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TheStreet Open House

Economic Strategy Of Turkmenistan


In April 2010, President Gurbanguly Berdimuhamedov of Turkmenistan made public his newly released “Economic strategy of Turkmenistan: Relying on the people, for the sake of the people.”
 
“…The entire country is covered by construction scaffolding and a network of utilities and gas pipelines, one of which has already reached China, becoming a modern symbol of the Great Silk Road.  Moreover, it broke all records of extent and became the standard of regional infrastructure, having passed the territory of Uzbekistan and Kazakhstan and initiating the whole network of super-large gas refineries, distilleries and storages.”

The basis of the industry in the real sector of our economy forms the Fuel-Energy Complex (FEC), and it is experiencing complete modernization. There is active development of the Turkmen shelf of the Caspian Sea where the biggest world companies in the sphere of extraction of energy resources operate on a basis of product-sharing contracts. In addition to a Turkmenistan-China gas pipeline, a Turkmenistan-Iran gas pipeline was launched almost at the same time.

A broad spectrum of activities is currently underway in such areas as the intensification of construction, the establishment of competitive national construction industry, and the enhancement of its logistical base, in particular, by the development of local facilities producing construction materials.

Supporting the further development of international law aimed to promote organization of the normal economic relations between states, Turkmenistan, on its part, is guided by the organizational-institutional basis of foreign economic relations that help to successfully realize in practice the policy of “open doors”.  This policy favorably affected direct foreign investment in the development of priority-driven sectors of the national economy.

We often use forms of attracting foreign investment such as agreements on production share that is widely used in international practice. So, every year there’s an increase in the share of oil and gas produced by joint or foreign companies such as «Petronas» (Malaysia), «Dragon Oil» (???), «Wintershall» (Germany), «Maersk Oil» (Denmark), «ONGC» (India), and «Buried Hill» (Canada).

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