Business digest: the main economic news of Turkmenistan from November 21 to 27

Turkmenistan is actively increasing cooperation with foreign partners - new agreements are signed, bilateral meetings and forums are held. In particular, a number of events were carried out to strengthen interaction with partners from Europe and Asia in various areas - from gas production to transport logistics.

There is active work to modernize production facilities, reform the banking system and improve customs procedures. The Turkmenportal business digest will help you learn more about the key economic events in Turkmenistan.

Announcements of upcoming events

On November 29, Ashgabat will host the 6th meeting of the Turkmen-Chinese Intergovernmental Cooperation Committee, at which interaction in areas such as the oil and gas sector, transport and logistics, agriculture, chemical and textile industries will be discussed.

From February 7 to 9, 2024, the international fair of trade and food technology India Food 2024 will be held in the Indian city of Bangalore, in which business circles of Turkmenistan are invited to participate.

Fuel and Energy Complex

The “Turkmengas” state concern is modernizing its gas compressor stations in partnership with German companies. Previously, agreements on this were reached during the visit of the National Leader of the Turkmen people, Chairman of the Halk Maslahaty of Turkmenistan Gurbanguly Berdimuhamedov to Germany on September 28-29.

Finance

The Mejlis of Turkmenistan approved the execution of the State budget for 2022 - for income in the amount of 124 299 117,6 thousand manats and expenses in the amount of 117 601 110,4 thousand manats.

Turkmenistan also published the Law on the State Budget for 2024, according to which the country’s state budget for income and expenses was approved in the amount of 102 313,5 million manats, including the first-level budget for income and expenses in the amount of 32 865,0 million manats.

Banks of Turkmenistan are increasing the volume of funds attracted for deposits. For the period from October 1, 2022 to October 1, 2023, the volume of funds attracted from the population in deposits in banks of Turkmenistan increased by 6,4% and amounted to 3068,6 million manat. A significant increase in the volume of time bank deposits is an extremely favorable trend for the further development of lending to the economy of Turkmenistan.

Business events

During the Turkmen-German business forum in Berlin, which was held on November 20, 19 memorandums and a contract worth 8 million 160 thousand euros were signed. The business delegation of Turkmenistan held meetings with German partners within the forum, during which aspects of strategic cooperation were discussed.

Transport

OJSC “Transport and Logistics Center of Turkmenistan” and the Finnish company Nurminen Logistics signed a memorandum of cooperation in the field of international transport. The signing of the document will be an important step in the development of transport links and will make it possible to use the potential of railway transit through Turkmenistan.

Representatives of the State Customs Service of Turkmenistan explained to Turkmen businessmen the advantages of the Authorized Economic Operator (AEO) status. This status gives legal entities the right to special simplifications when performing customs operations.

Representatives of the customs departments of Turkmenistan, Azerbaijan and Türkiye discussed how the Joint Consultative Group on Customs Cooperation, the creation of which was initiated at the trilateral summit of heads of state in Avaza, will work.

Agriculture

Farmers of Lebap velayat in 2023 harvested more than 12 680 tons of winter crops from 900 hectares of land and 8 563 tons of sorghum from 475 hectares.