We consider Singapore as one of the promising trade and economic partners of Turkmenistan, President Gurbanguly Berdimuhamedov, who arrived on the eve of his first state visit to this country, said today at a meeting with representatives of leading Singapore companies.

As the head of state noted, last year the volume of mutual trade between the two countries amounted to 102.8 million us dollars. As of July 1, 2019, 6 investment projects with participation of Singapore companies and 5 enterprises with participation of Singapore capital were registered in Turkmenistan. However, these data do not fully reflect the potential for mutually beneficial cooperation.

Gurbanguly Berdimuhamedov expressed confidence that the basis for further productive joint work will be the agreements reached at the first business forum held the day before, which was attended by representatives of state organizations and the private sector of the economy of Turkmenistan and their Singapore colleagues.

During the meeting, the parties discussed the prospects of cooperation in the oil and gas industry and the chemical industry, the financial sector, the transport sector, agriculture and water and other equally important areas of joint application of interests.

Representatives of Singapore companies and corporations, including world leaders in the production of high – tech, high-tech products, presented their proposals for cooperation, giving it a long-term, systemic nature.

– We have heard a lot about the" Singapore economic miracle", which in a short time turned Singapore into one of the most developed countries in the world, the President said, stressing that one of the main goals of this visit to this country is the establishment and development of mutually beneficial relations in the fields of trade and economy.

The head of state noted that Turkmenistan has created favorable conditions for the expansion of international economic partnership in various fields. These include the oil and gas sector, electricity, transport and communications, agriculture, textile industry, the development of high-tech and innovative industries, the construction of modern infrastructure, the creation of enterprises in such areas as electronics, computer and logistics services.

At the same time, the state provides investors with substantial support in the form of tax, customs, visa, insurance and other benefits. As a result, the share of investments in the production of gross national product is steadily growing, the number of investment projects and the volume of foreign trade turnover is increasing, Gurbanguly Berdimuhamedov said.