The UAE and Turkmenistan cooperation

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The UAE and Turkmenistan intend to expand and improve the effectiveness of cooperation.

A Memorandum of Understanding was signed between the Center for the Development of Islamic Economics of Dubai (DIEDC) and the State Bank for Foreign Economic Affairs of Turkmenistan (TFEB). This step will allow sharing information and practice in the Islamic economy.

The document was signed at the official visit of the President of Turkmenistan Gurbanguly Berdimuhamedov to the UAE.

A variety of issues related to the key spheres of the bilateral partnership was discussed at the meeting.

The UAE intends to develop relations with Turkmenistan in different areas, including trade and economics, noting the positive dynamics of the growth of bilateral trade in recent years.

The President of Turkmenistan noted, that the UAE is attractive for investing for regional and international companies.

The Memorandum of Understanding is aimed at creating channels for cooperation between the two sides in the field of Islamic banking and finance.

The UAE and Turkmenistan have been successfully cooperating for decades. This new step will give opportunity for further strengthen the ties between these countries.

The Islamic economy has proved its value in increasing sources of wealth. The memorandum will promote the exchange of experience in addition to expanding the trade of halal products that meet the requirements of both Muslims and non-Muslims in terms of health and safety.

The UAE attaches great importance to strengthening and developing relations of friendship and mutually beneficial cooperation with Turkmenistan, which in recent years have received new dynamics and content.

G. Berdimuhamedov stressed Turkmenistan’s commitment to constructive, traditionally friendly interstate dialogue with the UAE, built on the principles of equality, mutual respect and trust, stressing that Turkmenistan is always open for cooperation.

It is worthy to mention, that the UAE and Turkmenistan cooperate in the sphere of energy. At the meeting in January 2018, the issues of renewable energy were discussed.
The use of renewable energy sources can open wide opportunities in the Turkmen – Emirate cooperation.

In both countries, attention is focused on the development of international cooperation in the field of solar energy. One of the world’s largest solar power plants – “Shams 1” – is located in the UAE, Solar Park named after Mohammed bin Rashid Al Maktoum in Dubai and others.

Emirates intends to invest more than $ 160 billion in alternative energy projects and increase the share of green energy in total energy consumption to 44% by 2050.

Turkmenistan, which relies on environmentally friendly energy technologies, is interested in sharing best practices in this field.