Turkmenistan, Saudi Arabia mull prospects for trade and economic co-op

The first political consultations between the foreign ministries of Turkmenistan and Saudi Arabia were held in Riyadh, Trend reports referring to the Turkmen Foreign Ministry.

The talks were held by Turkmen Deputy Foreign Minister Berdiniyaz Matiev and his counterpart from Saudi Arabia Adel bin Siraj Mirdad.

The sides discussed key aspects of cooperation in political, trade, economic and cultural spheres and talked about the importance of high-level bilateral visits, which contribute to the further development of strategic partnership.

Moreover, the positive dynamics of business partnership and the role of the intergovernmental Turkmen-Saudi commission on trade and economic cooperation were highlighted at the meeting.

The countries successfully cooperate in the fields of energy, mining, construction and tourism. The parties considered the possibility of supplying Turkmen carpets and textile goods to Saudi Arabia.

Earlier it was reported that Turkmenistan is of investment interest for oil companies from Saudi Arabia. In particular, Saudi Aramco is considering the possibility of investing in Turkmenistan’s oil and gas production.

Riyadh has already made investments in the Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline project, the construction of which was launched in December 2015. The potential costs of the large-scale project are estimated at $8 billion.