Turkmenistan’s private companies have implemented more than 5,000 projects valued at over $28 billion, creating around 425,000 jobs. This was announced by the National Leader of the Turkmen people and Chairman of the Halk Maslahaty Gurbanguly Berdimuhamedov during the opening of the International University of Industrialists and Entrepreneurs in Ashgabat on 1 September.
Berdimuhamedov highlighted the private sector’s crucial role in the country’s socio-economic development, calling the new university a “historic event” for promoting entrepreneurship and innovation.
Since the establishment of the Union of Industrialists and Entrepreneurs in 2008, its 29,000+ members have completed over 5,300 projects worth approximately 97 billion manats (around $28 billion). This remarkable growth is a testament to the national motto: “Entrepreneurs are the golden fund of our country.”
Initially small-scale, these private enterprises have grown into major companies producing internationally competitive products, thanks to strong government support.
Their influence is evident in key national projects, including the construction of the “smart” city of Arkadag. Union members were involved in building 337 facilities in the city’s first phase, valued at 11.5 billion manats, and are currently working on 120 projects in the second phase, worth an estimated 3.4 billion manats.
The private sector is also playing a major role in the nearly-completed, 600-kilometer Ashgabat-Turkmenabat high-speed highway, a $2.3 billion project.
Beyond large-scale infrastructure, private enterprises are expanding into a wide range of sectors by adopting innovative technologies and modern production methods.
They not only supply the domestic market with essential goods but also export products to over 50 countries, boosting Turkmenistan’s international standing.
In 2010, the private newspaper Rysgal was opened in 2010, the Joint-Stock Commercial Bank Rysgal was established in 2011, and the Party of Industrialists and Entrepreneurs of Turkmenistan was created in 2012.///nCa, 2 September 2025