TURKMENISTAN HOSTS FIRST INVESTMENT FORUM IN UAE

On February 1 and 2, 2010, the first investment forum of Turkmenistan and the exhibition of goods produced in this country were held at the National Exhibition Center Abu Dhabi (ADNEC). A representative Turkmen delegation headed by Mr. T. Dzhaparov, Deputy Chairman of the Cabinet of Ministers of Turkmenistan, arrived in the UAE. Opening the form, Mr. Japarov read out the welcome address of the President of Turkmenistan Gurbanguly Berdimuhamedov. On behalf of the UAE Government, delegates were welcomed by the UAE Minister of Finance Sultan Al-Mansouri. During the two days of plenary sessions, issues of the directions of economic development of Turkmenistan, investment activity of the country and directions of beneficial trade, economic and investment cooperation between Turkmenistan and the UAE were discussed.

The exhibition of goods manufactured in Turkmenistan was solemnly opened by Sheikh Nahayyan bin Mubarak Al Nahyan, Minister of Higher Education and Scientific Research of the UAE. The stands of the participating companies featured the famous Turkmen handmade carpets made of wool and silk, products of food and light industry companies, as well as investment projects of Turkmenistan in the field of international tourism and hospitality.

In 2009, trade between the two countries amounted to US $ 676.1 million. In the total foreign trade turnover of Turkmenistan in 2009, the UAE took 5th place. Turkmenistan mainly exports products from the textile, light, chemical industries, agriculture, and the fuel and energy complex. Electric goods, equipment, vehicles, metal and various products from it, construction materials are delivered from the UAE to Turkmenistan.

According to the Ministry of Economy and Development of Turkmenistan, 51 enterprises with the participation of capital of the United Arab Emirates are registered in the country, of which 18 are with the right of legal entity. As of January 1, 2010, 56 projects and contracts with the participation of UAE companies and companies were registered, of which 53 projects worth 117.2 million US dollars.

Right after the end of the forum, on February 9, the official visit of the President of Turkmenistan Gurbanguly Berdimuhamedov to the United Arab Emirates began. According to the Turkmenistan.Ru news agency, following a meeting in Abu Dhabi, the Turkmen president and his Arab counterpart Sheikh Khalifa bin Zayed AlNahyan signed a package of bilateral documents designed to give new incentives to the development of mutually beneficial cooperation.

The program of Gurbanguly Berdimuhamedov’s visit to the UAE also included meetings with the Arab business elite and a visit to the Burj Khalifa tower in Dubai.

Recall that the current meeting of the heads of Turkmenistan and the UAE was preceded by official visits of Gurbanguly Berdimuhamedov in August 2007 to Abu Dhabi and Sheikh Khalifa bin Zayed AlNahyan in February 2008 in Ashgabat.