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Speech by H.E. Mr. Luc Devigne, Ambassador Extraordinary and Plenipotentiary of the European Union to Turkmenistan, at the Turkmenistan Investment Forum

01.10.2026
Ashgabat
Press & Information Section of the EU Delegation to Turkmenistan

Excellencies, Ladies and Gentlemen, Dear Colleagues, Dear Turkmen friends,

Salam!

I am very honoured and pleased to address you in this opening session.

Last week, we experienced a series of grandiose events for the 35th anniversary of Turkmenistan’s Independence, and besides the famous Turkmen hospitality, I must underline and congratulate the perfect organisation of these events.

35 years is the age of maturity. 

And indeed, Turkmenistan can look back with pride to the achievements built in this period.

But we are here to talk not only about the present, but also the future of trade and investment in Turkmenistan.

So, let us reflect upon the current situation and the desirable trend for the future.

  1. First, where are we today in the EU—Turkmenistan trade and investment?

Today’s event does not take place in a vacuum; first, it takes place in a period of intensification of engagement between the EU and Central Asia, as evidenced by the 1st EU—Central Asia Summit,[1] which took place on 4 April 2025, with the participation of President Serdar Berdimuhammedow, who also met bilaterally with President of the European Council Costa and President of the European Commission von der Leyen.

This Summit was the first but not the last and will happen again.

Second, today’s conference also follows the first Turkmenistan—EU Business Forum, which was very successfully held here on 26 March.

Third, looking ahead, I should also mention that the 3rd Global Gateway Summit, which will be held in Brussels on 8-9 June 2027.[2]

Global Gateway , an EU €10bn project, is important for Turkmenistan, due to its obvious strategic geographical position of the (shortest crossing of the) Caspian Sea, which offers significant potential in the connectivity network linking Central Asia with Europe: this is the TC2 : Trans-Caspian Transport Corridor.

Global Gateway cooperation can help strengthen transport, energy and digital connectivity, but infrastructure alone – no matter how well developed – does not suffice. The best railway, road of port will be underused if not accompanied by efficient border procedures, transparent rules and a business environment that enables trade and private investment.

Turkmenistan does not only possess huge gas reserves, it also offers a big potential in generating green electricity from solar.

EU companies could also – with the support of the EU – develop railway and dredging. 

Improving connectivity within Central Asia and towards Europe would help Turkmen businesses diversify markets and integrate more deeply into international value chains.

Today’s picture: EU–Turkmenistan trade relations are stable but have room to grow. 

EU is Turkmenistan’s 4th largest trading partner and 3rd export destination.

Total goods trade reached € 1.3 billion in 2025. 

EU exported to Turkmenistan €900m (mainly machinery, transport equipment and chemicals) and imported from Turkmenistan €400m (fuels, mining products and chemicals). The Foreign Direct Investment owned by EU companies amounts to €400m.

  1. Second, how to develop EU—Turkmenistan trade and investment ?

Like the Government of Turkmenistan, we would like to see a more developed, but also more diversified relationship, with greater participation by private companies and SMEs and more cooperation in sustainable connectivity, energy, digitalisation, services and value-chain development.

EU is the world’s largest foreign investor (EU investors own a portfolio of € 9,309bn in 2024).[3]

EU is also the world’s largest trading bloc (with €8,080bn in 2025).[4]

The first EU–Turkmenistan Business Forum in March 2026 was an important step. The next challenge is to translate that momentum into concrete projects and investment decisions.

European investors see potential in Turkmenistan, but investment decisions depend also on a predictable and transparent business environment, as it is up to private European investors – and not to governments or institutions – to decide to invest.

How can we improve the business environment in Turkmenistan? We identify four concrete ways to do so:

  1. First, setting the basic international rules for trade and investment: WTO accession. 

There is no substitute (no “plan B” if you prefer) for integration into the multilateral rules-based trading system, but to join the 166 members organisation (accounting for 98% of world trade.[5] WTO membership can provide a strong external anchor for reform, transparency and investor confidence. I note that all Central Asia countries are members or will soon become member.

For the EU, WTO membership is also essential to develop further bilateral relations, as it represents the foundation of a relation based on commonly agreed basic trading rules.

It is very positive that Turkmenistan became an acceding country in 2022. The EU strongly supports Turkmenistan’s accession (through a dedicated technical assistance programme implemented by the International Trade Centre) but of course cannot substitute itself to the political will of Turkmen authorities. The next key step for Turkmenistan is to submit its trading legislation (“Memorandum on the Foreign Trade Regime”), which will provide the basis for the substantive accession discussions.

  1. Second, facilitate access to Turkmenistan: easier mobility. 

Facilitating travel for EU citizens and business representatives would make commercial engagement easier and strengthen Turkmenistan’s attractiveness as a destination for investment and tourism, an area in which Turkmenistan has a lot to offer. All Central Asian countries have exempted EU citizens from visa requirement for 30/60 days stays. This has not caused any problems. Why not apply it here too?

  1. Third, facilitate communications: digital connectivity. 

Faster, more reliable and more accessible internet is basic economic infrastructure. It is indispensable for modern companies, investors, entrepreneurs and international value chains.

  1. Fourth, facilitate payments: currency convertibility. 

Predictable access to foreign exchange, transparent currency rules and the ability to repatriate profits in foreign currency of choice are fundamental considerations for international investors.

These practical reforms would have a substantial impact on Turkmenistan’s competitiveness and its attractiveness to European business.

To conclude

  1. Turkmenistan has significant potential, and the EU wants to see our economic relationship grow. Progress on WTO accession, easier mobility, better digital connectivity and a predictable foreign-exchange environment would send a powerful signal to European investors and help translate today’s political momentum into concrete business opportunities.

  2. EU is here to stay; we shall increase our cooperation with Turkmenistan and share our experiences in international trade and investment in a friendly and mutually respectful manner. The EU Delegation will do its best to do so.

Thank you for your attention.

[1] Results of the 1st EU-CA Summit 

[2] https://global-gateway-forum.ec.europa.eu/index_en

[3] Source : Eurostat

[4] https://www.consilium.europa.eu/en/infographics/the-eu-s-role-in-global-trade/ 

[5] https://www.wto.org/english/thewto_e/whatis_e/who_we_are_e.htm