Turkmenistan is a young country, which has many possibilities at its disposal: it is rich in energy resources and has the potential for developing renewable sources of energy. It enjoys a favourable location in the region for the transit of people, services and goods, and could also develop the tourism sector. The EU shares Turkmen interest in pursuing economic development in these fields and is willing to support Turkmen reforms aiming at improving the business environment, regulatory framework and investment possibilities. We are pleased to note that Turkmenistan recently obtained observer status in the WTO, and we are ready to provide expertise and advice on its way to full membership.

Improving the business environment is an important component of the post-COVID-19 economic recovery. It would have a positive impact on providing employment opportunities, especially for young people. A transparent legal framework that provides a level playing field is crucial for attracting foreign investors, including from the EU. Increased respect for human rights and democratic principles would also play a role in strengthening the trust of potential investors. The EU stands ready to support the Turkmen government in the process of designing necessary reforms.

In the context of the adoption of the EU’s green deal and the effects of the global pandemic caused by COVID-19, the EU will cooperate with its international partners including Turkmenistan to build back better and is ready to share all its lessons learned and best practices to successfully complete together with this road to energy transition and sustainable economies.