11/23/2022 | Press release | Distributed by Public on 11/24/2022 02:03
As part of his participation at the UAE-Turkmenistan Business Forum, Serdar Berdimuhamedov, President of Turkmenistan, praised the economic ties between Turkmenistan and the United Arab Emirates.
President Berdimuhamedov stressed his country's focus on exploring opportunities for economic cooperation in different industries, including energy, trade, and green energy. He highlighted Turkmenistan's interest in increasing trade exchange with the UAE, given its strategic location, outstanding relations with different countries across the world, and its qualified workforce.
The Abu Dhabi Chamber of Commerce and Industry, in cooperation with the Ministry of Foreign Affairs and International Cooperation, the Embassy of Turkmenistan, and the Abu Dhabi Department of Economic Development (ADDED), organised the UAE-Turkmenistan Business Forum. The Forum, which was held in Abu Dhabi, discussed opportunities for new economic partnerships for the business communities in the two countries.
The Forum covered key topics, including increasing trade exchange, attracting investment, and exploring new opportunities of collaboration. Different parties also discussed major opportunities and trends, and the two countries' active and prosperous business environments that attract foreign direct investments.
The Forum was held in the presence of President Berdimuhamedov; Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade; Raşit Meredow, Deputy Prime Minister and Minister of Foreign Affairs of Turkmenistan; Abdullah Mohammed Al Mazrouei, President of UAE Chambers and Chairman of Abu Dhabi Chamber; Hamid Mohammed bin Salem, Secretary-General of UAE Chambers; Mohamed Helal Al Mheiri, Director-General of Abu Dhabi Chamber; Dovletgeldy Rejepov, Chairman of the Chamber of Commerce and Industry of Turkmenistan, in addition to senior officials and representatives of the private sector.
Dr. Al Zeyoudi said, "Our meeting reflects the focus of the leadership of the UAE and Turkmenistan on consolidating the bilateral relations between the two countries and expanding areas of cooperation. Our business communities are keen to explore promising opportunities that increase mutual trade and investment, and launch joint projects and initiatives. The wide range of opportunities in the two countries opens new horizons for economic ties and creates new opportunities for common growth and prosperity."
He added, "The economic cooperation between the UAE and Turkmenistan covers a wide range of fields. Today, we have a comprehensive cooperation plan that we are working to enhance with our partners in the Turkmen government and private sector. We look forward to raising the level of bilateral economic partnership in areas of mutual interest and expand the areas of cooperation between the two countries, facilitate trade exchange and investments, and overcome any potential obstacles."
Al Mazrouei said, "The UAE and Turkmenistan have solid and robust economic relations. Under the leadership of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, our country is set to bring about more robust and strong relations with Turkmenistan on all levels, especially the economic sector, which is expanding exponentially and promises great potentials and ample opportunities.
"The UAE is a major trading partner of Turkmenistan, with bilateral non-oil trade reaching US$255.3 million in 2021. This figure is expected to grow considering the keenness of both countries to explore more elements of development, expansion, and promising opportunities in all sectors, especially that Turkmenistan is located in a strategic geographical location in Central Asia with promising markets that allow investors from the UAE to explore key investment opportunities."
"We, at the UAE Chambers, are determined to expand our relations with Turkmenistan further, hence, I call upon Emirati businesspeople and investors to explore all the available investment opportunities in Turkmenistan and to focus on competitive sectors, which would increase the flow of investments in both countries," he stated.
"The UAE is a gateway to the markets of the region with exceptional geographical location that links the East with the West. It has a flexible and diverse economy with many perks and incentives that attract foreign investments. These include full ownership by foreign investors of their businesses in several sectors as well as the visa and residency programme for investors along with many features that made out from the UAE an attractive destination for international businesses."
"We need to have a joint roadmap, form joint advisory committees, activate the UAE-Turkmenistan Business Council and increase its role in promoting business opportunities, and to increase our cooperation for more growth and development," he added.
The forum witnessed the signing of a number of agreements aimed at enhancing cooperation between the UAE and Turkmenistan in a number of vital sectors. These include a non-disclosure agreement between the Agency for transport and Communications under the Cabinet of Ministers of Turkmenistan and Abu Dhabi Ports Company PJSC; a joint development agreement between Turkmenenergo State Power Corporation of the Ministry of Energy of Turkmenistan and Abu Dhabi Future Energy Company PJSC - Masdar; and a cooperation agreement between the State Bank for Foreign Economic Affairs of Turkmenistan and First Abu Dhabi Bank.
During the Forum, a number of officials from the two countries gave presentations on the most important investment opportunities and reviewed the economic landscape in both countries.