The volume of mutual trade between Turkmenistan and the Russian Federation for January-June 2024 increased by 73.5% in monetary terms compared to the same period last year, according to Dmitry Volvach, Deputy Minister of Economic Development of Russia, at the Investment Forum (TIF-2024).

Volvach noted that last year, the trade turnover between the two countries grew by 13% in physical terms. This year, a significant increase is observed in monetary value, indicating growth in both exports and imports. He also recalled the first Turkmen-Russian business forum, which took place in January last year during the visit of Russian Prime Minister Mikhail Mishustin to Turkmenistan.

The Deputy Minister emphasized that Turkmenistan and Russia are actively unlocking their investment and trade potential. Turkmenistan is particularly focused on diversifying its exports by increasing the supply of chemical products, agricultural goods, and textiles. Meanwhile, Russia is ready to expand its non-commodity exports, including complex products, chemicals, machinery, pipes, and oil and gas equipment.

According to Volvach, the products Russia is prepared to supply are in high demand for large infrastructure projects in Turkmenistan, such as upgrading the railway rolling stock, modernizing the gas transport system, and constructing new roads. Preparations are underway for the next meeting of the Turkmen-Russian Intergovernmental Commission on Economic Cooperation.

The Investment Forum (TIF-2024) is being held in Ashgabat on September 10-11, organized by the Ministry of Finance and Economy, the Ministry of Foreign Affairs, and the Chamber of Commerce and Industry of Turkmenistan.

Business Turkmenistan