UK export finance department interested in partnership with Turkmenistan

UK export finance department interested in partnership with Turkmenistan

At the 7th meeting of the Turkmen-British Trade and Industry Council in Ashgabat, Vomik Shah, Regional Director of the UK Export Finance Department (UK Export Finance), spoke in favor of more vigorous cooperation with Turkmenistan.

“We allocated about a billion pounds to send them to Turkmenistan – we are interested in establishing contacts between our countries,” said Vomik Shah. “And we see very broad prospects for mutually beneficial cooperation in various areas: the fuel and energy complex, the processing industry, the electric power industry, transport, construction, the development of social infrastructure, water use and much more.

Particular emphasis was placed on supporting oil and gas processing projects. Turkmenistan systematically moves from the export of hydrocarbon raw materials to the export of its processed products, which are much more valuable on the world market. Jim Platt, BP’s business development manager in Azerbaijan, Georgia and Turkey, announced assistance in this matter at the meeting.

As a global leader in financing a variety of projects around the world, UK Export Finance adheres to the principle of involvement of British companies. This could significantly expand the list of partners of Turkmenistan and attract new players from the UK to the regional market.

– We also provide financial assistance to clients of British businesses. That is, the Turkmen colleagues are our partners. And we will provide our possible assistance from the very beginning of our cooperation.

– We hope that this forum will help us to get many recommendations on the use of allocated funding. Thanks to it, we will identify those areas where assistance is really needed, Shah concluded his speech.

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UK Export Finance is a British government organization under the supervision of the Department of Commerce and Industry of the United Kingdom, which serves as an export credit agency.

UK Export Finance services include long-term direct loans and assistance in project management, planning, developing technical equipment, purchasing goods, etc.