ASHGABAT—Trade between Russia and Turkmenistan has experienced a significant upswing, reporting a 73.5 percent increase over the past six months, surpassing $700 million in total volume, according to the Russian Ministry of Economic Development.

According to Trend News Agency, Deputy Minister Dmitry Volvach discussed this surge during a panel at the Turkmenistan Investment Forum (TIF 2024) in Ashgabat. “Last year, trade between our countries grew by 13 percent, and in the past six months, it has surged by 73.5 percent, totaling more than $700 million. The range of mutual trade is expanding, and the share of high-value-added goods is increasing,” said Volvach.

Volvach highlighted the strengthening bilateral relations fostered by key diplomatic engagements, including the declaration of a strategic alliance in June 2022 and a Russian-Turkmen business roundtable during Russian Prime Minister Mikhail Mishustin’s visit to Ashgabat in January 2023. These events have significantly contributed to deepening the economic and trade ties between the two nations, facilitating enhanced investment and business opportunities.

The Turkmenistan Investment Forum, held from September 10-11, serves as a crucial platform for attracting investments into Turkmenistan’s economy. Organized by Turkmenistan’s Ministry of Finance and Economy, Ministry of Foreign Affairs, and the Chamber of Commerce and Industry, the forum draws participation from leading international companies and organizations. It focuses on key sectors such as hydrocarbons, the TAPI project, gas chemistry, power generation, construction, and transport.

The forum also includes sessions with experts from UN specialized agencies, S&P Global Commodity Insights, and the World Trade Organization, showcasing Turkmenistan’s economic achievements and exploring future investment potentials.