Economic situation in Turkmenistan, its investment potential, reforms aimed at industrial and innovative development of the country, implementation of achievements of science, technics and latest technologies, transfer to digital economy have been introduced to business community of Singapore at bilateral business forum in this country.
In particular, the following figures have been given: the growth rate of the GDP in Turkmenistan was 6.2 percent by the outcomes of 2018 while this indicator is equal to 6.3 percent by the outcomes of the first half of 2019. Annual volume of investments to economy exceeds 30 percent of the GDP. Share of foreign investment is 13 percent. The volume of investments to the country was equal to 11.5 billion US dollars in 2018, 64 percent of which were used for production sphere.
Regarding the opportunity of development between Turkmenistan and Singapore, such directions as fuel and energy complex, chemical industry, agriculture, food industry, transport, logistics and tourism seem to be the most perspective.
Each of these directions have received sufficient characteristics in the aspect of economic potential of Turkmenistan and realization of big projects with participation of foreign investors and companies. The officials of these directions spoke in detail about the main branches.
Before the start of the forum, the State Minister of Trade and Industry of the Republic of Singapore Koh Poh Koon addressed the guest from Turkmenistan with welcoming speech. He highlighted the significance of current meeting, which presented good opportunity to exchange the views on capabilities and perspectives of bilateral cooperation in economic sphere.
Koh Poh Koon noted that several Turkmen delegations have visited Singapore this year including the delegations of the Foreign Ministry, the State Bank of Foreign Economic Affairs, Ministry of Justice, having expressed hope that these political events would be placed in commercial plan.
Current forum will also be a platform for study of commercially important partnership capabilities, the State Minister of Trade and Industry said, having noted that there is a potential to increase the trade between our countries. He urged Singapore companies to treat this potential seriously.
In the meantime, there is beginnings between companies and organizations in Singapore and Turkmenistan. Singapore companies already study the capabilities of cooperation in chemical sphere as well as in the sphere of private education. For example, it was mentioned that Singapore Indorama and the State Concern Turkmenhimiya have already started the talks in 2018 and plan to sign the Memorandum of Understanding on this project. Several other documents are also ready to be signed.
Koh Poh Koon have also called upon Turkmen delegates of the forum to consider Singapore as its partner in Southeast Asia. Singapore is located in the centre of this region and has good relations with neighbouring countries.
- Singapore may become a springboard for Turkmenistan to enter Southeast Asian market where huge opportunities for business communities are presented. Turkmen companies, which are willing to have an access to this market would be able to open their representative offices in Singapore, Koh Poh Koon said. – We are global trade and financial centre and have success to unique human capital. Also, Singapore has strong network of business relations in Southeast Asia and is one of the top 3 investors in Indonesia, Myanmar, Thailand and Vietnam.
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