Business circles of Turkmenistan and Singapore discuss cooperation

ASHGABAT (TCA) — The Turkmen–Singapore business forum was held in Singapore on August 26, as part of Turkmenistan President Gurbanguly Berdymukhammedov’s visit to this country on August 26-27, the State News Agency of Turkmenistan reported.

The forum gathered more than 40 big companies of Singapore. Turkmenistan was represented by heads and specialists of different ministries and members of the Union of Industrialists and Entrepreneurs.

The forum was opened by Teo Xyong Xeng, the Chairman of Singapore Business Federation, which unites more than 25,800 companies.

He said that the forum gives good opportunities for study of capabilities of cooperation and investment collaboration. In his words, trade between Turkmenistan and Singapore was 43.4 billion US dollars in 2018, a fivefold increase compared to 2016.

Being one of the most rapidly growing economies in Central Asia with huge natural resources, Turkmenistan represents huge economic potential for establishment of trade and investment relations, Teo Xyong Xeng said, having announced the signing of the Memorandum of Understanding on cooperation between Singapore Business Federation and Trade and Industrial Chamber of Turkmenistan. In this context, such priority spheres as oil and gas sector, energy, chemistry, construction, transport and logistics, and agriculture were mentioned.

The State Minister of Trade and Industry of Singapore Koh Poh Koon addressed the guest from Turkmenistan with a welcoming speech. He highlighted the significance of the meeting, which presented good opportunity to exchange the views on perspectives of bilateral cooperation in economic sphere.

The Minister said there is a potential to increase the trade between the two countries, and urged Singapore companies to treat this potential seriously.

Singapore companies already study the capabilities of cooperation in the chemical sphere as well as in the sphere of private education.

Koh Poh Koon also called on Turkmen delegates of the forum to consider Singapore as their partner in Southeast Asia.

“Singapore may become a springboard for Turkmenistan to enter Southeast Asian market where huge opportunities for business communities are presented. Turkmen companies, which are willing to have an access to this market would be able to open their representative offices in Singapore,” Koh Poh Koon said.

Sergey Kwan


Sergey Kwan has worked for The Times of Central Asia as a journalist, translator and editor since its foundation in March 1999. Prior to this, from 1996-1997, he worked as a translator at The Kyrgyzstan Chronicle, and from 1997-1999, as a translator at The Central Asian Post.
Kwan studied at the Bishkek Polytechnic Institute from 1990-1994, before completing his training in print journalism in Denmark.

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