Turkish company to enter into contract to build tourist facility in Turkmenistan

Business Materials 3 August 2013 07:07 (UTC +04:00)

Turkmenistan, Ashgabat, Aug. 1 / Trend, H. Hasanov /

The State Bank for Foreign Economic Activities of Turkmenistan will enter into a contract as the general contractor with Turkish company Şahin Inşaat Gida Tekstil ve Otomotiw Sanaýi ve Tijaret Limited Şirketi for the construction of an upscale hotel, according to a decree of President Gurbanguly Berdimuhamedov.

It is about building a five-star hotel with 300 beds and the building of the branch of the State Bank for Foreign Economic Affairs of Turkmenistan in the national tourism zone Avaza located near the Caspian Sea as well as relevant communication facilities, systems for supple of electricity, gas, water and sewerages.

Construction work is scheduled for completion in June 2015.

The document states that it will serve the purpose of creating the most comfortable conditions for rest in Avaza. The Turkmen president also signed a number of decrees on awarding contracts for the implementation of a large-scale project in Avaz with local construction companies.

Along with building the Avaza zone on the shore of the Caspian Sea, Ashgabat empoloys Turkish companies for the construction of housing and industrial enterprises.

Turkish businessmen carry out over 1,270 investment projects in Turkmenistan, including more than 1,200 projects worth over $ 15 billion and 26 projects worth more than 2 billion euros, and 26 projects worth over 56 billion manat and other projects.

At the same time, Ankara demonstrates interest in the delivery of Caspian energy to Europe via the Caspian Sea, Azerbaijan and Turkey.

Turkey ranks fourth in the total trade turnover of Turkmenistan; the volume of bilateral trade in 2012 amounted to about $ 3.5 billion.

In 2013, a positive trend was observed with regards to increase in Turkey's share in the foreign trade of Turkmenistan, with a growing share of exports and decreasing imports.
The report of the Ministry of Economy of Turkmenistan said that to date, Turkey ranked first among the number of countries - importers, with a share of over 20 percent of total imports.
Major imports products are process equipment, electrical machinery and mechanical appliances, ferrous metals, raw materials, and other goods.

Turkmenistan, in turn, exports mineral fuels, cotton, textiles and yarn, cotton and textiles to Turkey.