Economy
Turkmenistan and Malaysia are preparing an agreement on cooperation in the gas sector
14.06.2026Malaysia and Turkmenistan plan to sign a long-term agreement on cooperation in the hydrocarbon sector on June 19. This was announced by Malaysia’s Deputy Minister of Economy Akmal Nasrullah Mohd Nasir, according to the online publication “Business Turkmenistan”. According to him, the agreement is aimed at strengthening energy supply chains and developing bilateral partnership. Malaysian authorities note that the country continues to diversify its energy sources and strengthen the resilience of the sector amid global challenges. Earlier, it was reported that the oil and gas company PETRONAS is considering participation in gas projects in Turkmenistan, and a Malaysian delegation is expected to visit the country in mid-June to discuss energy cooperation.
Fitch Ratings Affirms Stable Outlook on Turkmenistan’s Credit Rating
14.06.2026Fitch Ratings has affirmed the Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) of the State Bank for Foreign Economic Affairs of Turkmenistan (SBFEAT) at “BB-” with a Stable Outlook, according to the news website Turkmenportal. The bank’s rating is aligned with the country’s sovereign rating and reflects Turkmenistan’s resilient macroeconomic performance, low level of public debt, and the stability of its financial system. The bank plays a key role in financing priority projects in the oil and gas, chemical, transport, agriculture, and healthcare sectors. It also acts as the government’s agent for attracting external borrowings and managing international financing activities.
“ASKIN & CO” Presents Hospital Digitalization Solutions to Turkmenistan
14.06.2026Austrian company ASKIN & CO GmbH has offered Turkmenistan solutions for the digitalization of healthcare institutions. This was announced by the company's CEO, Ralph Lugbauer, on the sidelines of the 13th meeting of the Joint Turkmen-Austrian Commission in Ashgabat, according to the news website Turkmenportal. According to Lugbauer, the company is completing a project to digitalize the Archman Sanatorium and continues to work with medical institutions in the country’s velayats (regions). During the meeting, the parties also discussed new opportunities for developing healthcare management systems. Lugbauer highlighted the high professional level of Turkmen specialists and thanked the country’s leadership for its attention to healthcare development. The visit of the Austrian delegation to Ashgabat will continue until June 14.
Turkmenistan is preparing for the first meeting of the joint commission with Slovakia
13.06.2026On June 12, a meeting of the Cabinet of Ministers of Turkmenistan considered issues related to preparations for the first meeting of the Turkmen–Slovak Joint Commission on Economic Cooperation. Deputy Chairman of the Cabinet of Ministers H. Geldimyradov delivered a report on this matter, according to the TDH news agency. As reported, work is underway to establish the commission and ensure organizational arrangements for its first meeting. During the upcoming meeting, it is planned to discuss the expansion of cooperation between Turkmenistan and the Slovak Republic in trade and economic affairs, fuel and energy, construction, transport and communications, as well as information technology. The agenda also includes issues of cooperation in agriculture, ecology, healthcare, medical science, education, culture, sports, and tourism. A corresponding proposal was submitted for consideration by the head of state. After hearing the report, President Serdar Berdimuhamedow emphasized that Turkmenistan is consistently developing cooperation with European countries, including the Slovak Republic. He signed the prepared document and instructed the deputy prime minister to continue work in this direction.
The Turkmen-Austrian Commission discussed economic cooperation in Ashgabat
13.06.2026On June 12, the 13th meeting of the Joint Turkmen-Austrian Commission on Trade and Economic Cooperation was held in Ashgabat. The event was attended by heads of relevant ministries and agencies of Turkmenistan and Austria, as well as representatives of business structures, the IIC reports. The parties discussed the development of bilateral economic relations and the increase of trade turnover. Particular attention was paid to the implementation of previously reached agreements and the introduction of Austrian experience in the field of digital economy into Turkmenistan’s industrial sector. During the talks, areas of further cooperation were considered, including tasks related to the digitalization of the economy and the expansion of industrial cooperation using innovative solutions. The Austrian side proposed holding training seminars for Turkmen specialists in the fields of medicine and innovation. A joint action plan in the areas of education and culture for 2026–2027 was also approved. Following the meeting, the Final Protocol of the 13th meeting of the Joint Commission was signed, consolidating the reached agreements and priority areas of cooperation.
Turkmenistan Presented Investment Opportunities at a Forum in Turkey
13.06.2026On June 11, 2026, the Embassy of Turkmenistan in the Republic of Turkey organized a business forum at the building of the Union of Chambers and Commodity Exchanges in Denizli. This was reported by the “Turkmenistan: Golden Age” news agency. More than 100 executives of Turkish companies and representatives of the private sector took part in the event. The forum aimed to introduce the Turkish business community to Turkmenistan’s investment potential. During the presentations, speakers noted that Turkmenistan is pursuing a consistent policy of developing international trade and economic partnerships based on the principles of mutual respect, equality, and trust in order to realize the country’s investment potential. It was emphasized that the state supports the development of the private sector and the attraction of foreign investment by providing favorable conditions for doing business. Special attention was given to the country’s commitment to introducing environmentally friendly and green technologies across all sectors of the economy. Forum participants discussed promising areas of investment cooperation, including the oil and gas chemical industry, the agro-industrial sector, transport and logistics, as well as telecommunications and information technologies. As part of the event, a video presentation highlighting Turkmenistan’s investment potential was shown.
The Ambassador of Turkmenistan discussed cooperation with the Malaysian Customs Service
12.06.2026The Ambassador Extraordinary and Plenipotentiary of Turkmenistan to Malaysia held a meeting with the head of the country’s Royal Customs Department, Amran Ahmad. The sides discussed the state of bilateral relations and prospects for cooperation in trade, economic, and customs areas, according to the IIC. The Turkmen side proposed intensifying the exchange of professional experience between the customs services of the two countries and accelerating work on a draft Memorandum of Understanding in the customs sphere. The possibility of signing the document during the upcoming official visit of the Prime Minister of Malaysia to Turkmenistan was also considered. Malaysian representatives stated that the draft memorandum is currently under review by relevant legal bodies and agencies. They confirmed their readiness to provide a prompt response and expressed interest in further developing bilateral dialogue. The meeting took place in a constructive atmosphere, and both sides confirmed their commitment to expanding the partnership.
Turkmenistan and Pakistan discussed developing direct textile supplies
12.06.2026The Ambassador of Pakistan to Turkmenistan, Faryal Laghari, and the Chairman of the Nishat Group, Mian Muhammad Mansha, together with a delegation, visited the Turkmenbashi and Ashgabat textile complexes on June 6. They were accompanied by the Deputy Minister of Textile Industry of Turkmenistan, Togtamuрат Meredov, according to the news website Turkmenportal. The guests were shown the production facilities of enterprises manufacturing home textiles, yarn, and fabrics. The delegation paid particular attention to knitting workshops, where cotton blends are used. Mansha noted the high level of production organization and the significant participation of women in the workforce. Products for both the domestic market and export were also presented, including clothing and textile goods. It is noted that Nishat Group enterprises in Pakistan already use high-quality Turkmen yarn. During the negotiations, the sides discussed expanding exports in the interests of Nishat Group and the possibility of opening retail stores in both countries. The Pakistani side invited a Turkmen representative to visit local enterprises. As a result of the meeting, an agreement was reached to transition to direct supplies without intermediaries.
Turkmen Delegation Discusses Expansion of Trade Cooperation with Libya
12.06.2026A Turkmen business delegation paid an official visit to Libya. The delegation included representatives of the Union of Industrialists and Entrepreneurs of Turkmenistan, executives of textile enterprises, and staff members of the “Hasar” organization. This was reported by the news website Turkmenportal. The visit was accompanied by Libya’s Ambassador to Turkmenistan, Mahmoud A.M. Hasan. The delegation’s first stop was Misrata, where its members visited the Free Economic Zone and held talks with representatives of local authorities and the business community. The parties discussed prospects for trade and economic cooperation as well as the development of logistics links. On June 9, the delegation arrived in Tripoli, where Turkmen manufacturers presented their products to Libyan partners. Textile products, including denim goods, attracted the greatest interest. The visit was aimed at strengthening trade and economic relations between Turkmenistan and Libya, as well as promoting Turkmen products in the markets of North Africa.
Turkmenistan and IDFC discuss infrastructure projects
11.06.2026A meeting was held at the Ministry of Railway Transport of Turkmenistan with a delegation from the U.S. International Development Finance Corporation (IDFC), headed by Chief Policy Officer Caroline Vic. This was reported by IIC. The talks were attended by the Minister of Railway Transport of Turkmenistan M. Akmamedov and, via video link, the head of the State Service of Maritime and River Transport A. Shanazarov. The parties discussed cooperation in the transport sector and opportunities to attract investment for the implementation of infrastructure projects. Representatives of Turkmenistan highlighted the country’s importance as a key link in international transport and transit corridors and emphasized prospects for expanding cooperation in the field of logistics. Following the meeting, participants confirmed their interest in further developing economic cooperation and continuing dialogue on promising areas of partnership.
Cooperation between Turkmenistan and the Republic of Korea in textiles reaches a new level
10.06.2026The textile industry is one of the most important sectors of Turkmenistan’s economy. Leveraging the potential of cotton production, the country is increasing output of high value-added products and expanding international cooperation, including with the Republic of Korea, which possesses advanced technologies in this field, according to the news agency Orient. In recent years, interaction between the two countries has significantly intensified. Cooperation covers not only trade, but also technology exchange, workforce training, modernization of enterprises, and promotion of products to foreign markets. Collaboration with Korean companies has been developing since 2009, while a new stage began in 2023 with the launch of the “TASK” project implemented by the Korea Institute of Industrial Technology (KITECH). The initiative is aimed at providing technical support to Turkmen textile enterprises and introducing modern production solutions. An additional confirmation of the strengthening partnership was the participation of the Korean side in the “Turkmentextile Expo-2026” exhibition in Ashgabat, where KITECH presented a dedicated stand for the “TASK” project. Practical cooperation is also developing through mutual visits. In 2024, a Turkmen delegation visited the KISCO enterprise in Incheon, becoming familiar with the company’s modern production technologies and environmental solutions. Earlier, in 2023, Turkmen entrepreneurs participated in the “Korea Import Fair” in Seoul. Overall, the partnership between the two countries in the textile sector goes beyond trade, encompassing technological exchange and production modernization. The combination of Turkmenistan’s cotton potential and the Republic of Korea’s technological expertise creates a foundation for further industry development and enhances the competitiveness of Turkmen textiles on the global market.
Turkmen market attracts entrepreneurs from Turkey during exchange trading
08.06.2026On June 6, during exchange trading on the external market, entrepreneurs from Turkey concluded deals with Turkmen suppliers for the purchase of first-grade refined cottonseed oil. This was reported by the press service of the State Commodity and Raw Material Exchange of Turkmenistan. On the domestic market, agreements were also recorded between Turkmen entrepreneurs and the State Association of the Food Industry of Turkmenistan for the supply of first-grade refined cottonseed oil. In addition, contracts were signed with the State Concern “Turkmenpagta” for the purchase of cotton fiber. In total, five transactions were concluded worth 97 million manats and 600 thousand US dollars. The deals covered both the domestic market and external export directions, including participation from Turkish companies.
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