Covering the two-day state visit of President Gurbanguly Berdimuhamedov to Singapore, the results of the Turkmen leader's meetings with the top leadership of the Republic and top managers of its largest companies, many foreign media focused on the great potential of Turkmen-Singapore economic cooperation, including in the field of fuel and energy and chemical complexes.
In particular, the English-language Singapore newspaper "The Straits Times" quoted the state Minister of trade and industry of this country Ko Po Koon: "Singapore companies are already exploring cooperation with the Central Asian country Turkmenistan in the sectors of chemical and private education, and there is potential for further increase in trade flows."
Speaking about this at the first Turkmen-Singapore business forum held within the framework of the visit, the Minister noted that the volume of bilateral trade between our countries indicates the potential for growth. And in confirmation of his words during negotiations twelve agreements aimed at development of mutually beneficial cooperation were signed.
A number of media quoted the Chairman of the Singapore Business Federation, Theo Siong Seng, as saying that current trade figures reflect a fivefold increase in Singapore's exports to Turkmenistan since 2016, which means growing interest in each other by business circles of both sides.
Seng also stressed that it is not surprising that some Singapore companies have recognized the economic potential of Turkmenistan and have taken steps to establish trade and investment ties, given that Turkmenistan is one of the fastest growing economies in Central Asia and is endowed with huge natural resources.
In this regard, the Singapore media noted the forecast of the Asian development Bank that the GDP growth rate of Turkmenistan this year will be 6 percent, and that, according to experts, natural gas reserves put our country in fourth place in the world.
Foreign publications also gave impressive presentations of the participants of the Turkmen official delegation to the business forum that every year the share of investment in the economy, more than 30 percent of GDP, the share of foreign investment amounts to 13 percent of the total, and in 2018 the volume of investment in our country amounted to 11.5 billion US dollars.
IRAS noted that the agreement on avoidance of double taxation signed during the visit will strengthen cross-border trade and investment between the two countries.
Many foreign media noted the potential opportunities of the two countries for joint business in the oil and gas, energy and chemical industries, construction, transport and logistics, agriculture. At the same time, the media drew attention to Gurbanguly Berdimuhamedov's proposal to create mechanisms for the development of trade and economic ties, in particular, such as the organization of business forums, exhibitions and meetings of experts on a regular basis.
The head of Turkmenistan also proposed to hold the second Turkmen-Singapore business forum in Ashgabat, and invited the President of Singapore Halima Jacob and Prime Minister Lee Hsien Long to visit Turkmenistan.
A number of foreign news agencies and periodicals drew attention to the fact that on the eve of the first state visit of the head of Turkmenistan to this Republic, the state concern "Turkmengas" was instructed to sign with the Singapore company "GP Global Equipment Pte. Ltd " contract for the design and construction of a gas compressor station in the fields in Central Karakum.
In this regard, analysts stressed that Singapore, which occupies a leading position among the developed countries of the world, is considered as one of the strategic partners of Turkmenistan, in cooperation with which it is planned to implement significant joint projects that promise greater economic benefits to both the participating countries and the region as a whole.