As known, the model of development of economy of Turkmenistan, initiated by Hero-Arkadag Gurbanguly Berdimuhamedov, is focused on implementation of social transformations. Its realisation has allowed generating a good starting platform for realisation of market reforms, which are based on regulation of economy, privatisation and introduction of various mechanisms of state-private partnership.

At present, especially in the International year of peace and the trust, marked by the significant event - the 30th anniversary of the obtaining of the unique legal status by Turkmenistan – permanent neutrality, the economic course launched by the National Leader of the Turkmen people is successfully realised by President Serdar Berdimuhamedov. Its overall objectives are defined by prompt advancement of our fatherland on the road of progress and its integration into system of world economic relations.

Today, the scientifically well-founded strategy of development of Turkmenistan, which combines mechanisms of efficient control, planning and forecasting along with huge economic and resource potential allows to conduct multiplane work and to achieve positive macro indicators in branches. At that, a great significance is attached to diversification of economy, making investments into development of its key segments, construction of large innovative enterprises, export-focused and import replacing manufactures and maintenance of food abundance, creation of new workplaces, and maintenance of social security of the population.

Approval of the «Program of social and economic development of Turkmenistan and investments in 2025» at the enlarged meeting of the Cabinet  of Ministers, which was held on February 7 of the current year, became the next important step on this way. As is marked in the corresponding Resolution, the document was drawn with a view of successful fulfilment of the goals designated in the Program “Revival of a New Era of a Powerful State: National Program for Socio-Economic Development of Turkmenistan in 2022–2052” and “Program of the President of Turkmenistan for socio-economic development of the country for 2022-2028”. 

Practical implementation of the measures defined in the document, which takes into account priority vectors of the seven-year Presidential program and the State budget for the current year, will promote realisation of active investment policy and maintenance of efficiency state capital investment, introduction of modern digital technologies, expansion of a spectrum of activity of small and medium size business, substantial increase of standards of living and social security of citizens.

The Program provides macroeconomic indicators expected in 2025, production plans for all branches, works to be realized, indicators of social and economic development and established volumes of investments by velayats, Ashgabat and Arkadag cities.

So, in the International year of peace and trust it is predicted that the rate of increase of GDP will make up 6,3 percent. The indicator of retail goods turnover is planned to increase as much as 169,2 billion manats, and foreign trade - to 20 billion US dollars.

According to the Law of Turkmenistan «On the State budget of Turkmenistan for 2025» the revenues part of the main financial plan of the country will be provided at the expense of branches of economy, basically by means of tax funds and obligatory payments from oil and gas, industrial, chemical, electric power, construction, agricultural complexes, transport-communication and textile branches, food-processing industry, financial and economic and private sectors. Predictably, in the expenditure part of the state budget the share of the funds aimed at the social sphere, will reach 76, 1 percent.

As a whole, the state course of President Serdar Berdimuhamedov is aimed at further prosperity of our fatherland. In the given context, a great importance is given to enhancement of investment activity. Necessary conditions are created for this purpose and financial means are allotted in sufficient volumes. The annually capital investment in development of processing branches and industrial sectors focused on release of end production grows.

In the current year, it is planned to involve in the given Program to make full use of industrial enterprises, rationally and effectively use the source of raw materials, increase kinds and volumes export-focused and import replacing goods. It in turn envisages increase in the share of private sector and foreign investments by means of expansion of a spectrum of private allocations in the branches based on innovative technologies, and in projects for creation of competitive industry and manufactures.

The following are designated as key goals of the Program: maintenance of sustainable development of the country within the scope provided for 2025, further improvement of well-being of Turkmen nationals, perfection of system of employment of the population. In achievement of macroeconomic stability the task connected with diversification of branches, strengthening of economic potential of regions was set forward.

As expected, in 2025 in the economy of Turkmenistan at the expense of all sources of financing capital investment in the amount of 40, 1 billion volume manats will be made. Considerable amount of funds is planned to allocate for construction of industrial, social, and cultural objects. A large volume of capital investment will be made for construction of residential houses, especially including for needy citizens.

According to the document under survey, in the current year increase of productivity of investment policy and perfection of financial sources allocated for national economy will have priorities. At the same time, predictably, concrete steps will be taken to increase investments in innovative branches, competitive industrial and industrial projects, attract national and foreign investments, increase of attractiveness for businessmen and investors. At that, consecutive modernisation of the legislative basis regulating corresponding issues was mentioned as a perspective vector.

Implementation of the external economic policy, which is based on principles of positive neutrality, peaceful disposition, humanism, mutual benefit and equality, expansion of spectrum of interstate, inter-regional and international interaction in all areas, development of fruitful trade relations with foreign partners was designated as one of the key goals.  

With a view of intensification of fruitful relations with foreign states, authoritative organisations, including with largest financial and economic structures, it is planned to carry out a number of actions both in Turkmenistan, and abroad. In particular, business- and investment forums, meetings of bilateral business councils and others. One of the important events of the current year in this respect will become the International forum on attraction of investments into the economy of Turkmenistan, which will be held on April 23-24 in the capital of Malaysia Kuala Lumpur.

Besides it, an emphasis was made on importance of stimulation of circular economy aimed at rational and reasonable use of available natural, labour and financial resources.

President Serdar Berdimuhamedov in his speeches at the meeting of the Government especially underlines necessity of introduction of achievements of scientific and technical progress in all spheres. In this connection, in the Program measures on development of industrial branches based on innovative technologies as well as further digitalization, equipment of all sectors of economy by high technologies were concretised.

Realisation of sectoral and structural transformations and conformity of management of state property with realities of time act as priority areas. In particular, the special attention will be given to support of hi-tech manufactures, transition from release of industrial output with the low added cost and scientific and technical level to manufacture of the goods with high VAT. Work in this area assumes also reduction of objects of state property at the expense of privatisation and their transformation into joint-stock companies.

Regarding structural reorganisation of enterprises it is planned to apply the advanced scientific and technological achievements in the field of management and manufacture.

Another significant aspect of activity in this area is introduction of digital system.

Along with it, it is necessary to note that in our country a complex of measures is taken to form the major basis of digital economy, maintenance of is standard-legal regulation in the given sphere. The large scale activity which is carried out in establishments,  enterprises, organisations with a view of active use of information-communication technologies, improvement of their material and technical basis, commissioning of electronic document circulation and application of modern methods of work, improvement of professional skill of profile experts can serve a good example for it.

In respect of effective integration of Turkmenistan into the global economic system, it is planned to continue a co-ordinated work for accession of our country into the World Trade Organization. In particular, taking into account rules and norms of the WTO the national legislation and foreign trade system will be updated. Besides it, it is planned to organise special seminars, meetings and various actions for representatives of ministries, departments, higher educational institutions and the private sector. The attention will be also paid to expansion of cooperation with corresponding international organisations.

Today, maintenance of the balanced growth of all segments of economy is designated as primary factors of further prosperity of our fatherland. Proceeding from it, the Program concretizes priority goals by each branch, ministry and department.

In the given context, we will develop upon the plans for establishments of economic block. As marked in the document, the Ministry of Finance and Economy will realise the budgetary-tax policy, corresponding to the goals of the state and national programs of social and economic development of the country.

At the same time, it is expected adoption of practical steps aimed at maintenance of financial and economic stability, intensification of economic in industry and sphere of services, support of digital and innovative development, sufficient volumes of financing provided for fulfilment of work and measures, construction and reconstruction of objects. Perfection of financial markets, auditor activity, estimations and reporting, regulation of price policy and pricing, digitalization of tax system and others also act as key goals.

As known, the budgetary policy pursued by President Serdar Berdimuhamedov provides execution of the main financial plan of the country with excess of receipts over expenses. Here it is important to underline that the state budget of Turkmenistan is drawn with the account of real situation, it envisages more well-reasoned, target use of money resources. The data sounded at the enlarged meeting of the Cabinet of Ministers following the results of 2024 where it was noted that the revenues part of the state budget was fulfilled by 105,9 percent, and expenditures  - 99,9 percent, can also serve the best example for it.

In this connection, in the Program for 2025 it is planned to direct funds of the expenditures part of the state budget to priority branches and to supervise economical and target use of released funds and to provide transparency of budgetary operations.

The bringing of the national system of protection of intellectual property in conformity with world standards also acts as perspective vectors. Introduction of achievements of science, technology and culture in the state and society life will continue and guarantees of protection of intellectual property rights will be provided at the state and international levels.

Developing on the review of the Program, one should point out that according to the main motto of the political policy of President Serdar Berdimuhamedov «The Motherland is a Motherland only with the people! The state is a state only with the people!», which is a continuation of the principle of the National Leader of the Turkmen people Hero-Arkadag «State - for people!», the social and economic strategy is successfully realised, practical steps aimed at improvement of well-being of citizens, increase of social security of citizens are consistently carried out.

Proceeding from it, this year, the Ministry of Labour and Social Protection of the Population plans to take measures aimed at effective utilisation of work force, improvement of employment of citizens, rendering of services by the register of the persons searching for work and employment. The basic efforts will be concentrated on creation of new high-efficiency and competitive workplaces. According to the planned actions in 2025 at the expense of construction of modern enterprises and reconstruction of operating ones in the state sector over 3000 workplaces will be created.

A great significance will be given to attraction of economically active population to pension insurance, modernisation of system of payment of pensions and state grants, and preparation of proposals on perfection of kinds of social services for needy citizens in the International year of peace and trust.

It is well-known that the statistics plays today one of the significant functions in the state economy. In this context, the State Statistics Committee faces such tasks to bring the system of organisation of the given structure in conformity with realities of the time, to maintain timely and full collection, processing and distribution of qualitative statistics data, meeting the requirements of international statistics and management of national economy.

Concerning the activity of the Main State Service «Türkmenstandartlary» the further perfection of operating standards with the account of advanced world practice, consecutive strengthening of relations with profile international and regional structures authorised in this area by bodies of foreign states is planned. It is also planned to take measures on simplification of services in standardization, certification, accreditation and metrology and regularly to raise qualification of workers, specialized in the given spheres.

The State Insurance Organisation provides realisation of practical steps aimed at improvement of quality of work, expansion of a spectrum and reliability of services, growth of competitiveness of profile establishments, development of cooperation with all interested parties and the strengthening of the personnel potential on the basis of experience of international insurance business structures.

As a result of the transformations, which are carried out in the Era of Revival of the new epoch of the powerful state under the leadership of head of Turkmenistan Serdar Berdimuhamedov, credit institutions effectively function. They are given a special role in further growth of national economy and its integration into the world economic system.  Today, main objectives of banks are defined as preservation of the rate of inflation in the established frameworks, maintenance of economy with necessary volume of funds by regulation and control of financial streams.

For the fruitful activity of the Central Bank and the entire bank complex appropriate legal conditions and guarantees are created, the uniform state monetary and credit policy is realised, the cash monetary circulation is carried out, reliable functioning of settlement-payment system is provided, stability of prices are maintained. 

Turning back to key positions of the Program, it is necessary to note that in 2025 the strategy in this direction provides maintenance of sustainable development of Turkmen economy and stable rate of national currency – manat, expansion of the list of services and categories of credit.

So, with a view of activization of implementation of the policy of maintenance of versatility of economy concrete measures for acquisition of industrial and circulating assets by state institutions and non-state enterprises, individual businessmen as well as allotment of consumer credits to citizens are planned.

Along with it, it is also planned to carry out crediting of investment projects connected with increase of productivity of agricultural products and increase of its export potential, creation of food abundance in home market and further perfection of services of commodity producers.

Besides it, like previous years, it is planned to register mortgage loans on acquisition of modern convenient houses by Turkmen nationals.

A special significance will be given to modernisation of the system of bankcards and payment systems, strengthening of their protection, improvement of quality of service and further wide introduction of advanced technical means.

As known, in shops and sphere of services one can use payment operations of near field communication technology (NFC) and QR-codes. During the current year work in the given direction will continue.

It is also planned to undertake practical steps on remote control by bank accounts by means of services «Internet-bank» and «Mobil-bank», expansion of possibilities of conduction of bank payments through the Internet.

A complex of work carried out by banks is aimed at successful decision of the goals put before the given structure by the President of Turkmenistan, including ones connected with potential promotion of the national payment system, increase of competitiveness of banks, maintenance of steady economic growth, rendering of modern services to citizens of the country and foreign visitors.

Along with it, interaction with international financial organisations will strengthen, practice of exchange of best practices will continue.

As known, in August 2024 the rating agency «Fitch Ratings» aimed a long-term international rating in the foreign currency of Turkmenistan from level «B +» to «BB». It not only has positively affected the strengthening of financial image of our fatherland on the world scene, but also urged to promote in the long term to increase volumes of involved foreign investments, simplification of credit conditions and further development of foreign trade activities of the country.

Not less important vector of work for 2025 is successful realisation of Goals of sustainable development of the 2030 Agenda of the United Nations.

Thus, the current International year of peace and trust, marked by celebration of the glorious anniversary - the 30th anniversary of permanent neutrality, will become a significant mark on the way to new heights of progress for Turkmenistan. As seen from the Program, the strategy of development of the country, initiated by the National Leader of the Turkmen people and nowadays successfully realised under the leadership of President Serdar Berdimuhamedov, is characterised with its aim at use of optimum formats of interaction of the state and business, formation of favourable investment climate, wide introduction of innovations and modern achievements of science and technology in economy.

Solution of the tasks put in the document will promote stable social and economic development of Turkmenistan, increase of its economic power and integration into the global economic system, realisation of national, international and regional investment projects, growth of foreign trade turnover, increase of competitiveness of local commodity producers, creation of new workplaces, and improvement of social security of the population. In the long run, the well-provided and happy life of people and prosperity of our fatherland will be provided.