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TRADE FINANCE | Staff Reporter, Japan

Japan and Turkmenistan sign banking cooperation agreement

Agreement will also contribute to the economic development of Turkmenistan.

The Japanese Bank for International Cooperation and the State Bank for Foreign Economic Affairs of Turkmenistan said the purpose of the agreement is to develop cooperation between both two banks to implement projects that contribute to Turkmenistan’s development. Turkmenistan plans to construct a number of petrochemical plants and fertilizer plants using natural gas as feedstock. It has the world’s fourth largest proven natural gas reserves. An even greater dynamics of the country is planned for the future through the development of export-oriented production and export of finished products.

Turkmenistan said the agreement will strengthen the exchange of views and opinions on expected projects, expand cooperation in implementation projects in the future, beginning from their early stage. The two financial organizations agreed on the prospects for implementation of further projects contributing to the economic growth of both countries. During his visit to Japan from September 11-13, Turkmen president Gurbanguly Berdimuhamedov held a meeting with the JBIC president Hiroshi Okuda and discussed the possibility of attracting Japanese investment to Turkmenistan.

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