Turkmenistan Business & Economy - The Times Of Central Asia

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Turkmenistan Preparing for Accession to Global Methane Pledge Program

The upcoming Climate Change Conference to be held in Dubai became the main topic of a recent cabinet meeting held by President Serdar Berdimuhamedov. At the meeting, Foreign Minister Rashid Meredov reported on preparations for participation in the 28th Conference of the Parties to the UN Framework Convention on Climate Change (COP-28) to be held from November 30th to December 12th. Turkmenistan's accession to the Global Methane Pledge (GMP) program will be announced at the meeting as one of the main steps in countering climate change. At the meeting, Meredov proposed that Turkmenistan “continue cooperation with international organizations and partner countries in the framework of joint projects and programs aimed at fulfilling GMP conditions at a national level.” In other words, in order to meet GMP quotas, Turkmenistan is counting on the support of and joint projects with international organizations and partner countries. Advisor to the President on Oil and Gas Issues, Ashyrguly Begliyev reported on the work of the Natural Gas Research Institute of the State Concern, Turkmengaz and the Institute Nebitgazylmytaslama of the State Concern, Turkmenneft. Their work is related to the fulfillment of the conditions of the GMP. Begliyev also spoke about taking “concrete steps to reduce methane emissions into the atmosphere, including through the use of modern technologies in the fields of energy, industry and transport.” Precisely what actions will be taken remain unclear, however. Deputy Prime Minister Batyr Amanov, who oversees the oil and gas industry, also reported on cooperation with German partners to increase the volume of hydrocarbon production. In particular, the importance of modernizing gas compressor stations subordinated to Turkmengaz was emphasized.

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Turkmenistan and Russia Discuss Cooperation

On December 4th in Moscow, the Deputy Chairman of the Cabinet of Ministers and Minister of Foreign Affairs of Turkmenistan, Rashid Meredov met with Deputy Prime Minister of the Russian Federation, Alexey Overchuk. The main topic of the talks was preparations for the upcoming 13th meeting of the Intergovernmental Turkmen-Russian Commission on Economic Cooperation, which will be held in Ashgabat early next year. It was emphasized that the upcoming meeting will be an important stage in the development of mutually beneficial trade and economic partnership between the two countries. Both sides noted that today, Turkmenistan and Russia are searching for new forms and areas of cooperation that meet modern realities, the needs and mutual potential of the two countries. In this context, the importance of improving the legal framework of bilateral economic and commercial relations was stated. The parties also discussed cooperation in the cultural and humanitarian sphere. In this regard, Overchuk noted the agreements reached on the construction of a new joint Turkmen-Russian secondary school named after Pushkin in Ashgabat, the new Russian Drama Theater, and the creation of a Turkmen-Russian university in Ashgabat.

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Promoting Sustainable Development in Central Asia: Key Highlights from the Eurasian Development Bank’s Roundtable

According to a press release issued by the Eurasian Development Bank (EDB), on November 16th, 2023, Almaty, Kazakhstan, served as the venue for a critical roundtable hosted by the EDB, titled "Promoting Sustainable Development in Central Asia". This gathering saw the participation of representatives from a wide range of international organizations and multilateral development banks. Attendees included the likes of the World Bank, the Asian Development Bank, the Asian Infrastructure Investment Bank, the Islamic Development Bank, FAO, UNIDO, UNEP, ESCAP, UNDP, the World Health Organisation, the International Fund for Saving the Aral Sea, and CICA. The agenda was packed with discussions revolving around irrigation, water challenges, environmental and social standards of international financial institutions, and case studies that showcased collaborations in project implementation12. The EDB's latest report, "Efficient Irrigation and Water Conservation in Central Asia", was introduced during the roundtable's first session. Nikolai Podguzov, Chairman of the EDB Management Board, underscored the essential interrelationship between water, food, and energy in Central Asia. He declared the development of the region’s water and energy resources as a strategic priority for the EDB. He also expressed concerns over an impending water deficit in Central Asia within the next five years, urging for collective action supported by multilateral development banks3. Tatiana Proskuryakova, the Regional Director for Central Asia at the World Bank, also spoke at the event. She emphasized the importance of sustainable development in Central Asia to international organizations and multilateral financial institutions. She revealed that the World Bank has allocated approximately a quarter of its $12 billion investment portfolio in Central Asia to water, energy, and environmental sectors. This proportion is expected to rise to almost half in the near future4. Following this, Evgeny Vinokurov, EDB Chief Economist, presented the study "Efficient Irrigation and Water Conservation in Central Asia". He proposed a ten-step solution to address the prevalent issues. The steps include establishing an International Water and Energy Consortium; fostering collaboration among multilateral banks; creating a regional cluster to produce irrigation equipment; consolidating efforts to strengthen cooperation with Afghanistan; using PPP instruments; instituting proper water accounting; gradually integrating investment charges into the tariff structure; improving land conditions; implementing digital technology, and leveraging state-of-the-art irrigation technology and laser levelling.

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IFC Appoints New Country Manager for Uzbekistan and Turkmenistan

According to the website of the International Finance Corporation (IFC), the organization, a member of the World Bank Group, on October 9 said it has appointed Neil McKain as Country Manager for Uzbekistan and Turkmenistan. McKain will spearhead IFC's strategy and operations to spur private sector development and drive sustainable, inclusive economic growth in these countries. McKain will be based in Tashkent, Uzbekistan and will lead efforts to grow IFC's investment and advisory programs, overseeing their operation across sectors, and managing key relationships with clients, partners, and governments. A British national, McKain brings over 20 years of private sector development experience to his new role. He most recently served as Adviser to the Vice President, Banking, at the European Bank for Reconstruction and Development (EBRD). Prior to that, McKain was regional head for the EBRD in the Kyrgyz Republic, Tajikistan and Turkmenistan, spending 14 years in senior positions in the Caspian Basin and Central Asia. "I welcome Neil to this important role. I know his technical and leadership skills and knowledge of the region will help expand IFC's impact, generate new partnerships to meet the countries' needs, and build a strong foundation for a dynamic and inclusive private sector," said Wiebke Schloemer, IFC Director for Türkiye and Central Asia. "Increased private sector investment is critical to help Uzbekistan and Turkmenistan grow and diversify their economies and better harness their immense potentials," said McKain. "I'm excited to take up my new role and work with our partners in these countries to amplify IFC's support through private sector-led solutions." Before joining the EBRD in 1998, McKain started his professional career with A.T. Kearney in Russia working on post-privatization restructuring. He holds an MBA from the University of Cambridge and an MA in Political Science from the University of Aberdeen. His new role took effect on October 2.

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Turkmenistan and China Reaffirm Strategic Partnership

Turkmenistan and China Reaffirm Strategic Partnership China firmly supports Turkmenistan in safeguarding its sovereignty, independence and territorial integrity and pursuing a development path suited to its national conditions, Chinese Vice Premier Ding Xuexiang said on November 29th in Ashgabat, Xinhua reported. Ding’s remarks were made following a meeting with Turkmen President, Serdar Berdimuhamedov. Ding, a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, said that cooperation between China and Turkmenistan has huge potential and future prospects. China is ready to work with Turkmenistan and other Central Asian countries to steadily advance the building of the China-Central Asia cooperation mechanism, he added. Berdimuhamedov asked Ding to convey his cordial greetings to Chinese President Xi Jinping, and said that cooperation between the two countries is strategic, long-term and special. Turkmenistan stands ready to work with China to enhance strategic communication, deepen cooperation in all fields and promote its comprehensive strategic partnership with China to a new height, he stated. During his visit, Ding also held talks with Turkmenistan's Deputy Prime Minister and Foreign Minister, Rashid Meredov, and co-chaired with Meredov the sixth Meeting of the China-Turkmenistan Cooperation Committee. The two sides held an in-depth exchange of views during the meeting, and mapped out priorities for cooperation between the two countries in the next phase. The two sides agreed to further synergize their development strategies, increase the scale of economic, trade and investment cooperation, continue to deepen ties over natural gas, accelerate consultations on the alignment of priority economic projects, and to collaborate further on non-resource projects. The two sides also agreed to ensure the success of activities related to the Year of Culture, and promote the early implementation of projects such as the establishment of cultural centers, the establishment of Luban Workshops and Chinese traditional medicine centers in Turkmenistan.