2019-2021 ADB Work Plan envisages investments into the Turkmen economy

The strategy on the diversification of the national economy of Turkmenistan is oriented to the establishment of high-productive and innovative industrial enterprises, the development of the communications, transit and transport infrastructure, the increase of the export potential of the country.

Turkmenistan builds up constructive and mutually-beneficial relations with international financial structures, regional banks, improving its investment climate and attracting heavy capital investments into the technological renovation of the core production funds, modernization of the infrastructure that contributes to the active integration of our country into the world economy and increase of the state's competitiveness.

The Asian Development Bank (ADB) that our country joined to in 2000, takes an active part in financing investment programmes and projects in Turkmenistan. Since 2000, our country has established the fruitful cooperation with the bank with the aim to encourage the growth of economy in Asia.

Given the huge energy resources of Turkmenistan and the strategic location, the ADB operations focus on the improvement of the transport and energy sectors of the country, promotion of large-scale infrastructure projects that contribute to widening the regional cooperation and trade.

Such areas as the diversification of hydrocarbon market, increase of the energy resources sales volumes, the attraction of investments into the transport infrastructure, the development of entrepreneurship as well as the informative support to large-scale economic changes in the country occupy the special place in the partnership between Turkmenistan and ADB in 2017-2021.

Focusing on the general plans of the regional level, the ADB expresses the willingness to invest funds into the transport, communication, energy, oil and gas spheres, as well as private sector. The ADB work plan envisages investments into the Turkmen economy in 2019-2021 at the amount of around one billion USD. It is expected that that in the framework of the project implementation, this volume can significantly increase.

Another important area of investment cooperation is the transportation of hydrocarbon resources. Turkmenistan with its huge resources can and have to significantly contribute to the energy security of the peoples of the world. This global task stipulates the growing interest of the world investment circles in our country.

Today, the ambitious projects that may greatly influence on the economy of the whole region are implemented on the initiative and under the patronage of President Gurbanguly Berdimuhamedov. Among them are the Turkmenistan-Afghanistan-Pakistan-India (TAPI) transnational gas pipeline that is to contribute to strengthening peace and stability in this region of Asia and offer a powerful impetus to the social and economic development of the country-members.

As a key partner on TAPI project, the ADB has included this area into its work plan on investments for 2019-2021. At the same time, the ADB finances the construction of a transmission line and a fiber-optic communication system along the TAPI route, the construction of a ring power system that will create the possibility of maintaining a high level of energy supply in Turkmenistan and other important infrastructure projects in the transport and communications sector.

Cooperation between Turkmenistan and the ADB in the sphere of supply of energy resources and electricity to regional markets, the construction of new transport corridors and their inclusion into the international system has great prospects. As President Gurbanguly Berdimuhamedov notes in his book Turkmenistan is the heart of the Great Silk Road, the revival of this historical route, which runs through our country like in ancient times, opens up new opportunities for all Asian countries.

The development of mutually beneficial international cooperation in the field of investments ensures the implementation of the multifaceted economic potential of Turkmenistan, its further dynamic development. The interest of international financial institutions to invest in Turkmenistan testifies to the high confidence in our country as a reliable and responsible partner with authority and great potential for economic growth.

Today, the powerful resource, hydrocarbon and transit potential of our country is actively involved in the global system. The rational and effective investment policy pursued by the head of state, based on the international and regional cooperation stands as an important aspect of the impact on the development of these processes.

Undoubtedly, the results of the investment partnership of Turkmenistan and the Asian Development Bank, the new ideas and proposals for building it up will serve to expanding the international business cooperation, attracting serious investments for the implementation of promising high-tech projects, and upgrading the regional communication platform to ensure the active innovative growth of Asia.

Source: Turkmenistan: the Golden Age Online Newspaper