Arkadag, 4 July 2023 (TDI): On June 30, 2023, the International Investment Forum “Arkadag – a Smart City” took place at the conference hall of the “Markav Hotel” in Turkmenistan’s new city. The event brought together delegates from around the world, including representatives of leading international and regional organizations, financial institutions, and foreign companies.
The forum aimed to foster constructive dialogue between foreign investors, businessmen, financial institutions, and Turkmenistan’s state bodies, promoting investment and sustainable development in smart cities.
Exploring Investment Opportunities and Sustainable Development Goals
During the plenary sessions of the forum, participants addressed various topics related to sustainable development prospects and new technologies in cities, investment opportunities in Turkmenistan, digital infrastructure, and innovative technologies for smart cities.
The speeches emphasized the global community’s urgent tasks in achieving the goals of the 2030 Agenda, particularly focusing on measures to ensure openness, security, resilience, and environmental sustainability in cities and towns.
Turkmenistan’s Economic Progress and Investment Strategy
The forum provided an opportunity for guests to gain insights into Turkmenistan’s economic landscape and investment strategy.
The reports highlighted the country’s recent macroeconomic indicators, including a 6.2% GDP growth in 2022, a 14.2% increase in investments, and a remarkable 43.6% rise in product exports compared to the previous year. These positive indicators were attributed to Turkmenistan’s far-sighted investment policies and its ability to attract significant volumes of foreign investments.
Transitioning to Industrial and Innovative Development
The reports emphasized Turkmenistan’s ongoing efforts to transform its national economy from a raw material model to a path of industrial and innovative development. The country is focusing on the introduction of high-tech, knowledge-intensive industries and the transition to a digital economy.
The construction of modern enterprises producing high-value-added products plays a crucial role in meeting global market demands. The widespread adoption of innovative technologies and digital systems has increased productivity and enhanced the competitiveness of domestic goods, boosting exports.
Support for Small and Medium-Sized Businesses
Turkmenistan’s investment strategy emphasizes the harmonious development of the private sector in the national economy. Representatives of the Union of Industrialists and Entrepreneurs highlighted the state-level support provided for the growth of small and medium-sized businesses.
The reports showcased the increasing share of entrepreneurship in various sectors, projecting it to reach 71.3% of GDP (excluding the fuel and energy complex) this year.
The Union of Industrialists and Entrepreneurs, a powerful business association, actively contributes to Turkmenistan’s social, political, and economic landscape by establishing enterprises that compete with imported goods.
Attracting Capital and Advanced Technologies
Turkmenistan expressed its interest in attracting large capital, advanced technologies, modern machinery, and equipment that meet international standards. The establishment of partnerships is based on the economic efficiency, social significance, and environmental safety of proposed projects. The forum focused on finding effective tools to achieve long-term success for all stakeholders, including joint efforts to promote digital and “green” solutions at all levels.
Assessing Investment Potential
The International Investment Forum provided a platform for a constructive exchange of views on maximizing investment potential and stimulating industrial, scientific, technological, and socio-economic development in Turkmenistan.
Representatives from international organizations, reputable financial institutions, and the foreign business community assessed the feasibility of investing in innovative projects proposed by Turkmenistan. The forum facilitated bilateral meetings, identifying promising areas for mutually beneficial contacts.
Exhibiting Turkmenistan’s Modernized Industry and Competitive Products
An exhibition held alongside the forum showcased Turkmenistan’s achievements in various sectors of the national economy. It highlighted the modernized, high-tech industry and the country’s robust infrastructure for processing industries capable of producing a wide range of competitive products for the global market.