RIYADH, 16 April 2007 — Turkmenistan President Gurbanguly Berdimuhammedov called on Saudi businessmen here yesterday to seek investment opportunities in his country, especially in the areas of tourism, agriculture and petrochemical industries.
The Riyadh Chambers of Commerce and Industry (RCCI) held a red carpet reception for the president who arrived in the Saudi capital on his first foreign trip since he took post several months ago.
Before heading off to perform Umrah in Makkah, the president had met with Custodian of the Two Holy Mosques King Abdullah to discuss bilateral issues.
Returning to the capital, the president, who was accompanied by several ministers of state, held talks with a Saudi businessmen delegation headed by RCCI President Abdulrahman Al-Jeraisy.
“We will provide Saudi businessmen with special incentives, especially in the areas of oil industries, gas, construction and tourism, which will generate big profits for Saudi companies,” said President Berdimuhammedov.
He said Turkmenistan was going through a wide-scale development plan and was seeking foreign investment in many of the government’s projects.
He also said the tourism industry was flourishing in his country.
Speaking about investment in the petrochemical sector, the president said Turkmenistan factories were producing oils, polypropylene, and plastic. As for the gas sector, he said that Turkmenistan seeks to export 58 billion cubic inches of natural gas, adding that that percentage is expected to jump to 220 billion
The president said his country exports 110 million barrels of crude oil per year, adding that the state owned many oil rigs in the Caspian Sea as well as on land.
“We therefore have all the capabilities for the investment of Saudi companies and foreign companies in this field,” he noted.
The president said he was seeking to include foreign investment in the areas of agriculture, culture, and tourism to boost the local economy by 20 percent.
He mentioned how his government intends to build several major hotels across many of the cities on the Caspian Sea, a major tourist attraction in Turkmenistan. A local Saudi businessman who attended the meeting expressed desire to invest in the petrochemical sector, saying his company had imported over 4, 000 agriculture equipment from Turkmenistan and forged a partnership with an agricultural firm there.
“We have a factory which produces oil pumps and we are ready to invest in the oil industry in Turkmenistan,” said Saad Al-Khurayyef, a Saudi businessman.
Ibrahim Al-Seadan, another Saudi businessman, expressed desire to invest in city planning and requested the permission to look at the construction laws of the country.
RCCI President Abdulrahman Al-Jeraisy said that over SR 1 trillion were being invested by Saudis all over the world and that Turkmenistan should have a slice of the pie.
Speaking to journalists following the one-on-one talks he had with the head of state, Al-Jeraisy said President Berdimuhammedov had agreed to form a joint Saudi-Turkmenistan Business Council to seek investment opportunities in both countries.
“Our talks focused on ways to increase Saudi exports to Turkmenistan or increase imports from Turkmenistan,” Al-Jeraisy said.
“The president assured me that he would ease visa applications for Saudi businessmen,” he added.
Al-Jeraisy said the fact that the Turkmenistan president chose to visit Saudi Arabia as the first country in his first foreign trip illustrated the Kingdom’s regional and international importance on both the political and economical front.
The trade volume between the Kingdom and Turkmenistan has grown to $41 million recently. Saudi Arabia mainly exports various industrial-technical equipment and consumer goods to Turkmenistan.
At present, four projects are being aided by Saudi capital in Turkmenistan. The projects are implemented in the oil, gas and water economy sectors.
Turkmenistan and Saudi Arabia established bilateral relations in Feb. 22, 1992, with the signing of a joint communique on the establishment of diplomatic relations. On the basis of this document, the Kingdom opened its embassy in Turkmenistan in 1997.