Economy
Turkmenistan's GDP grew by 6.3% in January-May 2025
05.06.2025The gross domestic product (GDP) of Turkmenistan grew by 6.3 per cent in January–May 2025. This was announced by Deputy Chairman of the Cabinet of Ministers Hojamyrat Geldimyradov during a regular meeting of the Cabinet of Ministers, according to the state news agency TDH. The Deputy Prime Minister reported on macroeconomic indicators, noting steady growth in a number of sectors. Growth was recorded in industry (0.8%), construction (4.7%), transport and communications (10.8%), trade (9.9%), agriculture (4%) and services (8.6%). The total volume of production increased by 9.7% compared to the same period last year. H. Geldimyradov also noted a 12.5% increase in retail trade turnover and a 5.4% increase in foreign trade turnover. The revenue side of the state budget was executed at 101.2%, while the expenditure side was executed at 97.6%. The average wage at large and medium-sized enterprises increased by 11.4%. Pensions, benefits and scholarships were financed in a timely manner. The volume of investments increased by 16.3%. After listening to the report, President of Turkmenistan Serdar Berdimuhamedov noted the need to ensure sustainable economic growth and maintain the set GDP growth rates until the end of the year. The Head of State instructed to keep the implementation of state programmes under control and focused attention on the main task of the government – improving the living standards of the population. Particular importance is attached to the implementation of the Programme of Socio-Economic Development of Turkmenistan for 2022–2028.
The transition to ‘green’ energy was discussed in Ashgabat ahead of the TESC 2025 conference
04.06.2025Ahead of the TESC 2025 international conference in Ashgabat, a round table was held on Turkmenistan's transition to green energy. The event, organised with the support of the UN, brought together representatives of international organisations, government agencies and the expert community. This was reported by the online publication ‘Turkmenistan: Golden Age’. The round table was moderated by Dmitry Shlapachenko, UN Resident Coordinator in Turkmenistan. Participants discussed policy-making in the field of sustainable energy and the development of the country's national potential. The head of UNICEF in Turkmenistan, Jalpa Ratna, shared the organisation's vision for ‘green’ energy, while UNDP representative Tomica Paovic spoke about the development of relevant competencies. Turkmenistan's Foreign Affairs Ministry adviser Magtymguly Akmuradov presented national approaches to climate policy. Muhammetberdi Bashiyev (‘Turkmengas’) reported on the results of work to reduce methane emissions. During a lively discussion, practical proposals were developed for the development of international cooperation in the field of environmentally friendly energy.
Turkmen-Mongolian business forum opens new prospects for co-operation
03.06.2025A Turkmen-Mongolian business forum dedicated to strengthening trade and economic partnership between the two countries was held within the framework of Turkmen President Serdar Berdimuhamedov's state visit to Mongolia. This was reported by the state news agency TDH. According to the source, the forum was held in the conference hall of the National Chamber of Commerce and Industry of Mongolia and brought together representatives of government authorities, business circles and business structures of Turkmenistan and Mongolia. Before the meeting, the participants familiarised themselves with the exhibition of arts and crafts and the exposition of Turkmen carpets. The speakers noted that the traditionally warm relations between the countries have reached a new level. This is evidenced by the intensification of political dialogue and signing of bilateral agreements within the framework of mutual visits of the Heads of State. During the event, video presentations demonstrating the economic and investment potential of both countries were presented. Mongolian partners emphasised the importance of Turkmenistan as a rapidly developing economy of Central Asia with significant natural resources. Special attention was paid to the industrial and innovative development of Turkmenistan, including the introduction of modern technologies in industrial production. Representatives of various companies operating in key sectors of the economy spoke at the forum. The Mongolian business community expressed interest in establishing direct business contacts with Turkmen partners. The event also included bilateral talks between representatives of government agencies and the private sector, during which the prospects for expanding cooperation and implementing joint investment projects were discussed. A number of bilateral documents were signed at the end of the forum. The forum participants expressed confidence that the meeting would become a new impetus in the development of economic relations between Turkmenistan and Mongolia and emphasised the importance of holding similar events in the future.
The Ambassador of Turkmenistan familiarised with the activities of Vandewiele in Belgium
03.06.2025As part of the development of industrial and investment cooperation between Turkmenistan and Belgium, Ambassador Extraordinary and Plenipotentiary of Turkmenistan to Belgium Sapar Palvanov visited the headquarters of the Vandewiele Company - one of the world's leading manufacturers of equipment for carpet weaving industry. This is reported by the IIC of Turkmenistan. During the visit, a meeting with Vice President of Vandewiele Group Thomas Baudouin and Sales Manager Timur Tefikov was held. The representatives of the company familiarised the Turkmen side with the main activities, innovative technologies and stages of the production cycle. S. Palvanov visited the production workshops where high-tech equipment for the carpet industry is manufactured. During the talks, special emphasis was placed on the company's co-operation with the Turkmen private enterprise ‘Abadan Haly’, which successfully uses Vandewiele equipment. The company's management expressed interest in further expansion of co-operation with Turkmenistan, including the establishment of partnerships with state-owned enterprises in the textile and carpet sectors
Turkmenistan delegation and Picanol company discussed partnership development
03.06.2025A delegation of Turkmenistan, headed by Textile Industry Minister Nurmuhammet Orazgeldiyev, paid a working visit to Ypres (Belgium) on 30 May. This is reported by the IIC of Turkmenistan. According to the source, the purpose of the visit was to develop partnership with Picanol, a manufacturer of weaving machines. The Turkmen delegation was received by weaving equipment sales director Tony Decock, who made a presentation on the company's activity, its history, innovative solutions and current developments. Within the framework of the visit the delegation was familiarised with the production lines as well as with demonstration samples of the equipment. More than 20 years of co-operation between Picanol and textile enterprises of Turkmenistan were noted. The Turkmen side highly appreciated the reliability and efficiency of the equipment used, expressing interest in its further acquisition and modernisation. The parties also discussed issues of maintenance, supplies and training of specialists.
Turkmen-Mongolian business forum opens new prospects for co-operation
03.06.2025A Turkmen-Mongolian business forum dedicated to strengthening trade and economic partnership between the two countries was held within the framework of Turkmen President Serdar Berdimuhamedov's state visit to Mongolia. This was reported by the state news agency TDH. According to the source, the forum was held in the conference hall of the National Chamber of Commerce and Industry of Mongolia and brought together representatives of government authorities, business circles and business structures of Turkmenistan and Mongolia. Before the meeting, the participants familiarised themselves with the exhibition of arts and crafts and the exposition of Turkmen carpets. The speakers noted that the traditionally warm relations between the countries have reached a new level. This is evidenced by the intensification of political dialogue and signing of bilateral agreements within the framework of mutual visits of the Heads of State. During the event, video presentations demonstrating the economic and investment potential of both countries were presented. Mongolian partners emphasised the importance of Turkmenistan as a rapidly developing economy of Central Asia with significant natural resources. Special attention was paid to the industrial and innovative development of Turkmenistan, including the introduction of modern technologies in industrial production. Representatives of various companies operating in key sectors of the economy spoke at the forum. The Mongolian business community expressed interest in establishing direct business contacts with Turkmen partners. The event also included bilateral talks between representatives of government agencies and the private sector, during which the prospects for expanding cooperation and implementing joint investment projects were discussed. A number of bilateral documents were signed at the end of the forum. The forum participants expressed confidence that the meeting would become a new impetus in the development of economic relations between Turkmenistan and Mongolia and emphasised the importance of holding similar events in the future.
The Ambassador of Turkmenistan familiarised with the activities of Vandewiele in Belgium
03.06.2025As part of the development of industrial and investment cooperation between Turkmenistan and Belgium, Ambassador Extraordinary and Plenipotentiary of Turkmenistan to Belgium Sapar Palvanov visited the headquarters of the Vandewiele Company - one of the world's leading manufacturers of equipment for carpet weaving industry. This is reported by the IIC of Turkmenistan. During the visit, a meeting with Vice President of Vandewiele Group Thomas Baudouin and Sales Manager Timur Tefikov was held. The representatives of the company familiarised the Turkmen side with the main activities, innovative technologies and stages of the production cycle. S. Palvanov visited the production workshops where high-tech equipment for the carpet industry is manufactured. During the talks, special emphasis was placed on the company's co-operation with the Turkmen private enterprise ‘Abadan Haly’, which successfully uses Vandewiele equipment. The company's management expressed interest in further expansion of co-operation with Turkmenistan, including the establishment of partnerships with state-owned enterprises in the textile and carpet sectors.
Turkmenistan delegation and Picanol company discussed partnership development
03.06.2025A delegation of Turkmenistan, headed by Textile Industry Minister Nurmuhammet Orazgeldiyev, paid a working visit to Ypres (Belgium) on 30 May. This is reported by the IIC of Turkmenistan. According to the source, the purpose of the visit was to develop partnership with Picanol, a manufacturer of weaving machines. The Turkmen delegation was received by weaving equipment sales director Tony Decock, who made a presentation on the company's activity, its history, innovative solutions and current developments. Within the framework of the visit the delegation was familiarised with the production lines as well as with demonstration samples of the equipment. More than 20 years of co-operation between Picanol and textile enterprises of Turkmenistan were noted. The Turkmen side highly appreciated the reliability and efficiency of the equipment used, expressing interest in its further acquisition and modernisation. The parties also discussed issues of maintenance, supplies and training of specialists.
Deals worth over USD 1.3 million were concluded on the SCRMET of Turkmenistan
02.06.2025During last week, 23 deals totalling over 1 million 367 thousand US dollars and over 88 million 437 thousand manats were concluded at the State Commodity and Raw Materials Exchange of Turkmenistan. This is reported by the Internet publication ‘Turkmenistan: Golden age’. Foreign entrepreneurs from the United Arab Emirates and Afghanistan purchased batches of liquefied gas produced at the enterprises of the State Concern ‘Türkmenhimiýa’. Entrepreneurs from Turkey purchased purified cotton waste. Turkmen entrepreneurs actively purchased construction materials and oil products. Among the key items of domestic auctions are oil road bitumen, polypropylene, base oil from the State Concern ‘Türkmennebit’, as well as Portland cement, cotton yarn and textile waste.
Turkmenistan expands scale of geological research
31.05.2025The State Corporation ‘Türkmengeologiýa’ carries out a comprehensive study of the subsoil of Turkmenistan using geological and geophysical methods. The main directions of its activity are the search for deposits of oil, natural gas, solid minerals, construction materials and underground water, AsmanNews reported. According to the source, importance is attached to hydrogeological studies. Expeditions are operating in Ahal, Balkan, Dashoguz and Mary velayats of the country, carrying out surveys on various scales and observations of groundwater conditions, including quality, mineralisation and level of occurrence. In addition to the main activity, ‘Türkmengeologiýa’ performs contractual works ordered by the provincial governors and other organisations within the framework of implementation of the ‘National Program of the President of Turkmenistan for improvement of social and living conditions in villages, settlements, towns and district centres till 2028’. Thanks to the application of modern technologies such as SZMC-300, SZMC-200 and others, all conditions are created for increasing the efficiency of work in the country.
Turkmenistan actively develops digital banking services
30.05.2025The digital banking sector is actively developing in Turkmenistan. Credit institutions of the country have significantly expanded the list of online services, including ‘Internet-bank’, ‘Mobil-bank’, ‘Elektron söwda’, ‘Sanly töleg’, ‘Sanly karz’, ‘VISA Virtual’. The news was reported by the state news agency TDH. According to the source, these services allow customers to make cashless payments, manage accounts, apply for loans and bank cards online. The State Bank for Foreign Economic Affairs launched ‘Galkynyş’ payment system for transactions in national and foreign currencies. The bank also introduced ‘VISA Virtual’ card for secure online payments. Commercial Bank ‘Türkmenistan’ offers ‘Onlaýn kabulhana’ service through which customers can apply for banking services round the clock. The banks ‘Daýhanbank’, ‘Türkmenistan’ and ‘Halkbank’ provide digital services for payment of students' education abroad, medical expenses, as well as top-up of international cards ‘VISA’ and ‘MasterCard’. Mobile applications, such as ‘Sanly töleg’, ‘Halkbank-terminal’, ‘Senagat töleg’, which allow making contactless payments, are being actively introduced. In the first four months of the current year, the volume of non-cash payments through ‘Internet-bank’ and ‘Mobil-bank’ totalled more than 13.9 thousand manats, and the total volume of non-cash payments was 6.7 billion manats, which is 35% more than in the same period last year.
The first full-cycle copper cable manufacturing plant in Turkmenistan has started operations near Ashgabat
30.05.2025A unique copper cable factory for Turkmenistan has started up in the village of Onaldy in the Ahal region. The plant recycles scrap metal and old wires, turning them into high-quality cable products through three stages: crushing, cleaning and melting at temperatures above 1180°C. This was reported by IIC. The production capacity is 10 tonnes per day, with the prospect of increasing to 5,000 tonnes per year. The plant produces two types of cables: flexible (for mobile equipment) and rigid (for stationary facilities). All products meet strict quality standards, including 99% copper. The 10-hectare site houses modern workshops equipped with machinery from the Chinese company Ji Cheng Technology. The automated process is controlled from a central control panel, and each batch undergoes laboratory testing.
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