Turkmenistan’s investment volume exceeds $40 billion

Ashgabat, Turkmenistan, Dec.23 By Huseyn Hasanov- Trend: The volume of investments in Turkmenistan increased by 7.2 per cent compared to the same period of 2012 and exceeded $41 billion, the country's President Gurbanguly Berdimuhamedov said at a meeting of the Cabinet of Ministers on the results of the first 11 months of 2013, the Turkmen government said on Dec.21. "The GDP growth rate amounted to 10.1 per cent. Foreign trade turnover increased and amounted to $28.4 billion and the volume of wages increased by 11 per cent," Turkmen president said. "The exchange rate of the national currency the manat remains at the same level. The inflation level doesn't exceed the predetermined limit. Turkmenistan had a rich harvest of grain and cotton this year. The country is implementing large scale construction of plants and factories amounting to 2000 large facilities worth $35 billion. Turkmenistan is at a transitional stage of its development with the national economy aimed at the development of market relations. The Caspian Sea country occupies a key position in the region with its natural gas supplies. Its customers are China, Russia and Iran. Meanwhile, the country's leadership plans to diversify the economy. Oil and gas processing, the textile and cotton processing industries and production of construction materials have recently been developed. Translated by L.Z. Edited by S.M. Follow us on Twitter @TRENDNewsAgency