The International Year of Peace and Trust declared in Turkmenistan underlines the country’s aspiration to strengthen international cooperation, including in the economic sphere. This spring, Ashgabat hosted the first international forum “Investments in the Future of Turkmenistan” IFT–2025, as well as an exhibition of industrialists and entrepreneurs. Both events were timed to the 17th anniversary of the Union of Industrialists and Entrepreneurs of Turkmenistan.
In his congratulatory message to the participants of the exhibition and forum, President Serdar Berdimuhamedov emphasized the special importance of the national private business in the dynamic development of Turkmenistan’s economy. “We are pleased with the successes and achievements of the members of the Union of Industrialists and Entrepreneurs of Turkmenistan over the past 17 years, their worthy contribution to the development of the country,” the head of state noted, emphasizing that “the development of the country’s private sector is one of the priority areas of the national economy.”
In his message, Serdar Berdimuhamedov also noted that “members of the Union of Industrialists and Entrepreneurs of Turkmenistan, enjoying state support, have become the driving force of the economy of our sovereign Fatherland.” The President recalled that “the National Program for the Socio-Economic Development of Turkmenistan in 2022–2052 emphasizes the great importance of public-private partnerships, wide introduction of effective business practices and active involvement of entrepreneurs in this work in a market economy.”
It was also important that the President mentioned the continued state support to entrepreneurs. This undoubtedly gives representatives of the private sector of Turkmenistan confidence in the great prospects of their activities.
As a result of effective public-private partnership, the share of the private sector in the country’s economy is growing dynamically. The program of socio-economic development of Turkmenistan and investments in 2025 provide for the further state support to small and medium-sized businesses, increasing the share of the private sector in the economy and bringing its share in the gross domestic product to 71.6 percent.
The first international forum IFT–2025 aimed at the further strengthening of entrepreneurship, establishing new partnerships between countries for the implementation of investment projects involving private capital. Representatives of Russia, Tajikistan, Kyrgyzstan, Pakistan, France, Turkey, Germany, Kazakhstan, China, Great Britain, Estonia, the USA, Azerbaijan, Ukraine, Afghanistan, the Netherlands, Belarus, Saudi Arabia and other countries took part in the forum.
The exhibition was held at the Chamber of Commerce and Industry of Turkmenistan. It presented the achievements of the UIET members in various sectors of the economy. The exhibition brought together about 200 companies from China, Turkey, Azerbaijan, Kazakhstan, Russia, Germany and other countries who presented their investment projects, a wide range of products and services.
As Deputy Prime Minister of Turkmenistan Nokerguly Atagulyev emphasized at the forum, Turkmenistan’s economy is demonstrating steady growth. In 2024, the country’s GDP increased by 6.3 percent. Within the framework of national investment programs, dozens of new industrial and infrastructure facilities are commissioned annually. In 2024, 86 production and socio-cultural facilities were opened. Investments in the amount of 40.07 billion manats are planned for 2025, of which 70 percent or 26.3 billion manats are channeled to building industrial facilities. It is noteworthy that more than half of these investments are in the private sector.
Speaking about the activities of the UIET, which was established in 2008 and currently accounts for over 29 thousand members, the Deputy Prime Minister emphasized that it has become a powerful structure operating in almost all sectors of the economy. The UIET has its own school of entrepreneurship, commercial bank “Rysgal” and its own newspaper. The UIET operates offices in Beijing, Dubai, Vienna and trading houses in Kyrgyzstan, Georgia, Afghanistan, China and other countries. Their activities contribute to the expansion of export opportunities and integration of the Turkmen private sector into the global economy.
Turkmen entrepreneurs build and commission new plants and factories using credits, their own funds and investments. Thanks to the implementation of these projects, more than 420 thousand new jobs have been created over 17 years. The Presidential Program for the Socio-Economic Development of the country for 2022–2028 provides for the implementation of 155 projects by members of the Union of Industrialists and Entrepreneurs of Turkmenistan.
Nowadays, private sector enterprises are represented in almost every sector of the economy of Turkmenistan. They produce high-quality export and import-substituting products. They process polyethylene and polypropylene raw materials, produce various types of polymer and plastic products that are very popular in foreign markets.
Individual enterprises produce carpets and carpet products, synthetic detergents, disinfectants and sealants, a wide range of building materials, yarn, clothing and footwear. Companies that are members of the Union of Industrialists and Entrepreneurs build plants to produce complex fertilizers, technical carbon and ethyl alcohol and chemical products from local natural resources.
In addition, private businesses contribute to the development of the electronic and electrical industries. Turkmen entrepreneurs produce TV sets, electronic payment terminals, computers, laptops, tablets and other electronic devices. Given the role of the digital economy in the development of business on an innovative basis, IT enterprises have been created and actively operating, and there was opened the Turkmen IT Park.
Under the auspices of the UIET, the Turkmen Logistics Association was established, promoting integration of Turkmen private companies into the rapidly developing system of international transport and logistics links.
It is important that the state provides national private companies with tax incentives, access to resources, simplified administrative procedures and guarantees for the protection of capital. International financial institutions, such as the Asian Development Bank and the European Bank for Reconstruction and Development, actively cooperate with private enterprises of Turkmenistan. This ensures the supply of modern equipment and technologies to Turkmenistan from Turkey, China, South Korea, Germany and other countries.
Private producers play an increasingly important role in such sectors of the economy as the agro-industrial and processing complexes, construction industry, production of building materials and consumer goods, trade and services, and logistics. High-quality products manufactured by the country’s large private enterprises not only meet the needs of the domestic market but also find demand in foreign markets.
The agro-industrial complex, which plays an important role in ensuring the country’s food security and building its export potential, is one of the key areas of Turkmenistan’s economy where the private sector has made great progress. Private investments in this sector are vividly evidenced by the establishment of greenhouse complexes for year-round cultivation of vegetables and fruits, as a result of which they not only meet the needs of the domestic market but are also exported.
According to the State Customs Service, in 2024, exports of Turkmen greenhouse tomatoes increased by 43 percent to 149,000 tons. Russia, Kazakhstan and Kyrgyzstan were the main buyers of these products. According to Rosselkhoznadzor, Turkmenistan has taken the leading position in tomato supplies to the Russian market since the beginning of 2025. As of March 23, the volume of tomatoes exported by Turkmen entrepreneurs to Russia reached almost 30 thousand tons. Overall, Russia imported 124.9 thousand tons of tomatoes from foreign countries in the reported period, with Turkmenistan accounting for a quarter of all imports.
Other than tomatoes, Turkmen entrepreneurs actively export lentils, onions, fruits and grapes, melons, as well as confectionery and soft drinks.
Turkmenistan’s Customs is actively introducing electronic services to support business. Since 2024, a ‘single window’ for export-import operations has been functioning, speeding up customs procedures and reducing the time of cargo transit, which helps preserve the quality of agricultural products.
Private business is no less successful in food production. The products of private Turkmen companies producing sausage, dairy and confectionery products are in great demand.
Construction is one of the leading positions in the list activities of Turkmen entrepreneurs. Moreover, private construction companies of the country are already successfully competing with foreign contractors, winning tenders by government agencies of Turkmenistan. The UIET member companies are building high-comfort residential buildings, schools and kindergartens, as well as roads, industrial enterprises, hotels and cottage villages across the country.
Thus, the large-scale involvement of private companies in the urban development process and implementation of national programs is one of the areas of state policy to stimulate entrepreneurship in the country.
Turkmen entrepreneurs also started to actively participate in the implementation of large infrastructure projects on a regional scale. In this area, the use of advanced foreign technologies and modern materials becomes a kind of key to access such projects. For example, the private enterprise “Ojar Asia” concluded a strategic agreement with the Eurasian representative office of “Sino Hydro Bureau 12. Co., Ltd.” for the construction of the high-speed highway Serakhs – Mary – Serhetabat. This eight-lane highway with a length of 450 kilometers will be one of the largest in the region. Innovative technologies and materials such as asphalt concrete, synthetic surfaces and special reinforcing elements are planned to be used in its construction, which will ensure the durability and high quality of the road. The implementation of this project will contribute to a significant increase in the volume of transported goods and transit traffic.
In early May 2025, a new international air terminal complex was put into operation in Balkan province with the capacity to serve 100 passengers per hour. It was built by Turkmenistan’s individual enterprise “Gundogdy”, which in 2021 won the tender announced by Turkmenhovayollary (Turkmen Airlines) for the implementation of this project.
The new air terminal complex in Jebel includes passenger and cargo terminals, a control tower, and rescue and firefighting service buildings. It is equipped with ground support facilities for all types of aircraft. The airport can simultaneously park 6 aircraft and 4 helicopters. The new international air hub will help improve the air transport infrastructure in the western region of Turkmenistan and strengthen regional air communication in Central Asia as a whole.
The fact that the implementation of such large infrastructure projects of regional importance is entrusted to national construction companies testifies to the great confidence of the state in the growing professionalism, experience and high degree of responsibility of Turkmen entrepreneurs.
In 2024, the Union of Industrialists and Entrepreneurs reported that the growth rate of agricultural and food production was 110 percent, industrial goods – 104.1 percent. The total volume of loans issued by banks to the private sector, small and medium-sized businesses increased year on year. At an expanded meeting of the Cabinet of Ministers discussing the results of 2024, President Serdar Berdimuhamedov issued instructions to continue providing loans for projects to develop the production of private enterprises and entrepreneurship.
The head of state emphasized that the further stable growth of the national economy depends on intensification of operations of private entrepreneurs.