Largest share of investments in Turkmenistan falls on manufacturing sector - minister

Finance Materials 3 September 2021 17:40 (UTC +04:00)
Largest share of investments in Turkmenistan falls on manufacturing sector - minister

BAKU, Azerbaijan, Sept. 3

By Klavdiya Romakayeva - Trend:

The volume of large investments in the national economy of Turkmenistan has increased hundreds of times over 30 years of independence, reaching over $200 billion, the Minister of Finance and Economy of Turkmenistan Mukhammetgeldi Serdarov said, Trend reports with reference to CentralAsia.news.

According to the minister, most, namely over 66 percent, of the investments were directed to the manufacturing sector.

“These funds have made it possible to radically modernize production, increase the competitiveness of the products of the processing industry,” Serdarov said.

The minister noted that special attention was paid to investments in human capital since this type of investment is the most reliable and fastest-growing.

He also added that the innovation base of Turkmenistan has been strengthened by channeling public and private capital into education, healthcare, and science.

Serdarov also recalled that the Fitch Ratings rating agency assigned Turkmenistan a short-term rating at "B" and a long-term rating at "B + stable", which was obtained by assessing the assets of the stabilization fund, which is one of the guarantors of the financial well-being of the state.

He also stressed that the rate of economic growth in Turkmenistan in the first half of this year reached 6.2 percent.

According to Serdarov, the country is actively cooperating with the IMF (International Monetary Fund), the World Bank, ADB (Asian Development Bank), EBRD (European Bank for Reconstruction and Development), and the Islamic Development Bank.


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