China interested in increasing presence in Turkmen market
By Aynur Jafarova
Turkmenistan and China discussed the expansion of China's presence in the local Turkmen market.
The discussions were held at a Turkmen-Chinese business forum at the intergovernmental level in Ashgabat, local Turkmen media reported on March 18.
The Chinese delegation was led by Vice President of the Chinese Committee for Foreign Trade Development Zhang Wei.
Chinese companies specializing in the automotive industry, construction of roads and bridges, industrial equipment, and production of petrochemicals and fertilizers attended the forum.
The Chinese partners presented a project for the joint establishment of the Silk Road Economic Belt as a new model of regional cooperation which aims to strengthen political contacts, transport communications, and trade relations.
The meeting was another important step towards further expansion and implementation of plans and joint projects and examining new opportunities and prospective forms of cooperation, including at the level of business organizations.
China, a major energy consumer, and Turkmenistan, a major energy producer, enjoy a natural advantage and huge potential in energy cooperation.
China is one of the key buyers of Turkmen gas, and is expected to increase its annual purchases up to 65 billion cubic meters of gas.
Turkmenistan is one of the key players in the energy market of the resource-rich Caspian region. The Central Asian state has the world's fourth largest natural gas reserves after Russia, Iran, and Qatar, and produces about 70-80 billion cubic meters of gas a year.
Turkmenistan intends to increase the production volume and export of natural gas, and diversify the routes of supply to major world markets as part of its energy strategy.
Under the program for oil and gas development, the country's annual natural gas production is planned to reach 250 billion cubic meters by 2030, mostly for export purposes.
Furthermore, stable growth is observed in the turnover between Turkmenistan and China. The annual volume of exports and imports is around $9 billion.
Turkmenistan is actively acquiring vehicles for rail industry and telecommunication equipment from China.
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