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2024  N9-10(235-236)
ECONOMY
THE BEST INVESTMENT IN THE FUTURE
The investment forum “Turkmenistan TIF 2024” held in Ashgabat this autumn was an important event that vividly illustrated the integration of the national economy into the international system of global development. At the same time, it clearly demonstrated the prospects for implementing large-scale joint projects in key sectors of the country’s economy.
The forum was attended by dozens of Turkmen and foreign companies united by a common goal – to promote the development of the economy of Turkmenistan by attracting investments and introducing new technologies. The foreign delegates included international experts, heads and representatives of leading companies specializing in the oil and gas, energy, construction, transport and communications sectors, as well as employees of reputable organizations, financial institutions and scientific centers. Participants from the Turkmen side included heads and specialists of ministries and sectoral agencies, banks, the Union of Industrialists and Entrepreneurs of Turkmenistan.
During the forum, foreign companies that have been fruitfully cooperating with Turkmenistan for many years and taking part in the implementation of joint investment projects demonstrated their capacities and products. There was a large-scale exchange of views on opportunities to maximize the investment potential and mechanisms to promote industrial, scientific, technological and socio-economic development of Turkmenistan.
According to the unanimous opinion, the regular Ashgabat Investment Forum demonstrated the growing authority of Turkmenistan in the world arena as a reliable strategic partner. Numerous bilateral meetings were held within the framework of the forum to discuss promising areas for establishing mutually beneficial cooperation.
The opening ceremony of infrastructure facilities that are being implemented within the framework of cooperation between Turkmenistan and Afghanistan was one of the important events of the forum. These projects demonstrate the effectiveness of international partnership in the development of the fuel and energy sector and regional integration.
The topic of energy supplies was the centerpiece of the panel discussion “The Role of Turkmenistan’s Fuel and Energy Sector in the Regional Energy Transition: Key Trends and Investment Opportunities”. The participants discussed issues relating to the changing demand for energy resources, price fluctuations and the introduction of new technologies. Turkmenistan with its rich oil and gas reserves aims to ensure stable supplies to the world market, paying special attention to environmental safety and economic affordability of energy resources. Investment opportunities that open up in this sector attract international companies interested in the development of Turkmenistan’s energy infrastructure.
The forum also discussed in detail the introduction of renewable energy sources. Striving to improve the efficiency of the national energy sector, Turkmenistan is actively implementing solar and wind projects. As is known, the law “On Renewable Energy Sources” adopted in 2021 and the national strategy until 2030 are aimed at maintaining a balance between the economic growth and environmental protection.
A Research and Production Center for Renewable Energy Sources was established in Mary to support this area of the economy. Its main tasks include personnel training, research of new technologies and the implementation of international projects.
Construction of combined-cycle power plants for the efficient use of secondary energy resources was an important step in the diversification of the energy sector. In 2018, a power plant with a capacity of 1,574 MW was commissioned at the Mary hydropower plant. Construction of a similar plant began in Balkan province in November 2023. In the future, Turkmenistan plans to modernize and convert other power plants into combined-cycle ones, contributing to energy conservation and environmental sustainability.
An international conference and exhibition titled “Hi-Tech Turkmenistan 2024” on attracting high technologies and innovations to the economy of Turkmenistan were held at the International Scientific and Technological Park of the Academy of Sciences of Turkmenistan as part of the forum and specialized exhibition. This event reflected the genuine progress of the national economy in the field of application of technological innovations.
This was indirectly confirmed by the impressive composition of the conference participants, including Turkmen state-owned and private companies, as well as foreign specialized structures, leading global manufacturers and suppliers of high-tech equipment, developers of advanced technologies and software from the Republic of Korea, China, the Russian Federation, Uzbekistan, Kyrgyzstan, T"urkiye, Iran, Germany, the USA, Great Britain, Sweden, and Malaysia.
The exhibition served as a platform for demonstration of goods and services and discussions of prospects for long-term partnerships. It consisted of several sections named in line with their thematic focus, such as water-saving technologies, financial technologies, education technologies, industrial technologies, ecology and sustainable development, medicine and biotechnology, transport and logistics, agriculture and agricultural technologies, energy and renewable energy sources, information technology and digital transformation. Of particular interest were the stands dedicated to the development of software and IT services, software solutions for business and government agencies.
Turkmenistan confidently follows the course of economic diversification, actively supporting digital transformation and attraction of innovations in all areas. It demonstrates openness to exploring and mastering the best world experience. The Technology Centre, which was granted the status of an international science and technology park under the Academy of Sciences of Turkmenistan this summer, has become a launching pad for the implementation of promising scientific ideas. This centre was in turn assigned the tasks of comprehensive development of scientific research, ensuring the competitiveness of the achievements of Turkmen scientists, launching the production of innovative products, as well as the active involvement of small and medium businesses in the ongoing modern projects.
Thanks to the policies pursued by the state, Turkmen entrepreneurs are successfully mastering the high-tech market, steadily expanding their areas of activity. Indicative in this regard is the fruitful cooperation established in recent years with international organizations, namely with UNDP, which help introduce modern technologies and expand digital services that contribute to the sustainable development of the country.
The forum became not just a platform for discussing major projects but also a place for establishing strong international contacts between companies, government agencies, international organizations and leading experts. The signed contracts and ambitious plans confirmed the success of TIF-2024 and laid the foundation for the progressive development of the Turkmen economy and its integration into the global economic system.

Alexey TIKHORETSKIY


©Turkmenistan Analytic magazine, 2005