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US exploring opportunities for private business in Turkmenistan

2 November 2018 14:46 (UTC+04:00)
US exploring opportunities for private business in Turkmenistan

By Trend

A meeting with the Scott Ticknor, the Acting Special Representative for Commercial and Business Affairs (CBA) in the Bureau of Economic and Business Affairs (EB) of the US Department of State has been held at the Union of Industrialists and Entrepreneurs of Turkmenistan (UIET), the UIET said in a statement.

At the meeting, the high technologies, agriculture, and the production of electronic equipment have been mentioned among the promising areas of cooperation.

The interest was noted regarding development of cooperation in the spheres of trade and transport and logistics.

In this context, the guests stressed the importance of holding business forums and other international events to be organized by the Bureau of Economic and Business Affairs (EB) of the US Department of State structure on business and trade activities, and inviting the members of the UIET to participate in such events, the message says.

The total trade and economic turnover of Turkmenistan and the United States in 1H2018 has increased by more than 27 percent. Some 156 projects totaling more than $2.5 billion have already been implemented in Turkmenistan with the participation of US companies.

The American companies operate on the Turkmen market in such areas as transportation, the fuel and energy complex, construction of power plants, sphere of telecommunications, software support, and the food industry.

President of Turkmenistan Gurbanguly Berdimuhamedov took part in a joint business forum during his working visit to the United States in September.

The head of state noted then that there are great prospects in terms of attracting American investments and technologies in the development of knowledge-intensive and innovative industries in Turkmenistan, in the field of electronics, computer and logistics services, in the sphere of education and staff development.

The cooperation in the context of creating inter-regional transport and transit corridors along the East-West and South-North lines with access to Asian, European and Middle Eastern markets has been mentioned as a strategic direction of interaction.

The head of state focused on the active development of the maritime transportations’ system. The construction of the international sea port of Turkmenbashi on the Caspian coast has been completed in the country.

"Today, it is a powerful, multi-profile terminal, ... which creates the most favorable conditions for entering the product and raw material markets of the Near and Middle East and the states of the Indian Ocean basin, allowing for a significant reduction in distance and travel time for large-scale freight traffic. The Turkmenbashi port, without exaggeration, is one of the largest transport hubs of continental significance," the Turkmen head of state said.

The use of the logistical capabilities of this sea hub can be attractive for American business circles, Gurbanguly Berdimuhamedov said.

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