Turkmenistan is one of the few countries that have not been affected by the global crisis of the recent two years. The main reasons behind this are, its adopting a closed economical structure that cannot globalize completely and its sustaining commercial activities such as the marketing of natural resources as oil and gas with a dependence on Russia. This structure that looks like a disadvantage for Turkmenistan, contributed a positive mark during the years of crisis.
Turkmenistan’s new industrial investment, expected to be 12 billion dollar for the infrastructure and tourism, has already been scheduled by 2010. The first 7 billion dollar cut has been planned as project-based and the step to make an agreement has been achieved.
We can put the countries that have the lion share in Turkmenistan in a range depending on their superiority of their contracts.
Turkish Companies 3 billion dollars
French Companies 1 billion dollars
Russian Companies 1 billion dollars
Far East Companies 2 billion dollars
Through this desirable cake, rivalry goes along faster and faster.
Because Turkish Companies have trouble in financing, the biggest portion goes to the companies with strong financers. The reason why Turkish companies have been successful in this country is due to the limited space for rivalry and their making use of the resources that Turkmenistan government has reserved both in cash and with documentary credit, despite the greatness of the perception of risk management of this half-open economy.
Depending on the contract, the companies successful in providing warranty have managed to pay off the %50 of the project beforehand, by approximately 20% of advance payments and approximately %30 of the credits based on the documentary credit, providing an autofinancement for themselves.
This also increased the worth of our companies in an international level and, led them move up in the world range list during the state of crisis, making our country proud.
However, this is sure not enough. During these days we left behind the deep and turbulent period of crisis, the construction companies struggling for the new markets, dragging Turkmenistan to globalization at least in terms of construction industry and accelerating the rivalry. As the main instrument for this aim they are using their own financial power. Currently, our growing companies are left behind in rivalry for they cannot get over their financing and warranty-providing issues, thus trying to catch up the rivals only with the price advantage they offer. Because the greatness of the contracts may go up to billion dollar level, the companies that can offer financial alternatives for Turkmenistan come forward on this ground of rivalry, and as for Turkish companies, the cheap labor is no more profitable.
Beni Bul Anne