President Gurbanguly Berdimuhamedov holds meeting with businessmen in Singapore

Published in Economics
Thursday, 29 August 2019 09:59

President of Turkmenistan Gurbanguly Berdimuhamedov, who arrived in the Republic of Singapore on a state visit, held meeting with the businessmen in Singapore. The business meeting brought together the heads of leading companies in Singapore.

Welcoming all those present, President Gurbanguly Berdimuhamedov noted that he was pleased with the opportunity to discuss the prospects of cooperation with the representatives of the Singapore business community, who expressed interest in working together with Turkmen partners.

“We heard a lot about the ‘Singaporean economic miracle’, which in a short time tranformed Singapore into one of the most developed countries in the world”, said the President of Turkmenistan, emphasizing that one of the main goals of the current - first state visit to this country was to establish and develop mutually beneficial ties in the spheres of trade and economics.

“We consider the Republic of Singapore as one of the promising trade and economic partners of Turkmenistan”, continued President Gurbanguly Berdimuhamedov. “Last year, the volume of mutual trade between the two countries amounted to 102.8 million US dollars. As of July 1, 2019, 6 investment projects with the participation of Singaporean companies and 5 enterprises with the participation of Singaporean capital have been registered in Turkmenistan.

The President of Turkmenistan expressed confidence that the agreements achieved during the first business forum would provide a platform for further productive joint work.

The exchange of views on the prospects for cooperation in the oil and gas industry and the chemical industry, the financial sector, the transport sector, agriculture and water management and other important areas took place during the meeting held at the Shangri-La hotel.

The representatives of Singapore companies and corporations, among which are the world leading manufacturers of high-tech products, presented their proposals for cooperation.

 The state news agency of Turkmenistan

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    The state news agency of Turkmenistan

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    President of Turkmenistan Gurbanguly Berdimuhamedov held talks with President of Singapore Halimah Yacob at the Istana Palace with the participation of government delegations of the two countries.

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    The state news agency of Turkmenistan

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    The State Bank of Foreign Economic Affairs of Turkmenistan, which is the biggest bank in terms of assets and clear profit in 2018, plays big role in realization of investment policy and attraction of foreign capital to the economy of the country.

    Investors from Singapore was informed that structure of credit portfolio of the Bank look like following – oil and gas industry – 61 percent, chemical industry – 24 percent, agriculture – 7 percent, transport and telecommunication sector – 5 percent, other section of the economy – 3 percent together.

    Biggest part of the investments in total volume of foreign capitals sent to implementation of important projects in Turkmenistan belong to Japan – 57 percent. The Republic of Korea is on the second place with 31 percent. It is followed by Germany, China and USA.

    It is important to note that the Bank has signed five agreements with foreign financial organizations to total amount of 575 million US dollars during first Caspian Economic Forum, which was held in Avaza on August 11 – 12, 2019. This money will be send to financing of the projects of small and medium enterprises of private section of the economy of Turkmenistan.

    The Bank plans to develop cooperation with financial institutes of Singapore in such directions as correspondent relations, trade financing and documentary business, project financing and investments. There is also an interest in training and seminars in banking and finance sphere.

    Special attention will be paid to joint financing of the projects implemented in priority sections of Turkmenistan economy with participation of companies from Singapore. Projects in oil and gas, petrochemical, chemical industries, projects of development of transport and telecommunication infrastructure seem to be the most promising.

    Executive Director of DBS Bank Ltd Sarah Chompaisal spoke of the vision of investment and financial cooperation by Singapore side at business forum. She has also presented the mission of the Bank, which is the biggest one in Southeast Asia by assets. It was awarded with the Best Bank of the World title in 2019 by Euromoney version for implementation of digital technologies. It was also awarded with titles of the Global Bank of the Year from the Banker and the Best World bank from Global Finance in 2018.

     The state news agency of Turkmenistan

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