On 16 September 2025, the Organisation for Economic Cooperation and Development (OECD) organised a workshop to present the preliminary findings of the Building a Competitive Investment Landscape in Turkmenistan report. The event was held in co-operation with the Government of the Republic of Turkmenistan and benefitted from financial support from the European Union (EU).
Links to download the presentations used during the seminar can be found below
Mr Mammetguly Astanagulov, Minister of Finance and Economy of Turkmenistan, opened the event and expressed gratitude to the OECD for the work. He reminded the participants of the signature in November 2024 of a Letter of Intent between Turkmenistan and the OECD, aimed at reinforcing work on connectivity, environment and investment attraction. Stressing that Turkmenistan is a state that strives to be active globally, he emphasised that international investment is expected to boost private sector activity in the country.
Mr Borislav Dimitrov, Programme Manager at the Delegation of the European Union to Turkmenistan, stressed that the work on investment is the first ever OECD country-project conducted with Turkmenistan. He added that the European Union is delighted to financially support the realisation of the project in the context of the EU Prosperity Programme in Central Asia. He also noted the growing efforts of Turkmenistan to attract investment through the participation of numerous fora. He mentioned the key OECD findings, endorsing the need for further progress on internet access, digitalisation, human capital and the unification of the exchange rate regime.
Mr Daniel Poloyko, Policy Analyst at the OECD, presented the preliminary findings of the draft report Building a Competitive Investment Landscape in Turkmenistan. He started with an economic overview of the country, noting the evolutions of the export basket towards a diversification of export destinations despite a sustained reliance on hydrocarbons. He continued with a discussion on the business environment presenting several OECD recommendations on improving the information availability of data in state agencies, suggestions on the development and implementation of vocational education and training programmes (VET), as well as considerations on the unification of the dual exchange rate. The third part of his presentation concerned Turkmenistan’s effort in investment promotion. While noting that the country already has a structure across which the functions of investment promotion and attraction are diffused, he presented some conclusions on the possible design of an Investment Promotion Agency (IPA).
Ms Galina Romanova, Head of the Consolidated Directorate of Public Finance and Economic Policy, Ministry of Finance and Economy, praised the broad perspective provided by the draft report. She noted that competitiveness is an important topic for the Turkmen government, and that the export support measures aimed at helping local producers lead to positive results in the developing of manufacturing and agri-food sector. She also mentioned that the state has been cautious in investment attraction, but that times have changed, and the country is interested in investors’ activity.
Mr Ata Chapayev, Head of the Department of Development and Finance of the Sectors of the Economy, Ministry of Finance and Economy, remarked that because the Turkmen market is limited, the export orientation of the country is an important topic of the economic strategy. Mentioning the development of the Trans-Caspian Transport Corridor, he mentioned that this transport corridor needs to also become a trade corridor, fostering economic growth in the involved countries.
Mr Eric Livny, Head of the Turkmenistan Resident Office of the European Bank for Reconstruction and Development (EBRD), noted that Turkmenistan has no problems in creating competition on the market, but needs to deploy efforts to keep it. Addressing the issues of business environment, he recommended the unification of the dual exchange rate, the advancement of digitalisation according to the models of peers in Central Asia and the Southern Caucasus, as well as measures to ensure the development of human capital. To build trust between investors and the government, he recalled the example of Kazakhstan and Uzbekistan in designing and inaugurating investors councils, which allows both parties to directly engage and for the private sector to share their concerns.
Mr Daniil Maykovskiy, Business Director at MCT Agency, said that digitalisation is a key step forward since the paper procedures are already well established and it is not possible to conduct them faster. He echoed OECD observations by addressing some time delays in operational activity that can be caused by licensing requirements. He also highlighted the importance of diversifying the opportunities for financing SMEs and explained the benefits that a business environment favourable to start-ups would have for the Turkmen economy.
Mr Ashirali Gurbanniyazov, Head of the Department for the Development of the Non-State Sector of the Economy, the Regulation of Special Economic Zones (SEZs), and Public-Private Partnerships (PPP), addressed the institutional structure of SEZs in Turkmenistan and emphasised the importance of coherent structural development for attracting foreign direct investment (FDI).
Mr Rustam Alymov, National Project Manager for Turkmenistan of the International Trade Centre (ITC), has presented the ITC work, also conducted with financial support from the EU. He highlighted the support provided to Turkmenistan in the endeavours to meet the WTO accession objective by conducting analysis, reviews and trainings.
Mr Babaniyaz Yalakov, Deputy Minister of Finance and Economy of Turkmenistan, concluded the workshop by indicating that the government of Turkmenistan is taking the needed steps to ensure a thriving business and investment climate by presenting an attractive tax regime favourable to businesses. He noted the digitalisation efforts of the government, illustrated by the establishment of a dedicated Ministry of Communications in July 2025.