NEWS

Focus on Effectiveness and Quality

In the period of the Revival of the New Era of the Powerful State, great importance is attached to expanding mutually beneficial international cooperation and harnessing the potential of the country in the transport sector. The result is the growth rate in this sector of Turkmenistan’s economy. As was reported at the sitting of the Cabinet of Ministers on November 8, for the 10 months of 2024, the growth rate for the performance of work and services in the transport sector stood at 119.1 per cent, and the transportation of goods by all modes of transport – at 103.3 per cent. In general, the GDP growth rate in the transport sector stood at 6.7 per cent, which testifies to the important role of this sector in Turkmenistan’s economy. The freight forwarding companies – members of the Turkmen Logistics Association, make a worthy contribution to provide transport services. The Paýhas Ganaty Individual Enterprise, founded in 2023, specialises in transporting consolidated cargo by fully loaded vehicles and oversized cargo. For example, in August-October this year, Paýhas Ganaty performed the project rail transportation of 440 tonnes of tubing pipes from China to Hazar (Turkmenistan). The partners of Paýhas Ganaty are both local and foreign companies.

29 November 2024

Economy

Key Priorities of Economy

The outstanding achievements and accomplishments in all spheres of Turkmen society are modern realities thanks to the economic strategy of the National Leader of the Turkmen people and the esteemed President of Turkmenistan. Today, Turkmenistan is one of the fastest-expanding economies among the Central Asia countries. The national roadmap is clearly outlined in the Programme “Revival of the New Era of the Powerful State: The National Programme of the Socioeconomic Development of Turkmenistan in 2022–2052” and is aimed at boosting the modernisation, diversification and digital transformation of the economy, the wide-scale introduction of the latest technologies and innovations and active integration into world economic relations. In recent years, Turkmenistan has built hundreds of small- and large-scale industrial enterprises, a modern industrial infrastructure, a unified energy system and a diversified industry supplied with the latest equipment and advanced technologies. Our country has established some new industries, including metallurgy, chemical, mining and processing, and built mineral fertiliser and processing plants.

22 November 2024

Economy

New Products from Buýan

When driving through the second industrial zone of the city of Turkmenabat, a complex of beautiful buildings with a well-kept lawn stands out among other objects. This is an enterprise for the production of glycyrrhizic acid, which is part of the Buýan Agro-Industrial Complex of the Ministry of Health and the Medical Industry of Turkmenistan. It has recently been put into operation, and its appearance became another important step in the field of processing the country’s wealth of raw materials. The fact is that liquorice has been collected in the Lebap velayat for over a hundred years, a significant part of which is exported as raw materials and extract. Turkmen liquorice has a high content of glycyrrhizic acid. Now, with the introduction of the new enterprise, it has become possible to obtain this acid in its pure form, which is in great demand in the domestic and foreign markets. Its range of application is wide in pharmacology, cosmetology and the food industry.

22 November 2024

Economy

Turkmenistan’s Construction Industry: Impressive Potential and Great Opportunities

An International Exhibition “Construction, Industry, Energy of Turkmenistan–2024” and a Conference “Development of the Construction, Industry, Energy of Turkmenistan” took place in Ashgabat. The large-scale CIET 2024 exhibition, organised by the Chamber of Commerce and Industry jointly with the Ministry of Industry and Construction and Türkmen Energiýa Forum Economic Association was aimed at showcasing the achievements of our country in the construction, manufacturing, energy, chemical and road building industries, as well as services, specialised equipment and advanced technologies offered by the world-known companies.

8 November 2024

Economy

Guarantor of Economic Sustainability

The successful and effective implementation of well-thought-out large-scale projects, aimed at accelerating the progressive development of our country, directly depends on a balanced monetary policy and the stability of the banking system. The stable national currency influences the innovative formation of the financial market and, at the same time, the progressive, balanced growth of all sectors of the domestic economy, which is reflected in the positive dynamics of the main macroeconomic indicators. The strategic vectors of the progressive development of all the sectors without exception are reflected in the Programme “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 in 2022–2028.

1 November 2024

Economy

THE SEA OF FRIENDSHIP, HUMANITY AND MUTUAL TRUST

Ancient Khazar as the international cultural centre has always been a place for peoples to come together to promote universal human values, such as humanity, friendship and mutual trust. In the era of the Revival of the new epoch of the powerful state, Turkmenistan remains committed to the high humanistic principles of the Turkmen people and promotes cooperation in youth policy aimed at strengthening the scientific and educational potential of the younger generation, ensuring environmental security, protecting the environment and promoting a healthy lifestyle among the younger generation and the people of the country. In the Year «Fount of the Wisdom Magtymguly Pyragy», special attention is paid to the health of the younger generation at the state level. Hero-Arkadag says, «The state continuously takes care of the harmonious development of children and the protection and improvement of their health, and these principles are the priority aspects of the state policy». Guided by the wise statements of the National Leader of the Turkmen people, the country continuously takes care of the harmonious and healthy growth and development of the younger generation. This is confirmed by the unanimous election of Turkmenistan to the UNICEF Executive Board for 2024-2026.

1 September 2024

Economy

President Serdar Berdimuhamedov took part in solemnities on the occasion of commissioning of new power energy projects into operation

Today, President Serdar Berdimuhamedov made a working trip to Dashoguz velayat where he took part in solemnities on the occasion of commissioning of the Balkan-Dashoguz new high-voltage transmission line and two substations of 500 kilovolts each, built on this route within the project of creation of a uniform energy ring of the country. A significant event of the year «The Fount of Wisdom of Magtymguly Fragi» became an important chapter in the history of development of the national electric energy industry, which is given a key role in the strengthening of power of national economy and successful implementation of government programs in the Era of Revival of the New Epoch of the Powerful State by right.

5 June 2024

Economy

International Exhibition of Modern Food Production Technologies Held in Turkmenistan

An International Exhibition of Modern Food Production Technologies took place at the Expo Centre of the Chamber of Commerce and Industry of the country. Thanks to effective measures aimed at the intensive development of the agri-food sector and comprehensive government support for domestic agricultural producers, significant progress has been achieved in this sphere. As part of the implementation of long-term government programmes, large investments are directed towards the modernisation and technical and technological re-equipment of all sectors of the agro-industrial complex.

17 May 2024

Economy

Investment as a Driving Force of Economy

The key objective of the investment strategy of the esteemed President Serdar Berdimuhamedov is to attract financial investments in fixed assets and direct them to innovation, the manufacturing of value-added products and the areas that ensure the further socioeconomic development of the country. Macroeconomic indicators vividly demonstrate that Turkmenistan is an economically stable country that abides by the basic principles of neutrality, good neighbourly relations and respect for territorial integrity. These main pillars of our foreign economic policy help the country, among other things, maintain economic stability. World practice shows that investment is the key driver of economic prosperity. Turkmenistan adopted the Programme “Revival of the New Era of the Powerful State: The National Programme of the Socioeconomic Development of Turkmenistan in 2022–2052” setting forth the investing objectives to ensure the progressive and long-term development of all segments of the national economy. Its main aspects include the expansion of sectors to attract private capital, to enhance investor protection, to liberalise foreign trade and others.

9 February 2024

Economy

Entrepreneurship is the Road to Prosperity

Today it is difficult to imagine the economy of Turkmenistan without private business. The non-state sector plays a significant role in modernising and diversifying sectors of the national economy, increasing the volume and expanding the range of high-quality and competitive products, ensuring food abundance and developing the country’s export potential, the respected President Serdar Berdimuhamedov emphasises. The potential of small and medium-sized businesses in Turkmenistan is evidenced by the fact that the share of the non-state sector of the economy, excluding the fuel and energy complex, in the country’s GDP is steadily increasing and has reached 70 per cent, and the private sector employs more than half of the employed population. Based on the strategic objectives of the Programme of the President of Turkmenistan of the socioeconomic development of the country in 2022–2028 and the National Programme of the President of Turkmenistan of transforming the social and living conditions of the population of villages, settlements, etrap towns and etrap centres for the period until 2028, the country’s entrepreneurs continue to consistently work to increase the manufacture of import-substituting and export-oriented products.

26 January 2024

Economy