Turkmenistan - Latest News/Current Events, Economic Overview & Trade Relations
Quick Facts about Turkmenistan
| Official Name | Turkmenistan |
| Capital | Ashgabat (Ashkhabad) |
| Location | Central Asia, bordering the Caspian Sea, between Iran and Kazakhstan |
| Area | total: 488,100 sq km land: 488,100 sq km water: NEGL |
| Climate | subtropical desert |
| Terrain | flat-to-rolling sandy desert with dunes rising to mountains in the south; low mountains along border with Iran; borders Caspian Sea in west |
Editor PicksBrowse Asia News Archive
Turkmenistan Needs $5 Billion Annually to Stem Gas Output Drop
Turkmenistan needs at least $5 billion in aid to able to meet export commitments to China, Iran and Russia.
Turkmenistan needs at least $5 billion in aid to able to meet export commitments to China, Iran and Russia. The nation has reported a steady decline in natural gas production and the $5 billion a year would be required for the next decade. In order to meet targets, Turkmenistan needs to produce 90 billion cubic meters of gas a year. The problem is not whether or not the national can meet the demands but the lack of investments has led to the decline in gas production. Turkmenistan reportedly has the potential to produce about 14 trillion cubic meters of gas and produced 73 billion cubic meters of gas last year.read source article
Turkmen Businesses Experiencing Decrease In Trade
Turkmen entrepreneurs have been influenced by the global economic crisis.
Turkmen entrepreneurs have been influenced by the global economic crisis. According to reports Turkmen business experts have reported that trade turnover by small business entities has decreased by 20 to 30 percent since the fall. The influx of labor migrants from Russia and Turkey has also contributed to the rise in the country's unemployment figures. Turkemn President Gurbanguly Berdymukhammedov announced last week that the Turkmenistan economy has been deeply impacted by the global financial crisis.Political Stability Can Be Achieved Through Economic Means: Turkmen President
Turkmenistan President, Gurbangulu Berdymuhamedov, believes that political stability can be achieved through economic measures
Turkmenistan President, Gurbangulu Berdymuhamedov, believes that political stability can be achieved through economic measures. This statement was announced at the Economic Cooperation Operation summit in Teheran. Turkmenistan is participating at the summit as an associate member. The nation has reaffirmed the commitments and agreements reached prior to the implementation of major joint projects. Since joining ECO, Turkmenistan has introduced a number of initiatives such as energy security, water and energy issues, and transport and communication corridors. Some of the strategic initiatives includes diversifying the energy and transport infrastructures such as a railway construction between Kazakhstan, Turkmenistan and Iran.read source article
Turkmenistan to Raise Maternity and Disability Allowances Starting 1 July
Turkmenistan is seeking to increase maternity and disability allowances starting 1 July.
Turkmenistan is seeking to increase maternity and disability allowances starting 1 July. Turkmen President Gurbanguly Berdimuhamedov signed the law for social welfare. The law has been published in the central print media of Turkmenistan. The newly instated law would raise the maternity grant amounts as well as a monthly maternity allowance. The increased amount will be paid to mothers with under 3-year old children, previously under 1.5 year age limit. Other amendments also include raised allowances to disabled people of 1st, 2nd and 3rd groups of disability.Turkmens Seek Investors for Agriculture Sector
The Turkmenistan Agricultural Sector is looking for private investment, in order to boost productivity.
The Turkmenistan Agricultural Sector is looking for private investment, in order to boost productivity. President Gurbanguli Berdymukhamedov's remarks mark a significant change in economic policies from his autocratic predecessor. The announcement for private investment is aimed towards decreasing government funding and improve the conditions for private involvement. Since President Berdymukhamedov has come to power Turkmenistan is still ranked 169th out of 179 countries in the U.S. Based Heritage Foundation's index of economic freedom. The President is seeking investments in all agricultural sectors including cotton, wheat, cultivation of crops, including vegetables and fruits.read source article
Turkmenistan's Yolotan-Osman Field Is a 'Super Giant'
Turkmenistan's Yolotan-Osman is said to be one of the largest undeveloped natural-gas field.
Turkmenistan's Yolotan-Osman is said to be one of the largest undeveloped natural-gas field. This news comes after the government commissioned to survey the country's reserves. The field is reported 75 kilometers long and 35 kilometers wide and has a gas column of 500 meters, potentially holding 6 trillion cubic meters of gas. The field has come into spotlight with gas importers competing for supplies from Turkmenistan. Several wells have been drilled with China, Iran and Russia receiving majority of the fuel. Currently, the largest gas deposit provider is North Field-South Pars controlled between Qatar and Iran.Browse Asia News Archive
Trade Agreements
Armenia -Turkmenistan Free Trade Agreement
http://www.worldtradelaw.net/fta/agreements/armturkmfta.
CISFTA – Commonwealth of Independent States FTA
Belarus
Georgia
Moldova, Republic Of
UkraineNever fully implemented by all members, although Free Trade Area was created in 1999; future prospects unclear. http://www.worldtradelaw.net/fta/agreements/cisfta.pdf
Turkmenistan – Georgia Free Trade Agreement
GeorgiaUS – Central Asian TIFA
The US-Central Asian TIFA will allow member countries to address trade issues and promote US trade and investment to Central Asia. It will open up a market of 55.9 million consumers to the United States. A Council was created with the agreement to promote an ongoing dialogue and open forum for countries improve trade relations. http://www.ustr.gov/assets/Trade_Agreements/TIFA/asset_upload_file683_7722.pdf
Trade Organizations
Economic Cooperation Organization (ECO)
The Economic Cooperation Organization (ECO) is an intergovernmental international organization involving ten Asian nations. It provides a platform to discuss ways to improve development and promote trade, and investment opportunities. The nations involved are Afghanistan, Azerbaijan, Iran, Kazakhstan, Kyrgyzstan, Pakistan, Tajikistan, Turkey, Turkmenistan and Uzbekistan. The common objective is to establish a single market for goods and services, much like the European Union. ECO's secretariat and cultural department are located in Tehran, its economic bureau is in Turkey and its scientific bureau is situated in Pakistan.