Turkmenistan Business & Economy - The Times Of Central Asia

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Food Security

Kazakhstan Ready to Become Key Food Hub in Eurasia

Tajikistan is hosting the 35th Session of the FAO Regional Conference for Europe from May 11 to 15, bringing together members of the Food and Agriculture Organization (FAO) of the United Nations from Europe and Central Asia for discussions on regional food security and agricultural development priorities. The conference has gathered agriculture ministers from Azerbaijan, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan to address the most pressing challenges facing the sector, review FAO activities in Europe and Central Asia in 2024-2025, and outline priorities for 2026-2027. Speaking at the conference, Kazakhstan’s Minister of Agriculture Aidarbek Saparov said the country occupies a strategically important position in the global food security system and remains among the world’s leading grain producers. According to Saparov, Kazakhstan harvested around 27 million tons of grain for the second consecutive year in 2025, along with nearly 5 million tons of oilseeds and approximately 1 million tons of legumes. During the latest agricultural season, the country exported 15.3 million tons of grain. Kazakhstan currently ranks 10th globally in grain exports, second in flour exports, and eighth in sunflower oil exports, supplying agricultural products to around 50 countries. “Against the backdrop of population growth, climate change, and instability in global markets, food security is becoming a key factor in the sustainable development of states. Under these conditions, Kazakhstan is capable of occupying a strategic niche as a regional center for the production, storage, processing, and supply of grain products,” Saparov said. The minister added that Kazakhstan is implementing a comprehensive livestock development plan for 2026-2030 aimed at increasing livestock numbers and expanding the sector’s export potential. Saparov said Kazakhstan possesses the resources necessary to strengthen its position as one of Eurasia’s key food hubs and is prepared to ensure stable, rapid, and cost-effective supplies of grain and processed grain products to Central Asia, the Middle East, Europe, and other regions.

U.S.-Turkmenistan Relations

Washington Meets Ashgabat as Turkmen-American Business Cooperation Association Debuts

On May 7, the Turkmen-American Business Cooperation Association (TABCA) and the Embassy of Turkmenistan in Washington marked the organization’s official launch through a series of daylong events attended by members of the business community, diplomats, and dignitaries, including senior representatives from the U.S. Department of Commerce. Serving as a definitive bridge between the business communities of the United States and Turkmenistan, TABCA aims to promote bilateral trade, support market access initiatives, and encourage strategic partnerships and innovation across key sectors. More than 50 Turkmen and American companies joined the meetings, underscoring Ashgabat’s continued push toward a more open and globally engaged economy—one that inevitably brings both opportunity and risk. According to Esen Aydogdyyev, Turkmenistan’s Ambassador to the United States, “We are committed to cultivating broad international partnerships where agreements contribute to national development, economic resilience, and long-term independence for its citizens. Ashgabat is seeking broader investor and commercial engagement, which is compatible with our strategic autonomy and non-aligned status.” [caption id="attachment_48630" align="aligncenter" width="901"] (L/R) Viktoriya Frolova, Commerical Specialist, U.S. Embassy Turkmenistan, former Ambassador of Turkmenistan to the U.S., Meret Orozov, Chairman of the Board, Turkmen American Business Cooperation Association Nurgeldi Meredov, and Mr.Maksat Annamyradov, Board Member, Turkmen American Business Cooperation Association. Image: Kakajan Ovezov, Begench Arazalyyev[/caption] The initiative reflects Turkmenistan’s effort to strengthen ties with Western investors while maintaining its neutrality and independent foreign policy. Economic growth is strongest, the participants echoed, when enterprise creates broad opportunity and shared prosperity. Ambassador Aydogdyyev said that “priority areas for cooperation include trade and commerce, energy, transportation and communications, agriculture, renewable energy, the chemical and food sectors, as well as environmental protection. We especially value entrepreneurship and small business partnerships between Turkmenistan and the United States. In addition, we want Turkmen entrepreneurs to play a role in supporting economic growth and employment opportunities in the United States, which they are already contributing to today.” Win-Win is the Guiding Principle TABCA’s official launch in Washington is more than symbolic—it reflects a meaningful new chapter in U.S.-Turkmenistan relations, grounded in practical business cooperation and a shared commitment to cross-border investment. While some observers in Turkmenistan remain cautious about the risk of outside geopolitical agendas or economic models that favor a narrow set of interests under the banner of long-term prosperity and commercial diplomacy, the focus today is on building fair opportunity, productive partnership, and tangible commercial results. “U.S. and Turkmen businesses are already helping drive jobs and economic growth in both countries—a reminder of why stronger commercial ties matter,” said Nurgeldi Meredov, TABCA’s Chairman. “Our goal is to expand trade, boost investment, and create long-term partnerships that open new opportunities for companies on both sides.” [caption id="attachment_48631" align="aligncenter" width="712"] Jamila Kerimova, founder of “Ish nokady” (standing); image: Kakajan Ovezov, Begench Arazalyyev[/caption] At TABCA’s morning session, Turkmen businesses highlighted B2B engagement and SME growth opportunities, showcasing companies in logistics, e-commerce, manufacturing, consulting, and real estate. The presentations were followed by networking aimed at fostering direct commercial partnerships. Nurgeldi Meredov, alongside Meret Orazov, former Ambassador of Turkmenistan...

U.S.-Turkmenistan Relations

Business Leaders from Turkmenistan Talk Trade on U.S. Tour

Dozens of business executives from Turkmenistan and the United States have met in Washington amid efforts by the two countries to strengthen trade. The conference of the Turkmen American Business Cooperation Association, also known by its acronym TABCA, was held on Thursday, according to Turkmenistan’s embassy in the U.S. It said the association is a “new practical platform” for expanding economic ties, with a focus on small and medium-sized enterprises. Earlier this month, business leaders from Turkmenistan attended the SelectUSA Investment Summit, an event hosted by the U.S. Department of Commerce that was designed to connect investors, companies and experts from around the world. The investment forum was held in National Harbor, Maryland. Ambassador Esen Aydogdyyev of Turkmenistan, meanwhile, has been making contacts since he was appointed to his new post in Washington in March. On May 1, Aydogdyyev met S. Paul Kapur, U.S. Assistant Secretary of State for South and Central Asian affairs. On April 22, the Turkmen ambassador held talks with Patryk Łoszewski, an executive director of the International Monetary Fund. U.S. goods trade with Turkmenistan was $152.7 million in 2025, according to U.S. government data. U.S. goods exports to Turkmenistan last year were $113.3 million, up 43.6% from the previous year, and U.S. goods imports from Turkmenistan were $39.4 million, up 169% from 2024. While those numbers are relatively low compared to the volume of trade between the United States and its bigger trading partners, the annual percentage increase is notable. One of Turkmenistan’s biggest exports to the U.S. is fertilizer. Turkmenistan has major reserves of natural gas and oil, and the Central Asian country is working to diversify its trading partners. U.S. and other foreign companies are hoping for reforms in the highly controlled country that would make it a more attractive place to invest.

White City Ashgabat

Turkmenistan’s White City Casts Itself as Cutting Edge

Turkmenistan’s so-called “white city” of Ashgabat, where hundreds of buildings are clad in white marble, will host a conference this month aimed at attracting international investment and innovation to the showcase capital. Organizers of the government-backed White City Ashgabat 2026 forum, scheduled for May 24-25, say the delegates will include investors, architects, and engineers, and that the agenda will cover urban planning, digital technologies, and the modernization of water, transport, and other infrastructure. Organizers of the government-backed White City Ashgabat 2026 forum, scheduled for May 24-25, say delegates will include investors, architects, and engineers, and that urban planning, digital technologies, and the modernization of water, transport, and other infrastructure will be discussed. Turkish Airlines and S&P Global Energy are listed as partners for the event. Media partners include several Middle Eastern outlets. Listed speakers include Rahym Gandymov, mayor of Ashgabat; Japanese Ambassador Sasaki Hiroshi; and Francesco La Camera, director-general of the Abu Dhabi-based International Renewable Energy Agency. First-time visitors to Turkmenistan’s capital, with its broad avenues, squares and elaborate monuments, sometimes describe it as eerie and unusual. In 2013, the city made it into the Guinness World Records for the highest density of white marble-clad buildings. Perceptions of Ashgabat can range from a futuristic “smart” city to a grandiose display only made possible by the wealth from Turkmenistan’s immense energy resources and the whims of its leaders. Turkmen officials are trying to shape a positive narrative about the city by hosting more international events and focusing on the idea of sustainability. Erfan Ali is director of the regional office for eastern Europe and Central Asia of UN-Habitat, which promotes social and environmental priorities in towns and cities. He said he was looking forward to the Ashgabat conference this month. “Discussions will focus on advancing resilient, inclusive, and smart cities, from climate action to digital transformation, while highlighting practical pathways for future-ready urban systems globally,” Ali said on X. In recent years, Turkmenistan has also focused on the development of Arkadag, a city that lies about 30 kilometers from Ashgabat and features plenty of white marble as well. Arkadag means “protector,” a reference to the formal title of Gurbanguly Berdimuhamedov, the former president who retains some power even though his son, Serdar, is now the president. This month, the elder Berdimuhamedov visited Arkadag to check on what state media described as the “second phase” of the construction of Arkadag, which formally opened in 2023. A delegation from the city will attend the World Urban Forum, a United Nations conference on sustainable urbanization in Baku, Azerbaijan, on May 17-22.

Natural Gas

Turkmenistan Advances Galkynysh Gas Field Development to Increase Exports to China

Chinese Vice Premier Ding Xuexiang and Gurbanguly Berdymuhamedov, Tukmenistan's former President and the current Chairman of its highest representative body, the Halk Maslahaty, have launched the fourth phase of industrial development of the Galkynysh gas field in Mary region. Located about 400 km southeast of Ashgabat, the Galkynysh field has been producing natural gas since 2013 and is considered one of the world’s largest in terms of reserves. The British consulting firm GaffneyCline estimates the reserves of Galkynysh, together with the neighboring fields Garakol and Yashlar, at 27.4 trillion cubic meters of natural gas. On April 16, the State Concern Turkmengas and China’s CNPC Amudarya Petroleum Company Ltd. signed a contract for the turnkey construction of the fourth phase of the field’s development. The project includes the drilling of production wells and the construction of a gas processing facility with a capacity of 10 billion cubic meters of commercial gas per year. According to industry publication Nebit-Gaz, the Galkynysh field is being developed in phases. The first phase, which included the construction of three gas processing plants with a total capacity of 30 billion cubic meters per year, is currently operational. The second, third, and fourth phases are planned for the near future. Upon full development, the field’s gross annual production could reach nearly 200 billion cubic meters of natural gas. The Galkynysh field serves as the main resource base for Turkmen gas exports to China. China remains the largest buyer of Turkmen natural gas. Three lines (A, B, and C) of the Turkmenistan-China gas pipeline system currently deliver approximately 40 billion cubic meters of gas annually. With the planned commissioning of a fourth line (Line D), export volumes are expected to increase to around 65 billion cubic meters per year. The resource base of Galkynysh is a key factor in the planned construction of Line D, which is expected to significantly increase gas supplies to China. According to Guvanch Agajanov, Vice-Chairman of Turkmenistan's Cabinet of Ministers, total Turkmen gas exports to China have exceeded 462 billion cubic meters over the past 20 years. The Galkynysh field has also been designated as the resource base for the Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline, which is under construction and is expected to have a capacity of 33 billion cubic meters per year.

Economic Growth

Why Strong Economic Growth in Central Asia Masks Underlying Risks

Central Asian countries are significantly outperforming the global average in GDP growth, largely due to differing economic models across the region. However, rapid expansion does not remove deep structural vulnerabilities. As early as March, data showed that the combined economies of Central Asian countries grew by nearly 7% in 2025 compared to the previous year. The World Bank estimates regional growth at 6.2%, while the Eurasian Development Bank (EDB) places it at 6.6%. These calculations include Kazakhstan, Uzbekistan, Kyrgyzstan, and Tajikistan; Turkmenistan is excluded due to limited statistical transparency. By comparison, growth rates in advanced economies are much lower. The EDB expects around 1.6% growth in the U.S. and approximately 1.1% in the eurozone in 2026, while China’s economy is projected to expand by about 4.6%. Nevertheless, experts note that the region’s economic outlook remains complicated by high inflation, income inequality, and continued dependence on external factors. Investment activity and domestic demand have been the key drivers of growth, according to the EDB. Kazakhstan recorded its highest growth in 13 years (6.5%), with industry leading the expansion: mining grew by 9.4% and manufacturing by 6.4%. In 2026, the non-resource sector is expected to play a greater role. Kyrgyzstan has led the region in GDP growth for the third consecutive year: GDP grew by 11.1% in 2025 and by 9% in January 2026. In Uzbekistan, GDP increased by 7.7% in 2025 (up from 6.7% a year earlier), supported by investment, trade, services, and construction. Tajikistan’s GDP rose by 8.4% in 2025, matching the previous year’s performance. Growth continues to be driven by expanding industrial production and strong domestic demand. Early 2026 data suggest this momentum is holding. Uzbekistan’s Record In April, the World Bank highlighted Uzbekistan’s resilience to external challenges and strong growth dynamics. According to its updated report, the country’s 2025 GDP growth was revised upward by 1.5 percentage points to 7.7%. The outlook is 6.4% for 2026 and 6.7% for 2027. Key drivers include high global gold prices, investment inflows, expanded lending, and ongoing structural reforms. Rising household incomes have also played an important role, supported by remittances, which increased by 37% last year to reach $18.9 billion. By the end of 2025, Uzbekistan ranked among the fastest-growing economies in developing countries in Europe and Central Asia, alongside Kyrgyzstan and Tajikistan. The region as a whole is experiencing its highest growth rates in 14 years. At the same time, analysts point to persistent structural constraints, including a large public sector and the dominance of state-owned enterprises, which hinder private sector development. External risks, including geopolitical instability and potential disruptions in energy and fertilizer supplies, remain significant. In 2025, Uzbekistan’s GDP exceeded €133 billion, compared to approximately €56 billion nine years earlier. Over the same period, GDP per capita rose from about €1,750 to around €3,220, nearly doubling average income levels. Investment in fixed capital increased by more than 15% year-on-year in 2025, while export value grew by over 33%. Persistently high global gold prices played a major role: export...