Turkmenistan has strong potential to substitute imports EBRD
Date
2/17/2022 1:04:29 AM
(MENAFN- Trend News Agency)
BAKU, Azerbaijan, February 17
By Amina Nazarli - Trend:
Turkmenistan has a strong capacity to substitute imports and
could become an exporter of a number of commodities in the future,
Head of EBRD Resident Office in Turkmenistan Fatih Turkmenoglu told
Trend .
'It is a young and dynamic Economy with a lot of potentials.
Energy and labor costs are much lower than in the other countries
in the region,' he said.
Turkmenoglu noted that the EBRD brings more than financing to
Turkmenistan, wishing to explore potential cooperation
opportunities in the financial and infrastructure sectors.
'This could result in a wide range of business opportunities and
may bring best international practices and technologies to
Turkmenistan,' he said.
In his words, the EBRD portfolio consists of private-sector
deals, and each one of the Bank's projects are a success story.
'While the Turkmens are one of the oldest nations in the world,
the state of Turkmenistan is a young country so are private Turkmen
companies. Local private businesses are on average 3 to 5 years
old. Their annual turnovers are generally less than $10 million, so
we can describe them as small businesses,' he explained. 'On one
hand, we help expand the production capacity of these companies
through the EBRD loans, on the other hand, we identify development
needs of these companies and provide tailor-made advisory services
to enhance corporate governance of these companies. Such advisory
activity is funded through grants. Our business advisory services
team provides free advisory services to Turkmen companies in areas
such as stock management, quality standards, export, human
resources, marketing, branding, etc.'
Overall, the activities of the Bank in Turkmenistan, according
to Turkmenoglu, are aimed at the support of the national economy in
terms of the enhancement of the country's export capacity, the
substitution of imports, and the creation of jobs.
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