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In 2024, Turkmenistan, a country with a rich history and a bright future, will unveil a comprehensive draft program for socio-economic development, marking the beginning of a transformative journey. This massive project, which is being led by the Ministry of Finance and Economy in cooperation with other ministries, sectoral departments, and local authorities, shows a dedication to guiding the nation toward unheard-of prosperity and sustainable growth.
During a recent meeting of the Cabinet of Ministers, Hojamyrat Geldimyradov, the Deputy Chairman of the Turkmenistan Government, revealed the great deal of planning that went into creating the ‘Program of socio-economic development of the country for 2024’. The state budget for 2024 completes this strategic plan, which is closely matched with the comprehensive “Program of the President of Turkmenistan for socio-economic development of the country for 2022-2028.”
This innovative program’s cornerstone is its emphasis on macroeconomic stability and enhancing Turkmenistan’s economic strength. The plan provides a roadmap for the upcoming year, with a focus on sustainable GDP growth and the all-encompassing development of industries and regions.
Optimizing industrial output is one of the main goals, which is achieved by increasing the production capacity of current businesses and simultaneously generating new job opportunities in different areas. In addition to promoting economic expansion, this dual strategy tackles the crucial problem of unemployment, enhancing social cohesion.
Export diversification is a top priority, as is a dedication to boosting worldwide market competitiveness. The program aims to strengthen the country’s economic independence by fostering the growth of industries that can replace imports. This will further reduce reliance on outside sources. A concentrated effort is also being made to improve the production of high-quality, ecologically friendly agricultural and food products, in line with global trends toward sustainability and quality.
Deputy Chairman Geldimyradov reaffirmed the government’s dedication to assisting farmers, guaranteeing food security, and enhancing a range of public services, such as housing, transportation, and communal amenities. This comprehensive strategy reflects a recognition of the mutually reinforcing relationship between economic development and quality of life.
Turkmenistan’s economic strategy places a strong emphasis on the ongoing development and support of small and medium-sized enterprises. The government wants to establish a conducive business environment because it understands the critical role these businesses play in promoting innovation, generating jobs, and enhancing overall economic vibrancy. Among these are programs aimed at improving funding availability, streamlining bureaucratic procedures, and encouraging an entrepreneurial culture.
Furthermore, the government is steadfast in its support of public-private partnerships (PPPs). By combining the advantages of the public and private sectors, PPPs have shown to be successful tools for promoting economic development. Turkmenistan aims to share risks, increase efficiency, and open up new growth opportunities by promoting cooperation between public and private sectors.