International Investment Forum Held in Arkadag City
An International Investment Forum Held in Arkadag
On June 30, 2023, the city of Arkadag hosted the International Investment Forum “Arkadag – a “smart” city” at the conference hall of the “Markav Hotel”. The event brought together delegates from around the world, along with representatives of leading international and regional organizations, influential financial institutions, and major foreign companies. Turkmenistan was well-represented by the heads of ministries and sectoral departments, banks, specialized institutions, and the Union of Industrialists and Entrepreneurs.
The main objectives of this business event were to enhance constructive dialogue between foreign investors, businessmen, international financial and banking institutions, and the government of Turkmenistan, as well as domestic entrepreneurship.
During the plenary sessions, participants discussed topics related to the prospects of sustainable development and new technologies in cities, investment opportunities in Turkmenistan, digital infrastructure, and innovative technologies for smart cities.
In their speeches, participants emphasized the urgent tasks faced by the global community in achieving the goals of the 2030 Agenda. One such task is implementing measures to ensure the openness, security, resilience, and environmental sustainability of cities and towns.
Foreign forum participants expressed their willingness to collaborate with Turkmenistan, which offers attractive investment opportunities across various sectors of the national economy.
The attendees were provided with an overview of Turkmenistan’s economic development in the modern era, its investment strategy, and the reforms initiated by President Serdar Berdimuhamedov to promote industrial and innovative development, the adoption of scientific and technological advancements in the manufacturing sector, and the transition to a digital economy.
The reports also highlighted the macroeconomic indicators of recent years, indicating the stable growth of the national economy. Notably, in 2022, GDP witnessed a growth of 6.2 percent, investments increased by 14.2 percent, and product exports rose by 43.6 percent compared to 2021. Furthermore, the annual volume of investments in the economy exceeds 30 percent, with foreign investors accounting for 13 percent.
It was emphasized that these positive indicators have been attributed to Turkmenistan’s farsighted investment policy and the significant influx of foreign investments.
The reports further stressed the ongoing fundamental changes implemented across all sectors, primarily aimed at achieving the long-term and medium-term goals set in strategies such as the “Revival of a new era of a powerful state: the National program for the socio-economic development of Turkmenistan in 2022-2052 years” and the “Program of the President of Turkmenistan for the socio-economic development of the country in 2022-2028”. These goals align closely with the investment policy, which prioritizes attracting financial investments into fixed assets, innovation, high-value-added production, human capital development, and areas ensuring environmental and socio-economic security.
As highlighted, Turkmenistan is undergoing a radical transformation of its national economy, shifting from a raw material-focused model to an industrial and innovative development path. This includes the introduction of high-tech, knowledge-intensive industries, the transition to a digital economy, and the construction of modern enterprises capable of producing high-value-added products demanded in global markets.
Turkmenistan supplies various countries with natural gas, oil products, gas and petrochemical products, electricity, mineral fertilizers, construction materials, chemical, and food products. The growth in exports is driven by the widespread adoption of innovative technologies and digital systems, enhancing the productivity and competitiveness of domestic goods.
The investment strategy of Turkmenistan emphasizes the balanced development of the private sector in the national economy. Representatives of the Union of Industrialists and Entrepreneurs provided detailed insights into the state-level support for the development of small and medium-sized businesses. The share of entrepreneurship in various sectors of the economy continues to grow annually, and this year it is expected to contribute to 71.3 percent of GDP (excluding the fuel and energy complex).
Today, the Union of Industrialists and Entrepreneurs is a robust business association operating in key sectors of the national economy. It actively participates in the social and political life of the country, establishes enterprises that produce competitive goods, and many of them are already competing with imports. Small and medium-sized business representatives attending the forum presented their enterprises and showcased the conditions created for their effective operation.
In summary, the President of Turkmenistan’s policy focuses on fundamental reforms in the national economy and expanding multifaceted cooperation with strategic partners, particularly concerning the promotion of effective digital and “green” solutions at all levels.
Interest was also expressed in attracting significant capital, advanced technologies, and modern machinery and equipment complying with international standards. The key principles for establishing partnerships revolve around economic efficiency, social significance, environmental safety, and the joint pursuit of lasting and long-term success for all stakeholders.
The International Investment Forum facilitated a constructive exchange of views on maximizing the investment potential and discussed mechanisms to stimulate industrial, scientific, technological, and socio-economic development in Turkmenistan. Representatives of international organizations, reputable financial institutions, and the foreign business community assessed the feasibility of investing in innovative projects proposed by Turkmenistan, based on visual presentations and detailed discussions.
Several documents were signed during the forum, including contracts for export-import operations and cooperation in the service sector, among others.
The accompanying exhibition offered participants an opportunity to learn about achievements across various sectors of the national economy. These achievements are built upon a modernized, high-tech industry and advanced infrastructure capable of producing a wide range of competitive products for the global market.
