Turkmenistan, Türkiye Intend to Boost Trade Turnover to $5 Billion

Turkmenistan, Türkiye Intend to Boost Trade Turnover to $5 Billion
Meeting between Deputy Chairman of the Cabinet of Ministers Batyr Atdayev and Turkish Deputy President Cevdet Yılmaz, October 25, 2023, Külliýe Palace, Ankara, Türkiye (Photo: AA)

Turkmenistan and Türkiye intend to increase trade volume to $5 billion, as announced at a meeting in Ankara between Turkmenistan's Deputy Chairman of the Cabinet of Ministers for Trade Complex, Textile Industry and Entrepreneurship Batyr Atdaev and Turkish Vice President Cevdet Yilmaz.

During the meeting, the participants stressed the importance of rapidly implementing trade-enhancing measures, such as reducing duties, granting long-term visas, and improving procedures, to achieve the desired goals. Anadolu reported that the two countries appreciated the efforts to strengthen economic, political, and cultural ties.

Yılmaz emphasised the need to accelerate the process of signing the agreement on mutual promotion and protection of investments, as well as the usefulness of regular meetings of the Türkiye-Turkmenistan Intergovernmental Economic Commission. He also noted that the upcoming Türkiye-Turkmenistan Business Forum in Ankara will be a good opportunity for business people and investors to meet and discuss the possibilities of realising joint projects.

Yılmaz expressed satisfaction that Turkish companies have contributed successfully to Turkmenistan's development in various fields, especially contracting, for over 30 years. He also said that knowledge and experience in other fields, such as smart cities, will be transferred to Turkmenistan.

Yılmaz stressed that Türkiye attaches particular importance to the Caspian Sea friendship field and can participate in activities in this direction. He also stated that it is essential to use the opportunity to supply Turkmen natural gas to the world markets through Türkiye and implement the agreement reached in the energy field.

According to the Turkish Statistical Institute (TurkStat), mutual trade turnover between Turkmenistan and Turkey exceeded $2.067 billion in 2022. This figure is 21.9 percent higher than in 2021.