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News

Textile industry: Key segment of economy

Being one of the leading and dynamically developing industries, the textile industry of Turkmenistan plays an important role in the diversification of the Turkmen economy. Its growth is eloquently indicated by the annual increase in production volumes. The industry plays a significant role in solving state problems and meets the vital interests of all regions of the country. The Turkmen state sees full-scale and, most importantly, comprehensive processing of raw materials as one of its strategic tasks, which in turn puts forward a number of requirements for the current development of the country’s textile industry, a promising branch of the national economy. The policy of the esteemed President of Turkmenistan on industrialisation has made it possible to increase the competitiveness of our country at the international level, to attract new finance to large industrial projects. The further integration of the Turkmen economy into the world one is strengthening. The national leader pays great attention to the development of logistics and the country’s transit potential, which will allow the country to diversify its economy, to find new export routes and to enter new stages of industrialisation.

19 June 2021

Economy

Promising Projects of Foreign Trade

In the modern history of the Turkmen state, drastic reforms are being implemented in the country on the initiative of President Gurbanguly Berdimuhamedov to enhance the economic strength and to improve the welfare of the people of our Motherland. The ultimate goals of the state strategy are to create an innovative, high-tech, competitive economy, to flood the domestic markets with the products meeting international standards and to increase the export potential of Turkmen economy. With the view to fulfil the tasks directly related to the rapid growth of Turkmen economy, the Foreign Trade Strategy of Turkmenistan for 2021–2030 was approved on February 12 this year. The successful implementation of the long-term and promising strategy opens up new frontiers of progressive growth for the economic sectors and contributes to improving the quality of the life of every citizen. The key aspects of this strategy include the improvement of the national legal framework to promote and significantly facilitate foreign trade, the development of agriculture, an increase in the share of services trade in the total foreign trade turnover, the promotion of production and exports and the enhancement of the competitiveness of national enterprises in foreign markets.

18 June 2021

Economy

Moving Forward to Abundance

The business community plays a significant role in fulfilling the tasks to implement large-scale projects of regional and international importance in the food industry. The best possible conditions created in the country for the effective operation of businesses contribute to increasing the number of modern enterprises that manufacture a wide range of high-quality eco-friendly foods. This is vividly illustrated by the new agroindustrial businesses fitted with state-of-the-equipment that are tasked to create an abundance of goods in markets and trading enterprises in the year marked by the glorious 30th anniversary of independence of the Motherland and held under the motto “Turkmenistan – the Home of Peace and Trust”.

12 June 2021

Economy

Turkmen leader launches construction of Ashgabat city and opens new residential complex

On the Day of Ashgabat and 140th anniversary of the capital, President Gurbanguly Berdimuhamedov took part in the events on occasion of ground-breaking ceremony of big residential complex Ashgabat City and opening of new complex of double-store houses built in the northern part of Ashgabat. Ashgabat becomes better and better every day and its magnificent architectural ensemble is added with new buildings and constructions. Urban infrastructure is gradually modernized, which provides Ashgabat’s residents with amenities and comfort according to international standards. The whole districts have been reconstructed, new developed residential estates, numerous social and other facilities have been built in the capital in the last years.

28 May 2021

Economy

The President of Turkmenistan visits gasoline production plan and flies around big construction sites

President Gurbanguly Berdimuhamedov has visited the plant for production of gasoline from natural gas, which was built in Ahal Region, where inspected the activity of this modern industrial complex and exchange the views with officials of oil and gas sector on construction of the second phase of the plant as well as made a helicopter flight around number of big facilities inspecting the course of construction works. In the morning, the head of the state has come to the GTL plant in Ahal Region.

28 May 2021

Economy

Agroindustrial complex: a Key Vector of the Economy

One of the key directions of the economic strategy of Turkmenistan is the development of the agroindustrial complex, which is directly related to the provision of food abundance in the country. In this area, large-scale transformations, aimed at raising its efficiency and increasing the volume of agricultural production and exports are being successfully carried out. The reforms carried out in our country in this industry ensure the reliable stability of the national economy against external risks, make it possible to minimise the impact of unfavourable external factors and provide an opportunity to maintain high GDP growth and to increase the output of agricultural products and the volume of investments in this sphere. World practice shows that the agroindustrial complex is one of the main factors of the sustainable development of the national economy of advanced countries and the enhancing of people’s wellbeing. The qualitative changes taking place in the agroindustrial complex of our country are a direct result of the carefully thought-out state policy pursued by the esteemed President and focused on the comprehensive support of domestic producers. Owing to the fundamental transformations carried out in this area and the comprehensive support of small and medium-sized businesses, significant success has been achieved in ensuring food abundance, which is an important

8 May 2021

Economy

Modern hothouse complexes

In the Epoch of Might and Happiness, under the wise leadership of our National Leader, the year «Turkmenistan is the Home of Peace and Trust» marked with great achievements and historic events, inspires the spirit of our people. On the 25th of March the participation of our esteemed President in the opening ceremony of the modern hothouse complex in Kaka region of the Ahal province has become one these important historic events. The President of Turkmenistan, Gurbanguly Berdimuhamedov gave his blessings to the opening ceremonies of newly constructed hothouses in the Ak bugday district of the Ahal province, in the city of Turkmenbashy of the Balkan province, in the Gorogly district of the Dashoguz province, in the Charjev district of the Lebap province and in the Sakarchage district of the Mary province via television space bridge. Their total area is equal to 35 hectares. These hothouses intended to produce 8 thousand 750 tons of vegetable products annually, have been equipped with modern technologies and water-saving technical systems. It is also pleasant to mention that commissioning of these hothouse complexes creates about 400 new jobs and the heads of these hothouses received new agricultural technical machines, the worldwide popular «John Deere» tractors as a gift of our esteemed President. In his speech at the opening ceremony of the new hothouse complexes our National L

17 April 2021

Economy

President Gurbanguly Berdimuhamedov participates in opening of new facilities in the capital

Opening ceremonies of new buildings of the State Commercial Türkmenbaşy Bank and Joint Stock Commercial Senagat Bank have been held in Turkmen capital. President Gurbanguly Berdimuhamedov took part in the events on this occasion. Opening of the facilities of banking sphere, which construction was made according to the Resolution of the President of Turkmenistan from February 15, 2018 is timed to remarkable event – the 30th anniversary of the country’s independence.

16 April 2021

Economy

Digital diplomacy and its importance

Diplomacy was always the major contributor to the development of Turkmenistan and as for today our country has conducted various dimensions of diplomacy such as transport diplomacy, cultural diplomacy, and education diplomacy. Invention of new technologies and advancement of Internet presents us digital diplomacy, which is completely new in the 21st century. Digital diplomacy is widely defined as the use of Internet and new information communication technologies to help achieve diplomatic objectives. Looking ahead, digital diplomacy will be integrated into the way states interact with each other. Using internet and social platforms to achieve diplomatic objectives will be a daily routine for diplomatic missions in the future. From today’s perspective, it is possible to give the fair predictions about what is going to happen to the international relations and how the way it is conducted will change. Digital diplomacy is starting to be widely implemented all over the world today and tomorrow it will be the most integrated tool in international relations.

26 March 2021

Economy

Transport infrastructure development – basis of economy

In the modern history of the Turkmen people, under the wise, far-sighted and progressive leadership of President Gurbanguly Berdimuhamedov, numerous projects, aimed at the rapid, breakthrough growth of the domestic economy and the improvement of the welfare of the country’s population, are being successfully implemented in the country. One of the key conditions for further strengthening the national economic complex and maintaining mutually beneficial partnerships with foreign countries is the transport system, which acts as a driver of progressive economic development. Prospects of the further transport infrastructure improvement are reflected in the Programme of the socioeconomic development of the country until 2025. The transport industry is unique, as its development has an impact on every person in every part of the world. The balanced and, at the same time, confident formation of the transport sector is the basis for the growth of all economic sectors and influences the competitiveness of the country’s economy as a whole. Such efficiency opens up numerous opportunities for the segments of the economy, both in terms of expanding the scale of production and connecting industrial sectors with consumers. The transport sector is one of the main segments of the world economy, influencing the stability and balance of international economic relations. As the world experience sh

5 March 2021

Economy

Turkmen Economy: Strategic Development Plan

At the sitting of the Cabinet of Ministers of Turkmenistan held on February 19 this year, the President of Turkmenistan issued a document concerning the economic sector. The Resolution of President Gurbanguly Berdimuhamedov approves the action plan for the economic sectors for 2021. The plan includes a number of strategic areas of action, particularly sectoral reforms, full capacity utilisation, digitalisation and the further active implementation of investment policy. Bright Markers of the Economy

26 February 2021

Economy

Moving Forward to New High Frontiers

On February 12, President Gurbanguly Berdimuhamedov chaired an extended meeting of the Cabinet of Ministers, during which the work done in 2020 was summarised and the key priorities of the further national socioeconomic development were discussed. The leader of the nation emphasised, “Despite the difficulties and negative phenomena that have emerged globally, we were able to keep peace and security, to achieve socioeconomic growth and to improve the standards of living of the people. Thus, our country and we are confidently moving forward.” Turkmenistan – a Dynamically Developing State

19 February 2021

Economy

Import substitution programme: Achievements and Prospects

In the context of modern foreign economic trends, President Gurbanguly Berdimuhamedov sets a goal of raising competitiveness of the national economy and lessening its dependence on external factors. The import substitution programme was developed on the initiative of the leader of the nation. In accordance with this programme, the country is successfully fulfilling the tasks of expanding import substitution production and manufacturing the products able to compete with their imported analogues. Turkmenistan aims its active import substitution strategy at optimising foreign trade turnover, building up the capacity of non-primary commodity sectors, modernising technological facilities and bringing domestically made products in line with international standards. All this facilitates the successful integration of the national economy into the system of world economic relations and its sustainable growth. Currently, in conditions of the global epidemic, stability and independence of national economies from other countries and enhanced competitiveness of domestic enterprises are of great importance. The most effective and priority options for national economic development include the implementation of the import substitution strategy. The ongoing large-scale work in this sphere carried out in Turkmenistan in compliance with the far-sighted economic strategy of the President

19 February 2021

Economy

The President of Turkmenistan holds a meeting on the development of the national economy

On February 10, President Gurbanguly Berdimuhamedov has held a working video conference session where the outcomes of the economic, financial and banking complex of the country in 2020 were reviewed and objectives for the current year were outlined. The meeting was attended by the Deputy Chairman of the Cabinet of Ministers in charge of the economic block, heads of a number of ministries and departments, banking structures, rectors of specialized universities.

15 February 2021

Economy

Along the way to “Green” economy

The adoption of the State Programme of Energy Saving for 2018–2024 and accession to the International Renewable Energy Agency (IRENA) testifies to our country’s commitment to the development of renewable energy and the growth in energy efficiency in line with the Sustainable Development Goals. The next step along this path was the adoption of the National Strategy for Renewable Energy Development in Turkmenistan until 2030, which was approved by the Decree of President Gurbanguly Berdimuhamedov in December 2020. At the request of the editorial board of NT, the topicality, goals and objectives of the Strategy were commented on by experts in the sphere of studying the use of renewable energy sources. Aganiyaz JUMAYEV,Vice-Rector at the State Energy Institute of Turkmenistan, Candidate of Physics and Mathematics:

12 February 2021

Economy

The President of Turkmenistan holds session on development of transport and communication complex

On February 6, President Gurbanguly Berdimuhamedov has held video conference working session for development of transport and communication complex with participation of some Deputy Chairmen of the Cabinet of Ministers, heads of profile departments and profile higher educational institutes. Opening the session, during which outcomes of work of transport and communication sphere in the last year have been reviewed, the head of the state highlighted that this is one of the main branches of national economy.

9 February 2021

Economy

The President of Turkmenistan holds session on development of trade complex

On February 5, President Gurbanguly Berdimuhamedov held video conference working session with participation of some Deputy Chairmen of the Cabinet of Ministers, heads of relative ministries and profile departments. Outcomes of development of trade complex of the country last year have been discussed at the session. Deputy Chairmen of the Cabinet of Ministers G. Mushikov and E. Orazgeldiyev have been invited to the session. Agricultural sector, which is supervised by E. Orazgeldiyev, is closely related to work of trade complex, which is supervised by Vice-premier Ch. Gylyjov.

8 February 2021

Economy

The President of Turkmenistan holds session on development of construction industrial complex

On February 4, President Gurbanguly Berdimuhamedov has held video conference working session on development of construction industrial complex with participation of some Deputy Chairmen of the Cabinet of Ministers, heads of ministries and departments as well as heads of profile universities. Having noted that issues related to optimal organization of work for keeping achieved rates of development, enhancement of efficiency of activity of the facilities of the complex and intensification of rates of reforms for successful fulfilment of the state programs in anniversary year would be discussed at the session, President Gurbanguly Berdimuhamedov listened to the reports and proposals of the participants of the session.

8 February 2021

Economy

Industry: on a new round of development

Following the path of economic diversification, Turkmenistan is successfully implementing state programmes to develop industrial sectors and to increase the export of industrial products. The successes achieved in this sector have brought our country to the forefront of the economically prosperous states of the world. Today, all branches of industry demonstrate the high dynamics of development, confirming the correctness of the course of the distinguished President of Turkmenistan for the further diversification and industrial and innovative development of Turkmenistan. The construction and commissioning of enterprises fitted with the most modern equipment and high technologies create ample opportunities for providing all sectors of the economy with industrial products.

5 February 2021

Economy

Banking system: remote servicing

One of the characteristic features of the modern and, as it is considered, the future of digital economy is closely connected with the rapid and comprehensive development of distance technologies, which are increasingly introduced into all spheres of life. As practice shows, the main factor of effective functioning and success of the banking system is also connected with introduction of convenient and high-quality digital technologies for customer service. The banks of Turkmenistan are also developing in this direction. President Gurbanguly Berdimuhamedov constantly notes the importance of widespread introduction of digital technologies into the banking sector, which is currently undergoing an active transformation. Making practical steps in this direction is aimed at ensuring an increase in the range of services provided and capabilities of the national payment system and promoting the competitiveness of the country’s credit institutions.

29 January 2021

Economy