CEF-2019 set the vectors of financial and economic cooperation

CEF-2019 set the vectors of financial and economic cooperation

Within the framework of the CEF-2019, held in Avaza, representatives of the Ministry of Finance and Economy of Turkmenistan conducted a number of meetings with foreign delegates. As a result, important agreements were signed and plans were outlined to increase Turkmenistan’s cooperation with colleagues of the Caspian five countries, international organizations, financial institutions and private companies.

Minister of Finance and Economy of Turkmenistan Batyr Bazarov and Minister of Economic Development of the Russian Federation Maxim Oreshkin discussed cooperation in the field of innovation. They also considered such an important issue as the digitalization of the tax system of Turkmenistan and the creation of a “single window” mechanism for the provision of public services (for example: registration of enterprises, lease agreements).

Issues of development of free economic zones, improvement of the investment climate, including attracting foreign direct investment were discussed with the Deputy Minister of Industry, Mines and Trade of the Islamic Republic of Iran Mohammad Bahger Aali.

The Minister had a highly-charged exchange of views with Ms. Maika Oshikawa, the representative of the World Trade Organization. Turkmenistan is considering the WTO entry, so it is actively discussing and developing projects on trade and investment liberalization.

Negotiations were also held with Executive Director of the World Bank Werner Gruber, Regional Director for Central Asia and Turkmenistan Lilia Burunchuk, and representative of the WB International Finance Corporation Cassandra Colbert.

Competitive growth of export goods and products were discussed at the meeting with the head of the Eurasia Division of the OECD Global Relations Secretariat William Thompson, and the implementation of SDGs projects with UNDP representative Gerd Trogemann.

In addition to bilateral meetings, the Ministry of Finance was actively involved in the forum sessions, which raised issues of enhancing trade and economic cooperation, “green” economy for the Caspian Sea.

The forum proved that hydrocarbons are not the only value of the country. Turkmenistan possesses a huge trade and economic potential. Today, the country is actively implementing the economic policy of “open doors”, attracting the attention of the world market players to the Caspian and Central Asian region.