Turkmenistan seeks innovative development

Turkmenistan, Ashgabat, Oct. 23 / Trend H. Hasanov /

The Turkmen leadership on the eve of the 21st anniversary of the country's independence, which will be celebrated on October 27, has summed up the results of the year and discusses future plans. Several government meetings in Ashgabat and a meeting of the Council of Elders in Turkmenbashi on Tuesday were dedicated o this topic.

While developing the national economy, Turkmenistan has chosen the right way, focused primarily on its comprehensive modernization and diversification and gradual transfer to market economy, Turkmen President Gurbanguly Berdimuhamedov said at the meeting of the government. He drew attention to the need for an innovative approach to these issues.

The growth rate of gross domestic product (GDP) was 11.1 percent for the nine months of the year. The share of industry has significantly increased in total GDP volume by 13 percent compared to the same period of last year.

Turkmenistan holds a key position in the region for the natural gas supply. Russia, China, Iran are importers.

Ashgabat has chosen a policy of diversifying the economy. The oil and gas processing, textile, cotton-processing industries and production of building materials have been actively developing. There are certain tasks to increase the export value of chemical, petrochemical and light industries.

High indices were achieved in the production of many kinds of products from January to September 2012 compared to the same period of 2011.

Electricity generation rose by 6.4 percent, natural gas - by 8.5 percent, oil - 5 percent, petrol production - 5.6 percent and diesel fuel - 1.6 percent, kerosene - 7.4 percent, lubricating oils - 16.3 percent, liquefied natural gas - 17.7 percent, polypropylene - 11.4 percent.

The policy of a gradual transition to a market economy has been reflected in the updated Constitution. The national currency was denominated. The exchange rates were unified. It is planned to move to international accounting standards.

The state ownership for the range of labor tools and objects remains in basic and strategic industries, such as fuel and energy complex and power generation.

The international financial institutions focus on the economic situation in the country. The World Bank has assigned Upper Middle Income Country Status to Turkmenistan, World Bank Vice President for Europe and Central Asia Philippe Le Houérou wrote in his letter to the Turkmen leader.

The International Monetary Fund (IMF) in its recent report stressed that perhaps, direct impact of the European crisis on the Turkmen economy will continue to be limited.

The IMF said that the Turkmen economy showed good results in 2011 and in the first half of 2012. Growing gas export to China and a sharp increase in public investments ensured high rates of GDP growth.

The volume of investments increased by more than 9 times over the last five years. The share of investments to GDP over the same period ranged from one-third to a half of the national product.

Turkmenistan aims at the implementation of priority projects. The construction of an urea and ammonia plant has been launched in the town of Mary town.
The first phase of the largest mining and processing complex for potash production is being mastered in Lebap region.

Turkmenistan plans to complete construction of the Turkmen section of North-South railway project by late 2012. Kazakhstan and Iran participate there. The transport infrastructure is being improved throughout the country. Turkmenistan actively develops the field of communications. It is expanding access to the Internet, digital communication. The national space satellite is planned to be launched.

While working on the diversification of the economy, Turkmenistan actively continues developing strategic oil and gas sphere. A share of oil and gas production by joint ventures and foreign companies also increases.

The gas pipelines "Turkmenistan-China" and "Dovletabad-Sarahs-Hangeran" in the direction of Iran have been built and make a significant contribution to the diversification of export routes.

"East - West" internal gas pipeline, which will connect the country's largest gas field Galkynysh with the coast of the Caspian Sea is being built. The European market may be mastered after constructing the offshore gas pipeline near the Azerbaijani coast.

An international consortium implementing the large-scale project of the Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline is being formed. However, the experts say that the continuing escalation of tension in Afghanistan remains the main obstacle despite the economic expediency.

Ashgabat hopes for the development of the Caspian Sea. A report on the operations in discovering new oil and gas structures in the Turkmen sector of the Caspian Sea has been recently heard at the government meeting. Petronas, Dragon Oil, Buried Hill, RWE, Itera operate there. The international tender involves 32 licensed blocks. According to some estimates, 11 billion tons of oil and 5.5 trillion cubic meters of gas of the projected resources, excluding the contracted blocks are concentrated here.

The Turkmen Parliament has lately received the state budget for 2013, in which the revenues of the state budget are 86.335.8 billion manat, expenses - 89.735.8 billion manat. I

The official rate of the manat to $1 remains at 2.85 Turkmen manat. A significant part of the income has been calculated for 10-percent raising of salaries and state benefits, as well as a 15 percent increase in pensions from 2013.

Dev't of "green" energy potential in Azerbaijan’s Karabakh region to attract investments
Dev't of "green" energy potential in Azerbaijan’s Karabakh region to attract investments
Iran has increased oil export - Minister
Iran has increased oil export - Minister
State Oil Fund of Azerbaijan unveils budget revenues and expenditures
State Oil Fund of Azerbaijan unveils budget revenues and expenditures
Loading Bars
Latest
Azerbaijan to soon start issuing lump-sum subsidies to orchard farmers
Cancelling SMS permits due to eased quarantine raises passenger traffic in Baku
Turkey halts flights from Brazil due to new COVID-19 variant
COVAX to purchase 40 mln doses of Pfizer-BioNTech vaccine - WHO
Kazakhstan welcomes entry into force of Treaty on Prohibition of Nuclear Weapons
Fitch downgrades three Georgian Banks' support ratings
Tax authorities of Kyrgyzstan, Russia discuss launch of joint project
Chinese Mission to EU condemns European Parliament for interfering in Hong Kong affairs
Dev't of "green" energy potential in Azerbaijan’s Karabakh region to attract investments
Denmark halts UAE flights for five days over COVID-19
UK business activity suffers steep slump in January amid fresh lockdown
Kazakhstan boosts exports volume to Canada amid COVID-19
Kenya Airways suspends flights to France, Netherlands due to COVID-19
Italy tells TikTok to block users after death of young girl
UK records another 40,261 coronavirus cases, 1,401 deaths
Canada's Trudeau presses Pfizer CEO on vaccine shortage, hints at travel crackdown
Swiss court finds Israeli businessman Beny Steinmetz guilty of corruption
Georgian ski resorts remain closed
Kazakhstan increases volume of petroleum oil exported to Germany
Four men jailed for manslaughter of 39 Vietnamese migrants in UK
Reports that Azerbaijani Minister of Sports fell into coma - not true
Turkey registers more than 5 967 new coronavirus cases
Iran has increased oil export - Minister
UAE confirms it inked $23 billion deal to buy F-35 jets, drones from U.S.
Georgian President meets EU Commissioner for Neighborhood and Enlargement
Azerbaijan discloses trade surplus with Romania
East Kazakhstan prolongs restrictions
Azerbaijani State Customs Committee exceeds forecast of budget receipts in 2020
‘Bibiheybat’ Ship Repair Yard completes overhaul of ‘Ramiz Hajiyev’ floating crane
Azerbaijan’s export of precious stones and natural pearls up
State Oil Fund of Azerbaijan unveils budget revenues and expenditures
Azerbaijan's Central Bank talks images of new manat banknotes appearing on social media
Azerbaijan discloses area of liberated lands sown with wheat in Aghdam
Azerbaijan confirms 632 more COVID-19 recoveries
Azerbaijani, Georgian FMs exchange views on latest situation in region
Period of revival of previously occupied Azerbaijani lands already began - ambassador
Denim production to be launched at textile enterprise in Uzbek Bukhara region
Azerbaijani expert talks future plans for import of hydrogen vehicles
Georgia - one of largest beneficiaries of EBRD investments per capita
USAID provides comprehensive support to entrepreneurship dev’t in Turkmenistan
French Proparco provides Georgian hospitals with grant to support COVID-19 battle
Uzbekistan to make strengthening relations with states of Central Asia priority
Georgia to establish blackberry plantation via state program
India’s role in combating COVID-19 through vaccine development and manufacturing
Russian Gazprombank expecting Azerbaijani sovereign rating's return to 'stable' outlook
Support for revival of Nagorno-Karabakh must become way of life – Azerbaijani minister
Tesla Israel headquarters nears completion
Armenian soldiers demanding compensation for participation in Karabakh war
Azerbaijan shows footage from Yukhari Abdurrakhmanli village of Fuzuli (VIDEO)
Azercell is always leading with its exemplary service quality
Uzbekistan may consider temporary suspension of yarn exports
Georgia reveals volume of domestic debt
Walmart expands vaccinations in boost to U.S. COVID-19 program
Israeli company eyes creating lavender plantations in Uzbek Namangan region
Georgia reveals volume of imported oil bitumen
European standard bakery to open with support of Bank of Georgia
Kazakhstan investing in Georgia across wide range of economy spheres
Georgia sees decrease in import of aviation fuel
Azerbaijani president declared Karabakh status issue - thing of the past, MFA says
Dagestan starts exporting ceramic products to Azerbaijan
Georgian RMG Gold company's total sales increase
Demand for notes of Central Bank of Azerbaijan exceeds supply
Assessment of damage caused by Armenia to Azerbaijani civilian objects continues
Volume of cargo passing through Astara terminal increasing from year to year
Criminal case opened against more terrorists used by Armenia against Azerbaijan
National Bank of Kazakhstan determines strategic initiatives for 2021
Bukhara oil refinery produces floating pontoons to eliminate loss of light hydrocarbons
Azerbaijan establishes Agency for Development of Economic Zones
Azerbaijan developing employment programs for future residents of liberated lands
Georgia decides to increase subsidies for flour
UK can help Azerbaijan to demine liberated lands - ambassador
Azerbaijan, UK discuss issues of development of co-op in area of defense
EU, FAO supporting agriculture and rural development in Georgia
Automated warehouse system introduced at Uzbekneftegaz JSC
Projected volume of trade turnover between Turkmenistan, US for 2021 named
Kazakhstan's monetary base surges in value in Dec. 2020
Uzbekneftegaz manages to reduce imports of materials, technical resources
Elon Musk to offer $100 million prize for 'best' carbon capture tech
Kazakhstan boosts petroleum oil exports to Spain despite COVID-19
Georgia to restore operations of municipal transport, schools and stores
Application of TRACECA single transit permit digitalizes transport and logistics sector
Azerbaijani gymnasts to take part in European Championships in Switzerland
Kazakhstan deregulates tanker call-in services for oil crude, products export
Azerbaijan's energy company building new substation in liberated Shusha (PHOTO/VIDEO)
Regular flights to resume from February 1 in Georgia
PASHA Bank's branch in liberated Shusha to help implement territories' restoration initiatives
Nar offers special discounts for Karabagh war veterans
Austrian Enhanced Resource Company talks about work plans in Azerbaijan for 2021
Azerbaijani banking community eyeing dev't of entrepreneurial ecosystem in liberated territories
German government sees 2021 GDP growth of 3%
Kazatomprom completes COVID-19 testing at its JV with French Orano
Introduction of Euro-5 diesel standard postponed in Georgia
Azerbaijan studying Turkey's experience to create liberal electricity market
Baku Higher Oil School holds discussions on ‘Natural resources of Karabakh’ (PHOTO)
Volume of vegetable oil imported by Turkmenistan from EAEU revealed
Major foreign companies to support logistics and fulfillment center creation in Kazakhstan
Volkswagen operating profit drops by half in 2020
Azerbaijan discloses commercial banks' total share in GDP
Azerbaijan-Turkmenistan co-op development serves economic well-being of region - MP
Georgian government's action plan has direct, clear priorities - PM
All news