Michael Harms, Executive Director of the Eastern Committee of the German Economy, delivered a keynote address at the Turkmenistan Investment Forum (TIF 2024) on 10 September 2024. In his speech, Harms highlighted the significant potential for German-Turkmen economic cooperation, citing the country’s abundant energy resources, strategic location, and predictable business environment.
Deputy Prime Minister for Economy and Finance Hojamyrat Geldimyradov introduced Harms’ presentation, noting that 199 projects worth over worth US $ 597 million, Euro 594 million, Deutschmark 731 million have been registered in Turkmenistan with German participation. The bilateral trade turnover between the two countries reached $305 million in 2023.
Harms emphasized that Turkmenistan’s economic development is underpinned by its energy resources and a clear, sustainable strategy. He outlined six key areas for enhanced German-Turkmen cooperation:
- Energy and Raw Materials: Given the ongoing search for alternatives to Russian energy, Central Asia, particularly Turkmenistan, has become increasingly important.
- Logistics: Harms stressed the significance of the Middle Corridor as a new bridge between the EU and Asia, connecting Turkmenistan to Europe through transportation initiatives. Other transport initiatives include the New Silk Road, Belt and Road Initiative, Global Gateway, and Middle Corridor.
- Decarbonization and Renewables: While Turkmenistan possesses abundant fossil resources, investing in renewable energy and decarbonization is crucial for long-term sustainable development.
- Agriculture and Water Resources: Harms acknowledged Turkmenistan’s efforts to develop its agricultural sector and highlighted the importance of regional cooperation in addressing water resource management.
- Healthcare and Medical Equipment: Turkmenistan’s healthcare system is recognized as one of the best in the region.
- Education: Harms emphasized the role of education in ensuring sustainable economic development and building a skilled workforce.
Harms also commended the “Central Asia + Germany” cooperation format established last year and expressed anticipation for the upcoming summit in Astana.