Economy
Turkmenistan's construction and industrial complex exceeded its target for 10 months
02.11.2025On 31 October, Deputy Chairman of the Cabinet of Ministers of Turkmenistan Baymyrat Annamammedov reported on the work of the construction and industrial complex for January–October of this year during a meeting of the Cabinet of Ministers. This was reported by the state news agency TDH. Overall, the production and work plan were fulfilled by 104.1%. By ministry, the figures were as follows: construction and architecture – 113.8%, industry and construction production – 106.2%, energy – 109.7%, State Concern ‘Türkmenhimiýa’ – 100.1%. The State Agency for Road Construction fulfilled the plan by 103.4%, and the work of the Ashgabat city administration is estimated at 109 million manats. After hearing the report, President of Turkmenistan Serdar Berdimuhamedov noted the need to increase the efficiency of the complex's enterprises and develop electricity production, and instructed the Deputy Prime Minister to keep the activities of the State Concern ‘Türkmenhimiýa’ under control.
Turkmenistan demonstrates growth in oil and gas production over ten months
02.11.2025On 31 October, Deputy Chairman of the Cabinet of Ministers of Turkmenistan Batyr Amanov presented a report on the results of work carried out in January–October to increase oil and gas production and expand export routes during a meeting of the Cabinet of Ministers. This was reported by the state news agency TDH. The State Concern ‘Türkmennebit’ exceeded its oil production plan by 109.3%. The oil refining plan was fulfilled by 108.6%, gasoline production by 107.5%, diesel fuel by 100.7%, and natural and associated gas production by 101.8%. Indicators for the production of polypropylene, lubricating oils, liquefied gas and natural gas exports were also announced. After hearing the report, President of Turkmenistan Serdar Berdimuhamedov emphasised the need to increase the efficiency of production capacity utilisation and instructed the Deputy Prime Minister to keep geological exploration and drilling operations under control.
Financial plans for next year presented in Turkmenistan
02.11.2025On 31 October, during a meeting of the Cabinet of Ministers, Deputy Chairman of the Cabinet of Ministers of Turkmenistan Hojamyrat Geldimyradov congratulated President of Turkmenistan Serdar Berdimuhamedov and National Leader of the Turkmen people, Chairman of the Halk Maslahaty of Turkmenistan Gurbanguly Berdimuhamedov, on the 32nd anniversary of the introduction of the manat, wishing them health, longevity and success in their work for the benefit of the country. This was reported by the news website Asmannews. The Deputy Prime Minister presented a report on macroeconomic indicators for January-October 2025. During this period, GDP growth amounted to 6.3%, including: industry – 1.7%, construction – 8.1%, transport and communications – 10.4%, trade – 9.7%, agriculture – 5.2%, services – 8.3%. Production volume grew by 10.1%, retail turnover by 13%, and foreign trade by 9.2%. The revenue side of the budget is expected to be fulfilled at 100%, and the expenditure side at 96.3%. The average wage increased by 11.9%, and all social payments were financed in a timely manner. The volume of capital investments grew by 3.7%. The President of Turkmenistan noted the importance of developing the financial, economic and banking sectors, instructing that their work be improved. The Deputy Prime Minister also reported on the draft State Budget for 2026, prepared as part of the ‘Programme of the President of Turkmenistan for the socio-economic development of the country in 2022-2028’. The document provides for investments in the development of the country's industries and regions. The Head of State signed a document on submitting the draft State Budget to the Mejlis of Turkmenistan for consideration.
Turkmenistan Economy Days conclude in Frankfurt
01.11.2025The two-day forum brought together representatives of Turkmenistan's ministries and agencies, as well as executives from leading German companies and financial institutions. The event was organised by the Chamber of Commerce and Industry of Turkmenistan, according to the IIC of Turkmenistan. The main topics of discussion were the prospects for bilateral cooperation in energy, industry, agricultural technology and healthcare. Deputy Chairman of the Cabinet of Ministers Nokerguly Atagulyev summed up the results of the implementation of the roadmap for cooperation and stressed the importance of attracting innovation and technical expertise from German partners to implement national reforms. The Turkmen side presented an economic development strategy aimed at creating competitive production with high added value. The ammonia and urea plant in Garabogaz and the gas chemical complex in Ahal were cited as examples of successful projects. The forum concluded with the signing of cooperation agreements and a series of B2B and B2G business meetings, which opened up new opportunities for investment cooperation.
Turkmenistan has identified key areas of partnership with Germany
01.11.2025In Frankfurt am Main, as part of the Turkmenistan Economy Days, Nokerguly Atagulyev, Deputy Chairman of the Cabinet of Ministers of Turkmenistan, delivered a keynote speech, according to the news website Asmannews. He summarised the implementation of the Roadmap for bilateral cooperation and highlighted four key factors for investors: socio-political stability, a rich raw material base, competitive energy prices and reliable legal protection. N. Atagulyev presented promising areas for cooperation with German companies, including the development of energy and petrochemicals, development of Caspian deposits, construction of the TAPI gas pipeline and the ‘Galkynysh’ field, as well as projects in the field of renewable energy — solar and wind stations and a new 10 MW combined power plant in the Balkan velayat. He also noted opportunities for the chemical and textile industries, transport and logistics infrastructure, as well as urban development and healthcare, including the construction of the Arkadag smart city and the participation of German companies in equipping medical facilities. Particular attention was paid to the role of the private sector: The Union of Industrialists and Entrepreneurs of Turkmenistan plans to implement 155 projects by 2028, including the production of fertilisers, technical carbon and electronics. N. Atagulyev emphasised that the forum would serve as a platform for taking trade and economic relations with Germany to a new level.
‘Türkmengaz’ to sign $108 million contract with ‘Siemens Energy Global’
01.11.2025The State Concern ‘Türkmengaz’ plans to sign a contract with ‘Siemens Energy’ worth $108 million for the repair of compressors and turbines. This was announced by Berdimyrat Amanov, Deputy Chairman of the ‘Türkmengaz’ State Concern, at the ‘Turkmenistan Economy Days’ forum in Frankfurt, according to the online publication ‘Business Turkmenistan’. B. Amanov noted the long-term nature of cooperation with German companies. Among the projects is a Memorandum with ‘Siemens Energy’ on the modernisation of compressor stations, signed in November 2023. Special attention is paid to cooperation with BASF: from 2020 to 2025, more than 2,000 tonnes of chemical reagents worth over €22 million were purchased through a trading partner. Amanov proposed concluding a direct long-term contract to optimise supplies. Cooperation with Germany covers the supply of pipes, equipment, chemical reagents, spare parts and the construction of compressor stations. Investment projects are also being developed in Turkmenistan for the production of chemical products and cement based on local resources. The forum was organised by the Chamber of Commerce and Industry of Turkmenistan with the support of TMT Consulting Group.
Turkmenistan to host CIET 2025 International Conference
01.11.2025The CIET 2025 International Conference and Exhibition, to be held in the ‘Avaza’ National Tourist Zone on 3-4 November 2025, will focus on ‘green’ energy and sustainable construction. This was reported by the online publication Arzuw News. Under the slogan ‘Smart Construction. Clean Energy. Resilient Future,’ the event will bring together more than 800 participants from 56 countries. The forum's programme includes discussions on innovative and energy-efficient technologies that can improve productivity and the environmental situation. Special attention will be paid to B2G meetings for direct interaction with government agencies and expanding investment opportunities. The forum will provide entrepreneurs with a platform to present products, establish contacts and form partnerships, contributing to the strengthening of Turkmenistan's economy and promoting the country as a leader in ‘green’ energy and innovative construction.
‘Türkmengaz’ State Concern offers German companies joint long-term projects
01.11.2025At the ‘Turkmenistan Economy Days’ forum in Germany, Berdimyrat Amanov, Deputy Chairman of the ‘Türkmengaz’ State Concern, presented the country’s energy potential and prospects for cooperation with German companies, according to the news agency TerraNews. B. Amanov noted that Turkmenistan's hydrocarbon reserves are estimated at 71.2 billion tonnes of oil equivalent, including 27.4 trillion cubic metres of gas in the ‘Galkynysh’, ‘Yashlar’ and ‘Garakol’ fields. B. Amanov spoke about plans to develop the second and third phases of the ‘Galkynysh’ field, build compressor stations and underground storage facilities, and introduce SCADA digital control systems and smart meters. He also highlighted the successful cooperation with ‘Siemens Energy’ and ‘BASF SE’ and expressed his willingness to expand the partnership with Germany in the supply of equipment, chemical reagents and construction of facilities, confirming Turkmenistan's openness to investment and international cooperation.
Turkmenistan intensifies East-West and North-South transport corridors
31.10.2025Turkmenistan is actively developing its transport infrastructure, striving to become a key transit hub for East-West and North-South routes, said Deputy Minister of Finance and Economy Babaniyaz Yalakov. This was reported by the news website Turkmenportal. He emphasised that the country is located at the intersection of important trade routes, which opens up new foreign markets for domestic producers. According to B. Yalakov, Turkmenistan has a developed air transport network with seven international airports and promising railway routes, including the TRACECA transport corridor, and also participates in the North-South Transport Corridor, the Trans-Caspian Route and the Lapis Lazuli Corridor. Particular attention is being paid to the modernisation of road transport: this year, it is planned to complete the third stage of the Ashgabat-Turkmenabat motorway, providing a direct link with Uzbekistan. The seaport of Turkmenbashi, with its upgraded infrastructure, is expanding access to global sea routes. B. Yalakov added that the country continues to prepare for accession to the WTO, including the finalisation of the Memorandum on Foreign Trade Regime and the introduction of international standards. The Days of Turkmenistan's Economy are being held on 30–31 October in Frankfurt am Main, organised by the Chamber of Commerce and Industry of Turkmenistan and TMT Consulting Group.
Turkmenistan is directing its economy towards the production of demanded goods
31.10.2025Deputy Minister of Finance and Economy of Turkmenistan Babaniyaz Yalakov stated during the Days of Turkmenistan's Economy in Germany that the goal of structural reforms in the country's economy is to create competitive products that are in demand on domestic and foreign markets, with an emphasis on manufacturing industries with high added value based on local raw materials, according to the news website Turkmenportal. According to him, one of the key areas of investment policy remains attracting foreign direct investment for the introduction of modern technologies and equipment, the development of innovation, human capital and ensuring environmental and economic security. B. Yalakov emphasised Turkmenistan's desire to create a favourable business environment and stimulate entrepreneurial activity. Among the priorities for international cooperation, he named transport and logistics corridors, energy cooperation, the digital economy, e-Government, agriculture and water resource management. The Days of Turkmenistan's Economy are being held on 30–31 October in Frankfurt am Main, organised by the Chamber of Commerce and Industry of Turkmenistan and TMT Consulting Group.
Turkmenistan intends to develop strategic partnership with German banks
31.10.2025Turkmenistan is seeking strategic and mutually beneficial cooperation with German financial institutions. The volume of joint projects with German banks has already reached about $700 million, said Serdar Yusupov, Deputy Head of the International Finance Department of the State Bank for Foreign Economic Affairs of Turkmenistan, at the Days of Turkmenistan's Economy in Germany, according to the news website Turkmenportal. S. Yusupov emphasised the reliability of partnerships with institutions such as Deutsche Bank, Commerzbank and the export credit agency Euler Hermes in implementing projects in key sectors of the country's economy, from textiles and medical industry to the oil and gas sector. S. Yusupov noted the development of Turkmenistan's banking system, which offers corporate and retail loans, trade and project financing, bank cards, international payments and transfers. The country's banks are integrated into the national system of the Central Bank, SWIFT and the global payment networks VISA and Mastercard, comply with international standards for combating money laundering, terrorist financing and corruption, as well as the sanctions regimes of the UN, the US, the EU and the G7. Turkmenistan intends to deepen its integration into the global economy and is open to new joint projects with Germany in the areas of financial services, investment, documentary business, trade finance, digitalisation of banking infrastructure and personnel training. The Turkmenistan Economy Days are being held on 30–31 October in Frankfurt am Main, organised by the Chamber of Commerce and Industry of Turkmenistan and TMT Consulting Group.
Turkmenistan maintains steady growth and low external debt at the end of 2024
31.10.2025At the end of 2024, Turkmenistan's external debt amounted to 4.1% of GDP, while there has been no internal debt since January 2022. This was announced by the country's Deputy Minister of Finance and Economy, Babaniyaz Yalakov, at the Days of Turkmenistan's Economy in Germany, according to the news website Turkmenportal. The republic's GDP in 2024 exceeded $68.7 billion, and economic growth remained at 6.3%. Investments in the economy reached $12.1 billion, which is 9% more than a year earlier. The volume of foreign investments grew by almost a quarter to $1.4 billion, or 11.6% of the total investment volume. The main areas for investment remain the oil and gas sector, the chemical industry, energy, construction and the agro-industrial complex. Inflation at the end of 2024 was 3.8%, and at the end of the first three quarters of 2025, it was 3.9%. Turkmenistan's foreign trade turnover reached $19.7 billion in 2024, with exports exceeding imports. Exports are dominated by hydrocarbons and manufacturing products, while supplies of electricity, fertilisers, construction materials and textiles are also growing. B. Yalakov noted that the development of non-hydrocarbon sectors of the economy is supported by the introduction of innovative technologies and digital solutions that increase the efficiency and competitiveness of national industry. The forum is being held on 30–31 October in Frankfurt am Main and is organised by the Chamber of Commerce and Industry of Turkmenistan and TMT Consulting Group.
Read also
Advertising
Read us in Zen
