UK ambassador taking up duties in Turkmenistan

President of Turkmenistan Gurbanguly Berdimuhamedov has received the newly appointed UK Ambassador Hugh Stanley Philpott, who presented his credentials, Trend reports referring to the Turkmenistan State News Agency.

At the meeting, an exchange of views on the prospects of bilateral cooperation took place. Turkmenistan, which is implementing the "open doors” policy, has created all conditions for effective interaction with foreign partners, including favorable investment climate, the report said.

The large-scale transformation programs and infrastructure projects being implemented by Turkmenistan, the course taken to diversify the economy provide great opportunities for developing productive partnership, enhancing bilateral business contacts and implementing new joint projects. Trade and economic sphere, energy sector, communications and telecommunications, agriculture and construction were identified among the promising areas of cooperation.

It was reported earlier that the issue of holding an investment forum of Turkmenistan in the UK was being discussed.

UK’s companies hold important positions in the Turkmen market. Dragon Oil has been operating in the Turkmen sector of the Caspian since 1999 and it is one of the biggest foreign investors.

Petrofac implemented a service project to develop Galkynysh gas field in the Mary region in September 2013. Galkynysh gas field is the second biggest field in the world.

Gaffney, Cline & Associates is actively involved by Ashgabat in conducting an independent audit of gas fields. Turkmenistan ranks fourth in the world in terms of gas reserves.

Moreover, the history of the national currency, the Turkmen manat, is connected with the De La Rue company.

Earlier, the two countries signed an intergovernmental convention on the elimination of double taxation and the prevention of fiscal evasion with respect to taxes on income.

The common interests in such key areas of cooperation as investments, energy and transport have been stressed during negotiations between the representatives of the two countries.

Joint business forums are attended by representatives of the UK companies such as British Expertise International, Aggreko, Arempa International Ltd (FZE), Buried Hill, De La Rue, Global ATS Ltd, Industrial Power Group, JTA, Rapiscan Systems Ltd, Tensar and TheCityUK.