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Articles

Ashgabat hosts 15th economic cooperation organization summit

«Türkmenistan Sport», № 4, 2021 On November 28, on the day of the foundation of the Economic Cooperation Organization (ECO), the 15th Summit of the ECO Member States chaired by President of Turkmenistan Gurbanguly Berdimuhamedov took place.

13 January 2022

Economy

Service Sector: Innovative Approach and Advanced Solutions

In the modern history of the Turkmen people, grandiose reforms, aimed at improving the welfare of citizens of the country through the fruitful development of the major sectors of the economy and the progressive growth of the service sector, are being implemented under the wise, far-sighted and progressive leadership of President Gurbanguly Berdimuhamedov. The prospects for the comprehensive rapid development of the national economy are reflected in the Socioeconomic Programme of the President of Turkmenistan for 2019–2025. The Programme pays special attention to this sector, which is one of the most promising and takes a significant place in the modern economies of the world.

31 December 2021

Economy

Course on the sustainable development of national economy

In accordance with the deeply thought-out economic policy of our respected President Gurbanguly Berdimuhamedov, large-scale work, aimed at ensuring sustainable economic growth, diversifying the national economy, developing market relations, raising the competitiveness of domestic producers, increasing welfare and improving the social and living conditions of the country’s population, is being carried out in the country. In order to maintain the high rates of socioeconomic development, the Government is taking targeted measures to reduce the impact of the difficult situation in the world economy on the economy of Turkmenistan. Thus, in July 2020, the National Programme on the Reduction of the Impact of Difficult Circumstances in the World Economy on the Economy of the Country and the Sustainable Development of the National Economy for 2020–2021, being of great importance in the implementation of the tasks defined in the Programme of the President of Turkmenistan on the socioeconomic development of the country for 2019–2025 and in the strengthening of the economic potential of the state as a whole, was adopted.

24 December 2021

Economy

The banking sector – prospective projects and innovative solutions

In the modern history of the Turkmen people, under the wise, far-sighted and progressive leadership of President Gurbanguly Berdimuhamedov, large-scale reforms, aimed at strengthening financial stability through improving the activities of the banking sector based on a scientific approach and the best practices of first-class foreign banks, are carried out in the country. In this regard, the key importance is attached to the successful implementation of the State Programme of the Development of the Banking System of Turkmenistan for 2011–2030. Today, banks are one of the main financial intermediaries in the country’s economy. By carefully distributing financial flows among different segments of the economy, banks have a tremendous impact on the planned development of economic sectors. Accordingly, the progressive development of the entire economic system with all its connections and interdependencies depends on how stably and efficiently their activities will be organised. In this context, in order to ensure innovative activity in the process of modernising the Turkmen economy, particular importance is attached to expanding lending to the real sector of the economy, especially in the field of investment lending, which, in turn, is accompanied by the modernisation of both the entire financial sector and its most important part – the banking system of Turkmenistan.

24 December 2021

Economy

Digitalisation – the Major Trend of Global and National Development

Independent neutral Turkmenistan that has an impressive resource and economic potential continues to move forward confidently under the leadership of President Gurbanguly Berdimuhamedov along the path of progressive innovative development. Today, one of the key priorities is the transition of the national economy and all its sectors to a digital platform as an integral factor in further modernising the national economy and increasing its efficiency. For this purpose, Turkmenistan is implementing the Digital Economy Conception for 2019–2025 and the State Digital Economy Programme for 2021–2025. The Turkmen leader notes the transition to a digital platform is one of the key vectors of the state policy. Its main aim is to create an effective management system capable of meeting the needs of the economy and modern society.

10 December 2021

Economy

Turkmenistan at the speed of a racer (under the guidance of our esteemed President, becoming the country, where the great works are being realized, goes forward, only forward)

Gurbanguly Berdimuhamedov, President of Turkmenistan:   — Putting forward the motto «The state is for people!» we directed our works carried out on developing and changing our country at ensuring the happy life of the present and future generations and at improving the social-living conditions of every citizen and every family. In the Epoch of Might and Happiness great successful achievements attained under the guidance of our National Leader prove that our people living happily achieve great progress in political-economical and cultural-spiritual spheres. And it testifies that every day of our Prosperous Epoch leads our people to further development and fills our hearts with pride.

30 November 2021

Economy

Textile Industry: Potential and Prospects

The textile industry is one of the leading and fastest growing segments of the national economy. This is illustrated vividly by the annual increase in textile production in recent years. The industry plays a significant role in achieving the state objectives and meets the vital interests of all the regions. Stages of Development

26 November 2021

Economy

The main source of information for sports enthusiasts

The official website of the Ministry of Sport and Youth Policy of Turkmenistan (www.msy.gov.tm) regularly acquaints readers with various sports news both within the country and abroad on its pages. The site offers readers sports news in Turkmen, English and Russian. The main pages of the site present the results of the competitions, the reviews of the matches and tournaments, sports experts’ showdowns and assessments of victories and defeats.

16 November 2021

Economy

Interesting facts about finance

Ancient Rome is the first state to mint round coins on an industrial scale. One million US dollars in $ 100 banknotes will weigh about 10 kilograms.

16 November 2021

Economy

Development of the national economy in the era of might and happiness

The economy of Turkmenistan has been developing quite successfully over the years of independence. And already today, stable socioeconomic growth, reserves of natural resources and the country’s work in conditions of peace and stability make it possible to optimistically evaluate further steps in the development of the national economy. This is also confirmed by the independent authoritative international rating agency Fitch Ratings, which assigned to Turkmenistan a long-term rating B + stable. Such recognition provides additional opportunities for our country in foreign economic activity, confirming its reliability as a trading partner. How did the country manage to achieve such impressive results? Turkmenistan gained independence in 1991. Since then, we have undertaken a number of economic reforms aimed at developing a market economy. Being an industrial-agrarian republic within the USSR, the country, nevertheless, specialised mainly in the extraction of hydrocarbon resources and the production of raw cotton for the needs of the industrial centres of the former Soviet Union. In the system of the so-called all-Union cooperation, to a large extent (and based on modern realities), this was conditioned by the fact that Turkmenistan, in particular, ranks fourth in terms of natural gas reserves (15–20 trillion m3), second only to Russia itself, the USA and Canada. The country

12 November 2021

Economy

Turkmenistan speeds up the creation of transport transit infrastructure of international significance

President of Turkmenistan takes part in opening Ashgabat-Tejen section of Ashgabat-Turkmenabat highway 29.10.2021. Today, President of Turkmenistan Gurbanguly Berdimuhamedov has taken part in the solemn opening ceremony of the Ashgabat-Tejen section of the Ashgabat-Turkmenabad highway.

30 October 2021

Economy

XXVI International Conference «Oil and Gas of Turkmenistan-2021» started its work in Ashgabat

On October 27, the XXVI International Conference «Oil and Gas of Turkmenistan-2021» (OGT-2021), dedicated to the 30th anniversary of Independence of the country, started its work in Ashgabat in the building of the Chamber of Commerce and Industry of Turkmenistan in a hybrid format. The objective of this annual prestigious business forum, which contributes to strengthening and developing cooperation between foreign partners with Turkmenistan in the oil and gas industry, is to strengthen the dialogue on the further sustainable development of energy sector, review the latest trends in global energy system and expand opportunities for attracting foreign direct investment in the oil and gas industry of Turkmenistan.

28 October 2021

Economy

Key vector of economy

One of the most important directions of the foreign economic policy of Turkmenistan is attracting investments in various sectors of the national economy and taking measures for their effective development. The rapidly developing economy of Turkmenistan, its favourable geographic location in the Central Asian region, modern transport communications and reliable strategy to attract investments increase the interest in cooperation on the part of world powers. The investment strategy of the esteemed President Gurbanguly Berdimuhamedov is designed for the long term and is aimed at creating all the necessary conditions for the effective work of investors. In addition, there are all the prerequisites for this: the country’s favourable geographical position, a developed transport network, the presence of rich deposits of natural resources, a high level of development of industrial and social infrastructure, qualified personnel and other factors that allow investors to look far into the future.

22 October 2021

Economy

Economic strategy of Turkmenistan: A national model of sustainable development

President of Turkmenistan Gurbanguly BERDIMUHAMEDOV: Sacred independence is the foundation of all our development and glorious achievements For 30 years of independence, Turkmenistan, whose economy is developing at an accelerated pace, has firmly consolidated its positions among the countries that are successfully integrating into the world economic space. The achievement of the further progress of the Motherland by stimulating entrepreneurship, introducing advanced technologies, creating joint ventures and joint stock companies, developing insurance, the stock exchange and the securities market and implementing fundamental transformations in all sectors is identified as the priority direction of the economic strategy of President Gurbanguly Berdimuhamedov, the author of innovative initiatives. The main goal of the reforms being implemented to overcome the raw material orientation of the economy, the development of market transformations, the effective use of natural resources and the creation of favourable conditions for the life of people is reflected in the fundamental motto “The state is for the people!”

25 September 2021

Economy

Trade – a key segment of the economy

Conducted in accordance with the economic strategy of the leader of the nation, the intensification of the trade sphere strengthens foundations of the financial stability of the state, makes an important contribution to the formation of the budget and has a significant impact on the development of production. Growing indicators of domestic trade indicate an increase in the welfare and quality of life of the population, and foreign trade dynamics demonstrates the expansion of the geography of deliveries of Turkmen products to foreign markets. The socioeconomic transformations carried out by the esteemed President Gurbanguly Berdimuhamedov, the introduction of market mechanisms and principles in activities of all sectors of the economy have led to economic growth, also reflected in the sphere of trade. A competitive environment has been formed in it, entrepreneurial activities have been developed, modern methods of organising trade and providing services have been applied.

17 September 2021

Economy

Transport – a way to sustainable development

As one of the active participants in global integration processes aimed at further facilitating sustainable development and achieving economic growth and stability, Turkmenistan continues to implement the goals outlined in the foreign policy strategy of the state, carried out under the wise leadership of President of Turkmenistan Gurbanguly Berdimuhamedov. On July 29, 2021, on the initiative of Turkmenistan, the UN General Assembly unanimously adopted the Resolution entitled “Strengthening the links between all modes of transport to achieve stable and reliable international transport for sustainable development during and after the coronavirus disease (COVID-19) pandemic” at the 96th plenary meeting of the 75th session. This initiative has become another confirming factor of the attention of our state to the issues of strengthening international transport cooperation, which is in line with international and regional efforts to overcome the pandemic and its economic and social consequences.

17 September 2021

Economy

Key link of the Economy

The commissioning of a new International Airport in Kerki with the participation of the head of state became a significant event both of the social and foreign economic strategies of President Gurbanguly Berdimuhamedov. In the modern world, the development of transport corridors is a requirement of the time, and our country, together with neighbouring countries, is implementing major regional and continental projects. Therefore, in the modern history of the state, transport infrastructure is one of the priority sectors of the national economy of Turkmenistan. Our country is a promising territory for the development of cargo traffic among the countries of the Eurasian continent and it significantly inreases its transit potential, as the creation of international transport corridors is an important factor in the deployment of productive forces in the modern world economy and the further development of world transport.

10 September 2021

Economy

Transport corridors of Turkmenistan: Prospects of the branch

On the initiative of Turkmenistan, the UN General Assembly adopted a new resolution in the field of transport. It is entitled “Strengthening the links between all modes of transport to achieve stable and reliable international transport for sustainable development during and after the coronavirus disease (COVID-19) pandemic”. However, the previous UN resolutions, the drafts of which were also presented by the head of state have positively influenced the growth of the economies of the countries of the world.

20 August 2021

Economy

Industry of Turkmenistan as a key vector of the economy

Turkmenistan today is one of the most dynamically developing independent states in Central Asia. Its unique natural and climatic conditions, rich mineral resources, developed agriculture and powerful labour potential served as the basis for creating a diversified economy in the country with the priority development of not only the agricultural sector, but also of a powerful industry. In accordance with the economic strategy of the distinguished President Gurbanguly Berdimuhamedov, large-scale reforms, aimed at diversifying industries and increasing exports of products in demand on world markets, are being implemented in Turkmenistan. World practice shows that industry plays the most important role in the development of the economy of any country. The national leader notes that despite the spread of the coronavirus pandemic in the world, which led to a fall in the world economy, the closure of the borders of all states and a reduction in business contacts, Turkmenistan has maintained and ensured the growth of its economic activity. Its sustainability is ensured due to the balance between the supply from the industrial sector as a locomotive of the economy and domestic demand, supported by high rates of investments and real incomes of the population.

20 August 2021

Economy

Online Trading in Turkmenistan Is in Demand

In the 21st century, digital services have become extremely important. With the advent of computers, networks and electronic payments, usual shopping trips have been modified, that is, today e-trade is confidently replacing traditional shopping. Electronic retailing in Turkmenistan is gaining increasing popularity among the population. There are many reasons for this. The main advantage of online stores is that buyers can save their time.

30 July 2021

Economy