The development of bilateral economic relations between Kazakhstan and Turkmenistan was discussed in detail at the International Forum on Attracting Investments in the Private Sector of Turkmenistan (IFT 2025).
Aydar Kazybayev, a member of the public council of the National Welfare Fund of the Republic of Kazakhstan “Samruk-Kazyna” and co-chairman of the Turkmen-Kazakh Business Council, revealed the key aspects of cooperation between the two countries. Here is a summary of his presentation:
The goal is to double the turnover
By the end of 2024, the volume of bilateral trade between Kazakhstan and Turkmenistan amounted to about US $ 500 million. However, the countries face the ambitious task of doubling this figure and reaching US $ 1 billion. To this end, during the second meeting of the Business Council, an agreement was reached to develop a list of companies and goods that have accelerated a two-fold increase in turnover.
Kazakhstani companies are showing a growing interest in investing in key sectors of the Turkmen economy, including the oil and gas industry, construction, logistics, and the agro-industrial complex. In turn, the Business Council actively informs businessmen of Kazakhstan about the advantages of doing business in Turkmenistan and the unique economic conditions created for foreign partners.
Transport and Logistics cooperation
One of the key areas of cooperation is the development of transport and logistics infrastructure. Kazakhstan and Turkmenistan share a common Caspian Sea, which opens up new opportunities for mutually beneficial cooperation. In this context, Kazybayev mentioned Kazakhstan’s initiative to create a “Caspian hub”, which can create conditions for increasing trade through transit. The transit potential for Turkmen goods traveling to Europe and China is of great importance.
Activities of the Kazakhstan-Turkmenistan Business Council
The Kazakhstan-Turkmenistan Business Council was established with the support of the two heads of state. The first meeting of the Council was held in October 2024.
The main tasks of the Council include:
Trade facilitation: Simplification of mutual trade procedures, removal of barriers and development of new areas of cooperation
Investment support: Attracting investments in joint projects in which not only Kazakhstani companies can participate, but also foreign ones.
Information support: The Council provides up-to-date information on markets, legislation and business opportunities in both countries.
A special website has been created for these purposes: http://www.kaztm.org.
Trade growth, ESG Projects and Educational Initiatives
Among the key areas of cooperation promoted by the Council are the growth of trade turnover and sustainable business development.
ESG projects – according to Kazybayev, the environmental agenda is welcome in bilateral relations. Kazakhstan can help Turkmenistan to implement an emission assessment methodology.
Another important area is educational programs for businesses. The Council plans to create educational initiatives for both start-up entrepreneurs and top managers. In particular, training in corporate governance and increasing transparency of business processes is planned.
Future prospects of cooperation
Among the tasks for the future, the Council intends to work on the issue of resuming flights between Turkmenistan and Kazakhstan, simplifying visa support, and optimizing the money transfer and payment system. According to Kazybayev, there are opportunities for registration of Turkmen financial institutions in the Astana International Center, so that banks that could service export-import operations operate between the two countries.
It is planned to hold the third meeting of the Business Council on 3 September 2025 in Astana on the eve of the “Astana Finance Days” Financial and Investment Forum on 4-5 September 2025. Turkmenistan can be a guest at this forum.
To deepen cooperation, it is planned to work on the creation of various business clubs that bring together representatives of private business from the two countries. Trade missions are expected to actively develop, which will allow companies from Kazakhstan and Turkmenistan to expand business contacts and enter new markets.
The key messages in Aydar Kazybayev’s speech allow to conclude that the development of trade and economic cooperation between Kazakhstan and Turkmenistan is reaching a new level. The two countries are poised to explore new avenues for mutually beneficial partnerships, particularly in business, investment, and logistics. The Kazakh-Turkmen Business Council will be instrumental in driving this growth, fostering increased trade and sustainable economic development. ///nCa, 18 March 2025