Turkmenistan intends to join the World Trade Organization as an observer in order to attract foreign investment through transparency and guarantees for investors.
This position was outlined by Deputy Foreign Minister Vepa Hajiyev at a session of the online seminar on the admission of new members to the WTO, the website of the Turkmen Foreign Ministry reports.
For foreign partners, Turkmenistan’s accession to the WTO will mean that the country has incurred obligations that internationally guarantee the protection of its business interests and rights.
Official Ashgabat will use the observer status in the organization for integration into international economic structures. Moreover, the WTO membership will strengthen the country’s position on international commercial issues, Hajiyev said.
Turkmenistan, pursuing the policy of import substitution and diversification of the national economy, is attracting investments to accelerate development of its processing industry. The country has already successfully carried out ambitious investment projects, the largest of which is a natural gas-to-gasoline plant built jointly with Japanese partners in the Akhal Region.
Joining the WTO as an observer will allow Turkmenistan to attract even more investors to sponsor such large projects. They will allow the country to fulfill the resource potential, and its partners to invest funds profitably.