Turkmenistan, UK intensifying ties in financial sphere
Ashgabat, Turkmenistan, Jan. 24
By Huseyn Hasanov - Trend
The sixth intergovernmental meeting of the Turkmen-UK Trade and Industry Council was held in London, the Turkmen government said in a message Jan. 24.
The UK side was represented by Shell, BP, Rolls Royce, De La Rue, Aggreko, London Stock Exchange, LSE and others.
The reforms, carried out in the Turkmen financial sector aimed at developing securities and insurance markets, as well as improving the banking and budget systems, were discussed.
"This direction can become an area of fruitful cooperation between the structures of Turkmenistan and UK,” the message said. “Our country fruitfully cooperates with many English insurance companies and brokers. There are all opportunities to enter a new stage of the partnership."
Currently, Turkmenistan is passing to the international financial reporting standards, which should be completed till 2019.
Turkmenistan gradually passes to the market economy, which is reflected in the constitution.
Among the leading spheres of cooperation between the two countries are the fuel and energy complex, the trade and economic sphere, the transport and communication sector, agriculture, and education.
The sides drew attention to the availability of significant potential for increasing the total trade turnover.
"The growth of the country's investment rating is greatly promoted by the stable social and political situation, the stable dynamics of the national economy, a powerful resource base and a reliable legal system that guarantees the protection of investments taking into account the international requirements," Turkmen Dovlet Habarlary state news agency reported.
Thus, 28 enterprises with UK capital have been registered in Turkmenistan. UK companies are involved in 174 investment projects worth more than $1.5 billion.
Dragon Oil has been operating since 1999 in the Turkmen section of the Caspian Sea and the company is one of big foreign investors.
Another company – Petrofac completed the service project on development of the giant gas field Galkynysh in Turkmenistan’s Mary province in September 2013.