The volume of trade turnover between the UAE and Turkmenistan reached $1.3bn in 2022 (excluding oil), almost 50% more than the previous year.
UAE Ambassador Ahmed Alhay Alhameli wrote in an article published in the Neutral Turkmenistan newspaper.
"Our bilateral relations have witnessed unprecedented growth at all levels ...Our goal is to double trade exchange in the coming years".
Last year, the Abu Dhabi Fund for Development set up a joint investment company with Turkmenistan with a target capital of $100mn.
Experts told Daryo that the UAE is looking to expand its local market presence in the oil, gas and renewable energy sectors through major investments by companies such as ADNOC, Dragon Oil and Masdar.
Dragon Oil is already one of the largest investors in Turkmenistan, having invested some $8bn in the development of the national Caspian shelf since 1999.
Eziz Boyarov
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