Business digest: the main economic news of Turkmenistan from March 12 to 18

In the next weekly business digest of Turkmenportal, read about upcoming business events with the participation of Turkmenistan, the development of the oil and gas sector and industrial production in the country, economic reforms and the expansion of international cooperation.

Announcements of upcoming events

On March 27, the Turkmen-Japanese business forum will be held in Tokyo.

In June, the 12th meeting of the Turkmen-Austrian Working Commission will be organized in Vienna.

In December, an Austrian business delegation will visit Turkmenistan.

Fuel and Energy Complex

Chairman of the Halk Maslahaty of Turkmenistan Gurbanguly Berdimuhamedov announced the country’s readiness to export natural gas and electricity to Kazakhstan, Azerbaijan and Türkiye.

In Turkmenistan, industrial inflows of sulfur-free gas have been obtained from drilled development and appraisal wells at the world's largest gas field, “Galkynysh”. The State Concern “Turkmengas” is taking measures to increase natural gas production, including drawing up an action plan to obtain additional volumes of gas in the shortest possible time by drilling new wells and on-ground construction.

Turkmenistan made a proposal to the Austrian business community to take part in the development of oil and gas fields in the Turkmen sector of the Caspian Sea. Another priority project in which Turkmenistan invites Austrian companies is the construction of the Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline.

Industry and construction

In Turkmenistan, the second stage of the Lebap cement plant with a capacity of 1 million tons of cement per year was opened in the Koytendag etrap of the Lebap velayat. The new plant will provide high-performance, cost-effective and environmentally friendly production of cement needed for construction in Turkmenistan.

In 2024, another new cement plant with a capacity of 1 million tons of cement per year will be commissioned in the Baharden etrap of the Ahal velayat of Turkmenistan.

With the share participation of PA Aşgabatenergo of the State Electric Power Corporation Türkmenenergo of the Ministry of Energy of Turkmenistan and the individual enterprise Üznüksiz hyzmat, the ES Üznüksiz çeşme will be created for the production of equipment for the accumulation and storage of electricity (UPS).

Finance and Economics

Daýhanbank will launch a “Remote banking” system for individuals. The service should expand the list of non-cash payments and ensure the speed of payment transactions for citizens of the country.

The Educational Center of the Ashgabat Stock Exchange (ASE) invites interested students to take a short-term course “Securities market and corporate governance in joint-stock companies”.

Trade and services

A new shopping and entertainment center “Arkach” with a business center and underground parking, located on a total area of 4,7 hectares, has opened in Ashgabat along Magtymguly avenue.

Events

An exhibition in honor of the 16th anniversary of the formation of the Union of Industrialists and Entrepreneurs of Turkmenistan opened at the Expo Center of the Chamber of Commerce and Industry in Ashgabat. More than 200 members of the UIET take part in the show. A business conference was organized in parallel.

The delegation of Turkmenistan led by the Minister of Finance and Economy Serdar Jorayev took part in the first B5+1 forum, which was dedicated to strengthening regional economic integration in Central Asia through public-private dialogue.

Transport and logistics

The “School of Entrepreneurs” of the Union of Industrialists and Entrepreneurs of Turkmenistan invites businessmen of the country to take a new 12-hour training course “Fundamentals of Customs Affairs in Entrepreneurship”.

The volume of transit cargo transportation through the territory of Turkmenistan in 2023 showed a serious increase - by 17% compared to 2022. The positive dynamics continue this year - in the first two months of 2024, cargo transit increased by another 5% compared to the same period last year.

International cooperation

The “Astana” Diplomatic Club invites entrepreneurs from Turkmenistan and other Central Asian countries to make a business trip to Armenia on March 26–29 to explore the country’s investment potential and establish mutually beneficial cooperation with local businesses.

Turkmenistan and Austria plan to create a joint business council. By 2025, the Austrian House is expected to open in Turkmenistan.

Turkmenistan has joined the regional project on trade facilitation in Central Asia of the German Society for International Cooperation (GIZ). The goal of the project is to develop regional approaches, especially in the field of digitalization, to facilitate cross-border trade.