Import Substitution: Current Trends and Prospects

23 September 2022

Today, Turkmenistan is one of the most dynamically developing states in Central Asia. Unique natural and climatic conditions and rich mineral resources have laid the groundwork for a diversified economy with the priority development of the agricultural sector and the strong industry oriented to import substitution. Our flexible and pragmatic import substitution policy ensures the successful development of all sectors of the economy.

Successfully implementing the economic modernisation and diversification policy and introducing innovations in all spheres of the economy, our country is experiencing an unprecedented growth and prosperity. It is accelerating the development of its diversified industry that uses advanced technologies and know-how and seeks to increase the production of import-substituting and competitive products. The esteemed President Serdar Berdimuhamedov has set clear goals and objectives to the economic sectors: to facilitate modernisation to raise the country’s competitiveness in all areas. The President has set the priority tasks, including the structural transformation of the economy and the dynamic development of competitive, export-oriented and import-substituting enterprises. Since the national economy is developing through investments and innovations, it is therefore necessary to strengthen the competitive advantages of Turkmenistan on a global scale.

Head at the Department, Directorate of the Study of Commodity Circulation in Internal and External Markets, Ministry of Trade and Foreign Economic Relations of Turkmenistan. Collage: Vyacheslav SAHAROV