Thanks to the far-sighted policy of President Serdar Berdimuhamedov, the economy of Turkmenistan demonstrates dynamic and steady growth, which is driven by high investment activity, an increase in domestic and external demand, the development of entrepreneurship, and a set of implemented measures to rise real incomes of the population.

As it was noted at the visiting meeting of the Cabinet of Ministers of Turkmenistan on the results of the socio-economic development of the country in January-July 2022, the GDP growth rate of completed works for seven months of this year remained at the level of 6.1 percent, which became the main macroeconomic indicator of stable development of all sectors of the economy and regions. In general, the volume of goods manufactured in comparison with the same period in 2021 increased by 11.5 percent.

It is appropriate to recall here that during the meeting of the Cabinet of Ministers on the country’s development results in the first half of the year held on July 8, President Serdar Berdimuhamedov stated that fundamental transformations had taken place in all sectors of the national economy, and much progress had been achieved due to the comprehensive work. Today, Turkmenistan has gained wide international fame as a rapidly developing and socially responsible state, focused on high technologies and innovations, successfully implementing grandiose projects and constructive initiatives.

In the first half of the year, the volume of capital investments aimed at developing the national economy at the expense of all sources of financing, in relation to GDP, amounted to 14 percent. At the same time, 43.7 percent of the assimilated funds were invested in the construction of industrial complexes, and 56.3 percent – in the construction of socio-cultural facilities.

The head of state instructed to thoroughly approach the development and approval of the Investment Program for 2023, and determine specific production assignments and tasks set before each ministry and branch department.

According to the Decree signed by the country’s President, it envisages another 10 percent increase in wages, pensions, student scholarships, state benefits and a number of other social benefits, as well as funds for the construction of housing for people in need in each etrap and city will be obligatory included.

In accordance with the previously given commission of the President, drafts of the country’s Socio-Economic Development Program for 2022-2028 and the National Rural Program have been prepared.

These documents define the priority vectors of the economic strategy of the independent Homeland for the next seven years, reflect the grandiose undertakings and drafts of large-scale transformations envisaged for implementation, focused on ensuring the well-being and prosperity of the native people.

Among the priorities for the further development of the national economy, according to the adopted Programs, are the large-scale continuation of the privatization of state property, an increase in the number of privatized facilities of relevant ministries, sectoral departments, khyakimliks of velayats and cities, and the development of the non-state sector.

In addition, it was assigned to conduct relevant work on a permanent basis to increase the exchange rate of the national currency, regulate transactions carried out with foreign currency, and control this type of activity. Based on international practice, it is planned to modernize the fiscal system, consistently improve financial reporting, rules and methods of taxation, as well as fully introduce an electronic taxation system in the country.

Along with measures to optimize the labor market and create new jobs, a policy aimed at increasing the population’s incomes is consistently being implemented. Over the past seven months of 2022, wages for large and medium-sized enterprises in the country increased by 10.4 percent compared to the corresponding period of 2021. Salaries, pensions, state benefits and student scholarships are funded timely and to a full extent.

At a government meeting held on July 8, it was noted the need to revise the minimum wage (minimum wage) in the country anew and appropriate instructions were given in this regard.

The upward revision of such an important macro-indicator as the minimum monthly wage is another example of the implementation in practice of the principle “The State is for Man!”. The minimum monthly wage indicator is necessary to regulate labor relations between employers and employees, and it is compulsory for all employers, regardless of the organizational form and type of activity. Based on the current minimum wage, social benefits are also calculated.

In order to improve the quality of higher education in the country’s universities, work will continue to include them in the list of leading educational institutions in the world. The practice of training national personnel required in various sectors of the national economy in higher educational institutions of foreign countries will continue on the basis of intergovernmental agreements. A new step in the field of education was the instruction of President Serdar Berdimuhamedov concerning the preparation of proposals for awarding diplomas to students who graduated from higher and secondary vocational educational institutions on a fee-based basis, without the mandatory two-year work.

In January-July of the current year, the retail trade turnover increased by 10.4 percent compared to the same period of the last year, and foreign trade turnover increased by 39 percent. If the growth of domestic demand is associated with a rising household incomes, then external demand is conditioned by the export potential of the economy, its ability to produce competitive products that are in demand on foreign markets.

So, in January-July, the plan for oil and gas condensate production was fulfilled by 100.7 percent, oil and gas condensate supply – by 111.2 percent, oil refining – by 110.2 percent, gasoline production – by 117.4 percent, diesel fuel – by 112.2 percent, polypropylene – by 125.6 percent, lubricating oils – by 115.2 percent, liquefied gas – by 115 percent. The implementation of the plan for the extraction of natural and associated gas is at the level of 113.6 percent, for the export of blue fuel – 123.6 percent.

According to the Ministry of Energy, the plan for the production of products and the work carried out has been fulfilled by 128.4 percent. The growth rate of electricity production was 112.8 percent, its exports -141.3 percent. According to the results of seven months of this year, the “Türkmenhimiýa” State Concern fulfilled the plan for the production and provision of services by 181.1 percent.

One of the indicators of Turkmenistan’s foreign economic relations, an information and analytical data source that clearly illustrates the demand for products of the leading branches of the domestic economic complex, is the activity of the State Commodity Exchange, the main state institution regulating export-import operations in the country.

In order to expand e-commerce and provide additional information to brokers, the State Commodity Exchange of Turkmenistan launched a new website this spring. This is another step in solving the task assigned to the relevant ministries and departments, as well as to the business community, to increase the volume of sales of goods via the Internet, to create their own platforms for electronic commerce within the country, to widely advertise and promote domestic products at the international level.

The development of the brand “Made in Turkmenistan” is also aimed at this, which should serve as an indicator of the quality of goods and the competitiveness of the economy of the Homeland.

The first stage of this activity is connected with the development of a regulation on the national brand, which provides for the solution of a number of tasks for its implementation.

The second stage is the development of a regulation on the brand assignment. To obtain it, it is necessary to prove that the product is worthy and meets high quality standards, environmental safety. This provision will also include articles on the use of the brand in the domestic and foreign markets.

The brand “Made in Turkmenistan” provides for the creation of a bright and concise image and slogan in Turkmen, English and Russian, which should differ in capacity and at the same time in semantic expressiveness, and contain a patriotic idea.

Its creation will open even wider opportunities for strengthening trade and economic relations of our country with foreign partners, diversification of export supplies, expansion of their nomenclature.

Private commodity producers play an increasing role in bringing domestic products to foreign markets. The orientation of the national economy to market relations and the adoption of concrete measures to support domestic entrepreneurship promoted the growth of the non-state sector, strengthening its production, investment and export potential.

This was clearly demonstrated by the exhibition and conference held in April dedicated to the next anniversary of the Union of Industrialists and Entrepreneurs of Turkmenistan, which unites more than 27 thousand representatives of the country’s private business.

Speaking about the importance attached in Turkmenistan to the support of entrepreneurship and the development of public-private partnership, the head of state assured that along with these issues, special attention will also be paid to increasing the share of the private sector in the national economy, supporting business initiatives of youth.

Thus, sustainable development of the Homeland is the main goal of the state policy of President Serdar Berdimuhamedov, thanks to the systematic implementation of which Turkmenistan has a stable economy, which is the basis for further growth of standard of living of the native people.