BAKU, Azerbaijan, June 5. On June 3, the 9th
meeting of the Intergovernmental Turkmen-Turkish Commission on
Economic Cooperation was held in Ashgabat, chaired by Deputy
Chairman of the Cabinet of Ministers of Turkmenistan Nokerguly
Atagulyyev and Vice President of Türkiye Cevdet Yılmaz. Following
the talks, on June 4, the sides signed an Action Plan comprising 71
points aimed at further developing bilateral cooperation. The
document covers a wide range of areas, from trade and investment to
energy, transport, industry, and business community engagement. The
very holding of the commission reflected the high intensity of
Turkmen-Turkish dialogue, which in recent years has been
accompanied by expanding economic ties and growing interest of
Turkish businesses in the Turkmen market.
One of the key signals during the visit of the Turkish
delegation to Ashgabat was Vice President Cevdet Yılmaz’s
confirmation of the intention to increase bilateral trade to $5
billion. Speaking to representatives of Turkish business circles,
Yılmaz recalled that the current trade volume between the two
countries is around $2.2 billion, while the target set by the
leadership of both states is more than twice that level. According
to him, Ankara aims to reach this benchmark as quickly as possible
and further expand economic cooperation.
Importantly, this is not a new initiative, but a consistently
reiterated policy line of the Turkish leadership. In December 2025,
Turkish President Recep Tayyip Erdoğan also stated the intention to
raise bilateral trade to $5 billion. Thus, within less than six
months, this target was reaffirmed at the highest political level,
underscoring its strategic nature for Ankara.
Ankara’s confidence in the prospects of further trade growth is
largely based on the already established presence of Turkish
businesses in Turkmenistan. According to Yılmaz, Turkish
contractors have implemented around 1,100 projects in the country
over the years, with a total value exceeding $56 billion. This
effectively makes Turkmenistan one of the largest platforms for
Turkish business activity in Central Asia, where accumulated
experience now provides a foundation for further expansion of
trade, investment, and industrial cooperation.
One of the most prominent Turkish companies operating in the
country is Polimeks, which over the past two decades has been
involved in a number of major infrastructure projects in
Turkmenistan. These include Ashgabat International Airport,
construction of which began in 2013, as well as the Ashgabat
Olympic Complex built for the 5th Asian Indoor and Martial Arts
Games in 2017. The complex, covering an area of around 750,000
square meters, includes a 45,000-seat stadium, a velodrome, a
tennis center, indoor arenas, hotels, and supporting
infrastructure.
Another important player is Rönesans Holding, which has built
and commissioned a number of healthcare facilities, administrative
buildings, and industrial enterprises in Turkmenistan. Another
major Turkish investor, Çalık Holding, is active in the energy,
textile, and telecommunications sectors. Its structures have
participated in the construction of power plants and the
development of textile production capacities, which today represent
one of the most export-oriented sectors of the Turkmen economy.
Among other major contractors operating in the Turkmen market
are Gap İnşaat, Nata Holding, and several other Turkish companies
engaged in the construction of highways, residential complexes,
industrial facilities, hotels, and social infrastructure. According
to Turkish official estimates, the accumulated value of completed
contracts already exceeds the levels of most other Central Asian
countries where Turkish business is present.
Turkish business interest in Turkmenistan is also driven by
expectations of further economic growth. A key factor in this
regard is the launch of the fourth phase of development of
Turkmenistan’s largest gas field, Galkynysh. In April, Turkmenistan
and China’s CNPC signed an agreement to develop new facilities
under this phase, which envisages additional production capacity of
10 billion cubic meters of gas per year. The project is estimated
at $5.1 billion.
For foreign companies, the key factor is not only the gas
project itself, but its multiplier effect on the economy. Such
large-scale energy investments generate new demand for construction
services, transport and energy infrastructure, increase public
spending, and sustain high levels of economic activity over several
years. These conditions traditionally create demand for
international contractors, engineering firms, equipment suppliers,
and investors.
The European Bank for Reconstruction and Development (EBRD)
takes a similar view. In its Regional Economic Prospects report
published on June 3, the EBRD noted that Turkmenistan’s economy
grew by 6.3% in the first quarter of 2026, while the oil and gas
sector exceeded planned production and processing targets. The
report also highlights that the launch of the fourth phase of the
Galkynysh field will provide additional support to economic
activity in the medium term. The Bank forecasts GDP growth of 6.3%
in both 2026 and 2027, with potential upside driven by increased
investment activity and expansion of Galkynysh.
As a result, Turkmenistan remains a market where large-scale
state infrastructure and industrial projects continue to generate
sustained demand for contracting work. For Turkish companies, which
already have significant experience in the country and tens of
billions of dollars in completed contracts, this creates conditions
for further expansion of their presence. In practical terms, this
is a market where expected growth in the gas sector can support
investment activity through a full cycle of new projects in
construction, industry, energy, and related sectors.
Assessments of the Turkmen market’s prospects are no longer
limited to Türkiye alone. Over the past year and a half,
Turkmenistan has significantly expanded its engagement with
business communities from several major economies. This does not
concern a single country or region, but rather multiple global
economic centers.
One of the most notable developments was the Turkmen-Chinese
business forum and exhibition held in Ashgabat in April 2026. The
event brought together representatives of more than 200 Chinese
companies and included negotiations across energy, agriculture,
construction, transport, telecommunications, and industrial
sectors.
In March 2026, the first Turkmenistan-EU Business Forum was held
in Ashgabat, organized jointly by the government of Turkmenistan,
the European Union, and the International Trade Centre (ITC),
focusing on transport, logistics, energy, and investment.
A similar dynamic is observed in relations with the United
States. In late 2025, the Turkmen-American Business Forum was held,
and in 2026 the Turkmen-American Business Cooperation Association
(TABCA) expanded its programs aimed at developing ties between U.S.
companies and Turkmenistan’s private sector.
The British dimension deserves separate attention. In 2026,
cooperation went beyond traditional energy contacts. In May, London
hosted the largest UK–Turkmenistan Trade Mission to date, involving
28 Turkmen companies and more than 40 British organizations. The
sides signed 10 agreements and memoranda in energy, construction,
logistics, financial services, education, and trade.
Shortly before that, a Turkmen delegation held talks with the
London Stock Exchange Group in London. Discussions focused on
financial cooperation, engagement with international investors, and
expanding access to capital for Turkmen projects.
Taken together, these processes form a relatively clear
trajectory for Turkmen-Turkish economic relations in the medium
term. On the one hand, Ankara consistently maintains its political
target of increasing trade turnover to $5 billion. On the other
hand, Turkish businesses already possess one of the largest
portfolios of completed projects in Turkmenistan among foreign
investors, creating a solid practical base for further
expansion.
Against this backdrop, Turkmenistan is entering a phase in which
key growth drivers are forming a more stable and predictable
investment demand. This, in turn, increases the importance of
external economic partnerships and enhances the role of major
contractors and investors.
Looking ahead to 2026-2027, the period is likely to mark a phase
of more intensive economic engagement between Turkmenistan and its
key external partners, including Türkiye, accompanied by expanded
exchange of expertise, technologies, and investment practices. For
Ankara, this represents not only an opportunity to increase trade
turnover but also to consolidate its strategic position in the
country’s economy amid growing international competition for
participation in key projects.
With the launch of gas production under the fourth phase of the
Galkynysh field expected by the end of 2026, Turkmenistan is
entering a period of intensified energy and infrastructure activity
that will directly shape the structure of its external economic
relations. In this context, economic engagement with key partners
will gradually shift into a more intensive phase, characterized by
growing investment and contracting activity, as well as expanded
exchange of technologies and management practices.
For Türkiye, this creates a window of opportunity in which its
already extensive presence in Turkmenistan can be translated into
stronger strategic positions in new projects of the next investment
cycle. In this logic, the stated goal of reaching $5 billion in
trade turnover serves as a step toward consolidating an already
established economic footprint under conditions of accelerating
investment dynamics in Turkmenistan.
