Türkiye Aims to Double Trade with Turkmenistan to $5 Billion Annually

Trade between Türkiye and Turkmenistan reached $2.166 billion in 2024 and has the potential to more than double to $5 billion annually in the near future, according to Turkish Ambassador to Turkmenistan Ahmet Demirok, as reported by Turkmenistan's State Television and Radio Broadcasting.

Demirok did not say when this might be achieved, The Caspian Post reports citing Interfax.

"Trade between the two countries amounted to $2.166 billion in 2024. We are confident this figure will reach $5 billion in the near future," he said.

Trade last year fell 16.7% from $2.6 billion in 2023. Even so, Türkiye and Turkmenistan are actively developing cooperation in such areas as energy, economics, trade, transport, culture and education, Demirok said.

He said Türkiye was one of the biggest investors in Turkmenistan. "Turkish companies have carried out more than 1,000 projects in the country worth more than $50 billion," he said.

Turkmenistan and Türkiye signed a memorandum on gas cooperation in March 2024. Later, Turkish Energy and Natural Resources Minister Alparslan Bayraktar said Turkey expected to buy up to 2 billion cubic meters of gas from Turkmenistan through swap supplies via Iran. Turkmen Foreign Minister Rashid Meredov said Turkmenistan was keen to supply more gas and electricity to Economic Cooperation Organization countries including Türkiye.