The State Bank for Foreign Economic Affairs of Turkmenistan

 

Partnership for development!

Record number of exchange transactions under the I CEF

 /   State News Agency of Turkmenistan  /   13.08.2019  

Increment of volumes and expansion of variety of production made in the country is an important direction of economic policy of the country. fundamental changes are carried out in this sphere due to successful implementation of large-scale programmes of modernization and diversification of national economy, development of industrial section and agricultural complex. The demand on local goods is growing both in home and foreign markets.

As it was informed it was visually demonstrated at the trades held by the State Commodity and Raw Material Exchange of Turkmenistan during the work of the Caspian Exhibition and Innovative Technologies under the First Caspian Economic Forum in Avaza national tourist zone. The trades resulted in record number of transaction, 256, to total amount of more that 380,179,000 US dollars and 96,600 Turkmen manats. For local market, Turkmen entrepreneurs made deals to total amount of 43 million manats.

Production of petroleum and chemical industry – Turkmenbashy Refinery Complex, Seydi Refinery, Garabogazkarbamid and Marykarbamid, Hazar chemical plant, iodine factories in Balkanabat and Bereket of the State Concern Türkmenhimiýa was a leader of the trades. It was TS-1 jet fuel, A-80 gasoline, various diesel fuel including the one treated by hydraulic method of ECO-5 brand as well as B type carbamide, technical iodine and petroleum coke.

Production of the plant, which was recently put into operation in Ahal Velayat, ECO – 93 gasoline and liquefied gas made of natural gas as well as high-density polypropylene from polymeric plant in Kiyanly of the State Concern Türkmengaz are on high demand among foreign business circles.

This petrochemical production was procured by businessmen from Russia, United Arab emirates, China, Switzerland, Great Britain, Luxemburg, Singapore, Malta, Afghanistan and other countries. The amount of transactions in this section was 335,476,000 US dollars. In addition, Turkmen entrepreneurs have bought polyethylene and polypropylene to total amount of 43 million manats for local market.

Businessmen from Turkey and Switzerland took part in the trades of agricultural production. They have signed four agreements to total amount of more than 36,884,000 US dolars for purchase of cotton fibre.

Businessmen from Russia, united Arab Emirates, USA, Kyrgyzstan, Turkey and Georgia participated in the trades of light industry. 19 transactions to total amount of more than 6,308,000 US dollars for procurement of cotton, flannel and jeans fabrics and one transactions to the amount of 600 Turkmen manats have been registered.

Businessmen from Uzbekistan and Hong Kong took part in construction material trades, having concluded 9 transactions to total amount of more than 1,510,000 US dollars for procurement of glass and Portland cement.

The First Caspian Economic Forum was marked by another event – the State Commodity and Raw Material Exchange of Turkmenistan has been awarded with the ISO 9001 Certificate – the document indicating that Quality Management System meeting the requirements of International Organization for Standardization.

At present time, more than 160 states are the members of ISO. This powerful organization, which develops international standards, has a consulting status in the UN Economic and Social Council and is supported by the World Trade Organization.

The State Commodity and Raw Material exchange of Turkmenistan was founded 25 years ago and holds the position of one of the most important economic institutes. High economic indicators of work of the Exchange provided its successful integration to international economic system and to gain the reputation of reliable partner in wide business circles of the world.

At present time, the Turkmen commodities, which are exported to more than 40 countries of the world including USA, China, Russia, Great Britain, Switzerland, UAE, Singapore, Turkey, Bangladesh and other countries, are sold at the exchange trades. As it was mentioned, all types of petroleum production of Turkmenistan, production of chemical industry, knitted and sewing articles for adults and children, cotton fibre and yarn, sheep, goat, camel wool, licorice and its extract as well as production of local manufacturers are on high demands in the world markets.

This is supported by the open door policy, stable economic situation and favourable investment climate, which attract businessmen from all over the world to our country.

 

Managers of Turkmenvnesheconombank consolidate their negotiation skills

 

 

Twenty-four specialists from the State Bank for Foreign Economic Affairs of Turkmenistan (TFEB) attended an intensive five-day training course on "Strategic Negotiation Skills" organized by the United Nations Development Programme (UNDP) in cooperation with the Malaysian company SkillFocus Consultancy, which provides training on capacity-building for soft skills, interpersonal communication and leadership.

The current seminars were aimed at skill-enhancement workshop for the managerial staff and their main distinguishing feature from such events was the interactive method of training. The participants of the course studied advanced approaches and ways to achieve specific goals during the negotiation process.

The training was conducted by the founder director of SkillFocus Consultancy Shanta Nagendram. The activity of negotiating is universal to all professions. It is used as a means of achieving one’s goals in every relationship so as to succeed in our professional pursuits, she said.

Often, the subtleties of negotiation art are comprehended on a trial and error basis. However, any negotiations have their costs - financial, economic, social and even emotional, which together affects the productivity and, ultimately, the success and profitability of any project/business/enterprise.

Therefore, a good negotiator is a key asset that can confidently represent the interests of an organization or a country on both the domestic and global arena.

Being one of the largest financial institutions of Turkmenistan, TFEB is directly involved in the implementation of significant investment projects with the participation of various international partners, foreign financial institutions, investment banks, export credit agencies. Taking into account this specificity, Vnesheconombank's personnel policy is focused on young professionals and encouraging their professional growth. 

 

Chairmanship Declaration on the results of the First Caspian Economic Forum

 On August 11-12, 2019, the First Caspian Economic Forum was held in Turkmenbashi city, Turkmenistan.

Various international events were organized in the framework of the Forum, on the outcomes of which the following was stated:

The role of the Convention on the Legal Status of the Caspian Sea signed by the Heads of States of Azerbaijan, Iran, Kazakhstan, the Russian Federation and Turkmenistan on the results of the Fifth Caspian Summit held in the city of Aktau, Kazakhstan on August 12, 2019 which creates the conditions for the advancement of cooperation between the Caspian region to a qualitatively new partnership level was underlined;

Recognized that the Agreement between the Governments of the Caspian Littoral States on Trade-Economic Cooperation and the Agreement between the Caspian Littoral States on Cooperation in the field of Transport contribute to further strengthening and development of collaboration between the littoral states in the economic sphere;

Noted that the Caspian Economic Forum platform can become a vital form of cooperation aimed at providing economic growth in the region and beyond its borders;

The necessity of increasing the potential in the area of trade and investment policy, as well as easing the trade process and export supplies potential for the benefit of trade and investments in the Caspian region is highlighted;

It is recognized that the countries of the Caspian region and all the stakeholders, including the private sector, associations and academic circles can maintain active dialogue on the issues of leading practice and measures related to the implementation of goals for ensuring development of economic contacts;

The significance of active participation and assistance on the part of international and financial institutions in the development of international economic cooperation in the Caspian was stated;

The need to unite the efforts for the attainment of considerable potential of the Caspian littoral states’ economic sectors was accepted;

Based on the above-mentioned, the implementation of the following actions is recommended:

1. Take the necessary steps for the enhancement of attractiveness of the Caspian littoral states’ economies with the aim of further active integration of the Caspian region in the international economic space;

2. Encourage the attraction of investments and stimulate innovations in the energy, industry, transport, trade and other spheres of the Caspian littoral states’ economies;

3. Ensure further strengthening of regional cooperation in such areas as social and economic development, environment protection, science and innovations, exchange of economic information;

4. Strengthen cooperation and coordination between the Caspian region and the United Nations’ system, including the regional UN commissions;

5. Hold the Caspian Economic Forums on regular basis in the littoral cities of the Caspian states.

The participants of the Forum expressed gratitude to the Government of Turkmenistan for high-level organization of the Frist Caspian Economic Forum and hospitality shown.

Turkmenbashi city, Turkmenistan
August 12, 2019

 

Concept of Development of Digital Economy for 2019 – 2025 is approved

  /   01.12.2018  /  

The President of Turkmenistan signed the Resolution, having approved the Concept of Development of Digital economy in Turkmenistan in 2019 – 2025.

The document reflects current condition of national system of information and communication technologies, goals and objectives of the Concept, ways and methods of its implementation and expected outcomes.

It is planned to implement the Concept, which is aimed at the growth of business and investment activity, introduction of advanced methods of Government administration, creation of new working places, in three phases (the first one in 2019, the second in 2020 – 2023 and the third in 2024 – 2025).

According to the Resolution, ministries, departments, administration of the regions and Ashagabat, all organizations and establishments regardless of the ownership are assigned to provide the implementation of the Concept.

Outcomes of the country development for 5 months are reviewed at the session of the Government

  /   State News Agency of Turkmenistan  /   06.06.2019  /  

President Gurbanguly Berdimuhamedov held regular video conference session of the Cabinet of Ministers where outcomes of work of the branches of national economy for five months of the year have been summed up as well as current subjects of the state life have been discussed.

Durina January – May, the high production indicators have been achieved in all branches of national economy.

The growth rates in industry made 4 percent, transport and communication sphere 10.1 percent, trade 11.8 percent, agriculture 3.5 percent, service sphere 8 percent. Positive dynamics is observed in construction industry as well.

In general, the production by ministries and profile departments increased by 6.3 percent comparing with the same period of the last year.

The volume of retail trade for five months has grown by 19.1 percent comparing with the same period of 2018.

For January – May, the revenue of the State Budget of the country was equal to 7.53 billion manats while expenditure part 7.49 billion manats.

Comparing with the same period of the last year, the average salary wages in big and medium facilities have increased by 9.5 percent.

Volumes of export of national production increased by 14 percent and at the same time, import of goods has been reduced by 20 percent. Comparing with the same period of the last year, high growth rates have been reached in all branches of the economy.

We saved some finances in the result of successful activity of economic complex and started the construction of numerous settlements in the regions of the country. The construction of administration centre of Ahal Velayat has also been started. At present time, we work on the construction of new complex of facilities in the north of Ashgabat, the Head of the State said.

According to adopted plans, the policy of diversification of supplies of energy resources to the world markets is carried out. The projects of construction of the main gas pipeline Turkmenistan – Afghanistan – Pakistan – India as well as other regional projects are implemented , the Head of the state noted.

The World Weightlifting Championship starts in Ashgabat on October 28

State News Agency of Turkmenistan  /   19.10.2018

The World Weightlifting Championship will be held in Ashgabat on October 28 – November 10, 2018. Applications from 100 countries (9 states of Africa, 38 European countries, 29 Asian countries, 15 American and 9 Oceania countries) came for participation in the competitions. Therefore, arrival of 800 of foreign sportsmen and 1500 representatives of different countries including referee teams, journalists, etc. are expected. 500 volunteers from the universities of Turkmenistan have been trained for servicing of the tournament.

Works for development of the website of the championship, accreditation of the participants are carried out. Uniform for volunteers, organizers and Turkmenistan team is prepared by the facilities of the Ministry of Textile Industry of the country. Ticket sale for the opening ceremony of the competition has started in Berkarar Shopping and Entertainment Centre and in Ashgabat Park. The Ministry of Sports and Youth Affairs and the Ministry of Culture carry out relevant works.

Economic indicators of the first quarter indicate stable growth

Outcomes of the first quarter demonstrate that the economy of Turkmenistan is steadily developed. The growth rates of the GDP remains on 6.2 percent level from the beginning of the year.

Comparing with the same period of the last year, volumes of export of local good have grown by 20.7 percent while import reduced almost by 27 percent.

Volumes of production of various items have increased comparing with the same period of the last year. Positive dynamics of production of confectionary and meat products as well as flour, bread, bakery and pasta has been observed.

The growth rate of indicators in transport and communication sector was observed for the period under review. Cargo traffic by all modes of transport has been increased by 6.4 percent while passenger traffic by 4 percent in January – March comparing with the same period of 2018. The growth rate in communication sphere is equal to 2.7 percent.

The growth rates of agricultural production were provided on 28.2 percent level.

The volume of drawn investments from all sources of financing was 5 billion manats.

The growth of non-governmental sector of the economy, which share in total production was 63.3 percent, has also been reached in the first quarter of the year.

By April 1 of this year, the revenue of the main financial plan of the country has been fulfilled by 104.7 percent while the expenditure part by 84.3 percent.

Average salary wages at big and medium facilities have increased by 9.4 percent comparing with the first quarter of the last year. Salaries, pensions, state allowances and student scholarships have been paid in time for the period under review.

The IMF experts give positive development forecast of Turkmen economy

State News Agency of Turkmenistan  /   07.10.2018  /  

Group of representatives of the International Monetary Fund headed by Natalia Tamirisa visited Ashgabat on October 1 – 5, 2018 for the assessment of development of macroeconomic and financial situation as well as for discussion of the challenges and priorities in economic policy of Turkmenistan.

During regular visit, the representatives of the largest financial structure held number of meetings with top personnel of the Government administration, representatives of business circles, financial sector and diplomatic community, during which they were familiarized with the main outcomes of financial and economic reforms in Turkmenistan. Based on the analysis of financial and economic situation, monetary and credit policy of the state, implementation of national programmes, objective conclusions and recommendations have been prepared and high assessment has been given to macroeconomic indicators and achieved success.

At the end of the visit, Mrs Tamirisa made a statement saying that indicators of economic growth in Turkmenistan remain stable in general. At the same time, it was noted that changes of correlation between internal demand and export have happened in the structure of economic growth with the increment of export share, which was mainly caused by the measures for import reduction.

Press release of the IMF also says that increment of prices on oil products in the world market make positive influence on the economy of our country, its foreign trade turnover and fulfilment of the State budget. According to the experts, growth of export volumes of natural gas, petrochemical and other products would support economic growth of Turkmenistan in future.

President Gurbanguly Berdimuhamedov noted in his speech at the session of the People’s Council on September 25 this year that development of oil and gas industry has been and remains to be one of the directions of economic progress of the country for the years of independence as the facilities for production of hydrocarbon resources, their processing and export are the most profitable and perspective for Turkmenistan. The Head of the State highlighted establishment of new branches, which are to provide the diversification of export capabilities as well as the formation of developed multi-optional pipeline network of energy resources supply, among perspective vectors of energy strategy.

The statement of the head of the IMF mission justifies the recommendation for further economic growth of the country, which are consonant with programme objectives outlined at the session of the People’s Council.

Therefore, it is necessary to continue reconfiguring the measures for further reduction of external misbalances, improvement of competiveness and achievement of the goal for provision of stable, diversified and comprehensive growth. It is also important to pay special attention to projects in development of the infrastructure, education and health protection, which support economic growth.

Announced decision on cancellation of free provision of water, gas, electricity and salt to the population form 2019 will also help to save the state resources and to stimulate efficient consumption of energy and water resources, the experts of the IMF think.

Continuation of the process of restructuration or privatization of the state facilities as a stimulus for change over to market relations will allow improving the efficiency and production and, at the same time, reducing the pressure of the state finances and surplus of foreign trade balance.

Liberalization of business regulation, establishment of equal conditions for all and better use of market-based measures will provide the development of private sector and creation of work occupancies.

In her statement, Natalia Tamirisa also noted that formation of human capital and training of youth in the skills required in private sector would allow supporting mid-term perspective of economic development. Modernization of the bases of tax and budget, monetary and credit policies together with improvement of quality and availability of economic and financial statistics would support the development and taking of the decisions, improvement of trust and attraction of foreign investments.

It is worth mentioning that President Gurbanguly Berdimuhamedov outlined specific measures and mechanisms on all directions mentioned in the IMF Press release for achievement of the goals laid in the basis of the Programme of social and economic development of the country in 2018 – 2024. In particular, the Programme formulated the objectives of full involvement of the resources and capabilities for stable growth of national economy, rapid transit to market relations, development of non-governmental sector, establishment of joint and stock ventures, improvement of activity of stock exchanges and security markets.

The Head of the State focuses on the improvement of personnel potential, transfer to digital economy and formation of informational community, development of market-based economy and entrepreneurship. Investments to human capital are of the most priority as reliable and rapidly profitable source of investments. Therefore, the investments to education and health protection remain one of the most perspective directions of the state policy.

The President has also initiated new phase of the reforms in national agricultural complex, which allowed increasing economic and export potential of the country, improving the wealth level of the population. System of beneficial crediting allowing wide attraction of provide entrepreneurs to development of processing industry structure in agriculture, production of high quality food products is also improved.

In general, the draft State budget of Turkmenistan in 2019 is based on the support of stable high rates of economic growth by intensive development of the branches and diversification of the economy, realization of large-sale and important investment projects that have international and regional significance.

Social policy of our state is aimed at the improvement of level and quality of life of the population and creation of the conditions for development of human capital, continuation of the reforms in educational sphere, development of health protection system of the population and provision of its social protection. For example, the volume of financing of social sphere will be not less than 75 – 80 percent from the total volume of expences of the State budget in 2019.

Significant part of the investments will be sent to development of hydrocarbon processing facilities, increment of energy sphere power capacities, chemical production and expansion of transport and communication complex.

Regular assessments and forecasts of the IMF invariable confirm that Turkmenistan confidently continues its social and economic development. National model of market economy with consideration of internal interests and trends of integrational processes of the world community is formed in the country in the process of multisided and multilevel reforms.

The International Monetary Fund is the partner of Turkmenistan in economic reforms and render technical assistance to the changes made by the Government. Next consultation of the IMF and Turkmenistan are planned in March 2019.

 

According to IMF experts, GDP growth in Turkmenistan will be high

  /   State News Agency of Turkmenistan  /   12.04.2019  /  

On March 26 - April 9, the IMF mission, led by Natalia Tamirisa visited Ashgabat to assess the development of the macroeconomic and financial situation, discuss the priorities of the economic policy of Turkmenistan, as well as global economic challenges.

In frames of the visit, the representatives of this largest structure held a number of meetings with senior officials of government administration bodies, the representatives of business circles, financial sector and diplomats, during which they were familiarized with the main results of the socio-economic reforms, taken place in the country.

Upon the completion of the visit, the IMF mission published a press release, providing prediction estimates on some economic and financial positions of Turkmenistan in 2019. Thus, according to experts, the GDP growth in Turkmenistan will be high - 6.3% that is one of the highest rates in the world, and the highest among the neighboring countries in the Central Asian region.

The Head of the IMF mission provided recommendations for the further economic development of the country, which are consonant with the programme objectives set by the President and consistently implemented in the state policy of Turkmenistan.

Among them are, in particular, the acceleration of market reforms and strengthening of human capital, privatization of state-owned enterprises, improvement of the legal system, enhancement of the competitiveness of export products, diversification of the national economic complex and investment promotion.

In these and many other relevant areas, President Gurbanguly Berdimuhamedov identified specific measures and mechanisms for achieving the goals, laid down in the basis of the Programme for the Socio-Economic Development of the country for 2019-2025. In particular, the Programme stipulates the tasks of the most complete utilization of all resources and opportunities for the stable growth of the national economy, development of the private sector, creation of joint-stock companies, strengthening the activities of stock exchanges and the security market.

The President of Turkmenistan pays particular attention to the digitalization of the economy and strengthening human resources in this area, introducing electronic and intellectual systems to improve the efficiency of public administration and the quality of people’s life, reforming and modernizing agriculture through high technologies and attracting small- and medium-sized businesses. The state policy, pursued by the President of Turkmenistan, prioritizes the investment into the spheres of education and health care, strong support to such areas as culture and sports.

Regular assessments and forecasts by IMF invariably confirm that Turkmenistan confidently continues its socio-economic development, consistently implementing large-scale plans. In the process of structural and qualitative transformations in the country, the national model of market economy is being formed and improved, which is actively integrated into the world division of labor, global trade and information links.

The International Monetary Fund is a partner of Turkmenistan in conducting economic reforms. IMF provides technical assistance to support the ongoing macroeconomic reforms. The next visit of IMF is scheduled for October 2019.

Turkmenistan – USA: New perspectives of business partnership

While on working visit to the United States of America, President Gurbanguly Berdimuhamedov took part in Turkmenistan – USA business forum. 

The meeting of the Head of the State with representatives of business circles of two countries is very important for further development of trade and economic partnership, opening of new spheres of joint efforts. It is also remarkable that it is held in the year of the 10th anniversary of the establishment of Turkmenistan – USA Business Council, which was founded by the initiative of Turkmen leader, which was proposed in New York’s Rockefeller Centre to the top management of hundreds of American companies and concerns. 

The President outlined key directions of large-scale reforms in Turkmenistan, especially on reformation of the economy, which provides stable high rates of development to the country. 

The speech of Turkmen leader was accompanied by the demonstration of video giving visual image of the dynamics of growth of the main branches of national economy of our country, its economic capabilities and big important regional projects that have been and continue to be implemented. 

Rich natural resources, favourable geographic location as well as steadfast ‘open door’ foreign policy stipulate the presence of serious perspectives for beneficial investments in Turkmenistan, the Head of the State said. 

One of the main goals of this policy to add new stimulus and impulse to intensification of national economy with long-term efficiency. In this aspect, the attraction of foreign investments to the country is top priority. 

Turkmenistan is very attractive in this aspect today. The study of the market made by independent experts showed that progressive reforms created the ground for rapid and qualitative social and economic growth of the country. 

Noting that Turkmenistan has the most optimal and harmonic conditions for expansion of international economic partnership in different spheres, President Gurbanguly Berdimuhamedov highlighted oil and gas sector, energy, transport and communication, agriculture, textile industry and sphere of high technologies among them. 

The state provides significant support to the investors in the form of tax, custom, visa, insurance and other benefits. The share of investments in production of the Gross Domestic Product grows, number of investment projects and joint ventures increases and volumes of foreign trades expands in the result, the Leader of the Nation continued. 

Despite negative tendencies in the world market, the dynamics of Turkmen economy shows positive direction. For example, macroeconomic indicators for nine months of the year confirmed stable development of all branches. In general, the growth rate of the GDP is expected on 6.2 percent level this year. Positive dynamics is observed in foreign trade as well. High growth rates of the investment development from all sources of financing were noted. 

Legal framework of Turkmenistan, which was brought in accordance with the standards of international law, plays big role in attraction of foreign investors, the Head of the State highlighted. Progressive laws in tax, investment, entrepreneurship spheres have been adopted in the country. According to these laws, foreign partners working in Turkmenistan have certain benefits and preferences, which creates favourable conditions for long-term investments and expansion of partnership. 

Actual measures have been taken for improvement of stability of financial system of Turkmenistan, first, by the unification of foreign currency exchange rate and strengthening of national currency. 

Attractiveness of Turkmen market is largely due to social and political stability, availability of powerful resource base and modern legal system, which guarantees the reliability of the investments. This is proven by published reports of the experts of International Monetary Fund, the World Bank and European Bank of Reconstruction and Development. 

These big international institutes forecast further steadfast growth of Turkmen economy, improvement of investment rating of the country. 

Speaking that diversification of the economy is the main objective of the reforms, President Gurbanguly Berdimuhamedov noted that growth of production volumes in goods manufacturing spheres is the decisive factor of the growth in this sphere. Stable growth of volumes of foreign investments, the most part of which is sent to industrial sector, is exemplary in this regard. 

In his speech, the Head of the State called United States of America as one of the most important trade and economic partners of Turkmenistan. Bilateral cooperation in this sphere develops gradually, the growth of trade turnover grows. It increased by 27 percent only for the first half of 2018. 

Investment activity develops rapidly. As for today, 156 projects with the participation of American companies to total amount of more than two and half billion US dollars. 

We see big perspectives in attraction of American investments and technologies to scientific based and innovative productions, like electronics, computer and logistic service, education sphere and improvement of qualification of personnel in Turkmenistan, the President said. 

The Head of the State invited American partners to study the opportunity of their participation in the projects of construction of modern infrastructure in Turkmenistan. 

Cooperation in the context of creation of interregional transport and transit corridors in East – West and South – North directions with entry to Asian, European and Middle East markets was highlighted as strategic direction in this sphere. 

The Head of the State also emphasized active development of maritime transportation, construction of Turkmenbashy International Seaport has been accomplished in the country. These days, this is powerful, multiprofile terminal with advanced equipment. It creates the most favourable conditions for entry to trade and material markets of near and Middle East and the states of Indian Ocean basin allowing considerably saving the distance and time of big cargo traffic. Turkmenbashy is one of the largest hub of continental significance. 

Use of logistic capabilities of this maritime hub can be attractive for American business circles, President Gurbanguly Berdimuhamedov said, having suggested American partners to take closer look at this direction of cooperation. 

The Head of the State named another big project that has strategic importance. This is construction of Turkmenistan – Afghanistan – Pakistan – India gas pipeline (TAPI), which was supported by international partners and big financial institutes. Undoubtedly, the project has huge perspectives opening new direction of energy routes. It will provide the fuel to such large and dynamically developing economies as Indian and Pakistani. In the future, it will give opportunity to entry other growing markets in Asian – Pacific region. 

The President of Turkmenistan made special mention that TAPI project is entered the phase of practical realization and American partners are able to access the opportunity of their participation in the project. 

Trade and investment activity in industry, agriculture, supply of aircrafts and equipment for national agricultural sector and water management were called as priority directions in development of relations with American business community. 

Good opportunities for American participation is seen in development of service sphere, especially in tourism sector of Turkmenistan, to which we pay special attention, the Head of the State said. 

The Head of the State also expressed the interest in cooperation in financial sphere, United States are largest financial centre of the world and we are interested in successful practice of establishment and operation of financial system of USA, banks, insurance companies, stock exchanges, the President noted. 

Economic strategy of Turkmenistan envisages staged growth of the share of private sector in the volume of the gross domestic product. 

It was mentioned that objectives of diversification of the economy of the country, its change to innovative way are quite interesting for American business community, which sees it as a good foundation for intensification of investment relations.

It was also said that it is important to switch from simple goods supplies to more complicated cooperation including service provision and training of personnel, formation of production and logistic chains for advertisement of new products. 

The fact that despite the world financial crisis Turkmenistan achieves high indicators of economic growth, which is good guarantee for activation of investment activity and development of big joint projects, was highly appreciated. 

The territory of Turkmenistan was important connecting link in development of commercial relations between the East and the West in the times of the Silk Road. Our country has the same function of transport intersection of transcontinental routes in new historical conditions. In this context, current forum will not only expand the opportunities for bilateral trade, economic and investment cooperation but also will serve as a contribution to development of international cooperation in bigger intercontinental scale. 

Therefore, trade and economic cooperation between Turkmenistan and USA enters new level in its development involving more and more companies and partners and continuing the dialog in traditional spheres and in new directions.

Aspects of Turkmen – Japanese cooperation are discussed at the meeting in the Foreign Ministry

  /   22.01.2019  /  

Meeting with Japanese delegation chaired by Co-chairman of Japanese – Turkmen Committee for economic cooperation Yoichi Kobayashi was held in the Ministry of Foreign Affairs on January 21.

During the meeting, the sides noted high level of cooperation between Turkmenistan and Japan especially in economic, cultural and humanitarian spheres. Subjects of joint projects for supply of Komatsu agricultural equipment as well as joint investments with the participation of Japanese Bank of International Cooperation have been reviewed. Relative Protocol has been signed by the outcomes of the talks.

It is worth mentioning that representative delegation of Turkmenistan has visited Japan in October 2018, during which the expansion of bilateral cooperation in trade and economic sphere has been discussed.

UNDP and partners come together to improve the development strategy of the banking system of Turkmenistan

 

Ashgabat, August 14-16, 2018: The United Nations Development Program (UNDP) and PwC join efforts to create an innovative development strategy and introduce the digital banking for the State Bank for Foreign Economic Affairs of Turkmenistan (TFEB). For this purpose, PwC and TFEB are developing a draft banking strategy that includes priority areas for the development of the bank in order to maintain the positions of the universal, competitive, largest bank of Turkmenistan, which responses to the highest international banking standards.

As a part of this cooperation, several events will be held to increase the knowledge of TFEB employees in the field of project management and financing, digital banking and IT security, new technologies and others. At the first stage, PwC conducted a three - day training for 25 employees of TFEB, focusing on project management and information security.

“Today, companies are often turning to the use of methods and principles of project management. This is due to the fact that project management helps companies to more effectively develop, plan and implement projects to achieve their goals,” noted Michael Adams, PwC expert.

This training plays a very important role, as it analyses the main aspects of improving the management structure and the implementation of the new technologies in the banking system. Thus, it will lead to the improvement and further integration of the banking system of Turkmenistan into the international financial system. There were also presentation regarding the key points of the implementation process of the project.

***

After the adaptation of the global Sustainable Development Goals at the UN World Summit in September 2015, Turkmenistan launched the process of their adaptation at the national level.  With the focus on economic diversification, UNDP and TFEB launched a new project "Support in expanding access to International Development Finance”. As a result, they signed Project Document, implementation of which is being done by professional team of PwC, with the aim of improving the State Bank for Foreign Economic Affairs of Turkmenistan.
PWC is one of the leading international consulting companies, and is one of the Big Four auditors. And it is active in more than 158 countries around the world.
 

Implementation of the state investment programme: Key vector of activity of the Bank for Foreign and Economic Affairs

Investment policy of President Gurbanguly Berdimuhamedov is aimed at the provision of high rates and improvement of efficiency of the economy. Attraction of foreign capital to the economy of Turkmenistan acquires great importance for solution of these objectives as well as for further promotion of marketing reforms, structural changes of national economy, improvement of innovative component in the conditions of active integration to the system of global trade, scientific and technological relations.

Summing up strategic priorities of investment policy of the state, the President follows existing competitive advantages of Turkmenistan in the world market, which at first, are expressed in the availability of colossal natural resources, beneficial geographic location and transit potential. Turning of the country into important transport and logistic hub of the region and continent, industrial development of natural resource deposits and production of ready-made goods from local materials with high-added value became key economic vectors of our state.

Selection of the most efficient ways of technical and technological development based on long-term forecast, analysis of external and local factors, consideration of resource base represent innovative strategy of the country in general as well as certain branches and facilities. The Head of the State notes that investment to innovative productions allows giving efficiency to the programme of development of important spheres of national economy, supporting local including private producers, successfully replacing the import and expanding export capabilities by demanded goods, which are the sources of growing income of the country.

Implementation of the state investment programme for formation of mixed national economy and provision f further prosperity of the country are leading directions in the workd of the State Bank for Foreign Economic Affairs of Turkmenistan, which operates as an agent of the Government of the country on international capital markets. The bank has gained unique experience of cooperation and collaboration with different foreign financial organizations in the sphere of attraction of foreign credits to national economy. 2018 was very successful in this aspect.

For example, in February last year, the Bank for Foreign Economic Affairs of Turkmenistan has signed credit agreement with the biggest banking concern of Germany Commerzbank to total amount of 121,082,500 euros for financing of supply of agricultural equipment of European make (Germany, France, Italy, Netherlands) for the Ministry of Agriculture and Water Management.

Conditions for participation of transnational companies in implementation of the projects in Turkmenistan have been created owing to the open door policy of President Gurbanguly Berdimuhamedov together with the measures for creation of general favourable investment climate. For example, two credit agreements have been signed with Japanese Bank of International Cooperation and other financial institutes to the amount of 152,618,478.35 US dollars and 13,101,782,598 Japanese yen for financing of the turnkey construction of 432 MW gas turbine power station in Charjew etrap, Lebap Velayat.

This major investment project has been started in November 2018. Japanese Sumitomo Corporation and Mitsubishi Hitachi Power Systems as well as Turkish Rönesans Holding are involved in this project. Built by the order of the State Power Energy Corporation Turkmen Energy, the facility will not only provide the electricity to Lebap Velayat but will also increase the export of power to neighbouring Afghanistan.

According to the Programme of social and economic development of Turkmenistan in 2018 – 2024, total volume of power energy produced in the country is planned to be increased to 33 billion kilowatt-hours. Improvement of potential of the industry will support further integration f the country to the world energy system, President Gurbanguly Berdimuhamedov highlights giving special attention to this sphere in consolidation of economic power of the country.

Expansion of geography of export routes of supply of Turkmen energy carriers to the world markets would be supported by the Agreement with the Asian Development Bank to the amount of 500 million US dollars for financing of the project of modernization of energy network of Turkmenistan.

In this regard, it is worth to make special mention that active connection of Turkmenistan to unified Central Asian energy system plays an important role in creation of additional capabilities of increment of supplies of Turkmen power energy under international project Turkmenistan – Uzbekistan – Tajikistan – Afghanistan – Pakistan (TUTAP).

Making its contribution to the achievement of the Sustainable Development Goals by Turkmenistan, the Bank for Foreign Economic Affairs has been continuing active cooperation with the UN Development Programme throughout 2018 under the Project Document with this competent international organization signed in October 2017. The partnership between the Bank and the UNDP was carried out in three main directions: improvement of mechanisms of coordination of national projects in development sphere financed by foreign credits; elaboration of middle-term strategy of innovative development of the Bank and; preparation to the introduction of digital banking in the Bank for Foreign Economic Affairs.

In the result, middle-term strategy of bank development including the introduction of digital banking has been developed with the support of the UNDP and close cooperation with the world famous consulting company Pricewaterhouse Coopers Audit S.R.L.

This strategy provides the improvement of the bank activity in all directions especially in the sphere of application of information technologies, which meets the objectives of the Concept of development of digital economy in Turkmenistan in 2019 – 2025 initiated by President Gurbanguly Berdimuhamedov. Targeted implementation of new strategy will allow considerably expand the spectrum of banking services, improving the quality and speed of services.

The document on regulation of crediting of the project financed by international and foreign institutions has been developed in the partnership with the UNDP in 2018. Adoption of this project is aimed at systematization of cooperation between the Bank and ministries and organization of Turkmenistan, it will expand the capabilities and geography of cooperation with foreign financial institutions for attraction of external credits to national economy.

Stable economic and political situation in the country, legal guarantees and Government support are among the main factors of growing attractiveness of Turkmenistan for foreign investors. Such fundamental principles as support of the entering of the country to the wolrd economy through the improvement of its export potential and level of industrialization, development of technological processes, establishment of socially oriented market economy and improvement of life level of the population have taken into consideration during elaboration of integrated measures for stimulation of investments in near future.

President Gurbanguly Berdimuhamedov highlights that together with the increment of investment volumes, it is necessary to provide the improvement of their efficiency including in improvement of organization of productions, formation of bank of investment projects supporting the growth of competitiveness of the economy of Turkmenistan in global scale.

The President of Turkmenistan and the Foreign Minister of Kuwait discuss priority spheres of cooperation

  /   13.03.2018  /  

In the afternoon, President of Turkmenistan, who is currently on official visit to the State of Kuwait, had a meeting with Deputy Prime Minister of Kuwait, Minister of Foreign Affairs, Board Chairman of the Kuwait Fund of Arabic Economic Development Sheikh Sabah Khaled Al-Hamad Al-Sabah at Al Jahran residence.

The Head of the State highlighted during the conversation that comprehensive expansion of cooperation with Middle East countries, which are based on the traditions of friendship, is among the most important priorities of foreign course of neutral Turkmenistan.

Turkmen leader stated that cooperation between our country and Kuwait is based on the principles of mutual respect, trust and transparency. Our states successfully cooperate both on bilateral basis as well as under the United Nations and other international structures. It was highlighted that Turkmenistan highly values the role and place of the State of Kuwait on international and regional arenas and considers it as its important partner in Arabic world.

Sheikh Sabah Khaled Al-Hamad Al Sabah congratulated Turkmen leader on successful high-level talks and highlighted that Kuwait attaches great importance to consolidation of traditional relations with Turkmenistan and to the improvement of fruitful cooperation.

It was mentioned that the high-level meeting held earlier was historical milestone in Turkmen – Kuwaiti relation, having marked its new stage and achieved agreements would support efficient realization of the potential of bilateral cooperation. The people of both countries become closer by cultural and historical roots and high moral values that serves as a guarantee of the development of friendship and brotherhood.

Cooperation subjects in investment, trade and economic, energy, transport and communication, cultural and humanitarian spheres as well as the key aspect of international have been touched upon during the conversation.

It was particularly stated that Turkmenistan and Kuwait have the largest hydrocarbon reserves in the world what act as an important factor of mutual interest in cooperation in the sphere of development of the export of energy resources to international markets.

The Head of the State noted that at present fundamental changes are carried out in oil and gas industry and big projects aimed at the diversification of the export of energy resources are implemented in our country. Transnational gas pipeline TAPI that is very important for all countries of the region was mentioned among strategic projects. The construction of Afghan part of TAPI has been launched recently, President Gurbanguly Berdimuhamedov said, having made special emphasis that competent international financial structures take part in the project and that is widely supported by the world community.

In this context, the Deputy Prime Minister, the Foreign Minister of the State of Kuwait noted the appropriateness of the initiatives proposed by Turkmen leader in this field.

Neutral Turkmenistan cooperates with its foreign partners trying to implement social and economic programmes on international space on high level, the Head of the State said. At the same time, the willingness of Turkmen side to establish fruitful cooperation with Kuwaiti partners and to review beneficial proposals has been expressed.

Having highlighted the necessity of comprehensive intensification of bilateral relations, President Gurbanguly Berdimuhamedov and Sheikh Sabah Khaled Al-Hamad Al-Sabah spoke for the expansion of the contacts between the business circles of two countries.

In the end of the meeting, President Gurbanguly Berdimuhamedov and Deputy Prime Minister, Foreign Minister of Kuwait exchanged good wishes and expressed the confidence in further improvement of the interstate partnership.

 

Priorities of the state development are discussed at the session of the Government

On January 11, President of Turkmenistan Gurbanguly Berdimuhamedov held regular session of the Cabinet of Ministers where the subjects of the state economic and social policy have been discussed, new projects and other utmost issues of implementation of national programmes have been reviewed and number of documents have been adopted.

First, Deputy Chairman of the Cabinet of Ministers G. Myradov reported on the situation in the structures under his supervision as well as on integrated measures taken for improvement of banking system of the country. It was informed that advanced methods of non-cash payments are applied for the expansion of the spectrum of services and improvement of quality of these services.

At present, number of users of Internet-Bank and Mobil-Bank services of Altyn Asyr payment system, which are used by the clients to manage their bank accounts and make remote payments of different services, is growing. In the nearest future, Rysgal Joint Stock and Commercial Bank is planning to introduce payment method using the QR-code.

Having informed the Head of the State about preparation works related to the joining of this bank to the members of Master Card international payment system, the Vice-premier presented national samples of banking cards designated for users of this system to the President of Turkmenistan for review.

Summing up the report, Turkmen leader noted that stable development of banking sphere is one of the key factors of the provision of competiveness and dynamic development of national economy, successful integration of our state to the system of the world economy.

Expansion of list and improvement of quality of banking services including on international level, introduction of advanced practice and innovative technologies have been outlined among perspective directions. Having generally approved the samples of cards of Master Card international payment system for local users, President Gurbanguly Berdimuhamedov addressed the Vice-premier with number of instructions.

After, the floor was given to Deputy Chairman of the Cabinet of Ministers M Meredov who reported on the work for fulfilment of the assignments given by the Head of the State for further improvement of production potential of oil and gas industry, stable growth of technical and economic indicators.

Information about the work for the increment of production volumes of oil and gas including by the increment of production output of the oil wells and wide implementation of modern drilling technologies has been presented.

The President focused on the key aspects of national model of the economy of Turkmenistan, according to which the state allocates big investments to the development of basic branches of industry including to fuel and energy complex.

Wide implementation of innovations and digital technologies in all spheres, which is to increase the competiveness of our economy in the world scale, are the main objectives at current stage, the Head of the State said. In this regard, the utmost attention shall be paid to the training of engineering and technical personnel. The investments to human capital is one of the most important investments, which would play big role in development of the economy and improvement of its efficiency, President Gurbanguly Berdimuhamedov highlighted.

Having noted that this subject is very current for national fuel and energy complex, where large-scale projects of construction of super modern petrochemical facilities are implemented, the Head of the State gave specific assignments to the Vice-premier on improvement of the system of professional education and qualification of the specialists of oil and gas industry.

Deputy Chairman of the Cabinet of Ministers E. Orazgeldieyv reported on seasonal agricultural works in the regions of the country. At present time, vegetation irrigation of the springs and mineral fertilization are carried out at the fields under winter crops. At the same time, planning of the land plots and ploughing of the soil, preparation of the equipment for spring sowing of agricultural crops are continued.

Information about the measures taken for rational use of water resources and wide implementation of advanced world practice to this field as well as for further improvement of the management system of agricultural complex has been presented.

Having listened to the report, President Gurbanguly Berdimuhamedov gave specific assignments to the Vice-premier on the implementation of the programmes of development of agriculture and reforms in agrarian section. Having highlighted the importance of qualitative organization of all seasonal agricultural campaigns, which put the base for good yield production, the Head of the State ordered to provide their compliance with scientifically grounded agrarian technology.

Deputy Chairman of the Cabinet of Ministers M. Chakiyev reported on the work for arrangement of the production of mixed fertilizer – sulphuric carbamide, in the structure of the State Concern Turkmenhimiya as well as on the Draft Resolution on production of cocoons in 2019.

The Vice-premier informed that facilities of chemical industry produce different types of mineral fertilizers – nitrogen, phosphate and potassium, which are also exported abroad. As for today, specialists of the Concern have developed the production of new highly efficient fertilizer by adding sulphur to the composition of carbamide.

Head of the State Gurbanguly Berdimuhamedov highlighted the importance of the increment of production of various types of mineral fertilizers in the context of provision of food abundance both in our country and in the world, which is priority direction of the development of chemical industry. This industrial sector will give huge economic payback in the future by opening of new and modernization of existing facilities on innovative base.

The State Concern Turkmenhimiya will have to increase the volumes of deep processing of mineral resources, to attract the investments for construction of new and modernization of existing facilities for bringing of our country to the rank of the world leaders for production and export of chemical products, the President highlighted, having addressed the Vice-premier to expand the variety of production by implementation of new technologies.

After, the Head of the State has mentioned the importance of the silk production, which has big role in the context of development of textile industry – one of the leading sectors of national economy. Having highlighted the significance of gradual measures for bringing of the branch to modern industrial level as well as continuation of national traditions and use of innovations in production, the President ordered to render comprehensive support to the sill producers. Having signed the presented document, Turkmen leader ordered the Vice-premier to hold these issues under strict control.

At the same time, the Head of Turkmenistan has focused on the growing of mulberry trees, which is forage base for silk cocoons, having addressed relevant officials with specific assignments for planting of mulberry along the banks of Karakum River and other appropriate places.

Deputy Chairman of the Cabinet of Ministers D. Amangeldiyev reported on the work for the fulfilment of the Concept of development of power energy industry of Turkmenistan in 2013 – 2020.

The Vice-premier informed the Head of the state that according to the Concept, it is planned to build 25 facilities including 14 power stations and 9 aerial power lines and power supply systems, service centre for power equipment as well as to carry out repair works at Seydi Thermal Power Station and Balakanabat Hydroelectric Power Plant until 2020. 10 power energy facilitates in Ahal, Lebap and Mary Velayats have been put into operation for the past period.

Having listened to the report and studied presented proposals, President Gurbanguly Berdimuhamedov made number of recommendations. The Head of the State noted that at present time, Turkmenistan implements national programmes, among which the Concept of development of power energy industry is one of the most priority. In general, the establishment of modern energy system is an integral factor of successful development of entire national economy, in modernization of which the country relies on the attraction of the best world practice.

Speaking of huge potential of national power energy industry, the President highlighted that Turkmenistan is one of the richest states in the world by energy resources and production of power energy is one of the most profitable productions in the world. Following this, the volumes of investments to this important branch always grow. In the result, Turkmen power energy industry demonstrates stable high development rates and is able to increase the export of the energy, which is on high demand in the world markets.

The Head of the State said that all set objectives need to be solved by using latest technologies, creation of innovative production structures under implemented programmes and addressed the Vice-premier with relative assignments.

Deputy Chairman of the Cabinet of Ministers Ch. Gylyjov reported on the projects developed for the increment of production volumes of confectionary in the country, having informed on the measures for construction of the facilities for substitution of the import of this production by the Union of Industrialists and Entrepreneurs.

38,324 tons of confectionary have been produced in the country last year. 30,423 tons have been made by private companies. The production under such famous trademarks as Hasar, Oguzkhan, Bars, Tyaze Ay, Nagmat is on high demand in foreign markets, in 2018, the import of confectionary to Turkmenistan reduced almost two times.

The proposals of the members of the UIET are related to the expansion of the variety of chocolate production, flour confectionary, etc. in particular, it is proposed to build three facilities in Ahal Velayat as well as to modernize existing ones introducing new production lines.

After implementation of the these projects, which are planned to fulfilled by private and credit finances, the production of confectionary will increased by 13,800 tons per year. The excess of the production is planned to be exported. Additional working places will be created after putting of new facilities, which would be provided with advanced equipment from the leading European companies, into operation.

Having studied the projects, President Gurbanguly Berdimuhamedov noted growing role of Turkmen business in import substitution sphere and increment of export potential of the country, having highlighted the necessity to intensify analytical component in marketing strategy of Turkmen business. In this regard, the Head of the State ordered to elaborate on proposed projects for establishment of new confectionary facilities in details taking into account the consumer demand in the country and the situation in the foreign market and to find optimum sale links of this product.

After, the Vice-premier reported on the project of construction of Ashgabat – Turkmenabat highway, which implementation has been entrusted by the President of Turkmenistan to private companies, the members of the UIET.

2,300,000,000 US dollars project is proposed to be implemented in three phases in 2019 – 2023 and put into operation as follows: the first phase of Ashgabat – Tejen section in December 2020; the second phase of Tejen – Mary section in December 2022; the third phase of Mary – Turkmenabat section in December 2023.

Summing up the report, President Gurbanguly Berdimuhamedov highlighted the importance of this project for Turkmen economy and international cooperation as well as the necessity of strict control of its implementation. The Head of the State expressed the satisfaction with active participation of Turkmen businessmen in the implementation of national programmes of social and economic development including in the formation of modern industrial and transport infrastructure.

We trust major and important projects to national business, which are to strengthen national economy, improve its competiveness in the region and in the world, the President said, having noted that following the policy of neutrality and open doors, our country aims at the expansion of international cooperation, increment of trade turnover volumes with other states. implementation of our transport potential also meets economic interests of neighbouring countries, supports the establishment of strong logistic connections in the continent and in general, to the consolidation of trustful partnership, stability and sustainable development.

We would continue rendering state support to small and medium business in our country, President Gurbanguly Berdimuhamedov said, having highlighted that this support is aimed at the creation of versatile market economy and improvement of general level of life of the population and its wealth, which is the main direction of our policy. Having noted that implementation of the project of construction of the highway would create many working places, the President gave instructions on implementation of advanced practice and innovative technologies to road construction.

Signing the Resolution on Construction of Ashgabat – Turkmenabat Highway, the Head of the State said that this is historical moment in development of national entrepreneurship, which enters new level of professional growth and social responsibility.

Having highlighted that this is drive engine, which unites material, labour, intellectual and technology resources in efficient innovative combinations, the Head of the State noted important input of the entrepreneurship to the economy of the country. its integration to the world economy, development of production infrastructure, implementation of innovative solutions and improvement of knowledge, qualification and competency of the specialists.

The entrepreneurship performs not only economic functions, it also closely connected to all spheres of life activity of the society, President Gurbanguly Berdimuhamedov said, having again noted that non-governmental section has leading role in national model of modern economy of our country being the catalyst of innovative processes.

Deputy Chairman of the Cabinet of Ministers B. Abdiyeva reported on the work for popularization of national cultural heritage. It was mentioned that the funds of the museums are always supplemented with artefacts found during archaeological excavations at historical monuments of the country. number of findings became the values of the treasury of national heritage of Turkmen nation. According to the order of the President of the country, the information about the findings has been reflected in national and foreign mass media.

At present time, the artefacts are studied by Turkmen specialists and later will be handed over to the museums of the country. scientific data will be used during preparation of the documents for inclusion of the branches of the Silk Road on the territory of Turkmenistan to the UNESCO World Heritage List and will serve not only as valuable information but also significant argument for the nomination.

According to the request of President Gurbanguly Berdimuhamedov, the grounds of international forums including exhibition events held I Turkmenistan and in foreign countries are widely used for the popularization of rich culture and history of the country. For example, 219 museum values, which have already been seen by 390,000 people, are demonstrated at archaeological exhibition “Margiana – the Kingdom of the Bronze Age on the territory of Turkmenistan”, which is held currently in Hamburg (Germany).

This exhibition named “Turkmenistan – Home of Prosperity” will be demonstrated in Reiss-Engelhorn-Museen Mannheim (Germany) on March 1 – February 30. This fact indicates great interest of the world community in cultural heritage of our nation.

The Ministry of Culture of Turkmenistan has signed number of agreements on cooperation in the sphere of archaeological scientific studies with leading research centres of the world. at present time, the work for organization of joint activity is carried out.

In addition, it is planned to exhibit the articles of national craft, items of decorative and applied arts and museum values in the exposition of our country under the World Exhibition EXPO 2020 in UAE. Wide coverage of the subject of national heritage is continued in mass media.

Having listened to the report, President Gurbanguly Berdimuhamedov noted the importance of the work for deep study and popularization of the monuments of tangible and spiritual cultural of Turkmen nation, which is an integral component of universal value.

This activity has to have targeted and gradual character as well as to use the opportunities of mass media for introduction of the culture of Turkmen people, which roots go far to the past, to the world community, the Head of the State said.

The President of Turkmenistan noted that culture, in its wide understanding, outlines ideological content of all reforms in our country, values of modern society, implementation of intellectual and creative potential of Turkmen nations while the subject of policy in humanitarian sphere support the development of international cooperation, rapprochement of the states and nations.

In this context, President Gurbanguly Berdimuhamedov focused on the necessity of development of ancient cultural traditions and rites of the ancestors and giving them modern tune, having addressed the Vice-premier with assignments on this account.

Having highlighted that all events planned for the next year held under slogan “Turkmenistan – Home of Prosperity” have to support the popularization of national heritage, achievements of the country, to meet high creative spirit of the epoch, the Head of the State gave specific assignments on this account to the Deputy Chairperson.

Deputy Chairman of the Cabinet of Ministers P. Agamyradov reported on the activity of the branches under his supervision and on the work for development of educational system in Turkmenistan including the improvement of educational plans of secondary schools, having presented the slide show on this subject.

In particular, the Vice-premier informed about the proposals developed in accordance with the assignments of the President of Turkmenistan on content improvement of educational programmes at all stage of school education, inclusion of new subjects required by modern time and objectives of upbringing of comprehensively and harmonically developed generation prepared to life, professionally oriented and having necessary skills and knowledge.

Improvement of educational programmes is aimed at the finding of backgrounds, interests and abilities of school students, stimulation of their world outlook, development of own thinking as well as mastering of the basis of modern technologies, legal and social culture, etc. It is planned to introduce new disciplines of natural science direction and other. All of these will allow making rich educational environment, which is the most favourable for reveal of the potential of students and comprehensive learning of studied materials and receiving of modern knowledge.

Education is the heritage of the individual, the means to realize oneself in life, President Gurbanguly Berdimuhamedov highlighted. It directly related to the upbringing of children on moral values, civil positions, hard work and creativity. The school has not only to help understanding that future success of high-grade students depends not only from fulfilment of their duties but also from the proactivity, professional knowledge, desire for permanent growth.

Giving instructions to the Vice-premier for establishment of close relations between scientific specialists in educational sphere, methodologists and managers and teachers, the President pointed out the importance of regular pedagogical sessions and seminars, study of the best world practice in this field and its wide practical implementation.

The President of Turkmenistan gave specific assignments to the Vice-premier on thorough elaboration of all organizational issues of the improvement of educational plans of secondary schools and their implementation with application of advanced technologies and methods, to take measures for systematic improvement of qualification of teachers.

In the context of the assignment for training of specialists for solution of the objectives of digitization of national economy given earlier, Head of the State Gurbanguly Berdimuhamedov noted the importance of activation of work in this direction.

Deputy Chairman of the Cabinet of Ministers, Foreign Minister R. Meredov reported on the activity of the ministry in the context of steadfast implementation of constructive foreign course of Turkmenistan, on fulfilment of the assignments given by the Head of the State and on international events planned for the first quarter of the year.

Information about integrated measures for expansion of efficient cooperation both in bilateral and multilateral formats as well as with competent international and regional organizations including the UN has been presented. Active work is carried out for promotion and practical implementation of peace-making initiatives of the Head of the State on the provision of energy security, creation of modern transport and transit corridors, water and ecology diplomacy.

Preparation to coming high-level meetings and intergovernmental talks of Turkmen leader Gurbanguly Berdimuhamedov was one of the subjects of the report. It was informed that at present time, relative activities are carried out and packages of bilateral documents are coordinated. Visits of the heads of competent structures to our country, during which perspectives of further consolidation of fruitful contacts would be discussed, are planned in near future.

Summing up the report, the Head of the State highlighted that Turkmenistan would continue improving and expanding fruitful cooperation with all foreign partners based on existing significant potential. Steadily pursuing foreign policy based on neutral status, principles of peace-loving, goodwill and transparency, our country make significant contribution to common efforts for development of mutually accepted solution of current issues of regional and global agenda and achievement of the Sustainable Development Goals.

Speaking of the main vectors of the activity of Foreign Department, the Head of the State highlighted the necessity of integrated approach to the fulfilment of set objectives, having noted the importance of work for practical implementation of the proposals, the Head of the State ordered to pay utmost attention to the development of scientifically grounded approaches in this direction. At the same time, it is necessary to improve personnel potential of foreign department, President Gurbanguly Berdimuhamedov said, having addressed the Vice-premier with specific assignments.

Having highlighted the subject of coming important events of international significance, Turkmen leader made instructions on preparation and provision of high organizational level.

Speaker of the Mejlis G. Mammedova informed about the activity of National Parliament in the context of the implementation of integrated programme for the formation of modern legal base of the country.

Deputy corps continues work for development of new and improvement of existing legal acts, which are to provide reliable foundation for further implementation of large-scale programme of the state development initiated by Turkmen leader Gurbanguly Berdimuhamedov, to support the consolidation of social solidarity and its democratic basis.

Deputies carry out the work on the sites for explanation of the meaning and importance of legal documents. International cooperation including under the consolidation of inter-Parliamentarian relations and study of the world law-making practice is developed.

The Head of the State noted important role of National Parliament in the formation of modern legal base in the country and high responsibility of the deputies of the Mejlis.

The President highlighted that special attention has to be paid to the development of new laws supporting further improvement of legal and economic basis of the state taking into account democratic values of Turkmen nation. Economic prosperity of the country directly depends of the level of social wealth of its population, the Head of the State said, having cited the lines from his new poem:

You are the great belief of ancestors,
Strong power of example,
You are the epoch and era,
You are the holly pray, the Prosperity!

State News Agency of Turkmenistan