Turkmenistan diversifying economy rapidly

Successfully implementing the economic modernisation and diversification policy and introducing innovations in all spheres of the economy, our country is experiencing an unprecedented growth and prosperity. It is accelerating the development of its diversified industry that uses advanced technologies and know-how and seeks to increase the production of import-substituting and competitive products. The esteemed President Serdar Berdimuhamedov has set clear goals and objectives to the economic sectors: to facilitate modernisation to raise the country’s competitiveness in all areas.

The President has set the priority tasks, including the structural transformation of the economy and the dynamic development of competitive, export-oriented and import-substituting enterprises. Since the national economy is developing through investments and innovations, it is therefore necessary to strengthen the competitive advantages of Turkmenistan on a global scale.

In this regard, the state economic policy envisages restructuring the economy and increasing the production of goods that meet international standards and strengthening state support for businesses, whose growth will enable to increase the production of high-quality products. These also include the priority development of export-oriented enterprises that produce goods from local raw materials and digital transformation of all industries. The comprehensive work being done in Turkmenistan to develop the export-oriented sectors is yielding positive results. The country has developed oil refining, energy, chemical, textile, footwear, food, agricultural, building materials and medical industries, among others, that produce the goods which are in great demand abroad.

The diversification and direct investments in the industrial sector enable the country to fulfil the tasks of building modern export-oriented enterprises, modernising existing ones and developing high-tech production. Today, new approaches are required to creating innovative export-oriented enterprises, and on this basis, the country has set up the electronic industry, which is an intensively developing new segment of the national economy. The production of smart TVs, laptops, tablets, touchscreen computers, printers, scanners and other electronic products has been launched. The promising areas are air conditioners, sanitary ware, gas stoves and other household appliances.

The favourable geographical position of our country on the Great Silk Road gives a huge advantage in developing a competitive transport network. By implementing the projects, aimed at facilitating trade along transit routes, Turkmenistan takes an active part in creating transnational trade corridors, which will contribute to exploring the markets of third countries and, most importantly, to increasing external trade. It should be noted that the Turkmenbashi International Seaport on the Caspian Sea coast can be called the “main sea gate” of Central Asia. This port complex, without exaggeration, is of strategic importance for the international freight transportation system, providing access to the Black and Mediterranean Seas and the countries of Europe, the Middle East, South Asia and the Asia-Pacific region along the most convenient routes.

Sylap Atamyradov,

Lecturer of the Department of Engineering systems and networks

of the Institute of Engineering – Technical and Transport Communications of Turkmenistan

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