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News

Turkmen Economy: Strategic Development Plan

At the sitting of the Cabinet of Ministers of Turkmenistan held on February 19 this year, the President of Turkmenistan issued a document concerning the economic sector. The Resolution of President Gurbanguly Berdimuhamedov approves the action plan for the economic sectors for 2021. The plan includes a number of strategic areas of action, particularly sectoral reforms, full capacity utilisation, digitalisation and the further active implementation of investment policy. Bright Markers of the Economy

26 February 2021

Economy

Moving Forward to New High Frontiers

On February 12, President Gurbanguly Berdimuhamedov chaired an extended meeting of the Cabinet of Ministers, during which the work done in 2020 was summarised and the key priorities of the further national socioeconomic development were discussed. The leader of the nation emphasised, “Despite the difficulties and negative phenomena that have emerged globally, we were able to keep peace and security, to achieve socioeconomic growth and to improve the standards of living of the people. Thus, our country and we are confidently moving forward.” Turkmenistan – a Dynamically Developing State

19 February 2021

Economy

Import substitution programme: Achievements and Prospects

In the context of modern foreign economic trends, President Gurbanguly Berdimuhamedov sets a goal of raising competitiveness of the national economy and lessening its dependence on external factors. The import substitution programme was developed on the initiative of the leader of the nation. In accordance with this programme, the country is successfully fulfilling the tasks of expanding import substitution production and manufacturing the products able to compete with their imported analogues. Turkmenistan aims its active import substitution strategy at optimising foreign trade turnover, building up the capacity of non-primary commodity sectors, modernising technological facilities and bringing domestically made products in line with international standards. All this facilitates the successful integration of the national economy into the system of world economic relations and its sustainable growth. Currently, in conditions of the global epidemic, stability and independence of national economies from other countries and enhanced competitiveness of domestic enterprises are of great importance. The most effective and priority options for national economic development include the implementation of the import substitution strategy. The ongoing large-scale work in this sphere carried out in Turkmenistan in compliance with the far-sighted economic strategy of the President

19 February 2021

Economy

The President of Turkmenistan holds a meeting on the development of the national economy

On February 10, President Gurbanguly Berdimuhamedov has held a working video conference session where the outcomes of the economic, financial and banking complex of the country in 2020 were reviewed and objectives for the current year were outlined. The meeting was attended by the Deputy Chairman of the Cabinet of Ministers in charge of the economic block, heads of a number of ministries and departments, banking structures, rectors of specialized universities.

15 February 2021

Economy

Along the way to “Green” economy

The adoption of the State Programme of Energy Saving for 2018–2024 and accession to the International Renewable Energy Agency (IRENA) testifies to our country’s commitment to the development of renewable energy and the growth in energy efficiency in line with the Sustainable Development Goals. The next step along this path was the adoption of the National Strategy for Renewable Energy Development in Turkmenistan until 2030, which was approved by the Decree of President Gurbanguly Berdimuhamedov in December 2020. At the request of the editorial board of NT, the topicality, goals and objectives of the Strategy were commented on by experts in the sphere of studying the use of renewable energy sources. Aganiyaz JUMAYEV,Vice-Rector at the State Energy Institute of Turkmenistan, Candidate of Physics and Mathematics:

12 February 2021

Economy

The President of Turkmenistan holds session on development of transport and communication complex

On February 6, President Gurbanguly Berdimuhamedov has held video conference working session for development of transport and communication complex with participation of some Deputy Chairmen of the Cabinet of Ministers, heads of profile departments and profile higher educational institutes. Opening the session, during which outcomes of work of transport and communication sphere in the last year have been reviewed, the head of the state highlighted that this is one of the main branches of national economy.

9 February 2021

Economy

The President of Turkmenistan holds session on development of trade complex

On February 5, President Gurbanguly Berdimuhamedov held video conference working session with participation of some Deputy Chairmen of the Cabinet of Ministers, heads of relative ministries and profile departments. Outcomes of development of trade complex of the country last year have been discussed at the session. Deputy Chairmen of the Cabinet of Ministers G. Mushikov and E. Orazgeldiyev have been invited to the session. Agricultural sector, which is supervised by E. Orazgeldiyev, is closely related to work of trade complex, which is supervised by Vice-premier Ch. Gylyjov.

8 February 2021

Economy

The President of Turkmenistan holds session on development of construction industrial complex

On February 4, President Gurbanguly Berdimuhamedov has held video conference working session on development of construction industrial complex with participation of some Deputy Chairmen of the Cabinet of Ministers, heads of ministries and departments as well as heads of profile universities. Having noted that issues related to optimal organization of work for keeping achieved rates of development, enhancement of efficiency of activity of the facilities of the complex and intensification of rates of reforms for successful fulfilment of the state programs in anniversary year would be discussed at the session, President Gurbanguly Berdimuhamedov listened to the reports and proposals of the participants of the session.

8 February 2021

Economy

Industry: on a new round of development

Following the path of economic diversification, Turkmenistan is successfully implementing state programmes to develop industrial sectors and to increase the export of industrial products. The successes achieved in this sector have brought our country to the forefront of the economically prosperous states of the world. Today, all branches of industry demonstrate the high dynamics of development, confirming the correctness of the course of the distinguished President of Turkmenistan for the further diversification and industrial and innovative development of Turkmenistan. The construction and commissioning of enterprises fitted with the most modern equipment and high technologies create ample opportunities for providing all sectors of the economy with industrial products.

5 February 2021

Economy

Banking system: remote servicing

One of the characteristic features of the modern and, as it is considered, the future of digital economy is closely connected with the rapid and comprehensive development of distance technologies, which are increasingly introduced into all spheres of life. As practice shows, the main factor of effective functioning and success of the banking system is also connected with introduction of convenient and high-quality digital technologies for customer service. The banks of Turkmenistan are also developing in this direction. President Gurbanguly Berdimuhamedov constantly notes the importance of widespread introduction of digital technologies into the banking sector, which is currently undergoing an active transformation. Making practical steps in this direction is aimed at ensuring an increase in the range of services provided and capabilities of the national payment system and promoting the competitiveness of the country’s credit institutions.

29 January 2021

Economy

The President of Turkmenistan holds session on social and economic development of the country

January, 19. President Gurbanguly Berdimuhamedov has held video conference working session with participation of some Deputy Chairman of the Cabinet of Ministers, governors of Balkan and Mary Regions and the Minister of Culture, during which objectives of social and economic development of the country as well as important issues of the state life have been reviewed. Opening the session, the President of Turkmenistan has called Deputy Chairmen of the Cabinet of Ministers Sh. Durdiliyev and B. Ovezov as well as Governor of Balkan Region T. Atahalliyev.

22 January 2021

Economy

The President of Turkmenistan participates in the opening ceremony of new gas compressor station

President of Turkmenistan Gurbanguly Berdimuhamedov has taken part in the opening ceremony of new gas compressor station at Malay Deposit in Charjew District during his working trip to Lebap Region on January 15. This event has marked another important step on the way of successful realization of energy strategy of Turkmenistan, which aspects include increment of export potential of as industry. Full-scale use of the richest hydrocarbon resources of our country, which is among the world energy powers, is to serve to the strengthening of economic power of the Motherland and improvement of wellbeing of Turkmen people.

18 January 2021

Economy

The President of Turkmenistan holds session on social and economic development of the country

On January 13, President Gurbanguly Berdimuhamedov has held video conference session with participation of some Deputy Chairmen of the Cabinet of Ministers, heads of Ahal and Dashoguz Regions as well as the Minister of the Education. Current objectives of further social and economic development of the country and other issues of the state life have been reviewed at the session. First, the floor was given to Governor of Ahal Region Ya. Gurbanov who reported on current situation in the region, care of the winter crops, which is taken according to agricultural standards, preparation of fields and agricultural equipment to spring sowing campaign. The Governor has also informed the Leader of the Nation Gurbanguly Berdimuhamedov on activity of relative structures for implementation of National rural program.

15 January 2021

Economy

The Innovative Strategy: Results and Prospects

The year 2020 under the motto “Turkmenistan – the Home of Neutrality” has gone down in the history of the country with the outstanding achievements of the Turkmen state both inside the country and on the international arena. Despite the difficulties caused by the COVID-19 pandemic, which has led to a drop in production and complicated the financial and credit policy and the socio-political situation in many countries of the world, our country, headed by the leader of the nation, demonstrates dynamic economic growth and new achievements in the social and humanitarian sphere. The Turkmenbashi complex of oil refineries has made a significant contribution to the progressive development of the country. This fact rightfully arouses pride in the staff of the complex, consisting of many thousands workers who are meeting the coming year 2021, the International Year of Peace and Trust, with new labour achievements. From the first days of independence of the Motherland, the modernisation of the Turkmenbashi complex of oil refineries is regarded as a priority aspect of Turkmenistan’s oil and gas industry. Over the past years, the giant enterprise has taken measures to bring the quality of petroleum products in line with international standards, to increase the depth of processing, to adopt advanced technologies and to strictly comply with international environmental requirements. Eco-frien

1 January 2021

Economy