Turkmen and American entrepreneurs discussed priorities for cooperation

During the working visit of the President of Turkmenistan to the United States, a business forum entitled “Turkmen-American Business Cooperation: New Opportunities and Prospects for Partnership Development” was held.

The event was attended by heads of state agencies and representatives of business circles of Turkmenistan and the US, including such well-known companies as John Deere, General Electric (GE), SpaceX, Oppenheimer Holdings Inc., as well as the World Bank and the International Monetary Fund.

Before the forum began, participants viewed an exhibition of Turkmen products.

Representatives of the American side highly appraised the high-quality and environmentally friendly food products, textiles and leather goods, and medical products manufactured in Turkmenistan and offered by “Arkadag Medisina Klasteri Menejment” enterprise. The books by Hero Arkadag and President Serdar Berdimuhamedov held a special place at the exhibition.

Opening the forum, Eric Stewart, Executive Director of the Turkmenistan-US Business Council, noted the Council’s role in strengthening relations between private entities of two countries.

In his speech, the Chairman of the Chamber of Commerce and Industry of Turkmenistan spoke about the favorable investment climate in Turkmenistan. Particular emphasis was placed on the vast opportunities unfolding for American companies in terms of implementing projects in various sectors of the Turkmen economy.

In turn, the leadership of relevant US enterprises noted the growing interest of American entrepreneurs in the rapidly developing Turkmen market, confirming their readiness to participate in the implementation of Turkmenistan’s socio-economic development programs, the provision of advanced technologies, innovations, and the best international experience.

The Chairman of the State Bank of Foreign Economic Affairs of Turkmenistan informed the participants about the financial and banking mechanisms and economic achievements of Turkmenistan, as well as the national monetary and credit strategy. At the same time, it was emphasized that in order to ensure the innovative development of the banking sector, strengthen partnerships with international and regional financial organizations, and improve the system of lending to economically significant sectors, a fruitful partnership is being implemented with reputable international financial organizations, including the rating agency Fitch Ratings.

The deputy head of the Türkmengaz State Concern gave a presentation on long-term opportunities for cooperation in the fuel and energy sector, as well as on projects aimed at enhancing regional energy security, diversifying export routes, and developing green energy.

The main theme of discussion was the activities of the Turkmenistan-US Business Council, established in 2008 upon the initiative of Hero Arkadag Gurbanguly Berdimuhamedov, which is an effective mechanism for the development of bilateral economic relations. The meetings and forums held regularly within its framework create good opportunities for strengthening partnerships between government agencies and business circles of the two countries and establishing new business contacts.

With regard to cooperation in the fuel and energy sector, the parties discussed issues related to the modernization of the relevant infrastructure, the introduction of environmentally friendly, advanced technologies, as well as the intensification of partnership in the field of renewable energy, which is in line with the global agenda on climate change.

Investments are among the most promising areas of cooperation. In this context, particular attention was paid to the potential for trade and economic cooperation, and mechanisms for its full implementation have been identified.

In addition, emphasis was placed on the importance of intensifying partnership in areas such as high technology and digitalization, including cybersecurity, communications, and digital infrastructure.

The reports also highlighted the achievements of the non-governmental sector and the investment potential of Turkmenistan. Particular emphasis was placed on the favorable opportunities and incentives for business development created in Turkmenistan.

One of the main topics of discussion was cooperation in the processing industry.

Bilateral meetings were held during the forum to discuss prospects for expanding cooperation.