively new partnership level was underlined;

Recognized that the Agreement between the Governments of the Caspian Littoral States on Trade-Economic Cooperation and the Agreement between the Caspian Littoral States on Cooperation in the field of Transport contribute to further strengthening and development of collaboration between the littoral states in the economic sphere;

Noted that the Caspian Economic Forum platform can become a vital form of cooperation aimed at providing economic growth in the region and beyond its borders;

The necessity of increasing the potential in the area of trade and investment policy, as well as easing the trade process and export supplies potential for the benefit of trade and investments in the Caspian region is highlighted;

It is recognized that the countries of the Caspian region and all the stakeholders, including the private sector, associations and academic circles can maintain active dialogue on the issues of leading practice and measures related to the implementation of goals for ensuring development of economic contacts;

The significance of active participation and assistance on the part of international and financial institutions in the development of international economic cooperation in the Caspian was stated;

The need to unite the efforts for the attainment of considerable potential of the Caspian littoral states’ economic sectors was accepted;

Based on the above-mentioned, the implementation of the following actions is recommended:

1. Take the necessary steps for the enhancement of attractiveness of the Caspian littoral states’ economies with the aim of further active integration of the Caspian region in the international economic space;

2. Encourage the attraction of investments and stimulate innovations in the energy, industry, transport, trade and other spheres of the Caspian littoral states’ economies;

3. Ensure further strengthening of regional cooperation in such areas as social and economic development, environment protection, science and innovations, exchange of economic information;

4. Strengthen cooperation and coordination between the Caspian region and the United Nations’ system, including the regional UN commissions;

5. Hold the Caspian Economic Forums on regular basis in the littoral cities of the Caspian states.

The participants of the Forum expressed gratitude to the Government of Turkmenistan for high-level organization of the Frist Caspian Economic Forum and hospitality shown.

Turkmenbashi city, Turkmenistan
August 12, 2019


Concept of Development of Digital Economy for 2019 – 2025 is approved

  /   01.12.2018  /  

The President of Turkmenistan signed the Resolution, having approved the Concept of Development of Digital economy in Turkmenistan in 2019 – 2025.

The document reflects current condition of national system of information and communication technologies, goals and objectives of the Concept, ways and methods of its implementation and expected outcomes.

It is planned to implement the Concept, which is aimed at the growth of business and investment activity, introduction of advanced methods of Government administration, creation of new working places, in three phases (the first one in 2019, the second in 2020 – 2023 and the third in 2024 – 2025).

According to the Resolution, ministries, departments, administration of the regions and Ashagabat, all organizations and establishments regardless of the ownership are assigned to provide the implementation of the Concept.

Outcomes of the country development for 5 months are reviewed at the session of the Government

  /   State News Agency of Turkmenistan  /   06.06.2019  /  

President Gurbanguly Berdimuhamedov held regular video conference session of the Cabinet of Ministers where outcomes of work of the branches of national economy for five months of the year have been summed up as well as current subjects of the state life have been discussed.

Durina January – May, the high production indicators have been achieved in all branches of national economy.

The growth rates in industry made 4 percent, transport and communication sphere 10.1 percent, trade 11.8 percent, agriculture 3.5 percent, service sphere 8 percent. Positive dynamics is observed in construction industry as well.

In general, the production by ministries and profile departments increased by 6.3 percent comparing with the same period of the last year.

The volume of retail trade for five months has grown by 19.1 percent comparing with the same period of 2018.

For January – May, the revenue of the State Budget of the country was equal to 7.53 billion manats while expenditure part 7.49 billion manats.

Comparing with the same period of the last year, the average salary wages in big and medium facilities have increased by 9.5 percent.

Volumes of export of national production increased by 14 percent and at the same time, import of goods has been reduced by 20 percent. Comparing with the same period of the last year, high growth rates have been reached in all branches of the economy.

We saved some finances in the result of successful activity of economic complex and started the construction of numerous settlements in the regions of the country. The construction of administration centre of Ahal Velayat has also been started. At present time, we work on the construction of new complex of facilities in the north of Ashgabat, the Head of the State said.

According to adopted plans, the policy of diversification of supplies of energy resources to the world markets is carried out. The projects of construction of the main gas pipeline Turkmenistan – Afghanistan – Pakistan – India as well as other regional projects are implemented , the Head of the state noted.