The United States Agency for International Development (USAID) and the Union of Industrialists and Entrepreneurs of Turkmenistan (UIET) have entered into a Memorandum of Understanding (MoU) that aims to strengthen the private sector in Turkmenistan.

According to business.com.tm, the signing of the document was held in early July. The new cooperation will promote economic growth, improve conditions for investment, increase exports, as well as expand economic opportunities for women and youth in the country.

The main areas of partnership will be digitalization, e-commerce, innovation and new technologies for the modernization of the private sector.

The Memorandum of Understanding has become an important step in the development of the private sector of Turkmenistan and ensuring economic prosperity. USAID will work with the UIET, which has been an important advocate for the country's business community since 2008, to create a more dynamic, competitive, and successful business sector in Turkmenistan.

During its existence, the Union has increased the volume of trade of its members by 39,3 times. This partnership will support this growth by opening up new opportunities for private companies through increased trade, investment and cooperation with international partners.