The European Bank for Reconstruction and Development (EBRD) has highlighted the need for Turkmenistan to diversify its gas export markets to ensure sustained economic growth.
The European Bank for Reconstruction and Development (EBRD) has highlighted the need for Turkmenistan to diversify its gas export markets to ensure sustained economic growth.
In its latest outlook, the bank noted that over 70% of Turkmenistan's gas exports are directed to China, creating economic vulnerabilities tied to this heavy reliance.
Recent developments, including a memorandum of understanding with Türkiye, signal potential access to European Union markets. Additionally, progress on the Turkmenistan-Afghanistan-Pakistan-India (TAPI) pipeline could open avenues in the growing South Asian energy market, the EBRD report noted.
The bank also underscored the significance of Turkmenistan's new energy-saving legislation, introduced this year. The law aims to enhance energy efficiency through advanced technologies, resource optimization, and strengthened energy savings, paving the way for more sustainable growth in the energy sector.
Looking ahead, the EBRD projects Turkmenistan's GDP growth at 6.3% for both 2024 and 2025. Official data shows the economy expanded by 6.3% year-on-year in the first seven months of 2024, driven by investments in infrastructure, energy, and services, as well as government-led initiatives boosting construction and service activities.
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