Twenty-Seven Years of Independence See 350-fold Increase in Investments in Turkmenistan’s Economy

Speaking at the Khalk Maslakhaty meeting, President Gurbanguly Berdimuhamedov has characterized Turkmenistan's post-independence period, having noted that the country has dramatically transformed from an agricultural country into an industrialized country.

The main sectors of the economy have been drastically reformed, and first of all, we attached much importance to improving people's social conditions, the head of state said.

The President offered several examples: twenty-seven years of independence have seen a 350-fold increase in investments in the country's economy, which stand at almost 500 billion manats or US$ 185 billion. Of the total investments made, 68 percent (US$ 124 billion) went to the productive sector with more than 2,600 production facilities, cultural and social amenities built.

As a result, the country has created a multisectoral economy with the following major sectors: electric power, oil and gas, machine-building, metallurgy, chemical, building, electronics, light and food industries.

While on the subject of domestic business development, the President of Turkmenistan said that the private sector's ratio in GDP (exclusive of the fuel and energy sector) totals 68 percent. Members of the Union of Industrialists and Entrepreneurs are making a meaningful contribution to home market saturation, economic growth, increased innovative and export potential of the country.

Every year, wages, pensions, state benefit and monthly students' payments increase by 10 percent.

The greater part of State Budget expenditures account for education, healthcare, public utility services, and pension benefits.

The head of state also said that the country's rate of GDP growth is expected to hit 6.2 percent this year and next year.

Source: Turkmenistan State News Agency-TDH