Latvia may participate in Turkmen Caspian port’s modernisation

Business Materials 12 September 2012 15:11 (UTC +04:00)

Turkmenistan, Ashgabat, Sept. 12 / Trend H. Hasanov /

Turkmenistan and Latvia are examining the potential for cooperation in the development of the Caspian port of the city of Turkmenbashi and its logistics, Turkmen President Gurbanguly Berdimuhamedov and Latvian President Andris Berzins said today.

The document was signed during the Turkmen President's official visit to Riga on Sept. 11-12.
Both presidents stressed the need for examining the possibilities of cooperation in land transit and logistics of the routes between Turkmenistan and Latvia to develop effective and mutually beneficial solutions for cargo transportation.

Moreover the parties agreed to fully cooperate in further development of mutually beneficial cooperation in trade and economy and expansion of business contacts between the businessmen of the two countries.

The first meeting of the intergovernmental Turkmen-Latvian commission on economic, industrial and scientific, technical cooperation has been held recently in Riga.

The most promising areas are transit and logistics, information technologies and communications, textile, pharmaceuticals and wood industry, the supply of oil products, agricultural products, equipment and the implementation of joint projects in the field of forestry and construction.

Turnover is increasing between the two countries. This increased by more than 1.5 times and amounted to $125 million in 2011 compared to the previous year. This figure is expected to double.

Turkmenbashi port is preparing for large modernisation of its maritime infrastructure.
According to the experts, a full-scale transformation of the port of Turkmenbashi will require investments worth several billion dollars. The experience of free economic zones in the UAE, Singapore and Hong Kong is being examined in the country. Dozens of foreign companies voiced their desire to participate in the modernisation of a naval harbour.