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Import Substitution: Current Trends and Prospects

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 sc

Key spheres of economy

The International Exhibition “Construction, Industry and Energy of Turkmenistan-2022” and the Conference “Construction, Industry and Energy Development in Turkmenistan” that marked the Day of Construction and Industrial Workers were held at the Exhibition Centre of the Chamber of Commerce and Industry of Turkmenistan. The exhibition of the achievements of Turkmenistan’s construction sector has grown into a large-scale event attracting construction industry specialists from all over the world. This annual forum is growing in popularity with every passing year along with the interest of business circles, including not only the largest domestic manufacturers, but also major companies from Turkey, Germany, the Russian Federation, Austria, France, Switzerland, Iran, Kazakhstan and Uzbekistan, among others. Thousands of specialists had an opportunity to learn about Turkmenistan’s latest achievements in the sphere building materials and technologies.

Strategic planning is the most important tool for the development of the country

At the extended sitting of the Cabinet of Ministers of Turkmenistan held recently, the results of the activities of the sectors of the national economic complex over the past six months of the year were summed up, the implementation of the Presidential and other programmes of the socioeconomic development of the country was discussed, and priority tasks for the second half of the year were identified. During the discussion of the planned measures, the head of state paid special attention to the use of innovative strategic planning tools aimed at the balanced management and coordination of the activities of ministries, departments and economic entities of all forms of ownership and organisational and legal basis. In accordance with the national strategy, the most important and priority tasks include the phased development of plans, programmes and projects, taking into account an integrated and systematic approach to ensuring the sustainable development of all sectors of the economy and regions. This is confirmed by the positive dynamics of macroeconomic indicators, including the stability of GDP growth rates, which increased by 6 per cent, the volume of manufactured products grew by 11.5 per cent compared to the same period in 2021, retail trade turnover increased more than by 10.4 per cent compared to the same period of the last year, and foreign trade turnover g

Export-Oriented Economy: Current Trends and Prospects

The priorities of the economic strategy of any state are to enhance the export potential, to transform from an importer into an exporter of deeply processed products and to stably increase currency earnings. Turkmenistan is no exception. With the aim of fulfilling this task and ensuring state support in this sphere, the export promotion programme that is being implemented successfully has veen adopted. Macroeconomic theory states that foreign trade is the major component of GDP. It is the excess of exports over imports that ensures the inflow of foreign currency in the economy and is the main factor contributing to sustainable economic growth. High economic growth is based on such factors as industrialisation, a favourable investment climate for local and foreign investors, access to sea routes and active support for exporters. In accordance with the Socioeconomic Development Programme, Turkmenistan is taking consistent efforts to transform itself into an industrial and export-oriented developed state.

International transport and transport corridors: Interconnection and development

A Conference on the Diversification of Logistics in the Eurasian Space Organised in Turkmenistan The Turkmen capital hosted a two-day international conference entitled “International Transport and Transit Corridors: Interconnection and Development”, devoted to the diversification of transport and transit cooperation in the Eurasian space.

Towards sustainable transport

The relationships and development of international transport and transit corridors will be the topic of a conference to be held in Ashgabat on July 18-19. The event is being organised by the Transport and Communications Agency under the Cabinet of Ministers of Turkmenistan in partnership with the Turkmen Forum. Heads of national and international transport companies, senior management of logistics organisations and major international financial institutions have already announced their participation in the discussion of topical issues in the transport and logistics sector. In addition, representatives of such international organisations as the UN, OSCE and diplomatic missions accredited to Turkmenistan are expected to participate in meetings and panel discussions. Meetings of business partners will be held on the side-lines of the Conference. We asked representatives of large transport and logistics companies, members of the Turkmen Logistics Association, to comment on the forthcoming event and to share their expectations.

Transport diplomacy: potential and prospects

Turkmenistan, which takes an exceptionally favourable geographical position, is confidently strengthening its position as an important transport and transit hub and logistics centre of regional and continental importance, striving to realise its impressive potential for the common benefit. By expanding transport flows from Asia to Europe and back, the country is successfully integrating its national economy into the global economic space. Turkmenistan, located at the intersection of the main East–West and North–South trade routes, is a strategic crossroads between Asia and Europe. The Eurasian continent has historically been a natural space of close and multifaceted interaction, in which dozens of peoples and states have been involved. For centuries, economic and commercial ties have been actively developing among them, trade routes have arisen and mastered. This process has always carried a huge civilisational function, ensuring the interpenetration of cultures and traditions, helping better perceive and understand each other.

The power of national economy

On the 11th of February of this year named the «Era of the People with Arkadag» the «Revival of the new Era of the Powerful State: the National Program of developing the social-economic trends of Turkmenistan in the years of 2022-2052» adopted at the session of Halk Maslahaty of the National Gengesh of Turkmenistan which was held in the Maslahat Palace of our capital. Of course, increasing the energy power of our country is one of the main tasks, planned in the National Program. In his speeches our Esteemed President calling attention to developing fuel-energy complex, the formation of innovational productions on processing the hydro-carbon means, underlined the great importance of formation of multilateral system of widening the export opportunities by diversification and also of exporting energy means. In Turkmenistan, which is one of the main states of large energy resources, the fruitful works are realized on reliable transit of energy resources and securing sustainable development and safety on the initiatives and proposals of our Neutral state under the patronage of the UNO and our country has a great international authority. The adoption of Resolutions «On Reliable Transit of Energy Resources and its Significance on securing Sustainable Development and International Co-operation» in 2008 and 2013 shows vividly this truth. The recognition of our Neutral Motherland as an i

Turk­me­nis­tan in the world in­for­ma­tion space

Having em­bar­ked on the path of in­novative develop­ment, Turk­me­nis­tan in­tends to expand coo­pe­ra­tion with the In­ter­na­tio­nal Te­lecom­mu­nication Union (ITU). In this con­necti­on, a Work Plan for in­te­racti­on with ITU for 2022 is being develo­ped. A cen­tu­ry and half ago, two do­zen count­ries, the most develo­ped at that ti­me, rea­li­sed that the furt­her develop­ment of com­mu­nications and the exchan­ge of in­for­ma­tion requi­red the develop­ment of univer­sal stan­dards and ag­ree­ments. This is how the In­ter­na­tio­nal Te­lecom­mu­nication Union was es­tab­lis­hed. To­day, ITU is the lea­ding UN agency in the field of in­for­ma­tion and com­mu­nication techno­lo­gies. Its work involves not on­ly 193 count­ries as mem­ber sta­tes, but al­so sector and as­sociate mem­bers and acade­mic or­ga­ni­sa­tions: private sector, scien­ti­fic and educatio­nal ins­ti­tu­tions and in­ter­na­tio­nal and re­gio­nal or­ga­ni­sa­tions. This is what the unique­ness of ITU li­es in, and this ma­kes it an ef­fective plat­form that brings to­get­her all par­ticipants in the ICT/te­lecom­mu­nications. ITU’s activities are ai­med at sup­por­ting count­ries in the imp­le­men­ta­tion of their ICT/te­lecom­mu­nication develop­ment stra­te­gies and expan­ding in­ter­na­tio­nal coo­pe­ra­tion in this di­recti­on.

Expo 2020 sets new Guinness World Record

     Another world record that deserves inscribing on the Guinness World Records has been set at the World Exhibition in Dubai. According to russianemirates.com, Dubai Police in collaboration with Expo 2020 Dubai has created the largest chain of people wearing a badge.  265 people of 193 nationalities thanked Expo 2020 Dubai and passed the badge with the Expo 2020 symbols to each other in the three-minute video. The video, which was made during 48 hours, features 192 Country Pavilions. This action was recorded on the Guinness World Records as the largest online video chain of people wearing a badge

Integrated Development of the Velayats is the Basis for the Prosperity of the Homeland

A Working Trip of President Gurbanguly Berdimuhamedov President Gurbanguly ­Berdimuhamedov made a working trip to the Balkan velayat, where he visited the Uzynada oil and gas field and conducted a meeting on the further development of the oil and gas industry and on the development and realisation of the country’s rich resource potential.

Turkmenistan in the third decade of the 21st century:

Formula of Success With regard to the history of the country, each year is another milestone in the development of the society and state. The historical chronicle of independent neutral Turkmenistan will preserve the events of 2021, which became significant along the path to achieving sustainable socioeconomic development and strengthening the authority of Turkmenistan in the world community.

Ashgabat hosts 15th economic cooperation organization summit

«Türkmenistan Sport», № 4, 2021 On November 28, on the day of the foundation of the Economic Cooperation Organization (ECO), the 15th Summit of the ECO Member States chaired by President of Turkmenistan Gurbanguly Berdimuhamedov took place.

Service Sector: Innovative Approach and Advanced Solutions

In the modern history of the Turkmen people, grandiose reforms, aimed at improving the welfare of citizens of the country through the fruitful development of the major sectors of the economy and the progressive growth of the service sector, are being implemented under the wise, far-sighted and progressive leadership of President Gurbanguly Berdimuhamedov. The prospects for the comprehensive rapid development of the national economy are reflected in the Socioeconomic Programme of the President of Turkmenistan for 2019–2025. The Programme pays special attention to this sector, which is one of the most promising and takes a significant place in the modern economies of the world.

Course on the sustainable development of national economy

In accordance with the deeply thought-out economic policy of our respected President Gurbanguly Berdimuhamedov, large-scale work, aimed at ensuring sustainable economic growth, diversifying the national economy, developing market relations, raising the competitiveness of domestic producers, increasing welfare and improving the social and living conditions of the country’s population, is being carried out in the country. In order to maintain the high rates of socioeconomic development, the Government is taking targeted measures to reduce the impact of the difficult situation in the world economy on the economy of Turkmenistan. Thus, in July 2020, the National Programme on the Reduction of the Impact of Difficult Circumstances in the World Economy on the Economy of the Country and the Sustainable Development of the National Economy for 2020–2021, being of great importance in the implementation of the tasks defined in the Programme of the President of Turkmenistan on the socioeconomic development of the country for 2019–2025 and in the strengthening of the economic potential of the state as a whole, was adopted.

The banking sector – prospective projects and innovative solutions

In the modern history of the Turkmen people, under the wise, far-sighted and progressive leadership of President Gurbanguly Berdimuhamedov, large-scale reforms, aimed at strengthening financial stability through improving the activities of the banking sector based on a scientific approach and the best practices of first-class foreign banks, are carried out in the country. In this regard, the key importance is attached to the successful implementation of the State Programme of the Development of the Banking System of Turkmenistan for 2011–2030. Today, banks are one of the main financial intermediaries in the country’s economy. By carefully distributing financial flows among different segments of the economy, banks have a tremendous impact on the planned development of economic sectors. Accordingly, the progressive development of the entire economic system with all its connections and interdependencies depends on how stably and efficiently their activities will be organised. In this context, in order to ensure innovative activity in the process of modernising the Turkmen economy, particular importance is attached to expanding lending to the real sector of the economy, especially in the field of investment lending, which, in turn, is accompanied by the modernisation of both the entire financial sector and its most important part – the banking system of Turkmenistan.

Digitalisation – the Major Trend of Global and National Development

Independent neutral Turkmenistan that has an impressive resource and economic potential continues to move forward confidently under the leadership of President Gurbanguly Berdimuhamedov along the path of progressive innovative development. Today, one of the key priorities is the transition of the national economy and all its sectors to a digital platform as an integral factor in further modernising the national economy and increasing its efficiency. For this purpose, Turkmenistan is implementing the Digital Economy Conception for 2019–2025 and the State Digital Economy Programme for 2021–2025. The Turkmen leader notes the transition to a digital platform is one of the key vectors of the state policy. Its main aim is to create an effective management system capable of meeting the needs of the economy and modern society.

Turkmenistan at the speed of a racer (under the guidance of our esteemed President, becoming the country, where the great works are being realized, goes forward, only forward)

Gurbanguly Berdimuhamedov, President of Turkmenistan:   — Putting forward the motto «The state is for people!» we directed our works carried out on developing and changing our country at ensuring the happy life of the present and future generations and at improving the social-living conditions of every citizen and every family. In the Epoch of Might and Happiness great successful achievements attained under the guidance of our National Leader prove that our people living happily achieve great progress in political-economical and cultural-spiritual spheres. And it testifies that every day of our Prosperous Epoch leads our people to further development and fills our hearts with pride.

Textile Industry: Potential and Prospects

The textile industry is one of the leading and fastest growing segments of the national economy. This is illustrated vividly by the annual increase in textile production in recent years. The industry plays a significant role in achieving the state objectives and meets the vital interests of all the regions. Stages of Development

The main source of information for sports enthusiasts

The official website of the Ministry of Sport and Youth Policy of Turkmenistan (www.msy.gov.tm) regularly acquaints readers with various sports news both within the country and abroad on its pages. The site offers readers sports news in Turkmen, English and Russian. The main pages of the site present the results of the competitions, the reviews of the matches and tournaments, sports experts’ showdowns and assessments of victories and defeats.