Turkmen foreign trade turnover up 50 per cent

Business Materials 8 May 2012 14:09 (UTC +04:00)

Turkmenistan, Ashgabat, May 8 / Trend H. Hasanov /

Turkmenistan's foreign trade turnover increased by 48.7 per cent within four months of this year compared to the same period last year, the Neutral Turkmenistan newspaper said today.

'Today, the largest foreign companies are considering participation in Turkmenistan's economic projects as a reliable and attractive business', the article says.

The tenders announced by the government are a kind of market where the best technical and financial proposals are chosen on a competitive basis, the newspaper said. The terms of cooperation envisage the involvement of local experts to joint activities.

The president's new order focuses on further improvement of foreign economic relations improving the efficiency of the contracts concluded with foreign contractors.

According to this document, coordinating working groups will be established to determine the order of concluding and implementing the foreign economic contracts and comparing their variants, corresponding to Turkmen legislation and international standards.

A specific period of one month was set to carry out all necessary procedures to establish joint-stock companies or joint ventures in which at least 51 per cent of the main fund is in public property.

The main exporting countries are Iran, Russia, China, Georgia, Italy, Turkey and Afghanistan. The dominant importer countries are Turkey, China, Russia, United Arab Emirates, Iran, France and Germany.

Turkmenistan signed agreements on trade and economic relations with 27 countries. About 85 per cent of its total foreign trade turnover and the main share of crude oil and oil products, oil gas, vegetable oil, textile, cotton yarn and other products exported from the country fall to these countries' share.

It is planned to achieve intensive rates of foreign trade in the chemical, textile, food industry, building materials and agricultural sectors.