Serdar Berdimuhamedov Proposes to Establish Turkmen-Turkish Joint Investment Fund

Serdar Berdimuhamedov Proposes to Establish Turkmen-Turkish Joint Investment Fund
Turkmenistan President Serdar Berdimuhamedov speaks at the Turkmen-Turkish Business Forum, October 26, 2023, Ankara, Türkiye. (Photo: Union of Chambers and Commodity Exchanges of Türkiye)

During a Turkmen-Turkish business forum in Ankara, President Serdar Berdimuhamedov proposed establishing a joint Turkmen-Turkish investment fund, reported by Anadolu Agency.

The head of state emphasised the importance of the economy, investment, energy, transport and communication systems, agriculture, industry and industrial cooperation, science and technology as crucial areas of the national economy.

The President expressed specific proposals for the development of cooperation with Turkish partners.

Serdar Berdimuhamedov called on Turkish business groups to implement the Ashgabat City concept and actively participate in constructing an industrial cluster as part of the second phase of the Arkadag city development.

In addition, the President of Turkmenistan took the initiative to establish a working group on investments in a transport and logistics centre and confirmed Turkmenistan's readiness to cooperate in supplying electricity and natural gas to Türkiye.

Turkish Vice President Cevdet Yilmaz also spoke at the Turkmen-Turkish business forum. During his speech, he noted that the trade volume between Turkmenistan and Türkiye reached $2.1 billion in the first nine months of the current year and is expected to increase to $3 billion by the end of the year. He stated that in this trade volume, the share of electrical equipment is 16 percent, metal products - 10 percent, general industrial goods, machinery and equipment - 8 percent, special machinery - 5 percent and prefabricated structures - 4 percent.

According to the Vice President, Turkmenistan is the second largest market for Turkish contracts, and the countries need to cooperate in supplying Turkmen natural gas and electricity to the world markets.

Cevdet Yılmaz added that he will visit Turkmenistan in December this year. The Vice President also said that an exhibition of Turkish export products will be held in Turkmenistan from December 6 to 8, and significant interest from the business community is expected.

In his speech, Minister of Industry and Technology Mehmet Fatih Kacir announced that the Turkish Organisation for the Development of Small and Medium Enterprises (KOSGEB) and the Union of Industrialists and Entrepreneurs of Turkmenistan will sign an " Action Plan for the Development of Cooperation in the Field of Small and Medium Enterprises ". Kacir also stated that efforts will be made to specify and implement new business ideas and projects within the framework of these agreements.

Photo: Union of Chambers and Commodity Exchanges of Türkiye