President of Turkmenistan Receives ADB Vice President: Focus on Strengthening the Economy
Turkmenistan and the Asian Development Bank (ADB) aim to give new impetus to their cooperation. On June 23, President Serdar Berdimuhamedov received ADB Vice President for South, Central and West Asia Yang Yingming, who arrived in Ashgabat on an official visit. The meeting confirmed the strategic importance of this interaction for the sustainable development of Turkmenistan.
The guest from ADB particularly noted the stable dynamics of economic growth in Turkmenistan, confirming the Bank's readiness to support the country's initiatives to form a sustainable and diversified economy. ADB has been a reliable financial partner for a quarter of a century, participating in a wide range of projects - from energy and transport to healthcare, which have significantly influenced the socio-economic development of Turkmenistan.
President Serdar Berdimuhamedov emphasized that Turkmenistan attaches paramount importance to expanding international cooperation, especially with such authoritative financial institutions as the ADB. Today, this bilateral partnership is being implemented within the framework of the Cooperation Strategy with Turkmenistan for 2024-2028, actively promoting the development of key sectors of the economy, trade and energy in line with the Central Asia Regional Economic Cooperation (CAREC) Program.
The head of state expressed confidence that the Memorandum of Understanding signed in May this year between the State Committee for the Construction of the City of Arkadag and the ADB will give a significant impetus to the entire long-term partnership. This is an important signal demonstrating the ADB's readiness to participate in ambitious national projects that serve as a driving force for development.
Turkmenistan, which has colossal reserves of natural resources, is actively moving towards diversification of the energy sector, and ADB support in this area can be key. During the conversation, the development of the transport and logistics sector was also discussed. Turkmenistan's favorable geographical location serves as a solid foundation for this industry, and the country is interested in continuing a constructive dialogue with ADB on the modernization of the railway infrastructure - a key element of regional and international connectivity.
An important area noted by the President is the activation of financial, credit and consulting services for small and medium-sized businesses. ADB's cooperation with Turkmen banks in this area is designed to unlock the potential of the private sector, which is an integral part of modern macroeconomic policy and the development of financial markets. This meeting clearly demonstrated not only the strength of ties between Turkmenistan and ADB, but also a mutual desire to deepen them with a focus on specific projects and reforms designed to ensure the long-term prosperity of the country.
ORIENT
