The volume of mutual trade between Turkmenistan and the Russian Federation for January – June 2024 increased by 73.5% in monetary terms compared to the same period last year. This was announced by Deputy Minister of Economic Development of the Russian Federation Dmitry Volvach at the Investment Forum (TIF-2024).

Volvach noted that last year, trade turnover between the two countries in physical terms increased by 13%, and this year significant growth is observed in monetary terms, which indicates an increase in both exports and imports. He also recalled the first Turkmen-Russian business forum, which was held in January last year during the visit of Russian Prime Minister Mikhail Mishustin to Turkmenistan.

The deputy minister emphasized that Turkmenistan and Russia are actively realizing their investment and trade potential. In particular, Turkmenistan seeks to diversify its exports by increasing the supply of chemical products, agricultural products and textiles. In turn, Russia is ready to increase the volume of non-resource exports, including highly complex products, chemicals, mechanical engineering products, pipe and oil and gas equipment.

According to Volvach, the products that Russia is ready to supply are in demand in large infrastructure projects being implemented in Turkmenistan. Among them are the renewal of the rolling stock of railways, the modernization of the gas transportation system and the construction of new roads. Currently, preparations are underway for the next meeting of the Intergovernmental Turkmen-Russian Commission on Economic Cooperation.

The Investment Forum (TIF-2024) is being held in Ashgabat on September 10-11, the event is organized by the Ministry of Finance and Economy, the Ministry of Foreign Affairs and the Chamber of Commerce and Industry of Turkmenistan.