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Interesting facts about finance

Ancient Rome is the first state to mint round coins on an industrial scale. One million US dollars in $ 100 banknotes will weigh about 10 kilograms.

Development of the national economy in the era of might and happiness

The economy of Turkmenistan has been developing quite successfully over the years of independence. And already today, stable socioeconomic growth, reserves of natural resources and the country’s work in conditions of peace and stability make it possible to optimistically evaluate further steps in the development of the national economy. This is also confirmed by the independent authoritative international rating agency Fitch Ratings, which assigned to Turkmenistan a long-term rating B + stable. Such recognition provides additional opportunities for our country in foreign economic activity, confirming its reliability as a trading partner. How did the country manage to achieve such impressive results? Turkmenistan gained independence in 1991. Since then, we have undertaken a number of economic reforms aimed at developing a market economy. Being an industrial-agrarian republic within the USSR, the country, nevertheless, specialised mainly in the extraction of hydrocarbon resources and the production of raw cotton for the needs of the industrial centres of the former Soviet Union. In the system of the so-called all-Union cooperation, to a large extent (and based on modern realities), this was conditioned by the fact that Turkmenistan, in particular, ranks fourth in terms of natural gas reserves (15–20 trillion m3), second only to Russia itself, the USA and Canada. The country

Turkmenistan speeds up the creation of transport transit infrastructure of international significance

President of Turkmenistan takes part in opening Ashgabat-Tejen section of Ashgabat-Turkmenabat highway 29.10.2021. Today, President of Turkmenistan Gurbanguly Berdimuhamedov has taken part in the solemn opening ceremony of the Ashgabat-Tejen section of the Ashgabat-Turkmenabad highway.

XXVI International Conference «Oil and Gas of Turkmenistan-2021» started its work in Ashgabat

On October 27, the XXVI International Conference «Oil and Gas of Turkmenistan-2021» (OGT-2021), dedicated to the 30th anniversary of Independence of the country, started its work in Ashgabat in the building of the Chamber of Commerce and Industry of Turkmenistan in a hybrid format. The objective of this annual prestigious business forum, which contributes to strengthening and developing cooperation between foreign partners with Turkmenistan in the oil and gas industry, is to strengthen the dialogue on the further sustainable development of energy sector, review the latest trends in global energy system and expand opportunities for attracting foreign direct investment in the oil and gas industry of Turkmenistan.

Key vector of economy

One of the most important directions of the foreign economic policy of Turkmenistan is attracting investments in various sectors of the national economy and taking measures for their effective development. The rapidly developing economy of Turkmenistan, its favourable geographic location in the Central Asian region, modern transport communications and reliable strategy to attract investments increase the interest in cooperation on the part of world powers. The investment strategy of the esteemed President Gurbanguly Berdimuhamedov is designed for the long term and is aimed at creating all the necessary conditions for the effective work of investors. In addition, there are all the prerequisites for this: the country’s favourable geographical position, a developed transport network, the presence of rich deposits of natural resources, a high level of development of industrial and social infrastructure, qualified personnel and other factors that allow investors to look far into the future.

Economic strategy of Turkmenistan: A national model of sustainable development

President of Turkmenistan Gurbanguly BERDIMUHAMEDOV: Sacred independence is the foundation of all our development and glorious achievements For 30 years of independence, Turkmenistan, whose economy is developing at an accelerated pace, has firmly consolidated its positions among the countries that are successfully integrating into the world economic space. The achievement of the further progress of the Motherland by stimulating entrepreneurship, introducing advanced technologies, creating joint ventures and joint stock companies, developing insurance, the stock exchange and the securities market and implementing fundamental transformations in all sectors is identified as the priority direction of the economic strategy of President Gurbanguly Berdimuhamedov, the author of innovative initiatives. The main goal of the reforms being implemented to overcome the raw material orientation of the economy, the development of market transformations, the effective use of natural resources and the creation of favourable conditions for the life of people is reflected in the fundamental motto “The state is for the people!”

Trade – a key segment of the economy

Conducted in accordance with the economic strategy of the leader of the nation, the intensification of the trade sphere strengthens foundations of the financial stability of the state, makes an important contribution to the formation of the budget and has a significant impact on the development of production. Growing indicators of domestic trade indicate an increase in the welfare and quality of life of the population, and foreign trade dynamics demonstrates the expansion of the geography of deliveries of Turkmen products to foreign markets. The socioeconomic transformations carried out by the esteemed President Gurbanguly Berdimuhamedov, the introduction of market mechanisms and principles in activities of all sectors of the economy have led to economic growth, also reflected in the sphere of trade. A competitive environment has been formed in it, entrepreneurial activities have been developed, modern methods of organising trade and providing services have been applied.

Transport – a way to sustainable development

As one of the active participants in global integration processes aimed at further facilitating sustainable development and achieving economic growth and stability, Turkmenistan continues to implement the goals outlined in the foreign policy strategy of the state, carried out under the wise leadership of President of Turkmenistan Gurbanguly Berdimuhamedov. On July 29, 2021, on the initiative of Turkmenistan, the UN General Assembly unanimously adopted the Resolution entitled “Strengthening the links between all modes of transport to achieve stable and reliable international transport for sustainable development during and after the coronavirus disease (COVID-19) pandemic” at the 96th plenary meeting of the 75th session. This initiative has become another confirming factor of the attention of our state to the issues of strengthening international transport cooperation, which is in line with international and regional efforts to overcome the pandemic and its economic and social consequences.

Key link of the Economy

The commissioning of a new International Airport in Kerki with the participation of the head of state became a significant event both of the social and foreign economic strategies of President Gurbanguly Berdimuhamedov. In the modern world, the development of transport corridors is a requirement of the time, and our country, together with neighbouring countries, is implementing major regional and continental projects. Therefore, in the modern history of the state, transport infrastructure is one of the priority sectors of the national economy of Turkmenistan. Our country is a promising territory for the development of cargo traffic among the countries of the Eurasian continent and it significantly inreases its transit potential, as the creation of international transport corridors is an important factor in the deployment of productive forces in the modern world economy and the further development of world transport.

Transport corridors of Turkmenistan: Prospects of the branch

On the initiative of Turkmenistan, the UN General Assembly adopted a new resolution in the field of transport. It is entitled “Strengthening the links between all modes of transport to achieve stable and reliable international transport for sustainable development during and after the coronavirus disease (COVID-19) pandemic”. However, the previous UN resolutions, the drafts of which were also presented by the head of state have positively influenced the growth of the economies of the countries of the world.