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News

Development of Export-Oriented Policy

Turkmenistan is maintaining stable economic growth amidst the global economic downturn and geopolitical cataclysms. Currently, the country, having entered a new stage of historical development, is successfully implementing the socioeconomic development programme initiated by the President within the Socioeconomic Development Strategy in 2022–2052. The main vectors of development include export orientation of the national economy. The economic strategy of the esteemed President gives an important place to the tasks of expanding trade opportunities and enhancing export potential. Given regional and global instability, the President repeatedly emphasises the importance of creating a flexible export policy of Turkmenistan. As a result, a flexible and pragmatic export-oriented policy ensures the successful development of all sectors of the economy. The strategic goals are to improve the structure of Turkmen exports, to expand the geography of cooperation, to use progressive forms of international trade and economic partnerships and to adopt modern exchange services and e-commerce.

20 hours ago

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

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

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

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

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

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

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

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

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

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

KEYS TO EFFECTIVE BUSINESS ACTIVITY IN MARKET ECONOMY

After gaining independence, our country completely reorganised financial relations. These relations facilitated accelerated production growth in market conditions. As a result, GDP is now growing at its fastest rate. During the years of independence, a number of laws and regulations on financial relations at enterprises have been adopted. For example, the laws on business, entrepreneurship, joint stock companies, taxes and property and many other laws are implemented. These laws are updated regularly to meet the demands of modern market economy. In this regard, the Law On Youth State Policy, which sets forth the legal framework, goals, objectives, principles, main areas, measures and approaches to the implementation of the state youth policy in Turkmenistan, was adopted. The general provisions of the Constitution envisage creating conditions conducive to research, innovation and entrepreneurial activities of citizens of Turkmenistan aged 14 to 30 years, protecting the life of young people and building life supporting infrastructure.

7 November 2023

Partnership for progress

At a time of globalisation, achieving the effective implementation of the Sustainable Development Goals is impossible without ensuring partnership. Goal 17 “Strengthen the means of implementation and revitalise the global partnership for sustainable development”, aims to strengthen the means of the implementation and to stir up the work within the framework the Global Partnership for Sustainable Development. Turkmenistan is an active participant in international processes and consistently builds relationships with all countries, based on the principles of equality, friendship, good neighbourliness and mutual benefit. In accordance with the objectives of 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 Programme of the President of Turkmenistan of the Socioeconomic Development of the Country in 2022–2028, the neutral policy of Turkmenistan as a universal strategically important tool is aimed at further developing cooperation with world and regional states and with authoritative international organisations.

3 November 2023

Basis for economic development

Thanks to the national programmes of the socioeconomic development of Turkmenistan, the country has achieved significant results in its industrial advancement. The prosperous state has been created in accordance with the industrial policy pursued by the esteemed President Serdar Berdimuhamedov, economic reforms and measures taken to modernise, to technically and technologically re-equip and to stimulate the growth of all industries. Today, special attention is paid to the development of industry. This is due to the fact that this segment of the national economy has a significant potential. The experience of developed countries shows that it is thanks to the active development of industry that it is possible to achieve high economic growth and to increase the competitiveness of the economy. A significant impetus for industrial development was the adoption of the National Programme of the Socioeconomic Development of Turkmenistan in 2022–2052 and the Programme of the President of Turkmenistan of the socioeconomic development of the country in 2022–2028, focused on solving the strategic tasks of developing the industrial sector of the economy, related to accelerating the processes of the diversification of the oil and gas, power, light, machine-building, chemical, food, electronic, building materials, metallurgical and other industries and ensuring the rapid development of

3 November 2023

The President of Turkmenistan took part in solemnities on the occasion of commissioning and stone-laying ceremonies of new projects

Today, President Serdar Berdimuhamedov made a working trip to Balkan velayat, where he took part in solemnities on the occasion of commissioning and stone-laying ceremonies of new projects of energy and social infrastructure. These events marked a next important step on the path of implementation of large-scale programs called to ensure sustainable development and diversification of national economy, increase in its export potential, accelerated industrialization of the country and dynamic development of regions. An active introduction of advanced technologies and innovative solutions into practice, creation of optimal conditions for progressive all-round development of the fatherland act here as key areas.

3 November 2023

Industrialisation, Innovation and Infrastructure

Goal 9, one of the 17 SDGs set by the UN for 2030 seeks to build resilient infrastructure, to promote inclusive and sustainable industrialisation and to foster innovation. Infrastructure investments are essential to achieving sustainable economic development and expanding the rights and opportunities for people to employment and income. To achieve Goal 9, the UN calls upon countries to develop high-quality, reliable, sustainable and resilient infrastructure, including regional and transborder one, for supporting economic development and human wellbeing; to promote inclusive and sustainable industrialisation and, by 2030, to significantly raise industry’s share of employment and gross domestic product; to increase the access of small-scale industrial and other enterprises to financial services, including affordable credits; to upgrade infrastructure and to retrofit industries to make them sustainable, with increased resource-use efficiency and the greater adoption of clean and environmentally sound technologies and industrial processes; to support research and to foster innovations. Inclusive and sustainable industrialisation, along with innovations and infrastructure, can unleash dynamic and competitive economic forces that generate employment and income.

15 September 2023

Indicators of the Turkmen Economy

The rapid economic growth, which is eloquently evidenced by the dynamic pace of the country’s development due to the diversification and modernisation of the economy, the carefully thought-out investment policy and the strengthening of the trade and financial sector, pleases with its scale and results. Today, comprehensive measures are being successfully implemented in Turkmenistan for the further progressive development of the country, which contributes to ensuring positive trends in all sectors of the economy and regions, and in terms of annual growth, the country takes one of the leading positions in the world. The development of the national economy is inextricably linked with the transformation of the state into an industrialised one. New industrial sectors were created in the country almost from scratch – oil and gas, engineering, metallurgy, electronics, construction and production of modern building materials, pharmaceuticals, textile production and shipbuilding. Great success has also been achieved in the agricultural sector. The implementation of measures to ensure food security made it possible to significantly increase the volume and range of food products manufactured within the country. The abundance and variety of products on the shelves have become a symbol of the fertility of our land and evidence of a steady increase in the wellbeing of the people and the eff

1 September 2023

Prospects of Transport Corridors

Transport corridors play an increasingly important role in global economic cooperation. The improvement of international transport and transit corridors passing through the territory of Turkmenistan is a key priority of the foreign policy of President Serdar Berdimuhamedov. This is not accidental, since the transnational logistics sector is of great importance for joint efforts of our state and other countries of the world. Transport communications of Turkmenistan make it possible to deliver transit cargo to all countries of Europe and Asia. This is ensured by a well-developed system of logistics services – one of the major factors of a progressing economy. The prospects for bolstering transport cooperation not only on the Eurasian continent, but also with the world community significantly expand the transit potential of Turkmenistan. Therefore, the development of the necessary infrastructure – railway, sea, air and road transport and a communications network – gives a powerful impetus to the successful integration of the countries of the region into the global processes of economic development, increasing investment flows and facilitating effective cooperation in the context of intercontinental economic realities in the Eurasian space.

25 August 2023

The Industrial Complex of the Country: Potential and Prospects

Turkmenistan pays special attention to industrial development. In this regard, the key aspect is the diversification of the industrial sector and the growth in production and export of high-quality competitive goods. In accordance with the instructions of the esteemed President Serdar Berdimuhamedov, the industry is to achieve the crucial tasks of adopting digital technologies, building new enterprises, reconstructing existing ones and supplying high-quality industrial goods to domestic consumers. Industry is known to reflect the evolution of science and technology, to occupy a leading position in developed countries, to give an impetus to the development of related sectors and to bring the country up to a leading position in the global economy. It is not accidental that the industrial sector, rightfully recognised as the most important segment of a dynamically developing economy, plays the decisive role in implementing the large-scale programmes, including 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 for 2022–2028.

11 August 2023

Major chicken meat supplier

The Nurly Meýdan farm produces broiler chickens of the ROSS-308 breed that is well known for high egg laying and fast growth rates. Today, this farm is a major chicken meat and table egg supplier in the country, maintaining its position as a producer of one-third of the total volume of chicken meat sold in the country. The breeding stock of egg-laying hens was brought into the country from Hungary several years ago. Now the automated incubator of the poultry farm, located in the Bereket etrap, Balkan velayat, is capable of receiving up to 12 million one-day-old chickens at the same time. In addition to eggs, the farm supplies 4,000-5,000 tonnes of dietary chicken meat annually. The high quality of the products allowed Nurly Meýdan to conclude supply contracts with the chain stores of ES Bereketli and Kämil market, the velayat departments of the Ministry of Trade and Foreign Economic Relations and the markets in Ashgabat. The production infrastructure is based on a poultry farm in Uzyn Suv settlement, which after privatisation and reconstruction made it possible to revamp and build a dozen of farms for 100,000 egg-laying hens. At that time, 20-30 million eggs were laid in an incubator, and the rest were sold and used to raise broilers and young birds. Europe-made equipment, installed at the farm, performs well in the climatic conditions of Turkmenistan. The local engineers solve

4 August 2023

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