The President of Turkmenistan, Serdar Berdimuhamedov, has received the Vice President and Deputy Prime Minister of the UAE, Mansour bin Zayed Al Nahyan, in Ashgabat, Turkmen TV reports.
Berdimuhamedov stressed that "the two countries have a solid potential for cooperation, which is a solid basis for further development and diversification of effective relations".
The Emirates' Al Bayan reports that during the meeting they discussed prospects for expanding cooperation in key economic and investment sectors such as renewable energy, artificial intelligence and innovation.
Experts told Daryo that the UAE is looking to expand its local market presence in the oil, gas and renewable energy sectors through investments by companies such as ADNOC, Dragon Oil and Masdar.
Dragon Oil is already one of the largest investors in Turkmenistan, having invested around $8bn in the development of the national Caspian shelf since 1999.
The Abu Dhabi Fund for Development has established a joint investment company with Turkmenistan with a target capital of $100mn. UAE Ambassador Ahmed Al Hai Al Hamli was recently quoted in the local press as saying that the UAE plans to double trade with Turkmenistan from $1.3bn (excluding oil trade) by 2022.
Eziz Boyarov
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