Deputy Minister Yalakov Highlights Role of Private Sector in Turkmenistan’s Industrial Development
Ashgabat, The Gulf Observer: Expanding the private sector and attracting its resources to the country’s industrial sphere requires identifying the most effective forms of cooperation and managing interaction mechanisms to achieve sustainable and stable development goals. These priorities form an integral part of Turkmenistan’s national programs, stated Deputy Minister of Finance and Economy Babanyyaz Yalakov at the International Conference on the Development of the Construction, Industrial, Chemical, and Energy Industries of Turkmenistan (CIET 2025).
Deputy Minister Yalakov emphasized that the Turkmen government, through its relevant structures, is taking comprehensive measures to create a favourable environment for business activity, entrepreneurial initiative, and innovative management. He noted that private producers are being guided toward addressing strategic and significant objectives in the development of industrial and construction sectors.
“One of the strategic directions for modernizing our country’s economy is the development of a public-private partnership (PPP) system aimed at enhancing product and service quality, increasing budget efficiency, and attracting investment by aligning the economic interests of government institutions and the private sector, as well as by combining their resources and competencies in the implementation of investment projects,” Yalakov stated.
He further noted that small and medium-sized enterprises (SMEs) play a vital role in addressing key economic and social challenges, fostering the creation and expansion of industries where the state’s share has declined while the private sector’s participation continues to grow annually.
By engaging businesses in investment projects across construction, industry, chemical production, and energy, Turkmenistan can ensure more efficient use of both public and private financial and production capacities, the Deputy Minister concluded.
