Turkmenistan, UK discuss joint investment forum

25 April 2019 13:04 (UTC+04:00)

By Trend

A meeting was held at the Ministry of Foreign Affairs of Turkmenistan with Baroness Emma Nicholson, representative of the House of Lords of the UK Parliament, Trend reports referring to Turkmen Foreign Ministry.

During the meeting, it was proposed to hold an investment forum of Turkmenistan in the UK. Cooperation in the field of environmental protection was also discussed. A representative delegation from the UK arrived in Ashgabat to attend the 7th meeting of the Turkmenistan-UK Trade & Industry Council (TUKTIC).

While discussing the upcoming seventh meeting of TUKTIC, during which it is planned to consider issues to increase trade, the parties separately noted the high level of cooperation between Turkmenistan and the United Kingdom in trade and economic sphere. The parties also agreed to hold next political consultations in Ashgabat in the second half of 2019 or in 2020.

British companies hold a prominent position in the Turkmen market. Dragon Oil, one of the largest investors in the country, has been operating in the Turkmen sector of the Caspian Sea since 1999. Another company, Petrofac, carried out a service project for developing the Galkynysh gas field, the second largest gas field in the world located in the Mary Region, in September 2013. Gaffney, Cline & Associates is actively involved in conducting an independent audit of Turkmenistan’s gas fields, with Turkmen gas reserves ranking fourth in the world. De La Rue company is connected with history of the Turkmen manat, the national currency of Turkmenistan.

Turkmenistan and the UK signed an intergovernmental convention on the elimination of double taxation and the prevention of fiscal evasion with respect to taxes on income and on capital appreciation. During bilateral business negotiations, it has been noted that the parties share common interests in the key areas of cooperation including investments, energy and transport. Joint business forums are attended by representatives of the UK companies such as British Expertise International, Aggreko, Arempa International Ltd (FZE), Buried Hill, De La Rue, Global ATS Ltd, Industrial Power Group, JTA, Rapiscan Systems Ltd, Tensar and TheCityUK.

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