The representative of the EBRD noted the cheapness of the labor force in Turkmenistan compared to neighboring countries

The head of the EBRD’s Turkmen office, Fatih Turkmenoglu, spoke about cheap electricity and labor in Turkmenistan. This is reported by the news agency “Trend”.

“Electricity and labor costs in Turkmenistan are much lower than in other countries in the region,” Turkmenoglu said.

The EBRD representative also noted that local private enterprises were established 3 to 5 years ago and their annual turnover, as a rule, is less than $10 million, that is, they belong to the category of small enterprises.

Loans to the organization help to expand the production capacity of these companies, and consulting services to improve management and identify development needs.

According to Turkmenoglu, the EBRD’s activities in Turkmenistan are aimed at supporting the national economy in the field of building export potential, import substitution and job creation.

In November 2021, representatives of Turkmenistan held talks with the managing director of the bank, Zsuzsanna Hargitai , proposing to intensify cooperation with the EBRD in projects in the field of energy, transport, light industry, development of small and medium-sized businesses,  taking into account the environmental component . The EBRD is currently  focusing  on the implementation of projects with the introduction of “green” technologies.

The EBRD has participated in the implementation of 88 projects in Turkmenistan,  investing  a total of 304 million euros. At the moment, projects worth 58 million euros are being executed.

 

Source: Chronicles of Turkmenistan

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