Turkmenistan, Russia to hold talks on trade, investment

By Trend

Deputy Minister of Economic Development of Russia Mikhail Babich arrived in Ashgabat, Turkmenistan, Trend reports with reference to Turkmen Foreign Ministry.

The Russian delegation will participate in the seventh meeting of the high-level group on the support of trade and investment in the framework of the intergovernmental Turkmen-Russian Commission on Economic Cooperation.

During the meeting at the Foreign Ministry of Turkmenistan, the parties expressed their desire to continue further positive bilateral cooperation, taking into account the existing large potential for developing cooperation, reads the message.

There are about 190 companies with Russian capital in Turkmenistan including ARETI holding (formerly Itera), which has been operating in the country since 2009 on the basis of a production sharing agreement on the Turkmen sector of the Caspian Sea.

After a three-year break in 2019, Russia's Gazprom resumed purchases of Turkmen gas. In addition, Russia and Turkmenistan are initiating cooperation in the Caspian Sea. In particular, it is planned to launch a freight line across the sea, which will connect Russian Makhachkala with the port of Turkmenbashi.

The two countries are exploring joint projects, activities of Russian companies in Turkmenistan, as well as prospects for cooperation in the industrial, construction, transport, oil and gas, gas chemical and electricity industries.

Cooperation issues in such important areas as the agro-industrial complex and the supply of agricultural equipment, construction, interaction among business structures and introduction of advanced technologies are also on the meeting agenda.

In recent years, Turkmenistan has been actively developing business relations with the subjects of Russia, including Tatarstan, the Sverdlovsk and Astrakhan regions and the city of St. Petersburg.