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Saudi-Turkmenistan Joint Committee explores ways to boost trade, investment relations

Turkmen and Saudi officials are seen during a cultural affair Jeddah in Jeddah in this Sept. 30, 2016 file photo. Economic cooperation between the two countries is also being strengthened. (SPA)
RIYADH: The Saudi-Turkmenistan Joint Committee for Economic and Trade Cooperation held its fifth session in Riyadh, reviewing bilateral cooperation and the joint committee’s important role in further enhancing trade and investment relations between the two countries.
The joint committee meeting was co-chaired by Minister of Commerce and Investment Majid Al-Qassabi and Maksat Babayev, the deputy premier of Turkmenistan, who is on a two-day visit heading a 40-member delegation comprising businessmen and senior officials from his country.
The Turkmenistan ambassador in Riyadh, Chariyev Orazmuhammed told Arab News Thursday that Babayev, who is also the deputy chairman of the Turkmen Cabinet, arrived Wednesday for the joint committee meeting, during which the two sides discussed ways of enhancing cooperation between the two countries as well as developing partnerships among the private sectors.
Key issues of common concern in the fields of trade, investment, agricultural, energy and cooperation in education, culture, health, tourism and other fields were also discussed to benefit the two sides.
During the meeting, Al-Qassabi stressed that the two sides must consolidate and develop trade and joint cooperation in all fields due to the great potentials in the two countries, as well as the promising opportunities provided by Vision 2030.
The two sides co-signed the minutes of the joint committee meeting at its conclusion, said the Turkmenistan ambassador, adding that on the sidelines of the joint meeting, a national export funding agreement was signed between the Saudi Fund for Development (SFD) and the Bank for Foreign Economic Affairs of Turkmenistan with a value of $40 million.
Moreover, an agreement for implementing a pipeline project was signed between the Saudi Global Pipe Co. (SGPC) and the National Gas Holding Company of Turkmenistan (Turkmen Gas), besides the agreement between Saudi Aramco and Turkmen Gas, and SABIC and Turkmen Gas.
The envoy said that the deputy premier left Riyadh Thursday for Jeddah from where he will wrap up his trip.
In Jeddah, the Turkmen delegation led by Babayev held a meeting with high-level IDB officials and signed an agreement on bilateral cooperation, the envoy said.
Earlier, Babayev met Minister for Energy, Industry and Mineral Resources Khalid Al-Falih in Riyadh and discussed the current situation in the oil market, noting the ongoing re-balancing efforts.
Both ministers reiterated the importance of the historical agreement between OPEC and non-OPEC countries to curb production, and its role in maintaining market stability, and encouraging investments in future supply.
Babayev also expressed his appreciation of the Kingdom’s efforts in boosting the cooperation and investment opportunities between the two sides.
He also announced Turkmenistan’s intent to attend the Declaration of Cooperation meeting in Vienna on Nov. 30, as an observer.

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