Elvira Kadyrova
Against the backdrop of Turkmenistan’s dynamic GDP growth, which reached $77.4 billion by the end of 2025, the first Turkmen-Chinese Business Forum opened in Ashgabat. The event is aimed at converting a high level of political trust into new large-scale investment projects.
The first Turkmen-Chinese Business Forum and Exhibition are currently being held in Ashgabat. On 29 April, high-level delegates addressed the forum’s plenary session.
During the session, heads of relevant departments and representatives of major businesses from both countries delivered keynote reports. Representing Turkmenistan, key aspects of economic and infrastructural development were presented by Mammetguly Astanagulov, Minister of Finance and Economy; Mammet Akmammedov, Minister of Railway Transport; and Hajymyrat Hudaygulyyev, minister of communications.
The Chinese side was represented by Ji Shumin, Ambassador Extraordinary and Plenipotentiary of the PRC; He Zhenwei, President of the China Overseas Development Association (CODA); and Zeng Jun, Vice President of the China Information Communications Technology Group (CICT). In their speeches, the speakers emphasized the strategic nature of the partnership and identified new vectors of cooperation in the transport, logistics, financial, and technological sectors.
Turkmenistan’s Economic Potential and Investment Climate: A Strategic Vector of Partnership
Speaking at the forum’s plenary session, Mammetguly Astanagulov, Minister of Finance and Economy of Turkmenistan, presented a detailed overview of the country’s macroeconomic achievements and the prospects for Turkmen-Chinese cooperation. It was emphasized that a powerful impetus for expanding the partnership was provided by the seventh meeting of the Intergovernmental Committee on Cooperation, held in Ashgabat on 16 April 2026.
Macroeconomic Stability and Growth
Turkmenistan demonstrates confident development dynamics.
“Economic growth rates remain steadily high, reaching 6.3% by the end of 2025 and the first quarter of the current year. The GDP volume at the end of 2025 reached $77.4 billion. The volume of investments in the economy increased by 6% compared to 2024, exceeding $12.8 billion. The share of foreign investment accounted for over 10% of the total investment volume,” the Minister stated.
The fuel and energy complex, oil and gas chemistry, electric power, construction, and the agro-industrial complex remain priority areas for investment.
According to Astanagulov, the ongoing macroeconomic policy promotes sustainable stability and the reduction of inflation, which stood at 3.2% at the end of 2025.
As an example of successful cooperation, the implementation of the fourth stage of the Galkynysh field development was noted — a contract was recently signed for the construction of facilities with a capacity of 10 billion cubic meters of commercial gas per year. Along with traditional sectors, Turkmenistan aims for the active implementation of artificial intelligence technologies and the digitalization of transport and logistics networks.
Special attention in the report was paid to fiscal policy and the stimulation of the private sector. Mammetguly Astanagulov noted that the tax burden in the country has remained stable over the past 20 years, and tax rates are among the lowest in the region:
- for small and medium-sized businesses, the income tax is only 2%, with an exemption from VAT;
- for large enterprises, a reduced corporate income tax rate is set at 8%;
- agricultural producers are fully exempt from taxes.
The result of such measures has been the growth of the non-state sector, whose share in the economy (excluding the fuel and energy complex) has now reached 72.8%.
Turkmenistan is systematically integrating into the global trading system. The country’s investment attractiveness is confirmed by international institutions: in July 2025, the Fitch Ratings agency reaffirmed the country’s rating at “BB-” with a positive outlook. The World Bank included the country in the Business Ready rating process. Furthermore, this year the World Bank included Turkmenistan in its “Global Economic Prospects” analytical report and the “Macro Poverty Outlook” document.
Concluding his speech, the Minister expressed confidence that through joint efforts, Turkmenistan and China will be able to transform their shared potential into real projects that bring tangible benefits to their states and peoples.
Strategic Alignment and New Horizons: The Chinese Perspective
Particular attention was drawn to the speech by Ji Shumin, Ambassador of China to Turkmenistan. It was noted that strengthening and deepening Turkmen-Chinese trade and economic cooperation is more relevant today than ever, as this partnership possesses immense advantages. These include high-level political trust between the leaders, deep historical roots of traditional friendship, a shared commitment to mutual benefit, and strategic complementarity.
The gas industry remains the backbone of Turkmen-Chinese cooperation. Based on the principles of equality and mutual benefit, three lines of the transnational gas pipeline have been constructed, demonstrating efficient and stable operation. To date, more than 460 billion cubic meters of Turkmen natural gas have been supplied to China, and for 15 consecutive years, China has remained Turkmenistan’s largest trading partner.
Despite the volatility of the international situation, the leaders of China and Turkmenistan maintain a long-term perspective, ensuring the security and stability of bilateral ties across all sectors, including energy. China is prepared to work alongside Turkmenistan to implement reached agreements and transform high-level political relations into concrete results.
In particular, the future focus will be on strengthening energy cooperation. Utilizing the General Agreement on the principles of cooperation in the gas sector, the parties intend to consolidate efforts on current projects—specifically, the successful implementation of the subsequent stages of the Galkynysh field development, which will elevate Turkmen-Chinese interaction to a new level.
Additionally, key prospects include the improvement of the legal framework and the expansion of cooperation in non-resource sectors. China sees vast potential for collaboration with Turkmenistan in emerging fields such as transport and logistics, clean energy, modern agriculture, and artificial intelligence.
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In conclusion, the plenary session demonstrated that Turkmen-Chinese relations have reached a level of deep integration, where traditional energy partnership is complemented by ambitious plans in high technology and transport. The alignment of the “Revival of the Silk Road” and the “Belt and Road” initiatives creates a unique economic corridor, supported by both Turkmenistan’s powerful resource base and its stable investment climate.
The forum in Ashgabat has clearly confirmed that both countries are prepared not only to maintain the status quo in the gas industry but also to actively diversify their cooperation. /// nCa, 29 April 2026