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UAE and Turkmenistan discuss enhancing trade cooperation

Prospects of propelling trade cooperation between the UAE and Turkmenistan were the crux of a meeting Abdullah bin Ahmed Al Saleh, Under-Secretary of the Ministry of Economy for Foreign Trade, had today with Rahimberdy Jepbarov, Minister of State and Chairman of the Board of State Bank for Foreign Economic Affairs.

The Turkmen minister hailed the Emirati business presence in his country, saying that UAE companies are among the largest investors in the oil and gas industry in Turkmenistan.

He expressed his country’s willingness to expand Emirati investments in various developmental domains, highlighting Turkmenistan’s desire to diversify its economic base and wean its economy off oil.

“The non-oil trade between the two countries reached around $299 million by the end of 2017,” said Al Saleh, commending the privileged relations between the two nations.

However, he added, the current foreign trade exchanges don’t reflect the true potential existing in the two countries and “more efforts are needed to accelerate cooperation, specially by the private sector to advance bilateral relations to higher levels.”

The meeting occasioned a review of current partnership opportunities up for grabs for the two sides in a number of sectors, including energy, financial services and food security, with the two officials underlining the importance of diversifying income streams in both countries.

Source: WAM

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