INTERREGIONAL ECONOMIC PARTNERSHIP: A GUARANTEE OF SUSTAINABLE ECONOMIC DEVELOPMENT
120In the “International Year of Peace and Trust” of the Renaissance of the new era of a powerful state, our state of Turkmenistan attaches great importance to the development of bilateral and multilateral relations with countries around the world, implementing its positive policy of Neutrality and expanding the scope of interregional and international cooperation. Because the achievement of interregional and international economic cooperation provides a framework for ensuring sustainable economic growth in states in the interests of peace and prosperity. The international conference “International Year of Peace and Trust: The role of Interregional Economic Cooperation in Ensuring Sustainable Development” held at the capital’s Chamber of Commerce and Industry on March 19, 2025 was another important step in this direction. Of course, the holding of the forum in the capital is another proof that initiatives of Turkmenistan aimed at ensuring sustainable development in the region and the world are recognized by the international community.
Turkmenistan’s successful implementation of a policy of peace, good neighborliness, and achieving sustainable economic development in cooperation with other countries of the world for the benefit of common well-being and prosperity, it’s clearly demonstrates our country’s commitment to the legal status of permanent Neutrality. The venue of the international conference has become a modern arena for reviewing and implementing new initiatives in the areas of energy, transport and logistics, environmental well-being, industry, trade and investment projects to ensure economic stability in the Central and South Asian region. The importance of the forum was further enhanced by the fact that the National Leader of the Turkmen people, Gahryman Arkadag, made a profound speech at this forum: “I am confident that our long-standing and reliable financial partners, such as the World Bank, the Asian Development Bank, the Islamic Development Bank, the European Bank for Reconstruction and Development, development funds and banks from Saudi Arabia, the United Arab Emirates, Qatar and other friendly countries, will continue their work aimed at expanding economic cooperation with Central and South Asia.”
At present, our country attaches great importance to expanding the scope of interstate, interregional and international cooperation, as well as developing trade, economic, cultural and humanitarian relations with foreign partners. In this regard, it puts forward new initiatives and proposals for the creation of mutual associations by holding bilateral and multilateral meetings. This shows that, under the principle of "Dialogue is the guarantor of peace" put forward by our hero Arkadag and our Arkadagly hero Serdar, Turkmenistan calls on the countries of the world to believe in peace and is an economically powerful state based on the degrees awarded to our country by international organizations. This is fully confirmed by the fact that, on the initiative of our country, the issues discussed at the international conference were proposed to be resolved peacefully based on trust and cooperation.
It is worth noting that within the framework of the forum also discussed the issue of ensuring the participation of financial institutions in the implementation of economic projects in Central and South Asia. As we know, international financial institutions at the regional level are created to support the economic development of the founding countries. The main task of financial institutions created as a result of multilateral agreements between states is to provide financial assistance on a credit basis to attract funds and implement important economic projects in the region. The main reasons for the development of international economic relations include issues of foreign trade, cultural and humanitarian, transport and logistics, energy and environmental security. Financial institutions will have to solve these issues jointly, at the regional level. Currently, the world financial institutions such as the World Bank, the Asian Development Bank, the Islamic Development Bank, the European Bank for Reconstruction and Development, the development funds of Saudi Arabia, the United Arab Emirates and Qatar, the International Monetary Fund, the International Bank for Reconstruction and Development and others. There are also financial institutions such as the International Finance Corporation and the International Development Association.
Currently, in addition to special-purpose funds that finance individual entrepreneurs and businessmen, there are more than twenty large financial institutions. From an economic point of view, the modern financial system can be divided into two levels: the first is international commercial banks, and the second is intergovernmental financial institutions. Today, commercial banks play an important role in the world's financial market. They not only carry out international settlements, but also provide comprehensive financing of all aspects and areas of international economic relations and the ability to ensure economic stability.