BAKU, Azerbaijan, September 13. The trade volume between Russia and Turkmenistan has surged significantly, increasing by 73.5 percent in the past six months, surpassing $700 million, the source of the Russian Ministry of Economic Development told Trend.
Deputy Minister of Economic Development of Russia Dmitry Volvach highlighted the development during a panel discussion on "Economic Development and Investment Potential of Turkmenistan" at the Turkmenistan Investment Forum (TIF 2024) in Ashgabat.
"Last year, trade between Turkmenistan and Russia grew by 13 percent, and in the past six months, it has surged by 73, 5 percent, totaling more than $700 million. The range of mutual trade is expanding, and the share of high-value-added goods is increasing," Volvach said.
He emphasized the importance of strengthening relations between Russia and Turkmenistan and noted significant events that have fostered bilateral cooperation.
"The historic declaration agreed by our leaders in June 2022 to deepen our strategic alliance supports bilateral relations. A Russian-Turkmen business roundtable during Russian Prime Minister Mikhail Mishustin's January 2023 visit to Ashgabat was significant. The 600-person Russian forum included roundtable discussions and business council meetings. It opened up investment and trade between our countries considerably," he added.
The Turkmenistan Investment Forum (TIF 2024), running from September 10-11 in Ashgabat, is a pivotal event aimed at drawing investments into Turkmenistan's economy. Organized by the Ministry of Finance and Economy, the Ministry of Foreign Affairs, and the Chamber of Commerce and Industry of Turkmenistan, the forum attracts leading international companies and organizations. Key areas of focus include investments in the hydrocarbon sector, the TAPI project, gas chemistry, power generation, construction, and transport.
The forum’s agenda also features sessions with experts from UN specialized agencies, S&P Global Commodity Insights, and the World Trade Organization, along with an exhibition showcasing economic achievements.