Several opportunities for economic cooperation with Turkmenistan, says UAE's Economy Minister

Ashgabat - Nov 9, 2011 (WAM) - Economy Minister of the UAE Sultan Saeed Al Mansouri said the strategic relations with Turkmenistan and the unique friendly relations between President His Highness Sheikh Khalifa bin Zayed Al Nahyan and Turkmen Gurbanguly Berdimuhamedow resulted in advancing the economic, cultural and political relations between the two countries to high levels. Al-Mansouri was speaking at the International Investment Forum of Turkmenistan being held in the Turkmen capital. He stressed that several companies in the UAE are willing to invest in the oil and gas sector of Turkmenistan which possesses the world's fourth largest natural gas reserve. "The UAE is largest Arab exporter to Turkmenistan. Trade between the UAE and Turkmenistan went to US$700 million in 2010 up from US$450 million in 2008," Al-Mansouri added. "Turkmenistan is on the UAE's global expansion map and eyes in particular railway projects, oil refining, gas production, petrochemical industry as well as Islamic finance and SMEs," he further said adding that the Turkmen government offers guarantees and privileges to foreign investors. Speaking on the UAE, Al-Mansouri said the country's economy has achieved a growth rate of between 3 to 3.5% this current year where the share of non-oil sectors reached 70% in 2010 as a result of the economic diversification policy which significantly reduced dependence on oil. - Emirates News Agency, WAM