This year, Turkmenistan celebrates the 30th anniversary of independence. The independence of Turkmenistan, as a shrine, is closely linked with the historical past, today and the glorious future of the Turkmen people. The Turkmen state, which gained independence in the fall of 1991, is confidently moving along the path of development. From the first years of independence, the protection of human rights and freedoms, ensuring high indicators of the social and everyday standard of living of the people, the development of the economy and private property were proclaimed as the most important and priority directions of state policy.
For three decades of independence, Turkmenistan has successfully carried out the transformation of a highly specialized part of the national economic complex of a large country into a self-sufficient national model of the economy, dynamically developing in accordance with global trends.
From the first steps of independence, thanks to a high share of savings, Turkmenistan pursued an active investment policy in order to reduce dependence on raw materials in order to move from a resource economy to an industrial-resource, diversified economy. Not only individual modern enterprises were created, equipped with equipment and technologies from the world’s leading manufacturers, but also entire industries.
The development of the economy of Turkmenistan is carried out on the basis of national and state programs designed for the medium and long term. A diversified, multifunctional economy has been created in Turkmenistan, represented by enterprises of the electric power industry, chemical, petrochemical industries, oil and gas production and oil refining industries, mechanical engineering and metalworking, facilities for the production of building materials, light and food industries.
Despite the huge reserves of natural resources in Turkmenistan, the development of industry and the construction of such enterprises required large investments.
In a young state, it is not easy to attract foreign investment into its economy. In this regard, in the corresponding period, the elimination of the monopoly domination of the state and the privatization of state property to a certain extent were carried out in stages, a wide path was opened for entrepreneurship, in this regard, special attention was paid to the psychological training of people and increasing their literacy related to the skills of market relations.
The “open door” policy, enshrined in international cooperation, has opened up great opportunities for large foreign investors to cooperate in the most promising sectors of the national economy, and new free economic zones have been created.
Also, special attention was paid and the first steps were taken to create a legal basis – the legal implementation of economic reforms. The adoption of the relevant laws in the early years of independence contributed to the modernization of economic activity in the country and a gradual transition from state ownership to private ownership.
This, on the one hand, made it possible to attract domestic investors and
business groups, on the other hand, large foreign investors and entrepreneurs who act as economic agents in Turkmenistan and participate in current economic activities.
Private property is the driving force behind the development of the national economy. In this regard, privatization in Turkmenistan has been successfully implemented through gradual privatization and the opening up of ample opportunities for entrepreneurship.
During the years of independence, Turkmen entrepreneurs began to dominate the country’s construction market, trade, agriculture, services, etc.
Today the country has numerous private livestock complexes, enterprises for the production of textiles, household and computer equipment, building materials, and polymer products. In accordance with the requirements of the time, domestic entrepreneurs also create small industries for the processing of used plastic, paper, polyethylene, rubber, wood and the production of various products from them.
The fuel and energy sector plays a key role in the economic policy of Turkmenistan. This is due to the fact that the oil and gas sector remains the backbone of the national economy and remains one of the priorities of the country’s international trade and economic relations.
Turkmenistan is pursuing a policy of diversification of its international cooperation in the energy sector, based on equal access of partners to the sources of Turkmen hydrocarbons and the means of their delivery. This implies the creation of a multivariate transport and pipeline infrastructure to bring Turkmen energy resources to international energy markets.
The growth of the production capacity of the national economy, the development of such spheres as agriculture, energy, transport, textile and electronic industries, the service sector will help maintain a stable state of economic development in Turkmenistan and successfully integrate into the world economy.
With the arrival of President Gurbanguly Berdimuhamedov as head of state, fundamental reforms have been carried out in the economy of Turkmenistan, which has created conditions for the country’s advancement in the world as an economically developed state.
Based on the requirements of the modern era, the Concept for the Development of the Digital Economy in Turkmenistan in 2019-2025 and the State Program for the Development of the Digital Economy in Turkmenistan for 2021-2025 and the Action Plan for its implementation were adopted. This clearly shows that digital reforms are being carried out in conjunction with other areas, and as a result, a developed digital space is being formed in the country.
Today Turkmenistan is actively developing its external economic relations with other countries. Turkmenistan has foreign trade relations with more than 100 countries of the world. Among which are the countries of the European Union such as Germany, Italy, France, Spain, as well as Russia, USA, China, South Korea, Japan, Central Asian countries, Afghanistan, India, Pakistan, Turkey, Iran, the Middle East and many others.
Also, Turkmenistan pays great attention to expanding interaction with the International Monetary Fund, the World Trade Organization, the World Bank, the European Bank for Reconstruction and Development, the Asian Development Bank, the Islamic Development Bank, etc. In this context, Turkmenistan has acquired observer status at the World Trade Organization, which is positive a condition from the point of view of the development of trade and economic relations of the country at the regional and international levels.
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