The investment policy of Turkmenistan, oriented By the President of Turkmenistan to ensure high growth rates and economic efficiency, has become a separate thematic part of the business forum in Singapore.
According to the State news Agency, the State Bank for foreign economic activity of Turkmenistan plays an important role in the implementation of investment policy and attraction of foreign capital to the country's economy, which by the end of 2018 is the largest in the country in terms of assets and net profit.
At the forum, Singapore investors got acquainted with the structure of The Bank's loan portfolio, which is as follows: oil and gas industry – 61 percent, chemical industry – 24 percent, agriculture – 7 percent, transport and telecommunications sector – 5 percent, other sectors of the economy collectively – 3 percent.
According to the information, in the total volume of foreign capital directed to the implementation of major projects in Turkmenistan, most of it belongs to Japan – 57 percent. In second place, the Republic of Korea – 31 percent, followed by Germany, China and the United States.
In 2019, during the first Caspian Economic Forum, held on August 11-12 in Avaza, the Bank signed five agreements with foreign financial institutions for a total amount of about 575 million us dollars. These funds will be used to Finance projects in the electricity and agriculture sectors, as well as to Finance projects of small and medium-sized enterprises of the private sector of the economy of Turkmenistan.
According to the source, the Bank plans to develop cooperation with financial institutions of Singapore in such areas as correspondent relations, trade Finance and documentary business, project financing and investments. There is also an interest in conducting trainings and seminars in the field of banking and Finance.
Special attention will be paid to the joint financing of projects implemented in the priority sectors of the economy of Turkmenistan with the participation of companies from Singapore. The most promising projects are in the oil and gas, oil and gas, chemical industries, projects for the development of transport and telecommunications infrastructure.
The vision of the Singapore of the investment and financial cooperation at a business forum said the Executive Director of the Bank "DBS Bank Ltd" Sarah Comical. She also presented the mission of the Bank-the largest in Southeast Asia by assets, which in 2019 was named the" Best Bank in the world " according to Euromoney, including for leadership in the field of digital technologies. And in 2018, he was awarded the titles " Global Bank of the year "by the Banker and" Best Bank in the world " by Global Finance, the information says.
