President Gurbanguly Berdimuhamedov holds meeting with businessmen in Singapore
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
Visit of the State Minister of Saudi Arabia to Turkmenistan
On September 10-11, 2019, the delegation of the Kingdom of Saudi Arabia headed by the Minister of State and Member of the Cabinet of Ministers of Saudi Arabia Emir Turki bin Mohammed bin Fahd bin Abdulaziz Al-Saud is paying a visit to Turkmenistan.
Today, on September 11 the high guest was received by President of Turkmenistan Gurbanguly Berdimuhamedov. During the talks, the parties discussed the key aspects of political, trade-economic and cultural-humanitarian cooperation between the two countries.
The opportunities for strengthening inter-parliamentary ties were considered. The parties spoke about the current issues pertaining to Turkmen-Saudi relations, including the energy, chemical industry, trade, education, culture and sport spheres. It was noted that the governments of both states attach special importance to strengthening of mutually beneficial ties between the two fraternal countries. The guest noted the key role of Turkmenistan in maintaining regional energy security and economic integration.
In the second part of the day, Emir Turki bin Mohammed bin Fahd bin Abdulaziz Al-Saud had a meeting with the Deputy Chairman of the Cabinet of Ministers, Minister of Foreign Affairs of Turkmenistan R.Meredov. During the meeting, the parties considered the opportunities of expanding the political-diplomatic dialogue, including further development of cooperation between the external policy agencies of two countries. The parties underlined the closeness of views to the current issues of modern times and expressed their hope for continuation of collaboration in the framework of respected international organizations, firstly the United Nations.
The vital role of holding the political consultations and arranging the visits of delegations of the two countries on different levels was highlighted. The parties spoke about the existence of vast opportunities for improving further cooperation in the areas of oil and gas, textile and transport.
Telephone conversation of the Minister of Foreign Affairs of Turkmenistan with the Minister of Foreign Affairs of Russia
A telephone conversation of the Minister of Foreign Affairs of Turkmenistan R.O.Meredov with the Minister of Foreign Affairs of the Russian Federation S.V.Lavrov was held on the 29th of August, during which the issues of bilateral cooperation were discussed.
The parties highly appraised the outcomes of the First Caspian Economic Forum which was held in Turkmenbashy city on August11-12 of the current year.
Also, the heads of external policy agencies of the two countries exchanged views on the preparation to the meeting of the Council of the Heads of States of the Commonwealth of Independent States to be held on October 11 in Ashgabat.
The official greeting ceremony of the President of Turkmenistan in Singapore
The official ceremony of greeting President of Turkmenistan Gurbanguly Berdimuhamedov took place in the Istana Palace.
President of Singapore, Mrs. Halimah Yacob cordially greeted the distinguished guest on the square at the main entrance. The leaders of the two countries exchanged the mutual greetings.
The commander of the Guard of Honour reported to the leaders of the two states and the national anthems of Turkmenistan and the Republic of Singapore were sounded.
President Gurbanguly Berdimuhamedov and President Halimah Yacob bypassed the Guard of Honour, paying tribute to the State Flag of the Republic of Singapore.
The heads of two states proceeded to the Istana Palace, where in the lobby, the Turkmen leader left a memorable entry in the Book of the Guests of Honour.
The members of the official delegation of Singapore were introduced to the President of Turkmenistan, and the members of the government delegation of Turkmenistan were introduced to the President of the Republic of Singapore.
After the traditional ceremony of photographing, the leaders of the two countries headed to the Conference Hall, where the meeting of the government delegations of Turkmenistan and Singapore, led by President Gurbanguly Berdimuhamedov and President Halimah Yacob, took place.
The state news agency of Turkmenistan
Talks between President Gurbanguly Berdimuhamedov and President Halimah Yacob in Singapore
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.
The Turkmen leader thanked for the invitation to visit the Republic of Singapore, the warm welcome and the conditions created for effective joint work, expressing believe that the first state visit to Singapore will be an important step towards the development of friendly bilateral relations that will offer a new impetus to their activation.
Cooperation in the spheres of trade and economy, including fuel and energy complex, the chemical and textile industries, transport and communications was specified among the priority areas of collaboration. In this regard, the parties called for the increase and diversification of the mutual trade turnover.
Joint intergovernmental structures, as well as business councils will play an important role in Turkmen-Singaporean cooperation. In this regard, the head of Turkmenistan focused on the possibility to establish mechanisms for promoting trade and economic relations, in particular organization of business forums, exhibitions, and expert meetings on a regular basis.
It will also be useful to develop contacts between the representatives of business circles of the two countries in order to establish joint activities and exchange experience. President Gurbanguly Berdimuhamedov proposed to hold the next Turkmenistan-Singapore business forum in Ashgabat.
It is also important to discuss the prospects for expanding the dialogue in the spheres of education, science and high technologies, where Turkmenistan is interested in the experience of colleagues from Singapore.
There are good opportunities for cooperation in the tourism industry. Turkmenistan welcomes cooperation with Singaporean partners in frames of the project on the development of the Avaza National tourism zone on the Turkmen coast of the Caspian Sea.
In the context of interstate relations, one of the priority tasks is to strengthen fruitful cultural and humanitarian ties. Various events, thematic exhibitions, and the Days of Culture of the two countries on a regular basis will contribute to establishing closer relations between the peoples of the two states.
Underlining the willingness of Turkmenistan to further develop mutually beneficial relations with the Republic of Singapore, President Gurbanguly Berdimuhamedov invited President Halimah Yacob to pay a return visit to our country at any time convenient for her.
Continuing the negotiations, which took place in a confidential atmosphere and in a constructive spirit, a wide range of issues of Turkmen-Singaporean cooperation was discussed, its priority directions were specified taking into account modern realities and possibilities for practical realization of the diverse potential.
The parties exchanged views on the important issues of regional and international politics of mutual interest.
In conclusion of the meeting, reaffirming the willingness of Turkmenistan and Singapore to develop effective partnerships on a long-term basis, Presidents Gurbanguly Berdimuhamedov and Halimah Yacob exchanged the best wishes and wished all the best to the peoples of the two countries.
The state news agency of Turkmenistan
Investment potential of oil and gas complex of Turkmenistan is presented in Singapore
Cooperation in oil and gas industry of our country was one of the main subjects of Turkmen – Singapore business forum. It was mentioned that President Gurbanguly Berdimuhamedov initiated number of major projects in this sphere, most of which are important not only of for further reveal of economic potential of this sector of Turkmen economy but also play big role in strengthening of global energy security.
Using slide show, achievements of oil and gas complex of Turkmenistan, its structure, main divisions and facilities, which develops hydrocarbon deposits, produce, process and transport oil and natural gas, sale gas and its production both in local and foreign markets, have been demonstrated to the hosts of the forum.
Development of oil and gas reserves of Turkmen part of Caspian Sea is one of priority directions of investments to oil and gas industry. Based on the Production Sharing Agreement with foreign companies, four such project in Caspian offshore and three onshore projects are implemented in our country.
Status of Turkmenistan as one of the leading energy power in the world was proven by the estimation of reserves and resources of natural gas at Galkynysh deposit, which is the second biggest in the word. It has also been proven by independent British company Gaffney, Cline & Associates. After discovery of super giant Galkynysh deposit and number of other big gas fields, Turkmenistan is confidently on the fourth place by proven gas reserves among oil and gas countries.
This is Galkynysh, which will serve as the main source of supply for future export pipelines. As for today, industrial facilities with production output of 30 billion cubic meters of sale gas per year have been put into operation in this place.
Singapore businessmen have also appreciated innovative character of big investment projects, which was accomplished recently in Turkmenistan. It includes the construction of Kiyanly Polymeric Plant, which was put into operation in October, 2018. It was built by the consortium of the companies from the Republic of Korea - LG International Corporation and Hyundai Engineering and Japanese Toyo Engineering Corporation. Total cost of the project is 3,423,000,000 US dollars. Production output of the facility is 386,000 tons of polyethylene and 81,000 tons of polypropylene per year.
Unique Gas-to gasoline, the GTG, which was applied in petrochemical complex in Ahal Velayat that was put into operation in June 2019, raised keen interest. Built by Japanese Kawasaki Heavy Industries and Turkish Rönesans Endüstri Tesisleri, it is designated for production of 600,000 tons of EURO-5 synthetic eco-friendly gasoline per year.
Regarding perspective plans of Turkmen fuel and energy complex, first, the project of transnational Turkmenistan – Afghanistan – Pakistan – India (TAPI) gas line, which total length in 1,840 km with throughput capacity of 33 billion cubic meter per year, has been presented to Singapore audience. It will provide such big dynamically developing economies like Indian and Pakistani with fuel. In future, it will give an opportunity to enter other growing markets is Asian Pacific region.
At present time, Turkmenistan actively works on new directions in petrochemical industry, which will allow the country taking deserving place in the market of petrochemical production with high added value. These are plastic, synthetic fibre, oversized organic products, synthetic washing liquids, surfactants and other.
It was informed that it is planned to start several projects for opening of petrochemical complexes – two in Kiyaanly, Balkan Velayat and one in Yilanly, Dashoguz Velayat and one in Seydi, Lebap Velayat, soon.
Regarding future cooperation with Singapore, service contracts on the projects in mining, construction, oil, gas and chemical industry as well as opening of joint service companies for service and repair of gas turbines, compressor and pump equipment are signed.
Companies from Singapore have also been invited to participate in construction of transnational TAPI gas line and other fuel and energy complex projects. In this regard, the management of these companies has been familiarized with Turkmen legislation in this sphere, which guarantees reliable legal protection of investors and their capital.
Investment policy of Turkmenistan, which is oriented by President Gurbanguly Berdimuhamedov to provision of high rates and efficiency of the economy, was a separate theme of business forum.
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