Trade prospect seems positive for this fiscal year

05 Feb '08

2 min read

Turkmenistan is expanding its trade ambit to deal with various countries with the objective of securing substantial trade proceeds.

Recently, a meeting of the Turkmen-Uzbek joint commission for trade-economic, scientific-technical and cultural cooperation in its third edition, held in Ashgabat between January 31 to February 2 resulting in inking a bilateral protocol.

This apart, trade turnover between Belarus and Turkmenistan is also likely to reach $1 billion by 2010. Trade between the two countries grew seven times as against 2007 and amounted to US $90 million.

Turkmenistan showed a remarkable rise in its 2008 production that on the whole amounted to 120.1 percent or 12.1 trillion mantas.

While the figures for industrial sector equaled to 124.5 percent, agriculture secured 111.1 percent, construction-117 percent and service sector 115.2 percent.

At a meeting held for the discussion of trade benefits for the last year, the Minister of Economy and Finance, Hodzhamyrat Geldimyradov observed that the GDP growth for the year 2007 amounted to 111.6 percent which was considerably good when compared to the previous year.

Oil products showed a growth of 3.9 percent, petroleum products grew by 5.8 percent while diesel fuel and cotton fibre showed a growth of 14 and 13.9 percent respectively.

Besides, foreign trade turnover also marked an increase of 33.6 percent compared to 2006 standing at $13.4 billion.

With the present situation showing a year on year increase, Turkmenistan stands a fair chance of nearly doubling its growth rate if this trend continues.

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