Turkmenistan's Transport Sector Attracts Foreign Investment, Ensures Equal Opportunities

BUSINESS TURKMENISTAN
Turkmenistan's Transport Sector Attracts Foreign Investment, Ensures Equal Opportunities
Speech by Batyr Annaev, Deputy General Director of Turkmenistan's Transport and Communications Agency at the Global Gateway Investment Forum, January 29, 2024, Brussels, Belgium. (Photo: Business Turkmenistan)

Batyr Annaev, Deputy General Director of Turkmenistan's Transport and Communications Agency under the Cabinet of Ministers, emphasized during the Global Gateway: Sustainable Transport Connectivity between Europe and Central Asia Forum in Brussels, Belgium, that foreign investors in Turkmenistan enjoy equal rights with locals. These rights encompass ownership and management of enterprises, participation in privatization, access to government procurement, and other privileges, as reported by representatives of Business Turkmenistan (BT) online publication on Monday.

According to Annaev, the Development Financing Assessment indicates that the majority of the total financial flows in Turkmenistan consist of state budget revenues (36.2%), followed by private investments (34%), and loans from the banking sector (16.5%).

Annaev highlighted Turkmenistan's active investment in the development of its transport system in recent years, covering railways, roads, airways, and maritime routes.

Between 2015 and 2021, over 48 billion manats (approximately $14 billion) were allocated to the transport and communications industry of Turkmenistan, as stated by the Deputy General Director of the Transport and Communications Agency.

In his address, Annaev informed participants about Turkmenistan's notable initiatives in the transport sector. These include the modernization of 5,000 km of railroads connecting the country's regions, the operational International Sea Port in Turkmenbashi with a capacity of handling 25 million tonnes of cargo annually, enhancements to airports, and the introduction of new projects. Notably, the seventh airport in Jebel is set to accommodate up to 3,800 passengers per hour. Additionally, significant infrastructure projects such as the construction of the Ashgabat-Tejen Highway and the Ashgabat-Turkmenabat Highway were highlighted.

The Global Gateway: Sustainable Transport Connectivity between Europe and Central Asia Forum is scheduled to continue until January 30, 2024. The focus of the second day will center on discussing topics relevant to Turkmenistan,  with a particular emphasis on exploring opportunities related to the transit hub.

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