OREANDA-NEWS. November 17, 2011. The III International Investment Forum took place at the Mizan Business Centre in Ashgabat. In his welcome address to forum participants President of Turkmenistan Gurbanguly Berdimuhamedov noted that this forum was to play an important role in the economic life of the country and showcase the tremendous potential to foster contacts between the international business communities.

The main goal of the Investment Forum-2011 was to form the perception of Turkmenistan’s investment potential and consider the critical issues regarding expansion of cooperation in this sphere given the prospects of the dynamically developing national economy, present new innovative ideas, projects and suggestions and attract interested countries to establish business relations and contacts between enterprises, organisations, companies and financial structure of the participating countries.

The forum organized by the Chamber of Commerce and Industry of Turkmenistan brought together the cabinet ministers, heads of the sectoral ministries and departments, administrations of velayats and Ashgabat and the private sector of the national economy, in particular the Union of Industrialists and Manufacturers of Turkmenistan.

Foreign forum participants represented over 20 countries and 8 major international organisations including the United Nations, the Economic Cooperation Organization, the Organization for Security and Cooperation in Europe, the International Finance Corporation, the Islamic Development Bank, the European Bank for Reconstruction and Development and other structures.

The Governments of the participating countries and their regions were represented at the level of economy ministers, heads of the Chambers of Commerce and Industry, committees on international trade and other aspects foreign economic activity. Among forum participants were the world’s leading companies such as Petronas, CNPC, Dragon oil, Conoco Phillips, Total, Chevron, ExxonMobil, Itochu Corp. and many others.

A video film about modern Turkmenistan, the indicators of its social and economic development, the ongoing large-scale investment and national projects in the petrochemical, energy, transport, telecommunications, construction, agro-industrial and other sectors was demonstrated during the forum.

The reports spotlighting the essence and role of the progressive processes and drastic reforms initiated by President Gurbanguly Berdimuhamedov towards modernization and innovative development of the country, promotion of an international dialogue, development of a market economy and encouragement of entrepreneurial activities provided the detailed information on the strategic spheres and objectives of Turkmenistan’s social, economic and investment policies.

It was noted that the high GDP growth rate was particularly ensured due to an accelerated increase in value added cost created in the industrial and construction sectors that vividly testified to the industrial and investment character of the country’s economic development. Moreover, Turkmenistan is planning to increase investment in the tourism, construction and agro-industrial sectors.

Therefore, so significant is the importance of creating and functioning of such negotiation platform as the investment forum in Ashgabat where government, business, science and capital can concert efforts and use them to achieve the common aims and where specialists from different countries can find common points of view and adopt the consolidated decisions on mutually beneficial cooperation.

Secretary-General of the Economic Cooperation Organization Mr. Mohammed Yahya P. Maroofi, Co-Chair of the Turkmenistan-United Kingdom Council of Commerce and Industry Mr. Ronald Nash, Vice President of the Chamber of Commerce of the Russian Federation Alexander Zakharov, Head of the German Economy in Central Asia Jorg Hetsch and others presented the overviews on the existing situation on regional investment markets and the latest global trends in this sphere. During the forum it was proposed to combine the potential of many countries to develop a mega-invest-project in the interests of each party that requires a thorough analysis of existing reserves, potential risks, etc. In other words, to integrate not only economy but also knowledge and experience! It was noted that in this context Turkmenistan has something to share with other countries – the effectiveness of the national investment policy is convincingly evidenced by obvious accomplishments and outstanding achievements.

Those speaking at the forum were unanimous that investment is the driving force of economy and social development, a guarantee of future accomplishments and a generator of capital, particularly human capital.

The detailed discussion of new investment opportunities took place during the separate plenary sessions which focused on key fields and sectors of the economy and were supported with the informative presentations.

In particular, the issues considered during the session dedicated to the National Programme of Social and Economic Development of Turkmenistan for the period of 2011-2030 included the scientific basis for Turkmenistan’s industrial growth through applying high technologies, strengthening the capacity of the private sector and applying innovations in the national agro-industrial sector.

Speaking at the session dedicated to enhancing Turkmenistan’s investment attractiveness and facilitating attraction of foreign investment Doctor of Economy, Vice President of the International Academy of Information Processes and Technologies in consultative status with the Economic and Social Council of the United Nations Aleksey Tikhomirov presented the report on the state regulation of investment policy and management of the development of social and economic development programmes in Turkmenistan.

This report paid particular attention to the timely crisis management measures taken by the Government of Turkmenistan and the prudent effective economic policy of the Turkmen state which had allowed avoiding the negative effects of the global financial and economic crisis and orienting it in the positive direction. The ongoing process of optimizing the model of economic development is characterized by the enhancement of its social components, intensification of investment activity and integration of the country into the global community, said Mr. Tihomirov.

During the session the Head of the Division for Central Asia of the European Bank for Reconstruction and Development Mrs. Nienke Oomes presented the report entitled “Turkmenistan: new economic transformations and the progress of structural reforms.”

Particular attention was paid to such important fields of investment activity as the development of the health sector, medical industry and pharmaceutical market, telecommunications and broadcasting and information technologies. It was noted during the sessions that an essential factor for expanding further international partnership in this sphere was the use of scientific and technological advances and personnel training.

The bilateral meetings which took place within the framework of the forum provided the participants with an opportunity to share long-term plans for intensification of cooperation in various sectors of economy, discuss the aspects of collaboration in the entrepreneurial sector and information exchange and identified the ways to develop joint projects with the tremendous high commercial potential for all parties involved.

The main themes of the reports, presentations, consultations and talks which took place during the forum were innovations and integration which on combination with investment created an atmosphere of the Ashgabat meeting which one of the participants called “the forum of substantial ideas and joint search for wise decisions.”