Resources of Turkmenistan caused interest in the leading chemical holding of Asia
The Singapore companies already study possibilities of cooperation with Turkmenistan in the chemical industry and in sphere of private education, Senior Minister of State Koh Poh Koon said at the joint business forum organised in connection with a two-day state visit of President Gurbanguly Berdimuhamedov. - Before to begin business, it is necessary to learn each other well. The companies do not begin business or investment relations with other country, without owning the information on this market, - noted Koh Poh Koon, speaking about today's forum as of information-rich presentation platform which opens the economic potential of Turkmenistan, its possibility in trade and investments, industrial and transport sectors. He also told that "Turkmenkhimiya" has carries on one and a half year negotiations with the Singapore Corporation Indorama Corporation - the largest holding company which works worldwide and through the branches produces such industrial goods as polyethylene, polypropylene, polyester, yarn, fabrics, disposable medical gloves and fertilizers. And here today they sign the memorandum of mutual understanding - the first document putting a basis for cooperation. In this connection the minister mentioned also two agreements of the State Bank for Foreign Economic Affairs of Turkmenistan with Association of Banks of Singapore and with the Development Bank of Singapore (DBS Bank), memorandums between the Chamber of Commerce and Industry of Turkmenistan and Business Federation of Singapore, and also the State Institute of Economy and Management and Institute of Management of Singapore. «At the intergovernmental level Turkmenistan and Singapore closely co-operate to create favourable conditions for bilateral business», - Dr. Koh told. For example, both countries have just finished negotiations on the Agreement on avoidance of double taxation which reduces tax rates of dividends, per cent and royalty, he added. Signing of this agreement is envisaged by the program of the state visit of president Berdimuhamedov and planned for tomorrow, August, 27. It is expected that it will stimulate transboundary trade and investments and such efforts on improvement of regulatory environment in the markets have a key value for increase in trading and investment streams that finally will lead to the economic growth. - I look forward to fast ratification and coming into force of this agreement that our business communities could use such possibilities, - he told. Koh Poh Koon also urged to consider Turkmen partners Singapore as a bridge for access to the markets of Southeast Asian region with a fast-growing city middle class. As a whole, today at the forum in Singapore nine documents, including seven memorandums of mutual understanding have been signed.
