Turkmenistan's Economic Stability Sparks New Shots For German Businesses


(MENAFN- Trend News Agency) ASHGABAT, Turkmenistan, September 10. Turkmenistan is solidifying its position in the region by demonstrating economic stability and predictability, creating new opportunities for German-Turkmen cooperation, said Executive Director of the Eastern Committee of the German Economy Michael Harms sharing his insight during a panel discussion on "Economic Development and investment Potential of Turkmenistan" at the Turkmenistan Investment Forum (TIF 2024) in Ashgabat, Trend reports.

"Turkmenistan is a major Silk Road hub and economic powerhouse in Central Asia. While the country's energy resources drive its economy, its predictable regulatory environment helps industry grow," Harms stated.

He highlighted several critical areas for German-Turkmen cooperation, including energy, transportation, decarbonization, and infrastructure development.

"Energy resources and raw materials provide a strong basis for future collaboration, particularly as an alternative to supplies from Russia, enhancing the significance of Turkmenistan and the region," he added.

Harms also drove home the point about the significance of logistics, highlighting that initiatives like the New Silk Road, the Belt and Road Initiative, the EU Global Gateway, and the Middle Corridor are the real deal, with the latter acting as a fresh link between the EU and Asia.

Despite Turkmenistan's fossil fuel wealth, Harms pointed out the significant potential of renewable energy sources like wind and solar, which should not be overlooked in the pursuit of decarbonization.

Additionally, he praised Turkmenistan's efforts in water resource management and highlighted the importance of regional cooperation in agriculture and water resources. Harms also commended Turkmenistan's healthcare system and expressed pride in the contribution of the German healthcare model.

Finally, he stressed that education is crucial for sustainable development, with a skilled and educated workforce being essential for progress. Regional collaboration will play a key role in achieving these goals.

The Turkmenistan Investment Forum (TIF 2024), taking place from September 10 to 11, serves as a significant platform for attracting investment to the country's economy.

The forum, organized by the Ministry of Finance and Economy, the Ministry of Foreign Affairs, and the Chamber of Commerce and Industry of Turkmenistan, features representatives from leading international companies and organizations.

Key focus areas include investment in the hydrocarbon sector, the TAPI project, gas chemistry, electricity, construction, and transportation. The program includes parallel thematic sessions with experts from UN specialized agencies, S&P Global Commodity Insights, and the World Trade Organization, along with an exhibition of economic achievements.

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Trend News Agency

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