Turkmenistan Expresses Interest in Opening JCB Regional Center

BUSINESS TURKMENISTAN
Turkmenistan Expresses Interest in Opening JCB Regional Center
Turkmenistan expressed interest in the construction of a plant for assembly of JCB equipment. (Photo: JCB)

Turkmenistan has expressed interest in the construction of a new JCB regional center for training and education of specialists on the territory of the country, as well as in the construction of a plant for assembly of equipment produced by the British company, according to the statement made during online talks between representatives of Turkmenistan and the UK on Thursday, Orient news outlet reports.

Turkmen side was represented by the Minister of Finance and Economy, the management of the Central Bank, the State Bank for Foreign Economic Affairs, the State Committee for Water Resources, the Union of Industrialists and Entrepreneurs of Turkmenistan, and representatives of the Ministry of Foreign Affairs.

The British side was led by Baroness Nicholson, the Prime Minister's trade envoy. British Consul General in Istanbul and British Trade Commissioner to Eastern Europe and Central Asia, and top managers of JCB Sales Limited also attended the meeting.

The agenda of meeting included the matters of agreeing on further actions to approve the commercial proposal of JCB Sales Limited for the supply of equipment for the water industry of Turkmenistan and for the private sector with financing from the British ABC Bank plc and insurance of the UK Export Finance export credit agency.

A memorandum of understanding between the State Committee for Water Management of Turkmenistan, the Ministry of Finance and Economy of Turkmenistan and JCB Sales Limited was signed on December 8 last year. As part of the Memorandum, JCB offered to conclude a contract for the supply of earthmoving equipment and their spare parts in 2021 in the amount of $221.6 million.

A Memorandum of Understanding between the Union of Industrialists and Entrepreneurs of Turkmenistan, the Ministry of Finance and Economy of Turkmenistan and JCB is currently at the final stage of agreement. An MoU will provide for the supply of construction equipment for private companies in Turkmenistan, as well as educational programs in this area.