Turkmenistan, Germany Seek to Boost Business Ties

BT
Turkmenistan, Germany Seek to Boost Business Ties
Berlin

In an effort to boost bilateral business and trade ties, Germany hosted Turkmen-German business forum in capital Berlin. The forum was attended by Turkmen and German officials, as well as by representatives of business communities and academic circles from both countries.

The participants were presented with information on major sectors of the Turkmen economy, including energy and chemicals industry, international gas pipeline and power line projects, logistics and transportation, and agriculture. Turkmen officials emphasized the favorable investment climate for foreign companies in Turkmenistan due to the political stability, steady course towards democratization, consolidation of the rule of law and creation of effective financial control mechanisms backed up with major improvements in banking and insurance services in the country.    

Turkmenistan – Afghanistan – Pakistan – India gas pipeline project, the construction of power transmission line from Turkmenistan to Afghanistan and Pakistan, and the diversification of Turkmenistan's gas export routes were also on the agenda. The participants noted that these projects offer attractive opportunities for German companies to invest in Turkmen energy and fuel industry.

The representatives of Germany have demonstrated high interest to the initiatives of Turkmenistan’s President Gurbanguly Berdimuhamedov to create modern-day multimodal transit-transport infrastructure through formation of a new logistics system integrated to the newly built Turkmenbashy International Seaport as well as to the international and interregional airports, railways, and highways of Turkmenistan. The development of improved and more efficient transportation corridors is seen as a key to sustainable development of the region.  

The agenda of the Turkmen-German business forum also included supplies of German agricultural equipment and machineries to Turkmenistan, and training of engineers and technicians.

Being long-time partners with Deutsche Bank and Commerzbank, Turkmenistan is also interested in Germany’s practices in banking, finance, insurance, and stock exchanges. The Turkmen representatives expressed willingness to review proposals from other German financial institutions participating in the forum organized at the Deutsche Bank AG building in Berlin.

Exclusive presentation of products made in Turkmenistan organized within the framework of the business event provided a platform for Turkmen manufacturers to showcase and demonstrate the quality of their latest products to German companies and investors. 

On the sidelines of the forum, members of the Turkmen delegation met with representatives of Claas and Umax Trade GmbH before German Umax Trade GmbH signed a Memorandum of Cooperation with the Ministry of Agriculture and Natural Protection of Turkmenistan, as well as with the S.A. Niyazov Turkmen Agricultural University. The Union of Industrialists and Entrepreneurs of Turkmenistan also inked a number of agreements with German companies.