Turkmenistan aims to attract greater levels of foreign direct investment (FDI), especially outside the hydrocarbon sector, as a foundation for long-term and sustainable growth. This report offers a fresh look at the country’s investment environment, highlighting opportunities and challenges for businesses and investors. It examines recent trade performance and the broader business climate, including regulatory and labour-market challenges. Drawing on a private sector survey of firms, interviews with government officials development partners, and data from government and other sources, the report offers unique insights into Turkmenistan’s business environment and investment landscape. It also suggests investment promotion and facilitation tools that the government could develop, including the creation of a dedicated Investment Promotion Agency (IPA) to streamline support for investors. Drawing on the perspectives of both domestic and foreign stakeholders, as well as a broad range of international experience, this publication will be of interest to policy-makers, international organisations, researchers, and private sector actors seeking to understand — and engage with — Turkmenistan’s investment future.