Turkmen-Emirati Business Forum

26.06.2024

On June 25, the Chamber of Commerce and Industry hosted the Turkmenistan-United Arab Emirates business Forum, which brought together heads and leading specialists of government and business structures of the two friendly countries. The event was attended by companies specializing in the fields of energy, digital technologies, trade, agriculture, food industry, construction and tourism, including HK Associates, AMEA Power, Arabian Falcon Holding, ADIO, etc. As you know, at a meeting of the Cabinet of Ministers held on June 21, President Serdar Berdimuhamedov noted with satisfaction that Turkmenistan's trade and economic cooperation with foreign countries is constantly developing, exhibitions and business forums held in this direction contribute to the expansion of mutually beneficial cooperation. In this regard, the current event is aimed at further developing trade, economic, investment and business ties between Turkmenistan and the United Arab Emirates in the context of the successful open door policy pursued by the President of Turkmenistan. The agenda of the forum includes a discussion of promising areas of interstate cooperation in the economic, investment, industrial sectors, as well as in the field of renewable energy sources. It should be noted that at present, the development of multidimensional relations with the United Arab Emirates, recognized as one of the economically powerful and rapidly developing states of the Middle East, is among the priorities of the foreign policy strategy of independent neutral Turkmenistan. This is clearly evidenced by the extensive positive experience accumulated in recent years of interaction on a bilateral and multilateral basis, primarily on the platform of the largest and reputable international organizations. The Joint Committee on Cooperation between Turkmenistan and the United Arab Emirates, as well as the Business Council for Cooperation between the Chamber of Commerce and Industry of Turkmenistan and the Federation of Chambers of Commerce and Industry of the United Arab Emirates, contribute to building business ties. The speakers stressed that our country, which is implementing a strategy of economic diversification, including by actively attracting the best international experience and advanced technologies, is open to constructive dialogue. The favorable investment climate created in the country and the optimal organizational and legal mechanism for doing business help attract an increasing number of potential foreign partners, in particular the UAE business community, to work in the promising Turkmen market. As noted, among the main areas of partnership are joint projects that can become the driving force of economic cooperation and open up new opportunities to attract investment, create mixed industries, form a modern infrastructure system, and increase cooperation in the banking and financial sector. In the speeches made by the heads of leading UAE companies, the desire of large Emirati businesses to strengthen and expand their presence in the Turkmen market was confirmed. Within the framework of the business meeting, which took place in an open, trusting atmosphere, ways were analyzed to bring relations to a new level in various fields of economics and investment, in the field of high technology, opportunities to increase trade turnover, and specific plans for joint work were outlined. One of the most promising areas of cooperation is the transport and logistics system. The modern infrastructure created in recent years in the country, including the Turkmenbashi International Seaport, new highways, airports, open up wide opportunities for the development of contacts in this area. It was emphasized that large-scale projects in the field of transport are being developed in our country and there are great prospects for developing relations with foreign partners, including well-known UAE companies. The readiness of our country to significantly expand mutually beneficial ties in the fuel and energy sector was also noted. With impressive potential in this area, Turkmenistan is one of the exporters of natural gas. The gas chemical industry is also developing, whose products are supplied to the world market in a wide range. A separate topic of discussion was the rational use of renewable energy sources. Being a country with huge reserves of oil and gas resources, Turkmenistan strives to develop "green" energy. In this context, cooperation in the field of practical use of environmentally friendly renewable energy sources, in particular, solar and wind, is also seen as relevant. Other relevant vectors of partnership include agriculture, communications and communications, the processing and chemical industries, the introduction of advanced technologies, construction, healthcare, ecology, etc. The high interest of the UAE business community in participating in specialized projects carried out in Turkmenistan, which are designed to ensure the innovative development of the national economy and the growth of the well-being of the Turkmen people, was noted. Being a strong business association, the Union of Industrialists and Entrepreneurs of Turkmenistan is working in many key sectors of the national economy. Currently, great hopes are pinned on the SPTA in strengthening ties with the UAE business community. In this regard, the readiness of Turkmen entrepreneurs for long-term partnership, expansion of dialogue with their colleagues, use of their successful experience, introduction of modern methods and solutions for business management was emphasized. The most important part of this work is the holding of joint exhibitions of manufacturers of goods and services, as well as business forums on a regular basis. Within the framework of the forum, which was held in a businesslike and constructive manner, meetings were held between entrepreneurs of the two countries in order to exchange experiences and enhance productive relations. In conclusion, they expressed confidence that the current business forum will give new dynamics and content to the trade and economic partnership between the business circles of Turkmenistan and the UAE.