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Turkmenistan developing draft investment program for 2016

31 August 2015 [15:09] - TODAY.AZ

/By AzerNews/

By Aynur Karimova

Turkmenistan is developing a draft investment program of the country for 2016. This was noted at a meeting of the Cabinet of Ministers of the country chaired by President Gurbanguly Berdymukhamedov, the government reported last week.

The document is being developed jointly with the relevant ministries and departments, scientific institutions and local administrations of the country.

According to the preliminary calculations, the volume of domestic investments in Turkmenistan's economy will amount to 51.5 billion manats ($14.72 billion) for 2015.

The government plans to allocate 56.2 billion manats ($16.06 billion) to the development of the sectors of the national economy at the expense of all sources of financing in 2016. Some 65.5 percent of these investments will be allocated to the construction of production facilities, and 34.5 percent in social and cultural facilities.

Speaking at the meeting Berdymukhamedov that it is necessary to include a package of measures to the investment program to ensure the smooth construction of major facilities for the processing of hydrocarbon resources, the development of processing industry on the basis of enterprises of different types of property.

The president believes that the document should include measures for the development of import-substituting and export-oriented production, improving food abundance by reforming agricultural sector, creating new jobs in all regions of the country, ensuring the social protection of the population.

Turkmenistan’s openness and its readiness to develop full-scale partnerships and a favorable investment climate, its reliable legislative and legal base and solid governmental guarantees are important factors in attracting foreign investors to the promising Turkmenistan market.

The economy of Turkmenistan, a relatively large Central Asian country sparsely inhabited by about 5.6 million people, depends heavily on the production of natural gas, oil, petrochemicals and, to a lesser degree, cotton and textiles.

With its abundant hydrocarbon resources, particularly natural gas, hydrocarbons and petrochemicals are increasingly attracting more foreign investors. The second largest economy in the world - China - has been investing in the gas sector, co-financing pipelines and refineries.

The volume of foreign investments in the development of Turkmenistan’s oil and gas projects within the production sharing agreements are expected to exceed $3.5 billion. This figure exceeded $3 billion in 2014.

Such companies as Petronas, Dragon Oil, RWE, Dea AG, Itera and others were involved in the development of the Turkmen sector of the Caspian Sea under the production sharing agreements. ENI Company also shows interest in these activities, according to the latest data.

URL: http://www.today.az/news/regions/143300.html

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