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

The official greeting ceremony of the President of Turkmenistan in Singapore

Published in Politics
Thursday, 29 August 2019 09:57

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

Published in Politics
Thursday, 29 August 2019 09:54

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

Published in Economics
Thursday, 29 August 2019 09:50

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

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

Perspectives of joint projects in textile industry are discussed in Singapore

Published in Economics
Thursday, 29 August 2019 09:42

During discussion of opportunities of joint projects in textile industry under Turkmen – Singapore business forum, the focus was made in significant export and investment potential of this industrial section.

It was mentioned that more than 30 investment projects have been accomplished in textile industry for the years of independence, which resulted in opening of dozens of modern facilities provided with advanced equipment.

At present time, more than 70 facilities including textile complex, cotton spin mills, sewing, silk spinning, carpet and shoe factories, leather and wool processing plants operate I the country. It was mentioned that 13 facilities have been opened in the country with participation of foreign companies. Around 70 percent of textile production made in the country is exported to CIS, European and Asian countries.

In general, around 2 billon US dollars have been invested to the construction of new and reconstruction of existing factories for the years of independence. The production growth rate of textile industry of the country was 142.7 percent for 2015 – 2019, hence, the level of profitability has grown from 6 to 18.7 percent for this period. The growth rate of volumes of shipped production is equal to 122.1 percent for the last five years.

Presenting this figures at the business forum in Singapore, representatives of Turkmenistan highlighted that the country is interested in further improvement of export capabilities of this sphere and hence, in establishment of the partnership with Asian companies.

The state news agency of Turkmenistan

Turkmenistan and Singapore interested in joint projects of chemical industry

Published in Economics
Thursday, 29 August 2019 09:39

It was noted during Turkmen – Singapore business forum that availability of rich natural resources, favourable geographic location as well as foreign economic open door policy provide investment attractiveness of Turkmenistan.

Chemical industry of Turkmenistan, which development perspectives have been presented to Singapore business community, is one of current directions for foreign investments.

At present time, the State Concern Türkmenhimiýa includes 11 industrial facilities, which form the base of chemical industry of the country. Implementation of efficient, energy and resource saving technologies based on latest scientific and technical developments are among the utmost objectives of development of the industry.

It was noted during the presentation of the capabilities of the branch that special attention is paid to expansion of production of mineral fertilizers, which is related to the availability of material base, high capacity of local market in this type of production, enhancement of efficiency of agricultural production.

For the last 10 years, total volume of mineral fertilizer production capacities of the country has grown by more than 3 times. New ammonia and carbamide complexes in Mary and Garabogaz, biggest in Central Asian region Garlyk Potassium Ore Mining Complex, hydrochloric acid production workshop in Turkmenabat Chemical Plant have been built for this period. Financial investments were more than 3.3 billion US dollars during realization of these projects. Leading companies from Japan, USA and European Union were the partners of our country in these projects.

Soon, it is planned to implement number of new perspective investment projects. It includes the construction of the plants for production of iodine, bromine and their derivatives, new facility for production of phosphorus fertilizers under Turkmenabat Chemical Plant, installation for production of mixed (N, P, K) fertilizers, petrochemical complex for production of mineral fertilizers and chemical production in Mary and many other.

Production of high liquid chemicals for local market and export is economically profitable for all participants of similar projects. Availability of modern transport infrastructure and its integration to international transport system including big seaports will allow solving the problems of export of multi-tonnage chemical production in different directions.

This subject was supported by Director of Indorama Corporation Pte. Ltd Prakash Keirival in his speech. The company based in Singapore is one of the leading chemical holdings in Asia, which make numerous production including polyethylene, nitrate and phosphate fertilizers, polyether and polyether materials, textile and medical gloves. It manages more than 70 production facilities in more than 30 countries and has more than 30,000 personnel all over the world.

The state news agency of Turkmenistan

Turkmenistan presents exhibition of export goods in Singapore

Published in World
Thursday, 29 August 2019 09:35

Turkmen – Singapore business forum is to be held in Singapore under the state visit of President Gurbanguly Berdimuhamedov to the Republic of Singapore.

Meeting of representatives of business circles of two countries is to become a starting event for taking of trade and economic partnership contact to new level, for opening of new points of consolidation of efforts.

The meeting of the conference hall of Shangri La Hotel was forestalled by the exhibition of export goods of our country. It presented the production of textile industry, yarn, fabrics and readymade sewing production including jeans, bright gift bedding, kitchen and bath sets, silk items and ornamented carpets.

It also presented the products made by the facilities of chemical industry of Turkmenistan, which was described in details in informational bulletins and booklets. Bright banners attract the attention to the displays of oil and gas industry, agriculture, food industry and other branches.

Turkmenbashy International Seaport has also presented its display at the exhibition, having demonstrated passenger and commercial fleet, capabilities of cargo transfer and shipbuilding yard.

In addition to pharmaceutical production, the section of medical industry demonstrated herbal teas from the plants growing in Turkmen land, medicine made of licorice, cosmetic face masks based on mineral materials.

Turkmen entrepreneurs also demonstrate their production in Singapore. These are home textile, clothes, washing liquids. Stylish leather footwear, food products, natural fruit juices, confectionary.

Private tourist agencies offered their service in tourism business inviting t make a wonderful trip around historical places of Turkmenistan and to see its modern architectural beauties.

The state news agency of Turkmenistan

Turkmen – Singapore business forum starts working

Published in Economics
Thursday, 29 August 2019 09:33

Turkmen – Singapore business forum, which was timed to the visit of President Gurbanguly Berdimuhamedov to this country, started working in Singapore.

More than 40 big companies of Singapore took part in business meeting in the conference hall of Shangri-La Hotel. Specialization of the companies is rather broad. This is production of equipment for oil and gas, chemical, energy, agricultural and food production spheres, construction industry, shipbuilding, transport and communication sphere, trade, banking business, development of software, engineering and other.

Turkmenistan was represented by the heads and specialists of different ministries and departments and members of the Union of Industrialists and Entrepreneurs.

The forum was opened by Teo Xyong Xeng, the Chairman of Singapore Business Federation, which unites more than 25,800 companies as well as the main local and foreign business chambers.

In his speech, he noted that current forum gives good opportunities for study of capabilities of cooperation and investment collaboration. According to his words, trade between Turkmenistan and Singapore was 43.4 billion US dollars in 2018, which is 5 times higher than in 2016.

Being one of the most rapidly growing economies in Central Asia with huge natural resources, Turkmenistan represents huge economic potential for establishment of trade and investment relations, Teo Xyong Xeng said, having announced the signing of the Memorandum of Understanding on cooperation between Singapore Business Federation and Trade and Industrial Chamber of Turkmenistan.

In this context, such priority spheres as oil and gas sphere, energy, chemistry, construction, transport and logistic, agriculture have been mentioned.

The state news agency of Turkmenistan

Singapore willing to be the place for promotion of Turkmenistan export goods in Southeast Asia

Published in Economics
Thursday, 29 August 2019 09:30

Economic situation in Turkmenistan, its investment potential, reforms aimed at industrial and innovative development of the country, implementation of achievements of science, technics and latest technologies, transfer to digital economy have been introduced to business community of Singapore at bilateral business forum in this country.

In particular, the following figures have been given: the growth rate of the GDP in Turkmenistan was 6.2 percent by the outcomes of 2018 while this indicator is equal to 6.3 percent by the outcomes of the first half of 2019. Annual volume of investments to economy exceeds 30 percent of the GDP. Share of foreign investment is 13 percent. The volume of investments to the country was equal to 11.5 billion US dollars in 2018, 64 percent of which were used for production sphere.

Regarding the opportunity of development between Turkmenistan and Singapore, such directions as fuel and energy complex, chemical industry, agriculture, food industry, transport, logistics and tourism seem to be the most perspective.

Each of these directions have received sufficient characteristics in the aspect of economic potential of Turkmenistan and realization of big projects with participation of foreign investors and companies. The officials of these directions spoke in detail about the main branches.

Before the start of the forum, the State Minister of Trade and Industry of the Republic of Singapore Koh Poh Koon addressed the guest from Turkmenistan with welcoming speech. He highlighted the significance of current meeting, which presented good opportunity to exchange the views on capabilities and perspectives of bilateral cooperation in economic sphere.

Koh Poh Koon noted that several Turkmen delegations have visited Singapore this year including the delegations of the Foreign Ministry, the State Bank of Foreign Economic Affairs, Ministry of Justice, having expressed hope that these political events would be placed in commercial plan.

Current forum will also be a platform for study of commercially important partnership capabilities, the State Minister of Trade and Industry said, having noted that there is a potential to increase the trade between our countries. He urged Singapore companies to treat this potential seriously.

In the meantime, there is beginnings between companies and organizations in Singapore and Turkmenistan. Singapore companies already study the capabilities of cooperation in chemical sphere as well as in the sphere of private education. For example, it was mentioned that Singapore Indorama and the State Concern Turkmenhimiya have already started the talks in 2018 and plan to sign the Memorandum of Understanding on this project. Several other documents are also ready to be signed.

Koh Poh Koon have also called upon Turkmen delegates of the forum to consider Singapore as its partner in Southeast Asia. Singapore is located in the centre of this region and has good relations with neighbouring countries.

- Singapore may become a springboard for Turkmenistan to enter Southeast Asian market where huge opportunities for business communities are presented. Turkmen companies, which are willing to have an access to this market would be able to open their representative offices in Singapore, Koh Poh Koon said. – We are global trade and financial centre and have success to unique human capital. Also, Singapore has strong network of business relations in Southeast Asia and is one of the top 3 investors in Indonesia, Myanmar, Thailand and Vietnam.

The state news agency of Turkmenistan

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