Economy
Turkmenistan and Libya discussed the development of trade and economic cooperation
27.07.2026On 24 July, Mergen Gurdov, Chairman of the Chamber of Commerce and Industry of Turkmenistan, met with Mahmoud A. Hassan, Chargé d’Affaires ad interim at the Embassy of Libya in Turkmenistan. This was reported by the press office of the Chamber of Commerce and Industry of Turkmenistan. During the meeting, the parties discussed the further development of friendly relations between Turkmenistan and Libya, the intensification of trade and economic cooperation, and the expansion of business ties. The parties exchanged views on trade, investment, entrepreneurial activity and other priority areas of mutually beneficial cooperation. Particular attention was paid to strengthening contacts between the business communities of the two countries and making effective use of new opportunities for cooperation. At the conclusion of the meeting, the parties reaffirmed their readiness to consistently develop cooperation in areas of mutual interest, to implement joint initiatives in the future and to strengthen trade and economic relations.
Turkmenistan is expanding the capabilities of its geological exploration sector
26.07.2026On 24 July, at a meeting of the Cabinet of Ministers of Turkmenistan, Deputy Chairman of the Cabinet of Ministers G. Agajanov presented a report on the activities of the State Corporation ‘Türkmengeologiýa’. This was reported by the news agency TDH. It was noted that work is continuing in the country on the rational use of mineral resources, including geological exploration for rare minerals, drawing on international experience. Cooperation with leading foreign companies in the field of underground resource exploration is also being developed. The Deputy Prime Minister submitted a proposal on the development of international cooperation in this field to President Serdar Berdimuhamedov for consideration. The Head of State approved the initiative and instructed that the necessary steps be taken to implement it.
Turkmenistan and Azerbaijan have launched the exchange of customs data via eTIR
26.07.2026The State Customs Service of Turkmenistan and the State Customs Committee of the Republic of Azerbaijan have established an exchange of data on road transit through the Caspian Sea using the eTIR digital system. This was reported by the press office of the State Customs Service of Turkmenistan. With organisational support from the International Road Transport Union (IRU), the parties successfully carried out a test exchange of information on consignments travelling from Azerbaijan via Turkmenistan to Uzbekistan, as well as from Turkmenistan via Azerbaijan to the Republic of Turkey. The project has become one of the first examples of direct data exchange on transit road transport between the customs authorities of the two countries, which are situated on the ‘Europe–Central Asia’ international transport corridor. The eTIR system enables the real-time exchange of customs information, reduces paperwork, speeds up customs clearance, cuts costs and simplifies trade operations, thereby enhancing the attractiveness of transit routes. The implementation of eTIR was carried out as part of the project ‘Developing Regional Connectivity through Digitalisation of Customs Operations and Creating “Smart” Customs’.
Turkmen businesses are expanding their involvement in key sectors of the economy
25.07.2026Measures are being implemented in Turkmenistan to diversify the economy, develop high value-added production, promote digitalisation and support national businesses. This is reported by the online news site AsmanNews. The development of private enterprise remains one of the priorities of state policy. Preferential lending, tax incentives and a business-friendly policy are helping to expand the private sector’s participation in various sectors of the economy. Private enterprises are actively developing in the agro-industrial sector, the food industry, the production of building materials, logistics and the transport sector. Their activities help to create new jobs, increase household incomes and strengthen market mechanisms. Products labelled ‘Made in Turkmenistan’ are strengthening their position in both domestic and foreign markets. The competitiveness of domestic goods is ensured by the introduction of modern technologies, improvements in production quality and compliance with international standards. The main export sectors for the private sector are textiles, foodstuffs and building materials. At the same time, import substitution is developing: local producers supply the domestic market with meat, dairy and fruit and vegetable products, poultry products, as well as building materials, paints and varnishes, plastic products and pipes. One example of public-private partnership has been the development of production of motor and industrial oils, as well as products resulting from the deep processing of hydrocarbon raw materials. In accordance with the Constitution of Turkmenistan, the country’s economy is developed on the basis of market principles, whilst the state provides support for small and medium-sized enterprises. Systematic measures to promote business development, innovation and digitalisation are helping to strengthen the country’s economic potential and expand its export opportunities.
A company in the Ahal velayat has doubled its paper production and is expanding its exports
25.07.2026A company in the Gokdepe etrap of the Ahal velayat has increased its paper production and is expanding its exports. Ahead of the new academic year, a large consignment of products is being sent to Uzbekistan for the production of school textbooks, exercise books and art books. This was reported by the IIC of Turkmenistan. By the start of the academic year, the factory had doubled its output: monthly production rose from 600 to 1,200 tonnes. In August, 135 tonnes of offset paper will be delivered to Uzbekistan. Shipments are also being prepared for Tajikistan (68 tonnes) and Iran (275 tonnes), as well as the first consignment to Kazakhstan comprising 48,000 sheets of A4 paper. The plant, which commenced operations in June 2025, produces A4 and A3 office paper, as well as offset paper of various grammages. The plant’s design capacity is 14,400 tonnes of product per year. Exports currently cover six countries: Uzbekistan, Tajikistan, Iran, Azerbaijan, Pakistan and Armenia. Plans are in place to enter the markets of Kyrgyzstan and Georgia. The production process utilises pulp sourced from overseas suppliers in Portugal, Brazil, Austria, Spain and Turkey, which meets international quality standards. The company has strengthened its control over production processes – from raw material inspection to the assessment of finished products. Optimisation of equipment operation has enabled an increase in output without compromising quality. Deliveries are made by road and rail. Delivery of products to Uzbekistan, including customs clearance, takes around a week. The company plans to further expand its production capacity and develop new export markets.
Turkmenistan is studying Turkey’s experience in the digitalisation of stock market trading
25.07.2026Negotiations were held in Ankara between the leadership of the State Commodity and Raw Materials Exchange of Turkmenistan and the Union of Chambers and Commodity Exchanges of Turkey (TOBB). This was reported by the Orient news agency. The parties discussed expanding trade cooperation, developing exchange and interbank links, and creating conditions to foster direct contacts between entrepreneurs from both countries. The Head of TOBB, Mustafa Rifat Hisarcıklıoğlu, confirmed his willingness to support the integration of trading platforms and the exchange of expertise in the digitalisation of exchange trading. During the visit, the Turkmen delegation also familiarised themselves with the work of the Turkish Commodity Exchange (TÜRİB) and its digital systems.
Companies from Turkmenistan have been invited to the CAREC 2026 Business Forum
24.07.2026Private companies in Turkmenistan operating in the energy, ‘smart’ transport, logistics and critical minerals extraction sectors are invited to take part in the CAREC 2026 Business Forum. The event will take place from 30 September to 1 October 2026 in Ulaanbaatar (Mongolia) under the auspices of the Asian Development Bank (ADB) as part of the 25th CAREC Ministerial Conference, according to the IIC of Turkmenistan. The forum’s programme includes plenary sessions, expert discussions and sector-specific sub-forums on infrastructure development, investment and private sector empowerment. Participants will be able to hold B2B and B2G meetings and discuss cooperation with investors, government bodies, international financial institutions and business associations from Asian and European countries. Registration for in-person attendance is open until 15 August 2026 on the official CAREC programme website.
The ‘Galkynyş’ field opens up new prospects for Turkmenistan’s gas industry
24.07.2026The ‘Galkynyş’ gas field has become a key factor in the transformation of Turkmenistan’s energy sector and one of the cornerstones of the country’s economic stability. This is reported by the news website Asmannews. Its commercial development strengthens the state’s position in the global energy market and expands opportunities for international cooperation. In 2013, the launch of the first gas purification and processing complex marked the start of a new phase in the field’s development. Today, ‘Galkynyş’ is the main source of gas for the ‘Turkmenistan–China’ gas pipeline, ensuring consistent supplies along three routes. Development of the field continues, with projects underway to build new processing facilities and drill production wells. The development of ‘Galkynyş’ is contributing to industrial growth, job creation and infrastructure modernisation in the Mary velayat. The project’s successful implementation is the result of cooperation with international partners and the professionalism of Turkmen specialists. Looking ahead, the further expansion of gas routes and processing capacity will enable ‘Galkynyş’ to remain one of the main drivers of economic development in Turkmenistan and the region.
A delegation from the State Commodity Exchange of Turkmenistan visited the Turkish Commodity Exchange
23.07.2026A delegation from the State Commodity and Raw Materials Exchange of Turkmenistan is on a working visit to Ankara on 22–23 July, hosted by the Turkish Commodity Exchange (TÜRİB). This was reported by IIC of Turkmenistan. The programme for the visit includes an exchange of expertise on the functioning of agricultural produce markets, the use of electronic warehouse receipts (ELÜS), the operation of the TÜRİS system, authorised classifiers and licensed warehouse storage. Negotiations are also planned on expanding exchange cooperation between Turkmenistan and Turkey. Representatives of the State Commodity and Stock Exchange of Turkmenistan will visit the Polatlı Commodity Exchange, where they will familiarise themselves with its laboratory facilities and logistics infrastructure.
Fitch Ratings has highlighted Turkmenistan’s strong financial position
23.07.2026The international credit rating agency Fitch Ratings has affirmed Turkmenistan’s Long-Term Issuer Default Ratings (IDRs) at ‘BB-’ with a Stable Outlook. The country’s ratings reflect its strong public finances, high level of net foreign assets and low level of public debt relative to other countries with ‘BB’ and ‘B’ ratings, Fitch Ratings reported. The short-term IDRs in both currencies have been maintained at ‘B’, with a Country Ceiling of ‘BB-’. The report also highlights Turkmenistan’s significant gas potential, as the country holds the world’s fourth-largest natural gas reserves.
The ‘Türkmennebit’ State Concern has increased its oil and gas production figures for the first half of the year
21.07.2026At the end of the first six months of 2026, the State Concern ‘Türkmennebit’ achieved growth in its production figures. Oil production reached nearly 2,053,000 tonnes, according to the online news site AsmanNews. The subsidiaries of the ‘Nebitgazçykaryş’ trust fulfilled their target by 108.5 per cent, producing 155,800 tonnes of oil in excess of the target. The state-owned enterprise ‘Hazarnebit’ exceeded its target by 1,227 tonnes. The overall increase in oil production compared with the same period last year was approximately 101 per cent. The group’s oil and gas production divisions produced more than 2,454 million cubic metres of natural gas during the first half of the year. The ‘Körpeje’, ‘Keýmir’, ‘Goturdepenebit’ and ‘Gumdagnebit’ departments achieved strong results in the collection and utilisation of associated gas. The ‘Keýmir’ Oil and Gas Production Department achieved the highest figures in field development. Hydrocarbon production here totalled 236,600 tonnes, representing 122 per cent of the target. The ‘Goturdepenebit’ and ‘Ýaşyldepe’ natural gas production units also demonstrated strong performance, meeting their targets by 111 per cent and 115 per cent respectively. Through the modernisation of production facilities and the application of state-of-the-art technologies, specialists from the ‘Nebitgazdüýpliabatlaýyş’ trust restored operations at 216 wells. This enabled the additional extraction of 93,300 tonnes of oil and over 210 million cubic metres of gas. Over the six-month period, the divisions of the ‘Nebitgazburawlaýyş’ Trust carried out drilling work totalling 67,500 metres, which represents almost 112 per cent of the target. The construction of 12 new wells has been completed, 11 of which are production wells. The Turkmenbashi Oil Refinery Complex met its raw material processing target by 102 per cent. During this period, 728,500 tonnes of diesel fuel, 702,100 tonnes of motor petrol, 244,400 tonnes of petroleum bitumen, 202,400 tonnes of kerosene, 86,000 tonnes of liquefied gas, 33,800 tonnes of polypropylene and 28,700 tonnes of lubricating oils. These figures reflect the continued development of the oil and gas sector and the improved efficiency of production processes at the ‘Türkmennebit’ State Concern.
Turkmenistan is set to expand the capacity of the ‘Balkan’ shipyard
21.07.2026On 18 July, at a meeting of the Cabinet of Ministers of Turkmenistan, the President of Turkmenistan, Serdar Berdimuhamedov, instructed the Deputy Chairman of the Cabinet of Ministers, B. Annayev, to continue modernising the national merchant fleet and to expand the production capacity of the ‘Balkan’ Shipbuilding and Ship Repair Plant. This was reported by the news agency TDH. The Deputy Prime Minister presented a report on the implementation of measures to develop the shipbuilding industry, including the renewal of the fleet and the construction of new dry cargo vessels. It is noted that these measures are aimed at developing the country’s maritime infrastructure and increasing the volume of freight transport.
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