Turkmenistan offers business opportunities for Swiss private sector in number of areas

Turkmenistan offers business opportunities for Swiss private sector in number of areas

BAKU, Azerbaijan, May 7

By Jeila Aliyeva - Trend:

Turkmenistan offers certain business opportunities for the Swiss private sector, the Federal Department of Economic Affairs, Education and Research of Switzerland told Trend.

The ministry further clarifies that the opportunities are presented in the textile industry, the oil, and gas industry as well as in the fields of infrastructure and construction.

The ministry noted that Turkmenistan is a member of the Swiss voting group at the World Bank (WB).

"State Secretariat for Economic Affairs (SECO ) supports the Central Asian Water and Energy Programme (CAWEP), implemented by the World Bank," said the ministry.

CAWEP’s objective is to strengthen the enabling environment to promote water and energy security at the regional level and in the beneficiary countries in Central Asia, noted the message.

"CAWEP cooperates with Turkmenistan for instance in the frame of activity to strengthen service delivery of Central Asian national hydrometeorological agencies. In this context, CAWEP assists national hydrometeorological agencies to better deliver useful and demand-driven information services to key sectors," added the ministry.

As earlier The Federal Department of Economic Affairs, Education and Research of Switzerland told Trend, Total trade between Switzerland and Turkmenistan from January through October 2020 amounted to 6.97 million CHF ($7.6 million).

The message noted that Swiss exports to Turkmenistan in the reporting period amounted to 6.8 million CHF ($7.5 million), while imports – 130,824 CHF ($143,368).

Regarding Swiss exports to Turkmenistan, the department noted that most exported Swiss products were pharmaceuticals. Switzerland exported to Turkmenistan pharmaceutical products worth 2.8 million CHF ($3.1 million).

The second most exported type of Swiss products to Turkmenistan was machinery and various spare parts (from January through October 2020 2.5 million CHF or $2.7 million worth of exports).

Meanwhile, most imported Turkmen products by Switzerland were also machinery and parts thereof. In particular, Switzerland imported from Turkmenistan 41,796 CHF ($45,803) worth of machinery and parts thereof.

Switzerland's second most imported product from Turkmenistan was optical, medical, and precision instruments worth 36,114 CHF ($39,577).

Turkmenistan and Switzerland have previously discussed the need to expand trade and economic cooperation by creating new collaborative mechanisms.

Turkmenistan established diplomatic relations with Switzerland on May 8, 1992. An Intergovernmental Agreement on investment promotion and mutual protection was signed in 2008.

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Follow the author on Twitter: @JeilaAliyeva

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