Pakistan's Premier Multilingual News Agency

International investment forum held in Arkadag

Arkadag, 4th July, 2023 (GNP): On June 30, 2023, the International Investment Forum “Arkadag – a “smart” city” was held in the conference hall of the “Markav Hotel” in the new city, which brought together delegates from around the world, as well as representatives of leading international and regional organizations, authoritative financial institutions, and major foreign companies.

From the Turkmen side, the heads of ministries and sectoral departments, banks, specialized institutions, the Union of Industrialists and Entrepreneurs took part in its work.

The objectives of the current business event are to expand the framework of a constructive dialogue between foreign investors, businessmen, international financial and banking structures and state bodies of Turkmenistan, and domestic entrepreneurship.

Within the framework of the plenary sessions, issues related to the prospects for sustainable development and new technologies in cities, investment opportunities in Turkmenistan, digital infrastructure and digital innovative technologies of smart cities were considered.

In the speeches of the participants, it was noted that today the world community faces a number of urgent tasks to achieve the goals of the 2030 Agenda. One of them is the implementation of measures to ensure the openness, security, resilience and environmental sustainability of cities and towns.

Foreign forum participants expressed their readiness to develop cooperation with оur country, which has attractive investment opportunities in all segments of the national economy.
The guests of the business event were acquainted with the general economic picture of the development of Turkmenistan in the modern era and its investment strategy, the reforms carried out under the leadership of President Serdar Berdimuhamedov aimed at the industrial and innovative development of the country, the introduction of scientific and technical developments and the latest technologies into the manufacturing sector, the transition to digital economy.

The reports also included macroeconomic indicators of recent years, characterizing the stable development of the national economy. In particular, it was noted that in 2022, GDP growth amounted to 6.2 percent, investments – 14.2 percent, exports of products increased by 43.6 percent compared to 2021. The annual volume of investments in the economy is more than 30 percent, and the share of foreign investors reaches 13 percent.

As emphasized, these indicators are provided thanks to the far-sighted investment policy of the head of Turkmenistan and significant volumes of attracted foreign investments.

At the same time, it was stated that the fundamental changes being consistently implemented in all areas are aimed primarily at achieving the indicators set in long-term and medium-term strategies, such as “Revival of a new era of a powerful state: the National program for the socio-economic development of Turkmenistan in 2022-2052 years”, “Program of the President of Turkmenistan for the socio-economic development of the country in 2022-2028”.

The implementation of the goals set is closely related to the implementation of an investment policy, the main task of which is to attract financial investments in fixed assets and their priority direction in innovation, high value-added production, development of human capital and areas designed to ensure the country’s environmental and socio-economic security.

It was emphasized that in the creation of an industrial society, a radical transformation of the national economy is underway, its reorientation from a raw material model to the path of industrial and innovative development, the introduction of high-tech, knowledge-intensive industries, the transition to a digital economy, the construction of modern enterprises for the production of high-value-added products that are in demand in world markets.

As noted in the reports, Turkmenistan supplies natural gas, oil products, gas and petrochemical products, electricity and mineral fertilizers, construction materials, chemical and food products to various countries. The increase in exports is stimulated by the widespread introduction of innovative technologies and the digital system in all areas, which increases the productivity and competitiveness of domestic goods.

The investment strategy of our country focuses on the harmonious development of the private sector of the national economy. The reports of representatives of the Union of Industrialists and Entrepreneurs covered in detail the support provided at the state level for the development of small and medium-sized businesses. The share of entrepreneurship in various sectors of the economy is growing every year, and this year, this figure is expected to be 71.3 percent of GDP (excluding the fuel and energy complex).

Today, the UIET is a powerful business association that operates in a number of key sectors of the national economy, actively participates in the social and political life of the country, creates enterprises for the production of goods, many of which are already competing with imported ones. Representatives of small and medium-sized businesses, who took part in the forum, familiarized the audience in detail with the activities of their enterprises and the conditions created for their effective work.

In general, as noted, the policy of the President of Turkmenistan is aimed at fundamentally reforming the national economy and expanding multifaceted cooperation with strategic partners, including on topical issues of promoting effective digital and “green” solutions at all levels.

Interest was also stated in attracting large capital, advanced technologies, supplying modern machinery and equipment that meets international standards. The fundamental principles for establishing partnerships were the economic efficiency of the proposed projects, their social significance and environmental safety, the joint search for the most effective tools to achieve lasting and long-term success for all stakeholders.

During the forum, a constructive exchange of views took place on ways to maximize the full disclosure of investment potential, as well as on mechanisms to stimulate the industrial, scientific, technological and socio-economic development of our country. In addition, representatives of international organizations, reputable financial institutions and the foreign business community, on the basis of visual presentations and detailed discussions, were able to assess the feasibility of investing in innovative projects proposed by the Turkmen side.

Within the framework of the International Investment Forum, bilateral meetings were held, at which promising areas for establishing mutually beneficial contacts were identified.
A number of documents were also signed. Among them are contracts for export-import operations, cooperation in the service sector, etc.

The exhibition launched during the forum allowed its participants to get an idea of the achievements in various areas of the national economy, based on a modernized, high-tech industry, modern infrastructure of processing industries capable of producing a wide range of competitive products on the world market.