The International Forum on Attracting Investments in the Private Sector of Turkmenistan “Investments in the Future of Turkmenistan” (IFT 2025) was held in Ashgabat. This significant event attracted the attention of entrepreneurs, investors and representatives of government agencies united by a common goal — the development of the country’s economy through active investment.
During the plenary part of the forum, the Deputy Prime Minister of Turkmenistan in charge of the trade sector, Nokerguly Atagulyev, delivered a key report. In his speech, he highlighted the key factors that make Turkmenistan an attractive investment destination:
Firstly, socio-political stability – the country supports sustainable development and a favorable investment climate.
Secondly, Turkmenistan has a strong raw material base;
Thirdly, competitive energy prices ensure stability in the domestic market.
Finally, a reliable legal framework has been established in the country — the country’s legislation guarantees investment protection.
These conditions create ample opportunities for strengthening international cooperation and stimulate the flow of capital investments into the private sector.
Dynamics of economic development of Turkmenistan
According to Ataguliyev, Turkmenistan’s economy is experiencing steady growth. In 2024, the country’s GDP increased by 6.3%. As part of national investment programs, dozens of new industrial and infrastructure facilities are commissioned annually. In 2024, 86 industrial and socio-cultural facilities were opened.
For 2025, investments amounting to 40.07 billion manats are planned, with 70% (26.3 billion manats) allocated for the creation of industrial facilities. Notably, the private sector shares more than half of these funds (13.2 billion manats).
Turkmenistan actively supports private entrepreneurship, as reflected in its plans to increase its share in the country’s GDP to 71.6% by 2025.
The role of the Union of Industrialists and Entrepreneurs of Turkmenistan
The IFT 2025 International Forum has become part of a rich program of events in celebration of the 17th anniversary of the Union of Industrialists and Entrepreneurs of Turkmenistan (UEIT), an umbrella organization for private business and public-private partnership in Turkmenistan.
“Speaking about the activities of the Union of Industrialists and Entrepreneurs of Turkmenistan, this Union, established in 2008, currently unites over 29,000 members and has become a powerful structure operating in almost all economic sectors. The Union has its own Business School, Commercial Bank ‘Raisgal’, Construction Department, and publishes its own newspaper,” noted the Deputy Prime Minister.
The UIET has representative offices in Beijing, Dubai, Vienna, as well as trading houses in Kyrgyzstan, Georgia, Afghanistan, China, and other countries. This expansion enhances export opportunities and facilitates the integration of Turkmen enterprises into the global economy.
“Through credit and private funds, as well as attracted investments, entrepreneurs are constructing facilities across various industries, commissioning new plants and factories. Thanks to these projects, over 420,000 new jobs have been created in 17 years,” Ataguliyev emphasized.
Investment projects and export potential
According to Atagulyev, the Presidential Program of socio-economic development of the country for 2022-2028 provides for the implementation of 155 projects by members of the Union of Industrialists and Entrepreneurs of Turkmenistan.
As it became obvious from the speech, the private sector is now represented practically in any branch of the economy of Turkmenistan, producing high-quality export and import-substituting products.
Turkmenistan’s private agro-industrial sector exports fruits and vegetables, processed products, confectionery, soft drinks, fruit juices, baby food, dairy products and other goods.
The achievements of entrepreneurs in the industrial sector are also encouraging. Private enterprises process polyethylene and polypropylene raw materials and produce various types of polymer and plastic products that are in high demand in foreign markets.
Similarly, high-tech enterprises produce carpets and carpet products, synthetic detergents, disinfectants and sealants, as well as building materials such as paints, adhesives and aerated concrete. In addition, there are large enterprises of the textile industry that produce yarn, clothing and footwear.
UIET members are building plants for the production of complex fertilizers, carbon black and ethyl alcohol. Investment projects are being developed for the production of caustic and soda ash, chlorine, hydrochloric acid, sodium sulfate, cement and other products based on local natural resources.
Work is also underway to develop the electronic industry. Turkmen entrepreneurs produce televisions, electronic payment terminals, computers, laptops, tablets and other electronic devices.
Taking into account the possibilities of the digital economy in business development on an innovative basis, IT enterprises have been created and are actively operating, and the Turkmen IT Park has started operating.
Taking into account the rapid development and importance of the transport and logistics system worldwide, the Association “Turkmen Logistics” was established under the auspices of the Union of Industrialists and Entrepreneurs of Turkmenistan.
The development of the tourism sector is also one of the priorities of the Union.
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With abundant natural resources, a strategic geographic location, and an ‘open-door’ policy, Turkmenistan remains an attractive investment destination. The government actively supports private-sector initiatives and creates favorable conditions for business.
The IFT 2025 International Forum underlines Turkmenistan’s readiness for an open dialogue with foreign investors. The country invites international companies to participate in major projects in such areas as information technology, tourism, chemical industry, transport and logistics.
Thus, the forum has become an important platform for discussing promising investment areas and establishing new business ties that contribute to the economic prosperity of the country. ///nCa, 18 March 2025
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