"Effective integration within the CIS can become a powerful impetus for development in new realities as a space where major transport and energy projects are carried out," said Minister of Finance and Economy of Turkmenistan Mukhammetgeldi Serdarov, speaking at the St. Petersburg International Economic Forum on Thursday.

The head of the Turkmen Ministry of Finance took part in a discussion on the topic "Integration for development: new horizons", where the role and formats of such regional associations as the CIS in overcoming the negative consequences of the pandemic and building a new world economy of the post-crisis era were discussed.

Serdarov singled out cooperation in the energy and transport spheres as strategic areas of integration.

"Ensuring comprehensive and indivisible energy security covering the production, transportation and consumption of energy carriers determines the content of Turkmenistan's proposals and practical actions in this area," the minister said.

He called cooperation in the field of transport, the development of the Commonwealth's transport and communication system, the creation of large transport and logistics centers another important area.

"The creation of an integrated, balanced and high-tech transport infrastructure will really stimulate investment activity, contribute to the growth of economic and social indicators on a global, regional and national scale," the head of the Turkmen financial and economic department said.

Mukhammetgeldi Serdarov recalled that an International Ministerial Conference of Landlocked Developing Countries will be held in Ashgabat on August 15-16 this year and reiterated the invitation to all CIS states to participate in this forum.

"We need to be able to put into practice the competitive advantages of our countries – geography, infrastructure compatibility, experience and traditions of cooperation, in order to form new transit corridors and jointly enter major transport services markets. Moreover, in a short time," Serdarov urged the participants of the discussion.

As an example of the implementation of such projects, he named the Kazakhstan-Turkmenistan-Iran railway, which opens up good prospects for expanding trade and economic cooperation between the CIS countries on the Eurasian continent.

In his speech, the Minister listed the main risk factors that require decisive measures of macroeconomic and structural policy: a significant increase in commodity prices, supply disruptions, increased food instability, etc. Thus, according to the WTO, it is expected that the volume of production in the CIS region will decrease by 7.9%, which will lead to a reduction in imports of the region by 12%, while exports will increase by 4.9%, due to rising energy prices.

Expanding trade, reducing formalities and simplifying trade procedures, stimulating public-private partnership in this area will ensure a more sustainable post-pandemic economic recovery of our states, Mukhammetgeldi Serdarov said.

The session was also attended by Sergey Glazyev, Minister for Integration and Macroeconomics of the Eurasian Economic Commission, and Sergey Lebedev, Chairman of the Executive Committee – CIS Executive Secretary, Dmitry Mezentsev, State Secretary of the Union State of Russia and Belarus, Chairman of the CIS Economic Council, Minister of Trade and Integration of Kazakhstan Bakhyt Sultanov.

The session was hosted by a well-known Russian journalist, economic columnist Alexey Bobrovsky, who, summing up the discussion, made a key conclusion that the main engine of the development of the economies of the CIS countries and integration processes will be energy.

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