“Trade and Services 2019”: Innovations and import substitution

Two-day exhibition and fair Trade and Services 2019, which was organized by the Ministry of Trade and Foreign Economic Affairs of Turkmenistan, has opened in the expositions centre of the Trade and Industrial Chamber. Profile review, which brought together around 200 local and foreign exhibitors, gives the opportunity to trace the trends and estimate the outcomes of steadfast work for provision of abundance in local market.

Exposition hall looks like modern shopping and entertainment centre, which grounds have displays full of fresh fruits and vegetables, various production of national food industry as well as carpet and textile items.

Current exhibition and fair is some kind of the profile of national trade sphere, by which the trends of its development and condition of local market, export capabilities of national manufacturers are evaluated. Trade complex is a visual indicator of social wealth, sphere of real and daily cooperation of manufacturers and consumers. In this context, level of development of trade and services is an important indicator of success of reforms and the process of modernization of the economy.

Social and economic changes, introduction of marketing mechanisms to the activity of national economy have led to economic growth, which was reflected in unparalleled growth of internal trade, in which competitive environment has formed, entrepreneurship activity has appeared brightly and modern methods of business organization and services have been applied. Retail trade is growing stably on the background of significant reduction of import.

Around 50 facilities of the Ministry of Trade and Foreign Economic Affairs take part in current exhibition. Companies specialized in trade and presenting modern including online services demonstrate their achievements in food segment. Members of the UIET and associations of consumers' societies of the country expanded their displays at the exposition.

The State Concerns Turkmengaz, Turkmenneft and Turkmenhimiya presented innovative production in fuel and energy complex. Latest directions of banking and tourist services have also been presented at the review.

Trade Representatives of Turkmenistan in foreign countries were the participants of current review. Sale of high-quality national production increases via these organizations.

List of production made in the country, which is on high demand and competitive in foreign markets, due to large-scale work for import substitution, intensification of agriculture development of processing facilities and opening of new industrial directions for Turkmen economy. National novelties in food sphere, where almost everything can be tasted and procured, presented at the review are bright evidence to this.

Many trade, shopping and entertainment centres, super markets have been opened recently in Turkmenistan. Positive changes in organization of sale are observed. Conceptual solutions and nuances of service and planning of modern shopping centres meet good European level. Leading world brands are met more often in the country and local dealers try to work according to the world standards.

Network of shopping outlets in walking distance, which sale goods cheaper, is successfully developed. Specialization and branded outlets are another direction. Credit sale and home delivery are growing.

Taking into account the main trends and changes in the world economy, the Programme of social and economic development of the country in 2019 � 2025, which is aimed at the improvement of competiveness of national economy and improvement of life level of the population, has been developed. At the same time, special attention is paid to creation of efficient and eco-friendly processing facilities both export oriented and import substitutive as well as to the implementation of advanced technologies.

Development of market relations and private business are important aspects of this Programme. It provides the creation of hundreds of small, medium and big industrial facilities in private sector of the economy as well as foreign and joint ventures, joint stock companies. Free economic zones will be operating in the country and privatization of existing state facilities is planned.

The agenda of profile conference timed to exhibition and fair Trade and Services 2019 includes the aspects of activation of cooperation in this sphere. Representatives of the UN and European Bank for Reconstruction and Development, Turkish � Turkmen Business Council of the Committee of Foreign Economic Relations of Turkey, Gazprombank Leasing Joint Stock Venture as well as foreign companies interested in the establishment of the relations with Turkmen business and expansion of existing cooperation were among the participants of the forum.

The agenda included the discussion of the subjects of increment of trade in local consumer markets and modern methods in organization of trade services, export potential of the country and development of modern banking and stock exchange services, electronic trade and sphere of digital services.

The work of Turkmenistan for activation of cooperation with international financial organizations like the World Bank, European Bank for Reconstruction and Development (EBRD), Asian Development Bank (ADB) and Islamic Development Bank (IDB) and other has been noted during the meeting.

Source: Turkmenistan: the Golden Age Online Newspaper