On 26 August 2019, in the run-up to President Gurbanguly Berdymukhammedov's visit, Singapore hosted Turkmenistan-Singapore Business Forum, which was designed to attract investments into Turkmenistan.
The topics raised by members of the Turkmen delegation included annual GDP growth, which was recorded at 6,2% last year, significant investments into the economy, the volume of which exceeds 30% of aggregate GDP with foreign investment accounting for 13%. According to Turkmenistan's officials, the reforms committed to facilitating industrial and innovation-driven development are underway in the country, the state-of-the-art technology and scientific advances are being implemented into manufacturing and the country is switching to digital economy.
Turkmen entrepreneurs presented their products to representatives of Singapore's business community. The exhibition featured exported textile goods, household chemical products, pharmaceuticals (medicinal tea and herbs), confectionary products and agricultural produce. Moreover, presentations on Turkmenistan's transportation and tourism were made.
Teo Siong Seng, Chairperson of Singapore Business Federation, addressing the forum's attendees said that trade turnover between Turkmenistan and Singapore in 2018 amounted to $43,4 million, which is five times as much as in 2016. It should be emphasized that later President Berdymukhammedov said that the volume of mutual trade between the countries equaled $102,8 million.
Singapore's Minister of Trade and Industry Koh Poh Koon offered to use the opportunities of his home country which has extensive trade relations with neighbors with the view of accessing the markets of South-East Asia.
One of the key topics of the forum which sparked big interest from Singapore's entrepreneurs was international cooperation in Turkmenistan' oil and gas industry, � TDH reports.
Representatives of Turkmen oil and gas sector said that Turkmenistan has untapped gas fields across its territory. Turkmen officials offered Singapore's entrepreneurs to invest in developing offshore oil and gas reserves in the Caspian Sea.
Moreover, the project of the gas pipeline Turkmenistan-Afghanistan-Pakistan (TAPI) was presented to Singapore entrepreneurs, which, as was assured by Turkmen officials, has a huge potential and which was supported by international partners and major financial institutions.
Members of the Turkmen delegation claimed that the investors' deposits are safeguarded and protected by Turkmenistan's legislation. Turkmenistan's Bank for Development and Foreign Economic Affairs, which is one of the largest Turkmenistan's banks in assets and net margin and ranks second in the volume of equity, acts as an intermediary of the government in international finance markets.
Source: Chronicles of Turkmenistan