'Energy diversification important for economic development '

Turkmenistan believes the further development and diversification of its energy and transportation infrastructure are an important aspect of its economic development, Deputy Prime Minister Annamuhammed Gochiev said at the summit of the Economic Cooperation Organization (ECO).

Gochiev noted that the number of initiatives undertaken by the President of Turkmenistan can be the confirmation of it.

"UN resolution on reliable and stable transit of energy and its role in achieving sustainable development and cooperation was adopted on the initiative of the president," Gochiev said.

He added that today the country is actively involved in a number of large international projects in the field of energy and transport. In particular, Turkmenistan is involved in such a major regional projects as the Turkmenistan-Uzbekistan-Kazakhstan-China and Turkmenistan-Iran gas projects, which allowed the country to significantly diversify its routes outside supplies of hydrocarbons.

In addition, the Turkmenistan-Afghanistan-Pakistan-India (TAPI) pipeline is also being developed.

"We attach great importance to the TAPI gas transmission pipeline, designed not only to provide long-term supply of natural gas from Turkmenistan to the largest countries in South Asia, where a steady increase in demand for energy is observed, but also to be powerful incentive for further socio-economic development of the whole region," Gochiev said.

Turkmenistan has also taken steps to diversify its rail transportations.

"The construction of Kazakhstan-Turkmenistan-Iran railway, which will allow Turkmenistan to diversify rail transportations, is being carried out. Extensive works to upgrade highways of international importance are also being carried out in Turkemnistan," the deputy minister said.

Gochiev informed about the achievements of Turkmenistan in recent years.

"The country maintains a dynamic economic growth at levels above 10-11 percent per year due to the prudent and evidence-based policy of the president of Turkmenistant," he said.

Gochiev noted that, the state budget of Turkmenistan is executed with a surplus over the years, balance of trade is consistently positive, the currency is stable, the standard of living rises.

Speaking about relations with the countries of the ECO, vice minister said that Turkmenistan is interested in developing cooperation with these countries for the overall sustainable development.

He noted that the share of the member countries accounts for 33 percent of exports and 39 percent of imports.

"The companies of the Member States carry out their activities and implement various investment projects in many areas of the economy of Turkmenistan," Gochiev said.

The Economic Cooperation Organization is a regional intergovernmental economic body established in 1985.


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