Hungary exploring private investment projects in Turkmenistan

Business Materials 25 April 2019 14:10 (UTC +04:00)

Ashgabat, Turkmenistan, April 25

By Huseyn Hasanov – Trend:

A meeting with Ambassador of Hungary to Turkmenistan Peter Santo was held in the Union of Industrialists and Entrepreneurs of Turkmenistan (UIET), Trend reports with reference to the UIET.

The diplomat was major investment projects and told about the success in the production of building materials, the food industry, the development of horticulture, animal breeding and poultry farming.

It was emphasized that the measures being taken in Turkmenistan to support the non-state sector of the economy contribute to the development of the export potential of private business entities, the organization of joint ventures and interaction with foreign colleagues, the report said.

Noting the attractiveness of the investment climate created in Turkmenistan and the presence of huge potential for the development of mutually beneficial economic and trade cooperation, the ambassador spoke in favor of establishing productive contacts between the business circles of the two countries, adding that he intends to fully contribute to this.

Turkmenistan is taking measures to enhance the investment activity of small and medium-sized businesses. As of 2018, more than 1,015 enterprises subordinated to UIET operate in the agro-industrial complex.

The local companies are focused on production of a wide range of agricultural and food products that satisfy the needs of the country's market. Some 597 enterprises are functioning in the industry sector, in particular in the area of the production of building materials, textiles and carpets, chemicals, metal products, furniture, faience, glass products, and polyethylene and plastic products to meet demands in the domestic and foreign markets.

According to the state program of Turkmenistan, by 2020, the share of the non-state sector of the economy in the volume of gross domestic product should reach 70 percent. Local entrepreneurs are allowed to establish joint ventures with foreign partners by attracting their investments.