NEWS

Achievements and Potential of the Turkmen Capital City are in the Spotlight

 XXII International Universal Exhibition “White City of Ashgabat” The XXII International Universal Exhibition “White City of Ashgabat”, organised by the Ashgabat City Administration and the Chamber of Commerce and Industry of the country, was held in the capital.

26 May 2023

Economy

International Transport and Transit Corridors: Interconnectivity and Development

A Large-Scale Industrial Conference and Exhibition Were Held in Turkmenistan The capital city hosted the II International Conference and Exhibition entitled “International Transport and Transit Corridors: Interconnectivity and Development–2023”, the venue of which was the Chamber of Commerce and Industry of the country.

5 May 2023

Economy

Factors of Economic Stability

The main tasks of the long-term progressive development of all sectors of the national economy are set forth in the Socioeconomic Development Programme of the President of Turkmenistan for 2022–2028. One of the most important areas for the progressive growth of Turkmen economy is the production of modern goods and market promotion of domestic products that meet international standards. Despite global economic challenges, which are hindering GDP growth of many countries and in some cases are creating the negative dynamics of economic growth, Turkmenistan’s GDP growth remains stable. One of the factors of economic stability is import substitution. This economic policy is a state strategy, the essence of which is simple – the replacement of foreign products with domestically produced goods. The goal is obvious: to stimulate and protect national economic interests by creating favourable conditions for industry and reducing the dependence on imports, introducing innovative technologies and expanding opportunities for using the accumulated national industrial potential.

29 April 2023

Economy

Transport — an Important Link of Business Cooperation

Being an important link of major international transit corridors, Turkmenistan actively establishes mutually beneficial cooperation with foreign countries and international structures. A wide range of issues related to cooperation in the transport sector is included in the agenda of almost all business forums. In March, the Turkmenistan–Tatarstan business forum was held in Ashgabat. In the context of building up trade and economic cooperation and mutual trade in accordance with the existing potential, both parties expressed their readiness for close cooperation in the transport and logistics sector. As it was emphasised at the Forum, the relations with the Republic of Tatarstan occupy an important place in the bilateral partnership between Turkmenistan and the Russian Federation. This cooperation develops consistently and on a systematic basis in line with the Declaration on deepening the strategic partnership between Turkmenistan and the Russian Federation, signed by President Serdar Berdimuhamedov and President Vladimir Putin in Moscow last June, and the agreements concluded. The key areas of the multifaceted dialogue between Turkmenistan and Tatarstan are the fuel and energy complex, the textile industry, agriculture, machine- and shipbuilding and transport. The solid and wide composition of the representatives of the business community of Turkmenistan and Tatarstan and t

31 March 2023

Economy

Union of Industrialists and Entrepreneurs of Turkmenistan Celebrates 15th Anniversary

UIET Holds Anniversary Forum in Ashgabat An exhibition of the Union of Industrial Enterprises and Entrepreneurs was held in the capital city to mark the 15th anniversary of this large public organisation. On this occasion, an anniversary conference took place.

24 March 2023

Economy

Agroindustrial Complex as an Important Segment of the National Economy

Turkmenistan attaches particular importance to the modernisation of the agroindustrial sector, which is directly related to ensuring food abundance in the country and building up the export potential of the national economy. The large-scale reforms aimed at improving agricultural efficiency and increasing agricultural output are being successfully implemented. Now the application of new organisational and legal forms in this sector in line with international practices, modern requirements and national realities is becoming increasingly important. In recent years, the agricultural reforms, aimed at diversifying production, optimising land and water relations, supporting agribusiness, creating high value-added production chains and adopting market mechanisms and digital technologies, have been implemented in Turkmenistan. Turkmenistan’s agroindustrial sector comprises several sectors of the economy, namely agriculture, industries and trade closely related to agricultural production. Its effective functioning focuses on producing and processing agricultural crops into high-quality consumer goods.

10 March 2023

Economy

A Model of Digital Economy

The development of high-tech and efficient industries in Turkmenistan is a priority of the socioeconomic policy of President Serdar Berdimuhamedov, since such development is essential for achieving the economic and social goals. These tasks are being fulfilled in the framework of the Conception of Digital Economy Development of Turkmenistan for 2019–2025 and the State Programme for Digital Economy Development for 2021–2025, ensuring the all-round prosperity of our country. The 21st century is the age of innovations. It is marked by their rapid growth – they have become an integral part of life, helping people solve problems and fully recognised as the foundation for global sustainable economic development. Digital transformation is taking place in nearly all sectors of the world economy – manufacturing, finance, services, education, infrastructure and the social sphere, among others. The main tools to enable digital transformation are the creation of the IT sector, the development of innovative methods and cybersecurity. This transition to a brand new economy is done by automating all processes of data processing. The Internet of things, big data, artificial intelligence, monitoring systems, blockchain, neural networks, 3D modelling, virtual reality, cloud computing and many other tools contribute to the integration of all data flows to create an informati

3 March 2023

Economy

Investments as a source of economic growth

In the new history of the Turkmen people, large-scale reforms, aimed at improving the well-being of all citizens of our country, are taking place in the country. The main objectives of the progressive, long-term development of segments of the national economy are set forth in the Programme “The Revival of the New Era of the Powerful State: The National Programme of the Socioeconomic Development of Turkmenistan in 2022–2052” and the Socioeconomic Development Programme of the President of Turkmenistan for 2022–2028. The Investment Programme of Turkmenistan for the period until 2023 was approved at the extended meeting of the Cabinet of Ministers of Turkmenistan on February 10 this year. The Programme sets the important tasks for the sectors of the national economy to ensure the rapid economic growth.

24 February 2023

Economy

Reliable Support of National Economy

One of the priority areas for deepening economic reforms conducted in Turkmenistan under the leadership of the esteemed President Serdar Berdimuhamedov is to encourage entrepreneurship. It has a significant role to play in modernising and diversifying the sectors of the national economy, increasing production and expanding the range of competitive product, achieving food abundance and enhancing the export potential of the country. Entrepreneurship is one of the leading sectors that largely determines the economic growth, the employment level and the structure and quality of the gross national product. Its development corresponds to global trends towards the formation of a flexible mixed economy, a combination of different forms of ownership and an adequate economic model, which allows synthesising a competitive market mechanism and state regulation of large-, medium- and small-scale production. World practice convincingly shows that, small-scale business has a significant impact on economic development and contribute to solving social problems and increasing the number of employed workers even in developed market economies. Small businesses in some countries play a leading role in terms of the number of employees, the volume of goods produced and sold, work performed and services rendered.

3 February 2023

Economy

Import Substitution as a Crucial Economic Factor

A flexible and pragmatic import substitution strategy underlies the successful development of all spheres of Turkmen economy. Its successful implementation contributed to the continued downward trend of imports, since the increase in domestic production has enabled to reduce the imports of many products, consumer goods and foodstuffs. In recent years, Turkmen producers have significantly expanded their presence in the market. Such large-scale work allows creating new industrial areas for Turkmen economy and expanding consistently the list of domestically produced goods able to compete in the market. Domestic manufacturers have made great progress in all sectors of the economy and consistently expand the list of goods, contributing to saturating the domestic commodity market and enhancing the export potential of our country.

6 January 2023

Economy