OREANDA-NEWS. October 19, 2009. The official ceremony of closing the First International Investment Forum was held at the Mizan Business Centre last Saturday. During three days the Turkmen capital was in the focus of interest to the world business elite. The forum initiated by the leader of Turkmenistan Gurbanguly Berdimuhamedov vividly showcased the success of the fundamental reforms, diversification of the national economy, openness and willingness to cooperate. The forum organized by the Chamber of Commerce and Industry of Turkmenistan in partnership with IC Energy Ltd. (Great Britain) under the patronage of the Government of Turkmenistan brought together the participants representing the Cabinet of Ministers, the sectoral ministries and departments, khakimliks of the velayats and Ashgabat and non-government sector of the national economy.

The forum programme included 12 plenary sessions and 5 roundtables that provided a platform for discussing the topical investment issues in compliance with the priorities of Turkmenistan’s economic development. As is known, in the current conditions the successful investment policy is a key factor in the progress of any country. As the most flexible sector of economy, investment activity requires the specific approaches and balanced decisions, consideration of all the pros and cons whether it be investments in industrial and social infrastructure, engineering projects or scientific research. Investors must be sure of success of their undertakings, and therefore the representatives of the large companies from 42 countries around the world gratefully accepted the invitation from the forum organizers to get acquainted with Turkmenistan that experienced an economic boom nowadays.

Turkmenistan’s investment attractiveness was spotlighted in the competent experts’ reports. Emphasis was put on the atmosphere of the forum – businesslike and at the same time democratic.

In their reports the representatives of the world-renowned companies such as Exxon Mobil, BP (United Kingdom), Total (France), Goetzpartners, Deutche Bank (Germany), OMV (Austria), Islamic Development Bank, the European Bank for Reconstruction and Development, the Asian Development Bank presented their vision of the prospects for cooperation.

One of the plenary sessions was devoted to investment cooperation in the fuel and energy sphere. Speaking at the session Dr. Abdul Jaleel Al Khalifa, CEO of Dragon Oil said that this year business cooperation between Turkmenistan and Dragon Oil would be 10 years and underscored the invariable dynamism of the company’s investments in the development of new deposits.

Peter Gaffney, CEO of Gaffney, Cline & Associates made presentation on the results of the audit of the gas reserves in Southern Yoloten-Osman oil field carried out recently in accordance with the international system of evaluation and classification and reaffirmed the huge amount of fuel that placed Southern Yoloten-Osman among four richest deposits in the world.

Ulrich Brandt, RWE Business Development Director spotlighted the basic prospects for energy cooperation and the development of new offshore blocks and the new projects of gas transit to Europe.

Claudio Descalzi, CEO of Eni Spa put forward the proposal to develop and finance the project aimed at establishing a gas transport nodal point in Turkmenistan, which is located on the transportation corridors of Asia and Europe, along with enhancing the country’s potential to process, store and transport hydrocarbon resources based on its profound hydrocarbon resources.

The last day of the forum was busy. In the morning the participants visited the Exhibition of Turkmenistan’s Economic Achievements dedicated to the 18th anniversary of independence and held the meetings with the high-ranking officials of the sectoral ministries and departments.

The roundtables on the priority sectors of economy in the analytical context of the global investment climate and the potential of Turkmen market were conducted in the afternoon. The issues of investments in the banking and financial sector, agricultural, pharmaceutical, power and textile industries, telecommunications and information technology, health care and alternative sources of energy were discussed. The forum participants – potential investment partners learnt about the opportunities opened up on Turkmen market and presented their proposals for cooperation.

The final plenary session was conducted to sum up the International Investment Forum. On behalf of the President and the Government of Turkmenistan gratitude was expressed to the forum participants for their willingness to develop mutually advantageous cooperation and constructive, active approach to partnership. In turn, the participants adopted the Address to President of Turkmenistan Gurbanguly Berdimuhamedov expressing sincere gratitude for the high level of organisation of the forum.

Despite the busy schedule the guests found the time to go sightseeing. They visited the State Hippodrome where they could enjoy the beauty and grace of world-renowned Ahalteke horses and the Turkmen dzhigits’ brilliant technique.

Thus, the first international investment forum presented an opportunity to discuss the prospects for mutually advantageous partnerships and establish business contacts and demonstrated increased interest of foreign investors in Turkmenistan.