According to the instruction of President Gurbanguly Berdimuhamedov, the delegation of Turkmenistan made working trip the capital of Great Britain for expansion of bilateral cooperation, search for new forms of collaboration with traditional partners and making of business contacts with the companies trying to enter perspective Turkmen market.
These subjects were reviewed in details during the sixth session of Turkmen – British Trade and Industrial Council that was organized by the Governments of two countries and become the top event of the visit. Representatives of financial and economic sphere, Ministry of Foreign Affairs, different other ministries and departments as well as the members of the Union of Industrialists and Entrepreneurs took part in the meeting from our side.
The forum was opened by Co-chairman of the Council, Ambassador Ronald Nash who stated with the delight recent dynamics of the development of cooperation, having highlighted the role of Turkmen leader in comprehensive intensification of Turkmen – British dialog.
Minister of State for Europe and the Americas Alan Duncan made greeting speech on behalf of the Foreign Office of Great Britain and gave short review of the situation in interstate relations and business connections. British business circles were represented by top managers of such famous companies as Shell and BP, Rolls Royse specializing in production of aircrafts, vessel and energy equipment, De La Rue – the largest in the world producer of securities and banking equipment, electrical energy Aggreko as well as London Stock Exchange – the oldest and most competent investment market in Europe. In their presentation, they offered efficient solutions and developments in different spheres, opportunities for beneficial cooperation and demonstrated their services and products.
In their turn, the representatives of Turkmenistan introduced the priorities of economic policy of President Gurbanguly Berdimuhamedov, processes of modernization and diversification of industrial sector, growth rates of different branches and the GDP, which was 106.5 percent by the outcomes of 2017.
High investment activity allows realizing large-scale reforms and big projects of national, regional and international importance. The country rapidly build social, industrial and production facilities, which are oriented to the increment of export potential of Turkmenistan and import substitution. Around 1900 large facilities to the total amount of 47 billion US dollars are currently under construction. 1800 facilities are built by domestic companies.
Stable social and political situation, sustainable dynamics of national economy, strong resource and material base and reliable legal system that guarantees the protection of the investments taking into account international requirements, support the growth of investment rating of our country.
It was mentioned that cooperation between Turkmenistan and Great Britain is steadily developed and spheres of our relations opening big perspectives and new opportunities are expanded. Fuel and energy complex, trade, economic and banking spheres, transport and communication branch, agriculture and education were highlighted among the leading spheres of cooperation.
At the same time, the sides highlighted the presence of big potential for considerable increment of the trade turnover between our states. In this context, important role is given to Turkmen – British Trade and Industrial Council, which serves as efficient ground for discussion of ideas and development of efficient mechanisms of the partnership.
Such basic industries as oil and gas production and processing, electrical energy are developed under the course of the industrialization in our country under the leadership of President Gurbanguly Berdimuhamedov. Raw materials export economy in reduced by the formation of modern industrial infrastructure, establishment of new productions in energy, chemical industry, construction materials, pharmacy, fishery and other branches, which are able to make high technology competitive production with high added value.
Oil and gas complex plays multiplication role of other spheres of industrial production. Electrical energy, petroleum chemistry, production of mineral fertilizers, engineering and transport infrastructure are developed on its basis.
Diversification of natural gas export routes remains one of the directions of energy strategy of President Gurbanguly Berdimuhamedov. At present moment, the construction of Turkmenistan – Afghanistan – Pakistan – India gas line is carried out. The opportunities of supply of Turkmen energy carriers to western directions are under review.
Reforms in financial sphere oriented to the development of the securities market and insurance, improvement of banking and budget system were separate subject of the discussion. This direction may become the field of fruitful cooperation between profile structures of Turkmenistan and Great Britain. Our country successfully cooperate with numerous English insurance companies and brokers and there are all opportunities for entering new stage of partnership.
For many years, the State Budget of Turkmenistan was implemented with a surplus what allowed to form up Stabilization Fund and to increase the share of capital expenditures in the structure of budget expenses, to reduce the impact of external negative factors on certain sectors of the economy. By the outcomes of 2017, the State Budget was implemented with a surplus.
Besides, from January 1, 2014, all enterprises and organizations of Turkmenistan changed to the national standard system of financial reporting, which was developed on the base international system. It became the stimulus to increased integration of the country to the world economy. At present time, changeover to international financial reporting standards is carried out and must be completed until 2019.
Owing to the attention of the Head of the State, the potential of private sector of national economy is growing by beneficial taxation, expansion of credit volumes, opening of beneficial credit lines for entrepreneurs and establishment of favourable conditions for business including foreign one.
24 companies with the participation of English capital and 174 investment projects with the participation of British companies to the total amount of 1.5 billion US dollars are registered in Turkmenistan.
According to the Presidential programme, it is planned to establish hundreds of small, medium and large industrial enterprises in private sector within next seven years. At the same time, fundamental reforms in foundation of foreign and joint enterprises will be also continued. Free economic zones will be formed in the country, existing government enterprises will be privatized and joint stock companies will be established. Institutional reforms will be implemented for the transition to the market relations. The share of non-governmental sector of the economy will be steadily increased as the result of these large-scale works.
The course to full modernization of the economy stipulated the expansion of beneficial cooperation with foreign countries. Moreover, it relies on the introduction of advanced technologies and high technology equipment and organization of innovative productions. In this case, the expertise of British companies may find its practical application in Turkmenistan.
Current session of Turkmen – British Trade and Industrial Council allowed expanding the borders of existing partnership based on the compatibility of the interests of both countries and outlining new steps toward efficient realization of versatile potential of the cooperation for prosperity of our nations. The perspectives of efforts in such fields as fuel energy, trade and economy, banking sphere, transport, communication, education, sport and tourism were defined.
During working visit, the members of Turkmen delegation held bilateral meetings and talks having specified the aspects of cooperation in different directions. Representatives of our country visited London Stock Exchange where they familiarized with its work and operation.
British trip of our delegation, which included the representatives of educational sphere, was marked by another important events – the signing of the Memorandum of Understanding between National Institute of Education of Turkmenistan and Departments of Cambridge University - Cambridge English Language Assessment and Cambridge University Press.
Considering huge attention Turkmen leader pays to the improvement and increment of the role of language study in national educational system and professional training, formation of highly qualified national specialists, this document is to give new impulse to the development of long term educational relations of Turkmenistan and Great Britain.
Development of the world practice in methodological provision, improvement of the efficiency of educational plans and programmes for teaching foreign languages, system of training and improvement of qualification of the teachers are the main subject of the Concept of teaching of foreign languages in Turkmenistan in 2018 – 2024 approved by President Gurbanguly Berdimuhamedov.
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