President of Turkmenistan Serdar Berdimuhamedov invited representatives of the UAE business community to a large-scale and mutually beneficial cooperation that can reach a new level.
“I believe that we have come to the moment when we need really large-scale, development-oriented joint projects that can become the driving force of economic cooperation and open up new opportunities for attracting investment, creating mixed industries, forming a modern infrastructure system, will give impetus to the start of long-term, strategic, comprehensive Turkmen-Emirati cooperation”, the Turkmen leader said, speaking at the opening of the Turkmenistan-UAE business forum in Abu Dhabi on Tuesday, 22 Nov.
“We are ready to create favorable legal and organizational conditions for this, to provide investors with the necessary support in the form of tax, customs, visa, insurance and other benefits,” he stressed.
According to Serdar Berdimuhamedov, currently there are all opportunities to bring relations between Turkmenistan and the UAE to a new level. Fuel energy, the gas chemical industry, renewable energy, the creation of transport infrastructure, port and logistics cooperation, the financial and banking sector are particularly promising areas.
The Head of State told the participants of the business forum about the dynamics of the development of Turkmen-Emirati relations in recent years.
Thus, the Joint Committee on Cooperation between Turkmenistan and the United Arab Emirates established in 2012, 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 UAE are good forms of business relations.
Dragon Oil Company is successfully operating in the oil industry of Turkmenistan.
In 2021, a loan agreement was signed between the Government of Turkmenistan and the Abu Dhabi Development Fund to finance the construction of the airport in Jebel, Balkan province.
It was also noted that the construction of a new International port of Turkmenbashi on the Caspian Sea coast was completed in 2018. Today it is a powerful multifunctional seaport.
The head of Turkmenistan expressed confidence that the Turkmenbashi International Seaport fully meets the goals of establishing logistics chains with ports in the UAE, and for companies specialized in port management and logistics services, it can become an attractive project.
Speaking about cooperation in the chemical industry, President Serdar Berdimuhamedov recalled that a loan agreement was signed between the Government of Turkmenistan and the Abu Dhabi Development Bank to finance the construction of a chemical plant for the production of mixed mineral fertilizers in Turkmenabat.
Being a country with huge reserves of oil and gas resources, Turkmenistan also strives to develop “green” energy. In this context, he thanked the government of UAE for supporting Turkmenistan’s efforts to establish cooperation with the specialized organization IRENA.
Along with this, the Government of Turkmenistan and the Abu Dhabi Development Fund signed a loan agreement on financing the construction of a hybrid power plant in the country.
Turkmenistan is also interested in the successful experience of the UAE financial system, financial and credit institutions, insurance companies, the creation and operation of stock exchanges.
“In this regard, we have great hopes for mutual cooperation between the State Bank for Foreign Economic Activity of Turkmenistan and the Dubai Center for the Development of the Islamic Economy, other banking and financial structures of the United Arab Emirates,” Serdar Berdimuhamedov stressed.
According to the head of Turkmenistan, the most important part of cooperation is the holding of joint exhibitions of manufacturers of goods and services of both countries, as well as the organization of joint business forums on a regular basis.
“Our country is always open to any effective ideas and proposals, responsible and reliable cooperation. And I regard our meeting today as an important step towards establishing strong and long-term trade and economic cooperation between the business communities of Turkmenistan and the UAE,” the Turkmen leader said.
In turn, Abdullah Mohammed Al Mazrouei, President of UAE Chambers and Chairman of Abu Dhabi Chamber said, “The UAE and Turkmenistan have solid and robust economic relations. Under the leadership of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, our country is set to bring about more robust and strong relations with Turkmenistan on all levels, especially the economic sector, which is expanding exponentially and promises great potentials and ample opportunities.”
According to him, “the UAE is a major trading partner of Turkmenistan, with bilateral non-oil trade reaching US$255.3 million in 2021. This figure is expected to grow considering the keenness of both countries to explore more elements of development, expansion, and promising opportunities in all sectors, especially that Turkmenistan is located in a strategic geographical location in Central Asia with promising markets that allow investors from the UAE to explore key investment opportunities.”
“We, at the UAE Chambers, are determined to expand our relations with Turkmenistan further, hence, I call upon Emirati businesspeople and investors to explore all the available investment opportunities in Turkmenistan and to focus on competitive sectors, which would increase the flow of investments in both countries,” he stated.
He called for working out a joint roadmap, forming joint advisory committees, brisking up the UAE-Turkmenistan Business Council and increase its role in promoting business opportunities.
During the business meeting, ways to strengthen existing ties were discussed, and concrete proposals were made to increase the volume of trade turnover, expand and diversify mutually beneficial economic partnerships.
The signing ceremony of the following bilateral documents was also held on the sidelines of the forum:
- Confidentiality Agreement between the Agency for Transport and Communications under the Cabinet of Ministers of Turkmenistan and Abu Dhabi Port Group;
- Agreement between the State Electric Power Corporation “Turkmenenergo” of the Ministry of Energy of Turkmenistan and the Abu Dhabi Future Energy Company – Masdar on cooperation in the development of renewable energy projects in Turkmenistan with a total installed capacity of 100 MWt;
- Cooperation agreement between the State Bank for Foreign Economic Activity of Turkmenistan and the First Bank of Abu Dhabi.
Also, the companies of the two countries stroke deals for the provision of logistics services and various export-import operations. ///nCa, 23 November 2022