Priorities of joint activity of the UIET and Singapore business community are outlined

Published in Economics
Thursday, 29 August 2019 09:45

Opportunities of activation of partnership between the Union of Industrialists and Entrepreneurs of our country and Singapore companies were discussed during business forum timed to the state visit of Turkmen leader to Singapore.

Turkmen side presented detailed information about the activity of the Union of Industrialists and Entrepreneurs, which was founded by the initiative of President Gurbanguly Berdimuhamedov in 2008. Today, this is strong business association of 23,000 representatives of private sector, which carry out their activity in many branches of economy.

The Union has Entrepreneurship School, Trade Chamber, Construction Facility Directorate as well as own Rysgal Bank. Important events and current information are reflected in the publication of profile newspaper and on the website of the Union. Branches of the UIET, school and bank are opened in all regions of the country. Political party of Industrialists and Entrepreneurs, which is represented in National Parliament, has been founded.

The UIET has its representative offices in Beijing, Dubai and Vienna. In addition, trade houses were opened in Kyrgyzstan, Georgia, Afghanistan and China.

Representatives of private sector take an important place in implementation of social and economic reforms in the country. Private agricultural producers were released from taxation. They received free land in long-term lease as well as beneficial loans. In the result, the share of non-governmental sector of economy in the structure of the GDP, without fuel and energy complex, was 64 percent in 2018.

For ten years, the members of the Union have invested around 5.5 billion US dollars, from which 2 billion to agricultural complex. Completion of these projects created more than 150,000 new working places.

Export volumes of local production are increased steadily; delivery to fruit, vegetable, fish and other food production has been significantly increased.

Activity of entrepreneurs in industrial sector also grows. Abadan Haly Complex for production of carpet and carpet production as well as Paper Factory in Yashlyk are good examples.

Production activity of the members of the Union include chemical industry, which develops based on mineral and raw material resources of the country. Big facilities for production of chemicals like iodine, synthetic washing liquids, disinfectants, table salt, paints, construction adhesives, insulation materials, aeroconcrete blocks and other goods, which are supplies to foreign countries, have been built.

Members of the Union carry out an active work for implementation of the projects of construction of plants for production of potassium fertilizers (potassium chloride and potassium sulphate), mixed fertilizers, technical carbon, ethyl alcohol, develop investment projects for production of caustic and calcined soda, chlorine, hydrochloric acid, sodium sulphate, cement and other chemical production from local natural and mineral resources.

Opening of facilities for production of liquefied gas, carbamide and ammonia, graphite electrodes seem to be perspective direction in chemical industry. Projects in heavy industry, metallurgy and gold production are also financially attractive.

Work for development of electronic and electro technical branches are carried out. The entrepreneurs have started the production of local electronic payment terminals and training computers, tablets and routers.

Recently, Turkmen IT Park, which is aimed at the development of digital infrastructure in the country as well as at taking of innovative products of Turkmenistan to international market, has started its activity. University of Business and Digital Technologies, which is planned to be opened by the Union next year, is to support this project. In this regard, specialists from Singapore were invited to make developments in the sphere of information technologies with future students of new Turkmen university.

Aspects of cooperation in such important direction such transport and logistics have also been discussed. Turkmen Logistic Association has been founded under the UIET aegis. Turkmen transport companies have modern equipment for transportation of oversized and heavy cargos, which allows serving industrial projects in the country and region.

Development of tourism sphere is a priority direction of the activity of the Union. Therefore, such directions of establishment of direct commercial and investment contacts as education, information technologies, chemistry, transport, logistic and tourism have been outlined at business forum.

In this regard, the importance of activation of business exchanges, participation in exhibition and fairs held in two countries, organization of trips of entrepreneurs for study of opportunities to participate in projects has been highlighted.

The state news agency of Turkmenistan

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