121_Porter Diamond & CAGE_Turkmenistan

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Country Report

on TurkmenistanAssignment on International

Business Strategies

Rahul Ranganathan, IM-19, Roll No: 121NATIONAL INSTITUTE OF INDUSTRIAL ENGINEERING

Submitted to

Professor Som Sekhar

Bhattacharya

Professor, NITIE, Mumbai


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COUNTRY REPORT ON TURKMENISTAN RAHUL RANGANATHAN

1

Table of Contents

1. Introduction 2

2. Porters national diamond 4

2.1 Factor Conditions 4

2.2 Demand conditions 6

2.3 Firm strategy, structure & rivalry 7

2.4 Related & supporting industries 7

2.5 Governments role 8

3. CAGE Framework 9

3.1 Cultural Distance 9

3.2 Administrative Distance 103.3 Geographical Distance 10

3.4 Economic Distance 11

4. Trade relationships 12

4.1 Trade relationship with India 14

4.2 Bilateral relationship with India 15

References 16

Abstract

The purpose of this document is to highlight and lay emphasis on the economy of

Turkmenistan as a country with reference to the Porters diamond model and the CAGE

framework. Firstly, the countrys economic and general state of affairs are sought to be

explained by means of the four aspects of the Porters diamond model as applied to a

nation. Thereafter, an analysis of the trade relations and cross-border flows of goods and

services in and out of Turkmenistan is undertaken to arrive at the industries prima-facie

supporting the countrys economy. Finally, the CAGE framework is deployed to assess the

distance relationships between India and Turkmenistan with a view to draw conclusions and

suggestions for a more favourable future outlook.


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1.

Introduction

Nestled between Iran, Kazakhstan, Uzbekistan and Afghanistan and bordering the Caspian

Sea with a coastline of around 1,800 kms, Turkmenistan is primarily is a declaredpresidential republic. However, Turkmenistan is governed by authoritarian presidential rule

since its Independence on October 27, 1991 consequent to the break-up of the Soviet

Union. Its story so far has been primarily written by two men, Saparmurat Niyazov and

Gurbanguly Berdimuhammedov with both their governments fostering centralized state

control with complete authority over the parliament and judiciary. The country is divided

into 5 provinces, Ahal Welayat, Balkan Welayat, Dashoguz Welayat, Lebap Welayat and

Mary Welayat and 1 independent city of Ashgabat. The 5 regions of the territorial-

administrative structure are formed based on tribal characteristics. 80% of the total area of

the country is covered by the Karakum Desert justifying the primarily arid and tropical

desert climate. [9]

The territories of Turkmenistan have been populated since ancient times by one army or

another, most notably, by Alexander the Great when he conquered the region in 4 thcentury

BC on his way to India. Thereafter, the Arabs conquered the region in 7 th century AD

bringing Islam with them and establishing the country along the famous Silk Road trading

route. In the 12th century, Genghiz Khan took control of the region with the following 7

centuries characterized by constant intertribal wars and a state of instability. It was only in

1894 that imperial Russia took over with Turkmenistan declared as one of the 15 republics

of the Soviet Union in 1924 post the October Revolution in 1917[1]

. After the breakup of theSoviet Union, the country gained independence with Saparmurat Niyazov becoming the first

president of the new republic.

The Turkmenistan economy has registered consistent double digit growth over the past 3-5

years with growth buoyed primarily by strong terms of trade and sustained demand for

natural gas from China. The below table provides valuable insight into the key economic

indicators for Turkmenistan:

Indicator 2007 2008 2009 2010 2011

GDP in current prices (TMT million) 27000 49470 57611 59000 79976

Rates of growth of production (%)

GDP 11 14.7 6.1 9.2 14.7

Industry 10.1 7.1 -20.8 8.1 24.2

Agriculture, fishery and forestry 6.1 4 8.5 7.8 0.1

Construction 36.2 129.3 114.4 15.9 12.6

Transportation and communications 17.1 8.7 14.7 12.2 8.1

Trade and catering 15.4 9.9 27 11.3 9

GDP industry structure

Industry 36.7 50.5 42.7 39.7 49.3Agriculture, fishery and forestry 17.8 10.8 10.5 12.8 10


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Construction 6.4 10.1 18.2 16.1 13.6

Transportation and communications 5.7 4.1 5 5.9 4.5

Trade and catering 9.2 5.3 6.1 7.1 5.9

Other services 24.2 19.2 17.5 18.4 16.7

Exchange rate annualized (TMT/USD) 1.04 2.32 2.85 2.85 2.85

Revenues of state at current prices (TMT million) 4,684 10080 11,768 10,170 15079

Expenditures of state at current prices (TMT million) 3,629 5,375 10,124 8,878 12,180

Table 1: Key economic indicators for Turkmenistan[6]

In terms of the main political drivers for Turkmenistans economy, centralization of

authority, geopolitical forces, and the politics of natural resources are key. This strong

growth is supported by high domestic public investment in social infrastructure and

especially strong investment in physical infrastructure, which facilitated the further

expansion of the exportable sectors, especially natural gas. However, apart from

hydrocarbon sector aided growth, other sectors of the economy have also contributed theirshare with agricultural sector growing at 12% driven by good harvest of cotton. In addition,

some subsectors of the manufacturing industry, namely the production of construction

materials, fish processing, and textiles have grown by 32%, 8%, and 11% on average,

respectively[4]

.

In terms of exchange rate, Turkmenistan maintains a fixed rate of the Turkmen manat

against the US dollar. In this system, the official exchange rate was determined at a weekly

auction conducted by the Central Bank of Turkmenistan. The commercial banks were

allowed to sell foreign currency for a list of specified transactions only with exchange taxes

of 50% and 30% levied on cash receipts from natural gas and oil and petroleum product

exports, respectively. No forward markets for currency exchanges exist and neither do stock

markets for exchange of company shares.

The country does no publish any concrete economic information on balance of payments,

external debt, monetary statistics and any detailed government budget data. Also, there is

no data available on issues such as poverty and unemployment. Although employment is

formally guaranteed, there are few opportunities for employment outside the public sector.

As suggested before, the public expenditure by the government is high in Turkmenistan with

the state administering 17 different subsidy programs which supported by the state budgetincluding universal access to utilities free of charge to the public, including gas, electricity,

water, sewage and public transportation which have been guaranteed until 2030. The

budget guarantees access to health and education services free of charge (though the

quality of these need to be upgraded substantially).

A recent report by the World Bank describes the medium-term outlook for the countrys

economy to be favorable but heavily dependent on external demand for Turkmen oil

products and gas. The baseline growth projection has been revised upward at 12.2 and 10.4

percent, respectively, for 2013 and 2014 with 11% growth rate in real GDP established in2012

[2]. With the hydrocarbon sector accounting for about half of GDP, 95% of exports, and


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85% of fiscal revenues, a sharp decline in global hydrocarbon prices is the key risk to the

growth projections.

2. Porters national diamond

After a brief insight into Turkmenistans economy, this section proceeds ahead with ananalysis of Turkmenistan as a nation from the lens of the Porters national diamond

framework. The framework consists of four attributes, each of which are exemplified below:

2.1Factor Conditions

This factor assesses a nations position in terms of factors of production along four different

fronts, human resources, physical resources, capital resources and infrastructure.

2.1.1 HUMAN RESOURCES

In terms of demography, 85% of Turkmenistans population are Turkmen with Uzbeks and

Russians constituting minorities at 5% and 4% respectively among others. Moreover, Islam is

the dominant religion in the country without doubt with 89% of the population practising

the same with the remaining 11% being Christians [2]. More than three-fourths of the

population lives in rural areas or farms which is a reflection of the skill level and the

economic development of the country [3]. Although the country provides free and

compulsory education for all, the quality of education remains dubious with President

Niyazov renowned for administering his own book Ruhnama as the principal text for all

levels of education in the past.

Also, the state of Turkmenistan, in a Soviet-reminiscent style guarantees employment for

everyone and hence, the official rate of employment is declared to be zero. Apart from

there being limited opportunities for employment outside state governed enterprises, the

viability of employment within those enterprises itself is in question with large numbers of

Turkmens leaving the country to find work in Russia and other neighbouring countries.

Another aspect of emphasis to be noted is that in spite of the overwhelming majority of

residents being Muslims, the brand of Islam followed is more moderate as compared to that

in other Central Asian countries. In a Gallup survey, some Turkmen Muslims responded that

they never perform salat, the ritual prayer that traditional Islam calls for five times daily

while only 7% actually perform it five times a day. About four in ten Turkmen Muslims (42

percent) said they fast during Ramadan, compared with majorities of Muslims in most other

Central Asian countries[3]

. This purports the idea that the Turkmen society is not fertile

territory for Islamist groups is a good enough reason to believe the state is unlikely to face

any significant threat to its hold on power in the short term. It also may bode well for the

possibility of reforms over the longer term, as the dogmatic conservatism that has blocked

social change in other Islamic countries does not seem to be present in Turkmenistan.

In conclusion then, Turkmenistans human resources capability can at best be described as

under-developed.

2.1.2

PHYSICAL RESOURCES


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Turkmenistans physical resources can be categorized broadly in terms of resources for

natural gas, petroleum products and cotton and textiles among other goods. In this regard,

the country has primarily been a supplier of raw materials in line with its existing resources

Natural Gas

Turkmenistans vast resources of natural gas put it among the top-five countries in theworld in terms of gas resources. Essentially, the development of the natural gas industry in

Turkmenistan can be described in four stages:

Stage I:

This stage between 1992 and 1996 was characterized by relatively stable production and

export of natural gas to traditional partners like the USSR via a pipeline network owned by

the Soviet Union.

Stage II:

This stage was characterized by a significant decline in the exports and production of naturalgas because of insufficient demand from buyers in Russia.

Stage III:

This stage between 1998 and 2008 represents a significant shift by the Turkmen

government to diversify its exports of natural gas. The construction of the Korpeje-Kurtkui

pipeline opened up an alternate export route of natural gas to Iran.

Stage IV:

This stage is an extension of Stage III with significant diversification in natural gas exports

and substantial increase in export volumes to foreign markets, with particular focus towardsChina and agreements to put in place the Turkmenistan-Afghanistan-Pakistan-India (TAPI)

pipeline to pump natural gas to India.

Petroleum and petroleum products

The Government of Turkmenistan is attracting large investments into modernizing the

national petroleum industry in order to enable the country to discover new deposits of

petroleum and expand volumes of accessible hydrocarbon fuel. State-of-the-art equipment

from United States, Germany, China and Russia have been imported, for instance, to

supplement the plants of state-run company Turkmennebit. Other efforts to increase the

volume of petroleum production include the development of the South Yoloten depositwhere, in addition to vast natural gas reserves, highly lucrative oil reserves are expected.

Petroleum is also being extracted at the Yashyldepe deposit on the right bank of the River

Amudarya.

Cotton, textiles and other goods

While contributing in small amounts to the total exports of Turkmenistan, the development

of domestic production of interim finished goods, primarily cloth, has given a boost to these

industries.

Other products exported include technical iodine, sodium sulphate, technical carbon, raw

(grege) silk, washed (scoured) wool, and carpets and carpet goods.


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2.1.3 CAPITAL RESOURCES

In terms of availability of capital, government control is strong and most banks remain

focused on financing specific sectors of the economy, or particular public enterprises. Of the

12 commercial banks in Turkmenistan, five are state-owned and account for 80% of total

assets and deposits in the banking system. Capital markets do not exist and there is no stock

exchange. Total bank deposits are still less than 6% of GDP. Over 95% of credits (mainly

short-term and low-interest) are to state enterprises. In June 2000, Turkmen citizens were

banned from holding foreign bank accounts and ordered to repatriate funds within three

months. Continued government interference, lack of political will for reform, a weak

institutional framework, and a severely underdeveloped private sector are likely to hinder

any limited progress in banking and financial-sector development for the foreseeable future.

What financial system is in place is plagued with endemic corruption.

2.1.4 INFRASTRUCTURE

In terms of urban infrastructure, Turkmenistan has 4 cities to speak of, Ashgabat, Turkmenabat,

Dashoguz and Turkmenbashi. Movement between these 4 cities or between the 5 welayats

remains highly restricted and hence, the need for development of infrastructure in terms of

transportation and highways has not been felt.

Also, in terms of industrial infrastructure development, there remain major infrastructure

and economic hurdles to ensure that energy reserves will be able to be exploited and thus

would translate into sustainable, long-term economic growth for the country.

First and foremost, the country's current production capacity is insufficient and outdated

and would never be able to support the proposed expansion of production. Without newcapital investment inflows, production would not be able to increase despite the available

reserves.

Second, and almost as importantly, the country must continue to diversify and improve its

export pipelines. The completion of the Chinese export pipeline and the expansion of the

Iranian export pipeline open further avenues for export, but Turkmen exports are still

heavily dependent on the Gazprom-owned Russian pipelines, with a limited top export

capacity. Lending agreements with the Chinese will bring in vast amounts of new capital in

return for greater promises of production and export to that country.

Although global prices for natural gas are back up from 200809 crisis lows, they remainlower than they had been before the global recession and are vulnerable to future slides. If

prices were to drop, the forward impetus for Turkmen economic growth would be severely

compromised. For now, baseline expectations are that in the short term, the Turkmen

outlook will be constrained somewhat by limited domestic extraction and transport

capacity. In the longer term, this capacity is assumed to increase substantially, thus

providing the country with the basis for greater long-term growth.

2.2Demand conditions

Turkmenistan operates a licensing based regime of sorts similar to that of India pre-1991.

Production orders and domestic prices are heavily centralized and controlled by the statewith high social spending as suggested by Table 1 above. Apart from free education and


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government is striving for self-sufficiency in grain and aiming to use cotton production to

develop a viable textile industry further up the value chain by attracting FDI. However,

transportation to key markets and government intervention still remain significant obstacles

for the development of these supporting industries to the economy. Moreover, with all

Central Asian countries in bitter disputes over sharing diminishing sources of water in the

region, attainment of self-sufficiency in food remains a distant dream for the nation.

Moreover, with insufficient and non-existent capabilities to manufacture equipments to

buttress its oil and gas industry aided growth, the economy is going to be increasingly

dependent on imports to sustain high growth levels.

Thus, on an overall level, with respect to the Porters national diamond all thefour factors

show unfavourable signs for the progress of the nation of Turkmenistan. Unless the

government undertakes a significant overhaul of the entire system, the dependence on

exports of natural gas for revenues and the associated risks of a slack in the demand or gas

prices globally will continue to persist.

2.5

Governments role

As mentioned earlier, Turkmenistan is essentially an authoritarian state with high

centralized state control. The president himself controls the parliament and judiciary while

there is no freedom of the press and media with the government in full control of all

content. In September 2008, the constitution was amended with a strengthened and

enlarged mejlis or the parliament. Industry is entirely dominated by state owned enterprises

while services have been migrated to the private sector.

From an economic standpoint, the government of Turkmenistan may face the following

significant challenges which are required to be overcome for long term sustainable growth:

Dependence on the economy on hydrocarbon exports makes it vulnerable to drop in

prices as suggested before and hence diversification of development options needs

to be considered.

In order to foster the development of the private sector, apart from developing

market institutions and an effective banking sector, the government also needs to

invest in human capital.

The development of prudent governance practices is absolutely essential to attract

foreign investment and efficiently utilize Turkmenistans hydrocarbon revenues.

Amendments to public policy to curtail public spending and cost of budget subsidies

would be required as the country may run into high fiscal deficits in the medium

term.

Although the current government has hinted at adopting more favourable policies, little

change has been witnessed on the ground. The government needs to re-invent its role in

policy development and governance in order to gain from industrial growth.


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3.

CAGE Framework

The CAGE framework consists of four aspects of distances on the basis of cultural,

administrative, geographical and economic factors on which to characterize the relationship

between two countries. Each of these distance aspects are as follows:

3.1Cultural Distance

Languages

There is strong disparity in terms of languages spoken by the two countries as there is not a

single common language spoken by their respective citizens. The distribution of languages

spoken by the two countries is as shown below:

Figure 1: Distribution of languages[2]

Religion

Even in this aspect, the two countries are poles apart with the dominant religion in

Turkmenistan being a religion practiced by minorities in India. The distribution of religions

practiced in the two countries is as shown below:

Figure 2: Distribution of religions[2]

% of population speaking languages in

India

Hindi Bengali Telugu Marathi Tamil

Urdu Gujarati Kannada Malayalam Oriya

Punjabi Assamese Maithili other

% of population speaking languages in

Turkmenistan

Turkmen Russian Uzbek Other

% of population practising religions

in India

Hindu Muslim Christian Sikh other unspecified

% of population practising

religions in Turkmenistan

Muslim Eastern Orthodox unknown


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3.2Administrative Distance

Trade bloc and regional trade agreements

Turkmenistan is not a signatory to the CIS Economic Union Agreement executed by nine CIS

countries. However, the country has in place bilateral trade agreements with Azerbaijan,

Georgia, Ukraine and Uzbekistan. Most importantly though, Turkmenistan is a current

signatory to the Commonwealth of Independent States (CIS) although it originally refrained

from doing so.

India, on the other hand, is a signatory to a number of free trade agreements like the Asia

Pacific Trade Agreements (APTA), South Asian Free Trade Agreement (SAFTA) and Global

System of Trade Preferences among Developing countries (GSTP) apart from other bilateral

trade agreements with ASEAN, Singapore, Japan, Chile and the EU.

Thus, there is no match between the two countries in this aspect.

Currency

In terms of currencies of Turkmenistan and India, the Turkmen manat is set at a fixed

exchange rate to the dollar and is set and revised by the Central Bank of Turkmenistan as

and when required. Hence, in effect, the country adopts a fixed peg arrangement. In

addition, conversion from the manat to any other currency other than the US Dollar is not

carried out by the Central Bank of Turkmenistan.

On the other hand, the Indian Rupee is managed on a regular basis by the Reserve Bank of

India upon any outlining effect from the market but the exchange rate if fundamentally

market governed in any case. Thus, India offers a managed float regime and the Indian

Rupee can be freely converted into currency of any other form.

Thus, there is no match between the two countries in this aspect.

Colony/Colonizer

In terms of inheritance of the countrys borders today, although the territories of both the

countries have been inhabited since ancient times, Turkmenistan has inherited a largely

Soviet-era based system on the one hand while India has adopted and refined a Britishsystem after independence.

Corruption

Turkmenistan is ranked 168 out of 177 countries in the Transparency International

Corruption Perceptions Index showing that it is one of the most corrupt countries in the

world. India, on the other hand, fares a lot better with a rank of 94 in the same index. [8]

3.3Geographical Distance


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The two countries of Turkmenistan and India neither share any common borders nor border

the same water body but are relatively close to each other with the distance between their

respective capitals being 2,783 kms.[2]

Land Area

India ranks in at nearly 7 times the size of Turkmenistan with an area of 3,287,263 square

kms compared to that of Turkmenistan at 488,100 square kms. [2]

Climate

Turkmenistan possesses a subtropical desert and arid climate with around 96% of its area

unsuitable for agriculture while India, on the other hand, has a more tropical climate with

48% of its area being arable. [2]

Transportation Infrastructure

Turkmenistans lacklustre transport infrastructure has been highlighted before in this reportwith the country possessing a moderate 2,980 kms of railways and 58,592 kms of roadways.

India, on the other hand, has 63,974 kms of railways and an extensive road network of

4,700,000 kms which includes national highways, state highways and other interior and

arterial roads.[2]

3.4Economic Distance

GDP per capita (USD)

The per capita GDP of Turkmenistan has steadily increased to 6,800 in 2012 compared to

4,400 in 2010 coincident with the GDP growth rate of over double digits during the same

period.[10]

Indias per capita GDP, on the other hand, has remained at the same level of around 1,500

USD during the same timeframe. However, the base effect of higher population also needs

to be incorporated when considering Indias situation into account.

Real GDP growth rate

Indias GDP growth rate has moderated over the last two years around the level of 5-6%

after posting growth rates of 9% during the years before. Turkmenistans economy, on the

other hand, has expanded considerably over the past two years posting growth rates of

above 11% in real GDP. Again, however, the base effect of higher GDP of India needs to be

factored in.[10]

Human Development Index

In terms of the Human Development Index, both the countries fare quite the worse with

Turkmenistan ranked 102 in the index while India ranked still lower at 136. [11]

Internet Penetration

Only 80,400 people in Turkmenistan have access to Internet compared to a whopping 61

million in India showcasing the lack of penetration of web and associated technologies in

the Central Asian nation.[2]


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In order to put the comparisons of the CAGE model into perspective, it can be concluded

that all the four distances are high in case of Turkmenistan and India. The relative effects of

these distances as compared to one another can be exemplified as below:

Figure 2: Comparison of CAGE dimensions between Turmenistan and India

4.

Trade relationships

The trade relationships of Turkmenistan are best described by the graphs below

representing the countries to which exports are being directed to and countries from where

goods are being imported. The data are summarized for the year 2010. The graphs illustrate

the dominating influence of Russia, China and Iran on the economy of Turkmenistan.

Particularly, the increasing role of China is to be taken note of as it expands its presence in

the country and gain a strong foothold in the share of natural gas exports.

Also, the graphs indicate the marginal position of India in terms of trade with Turkmenistan.

0

2

4

6

8Cultural

Administrative

Geographical

Economic

CAGE Framework Analysis Results

Turkmenistan India


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Figure 3: Imports & Exports of Turkmenistan by country

[7]

In terms of the diversity of its trade, the following graphs illustrate the dominating role of

petroleum products in Turkmenistans exports. The imports however, are quite diversified in

terms of goods and services.

China

TurkeyItaly

Russia

Afghanistan

United Kingdom

Iran

Europe

AsiaCIS NA

TURKMENISTAN EXPORTS

Russia

China

Iran

Germany

Turkey

CIS

Asia

EuropeNASA

TURKMENISTAN IMPORTS


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Figure 4: Imports & Exports of Turkmenistan by product

[7]

4.1Trade relationship with India

Goods and services imported from and exported to India are described in the following

graphs. A key point of note here is that India imports a good from Turkmenistan that is not

its dominant export good. India does not have any share in the exports of natural gas and

petroleum products from Turkmenistan. It is with this initiative in mind that the TAPI

pipeline is envisaged to help. Turkmenistan is not so distant from India geographically, and

although the pipeline has numerous security roadblocks, it sure provides a feasible way out

to secure Indias energy security particularly considering the fact that Turkmenistans south

and south east are areas of high resource density.

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

35.00%

40.00%

Petroleumgases

Petroleumoils,refined

Cottonraw

Cottonyarnof>85%Peat

Polym

ersofpropyleneor

Pe

troleumoils,crude

Wov

enfabricsofcotton

Houselinen

Wov

enfabricsofcotton

Wom

en'ssuits,notknit

Electricalenergy

Cottonseedoilcake

Kn

itorcrochetfabric,

T-shirts

Vegetablesapsand

Ships'derricks;cranes

Petroleumcoke

Self-propelledbulldozers,

Rawhidesandskinsof

Petroleumjelly

Motorvehiclesfor

Wool

Plants

usedinperfumery,

Scra

pofpreciousmetal

Othermoving,

Traile

rsandsemi-trailers

Turkmenistan's Exports

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

7.00%

8.00%

Cruiseshipsandsimilar

Tubes,pipesand

Motorvehiclesfor

Insulatedwire;optical

Cement

Specialpurposemotor

Pumpsforliquids

Structuresandparts

Floatingor

Prefabricatedbuildings

Telephones

Otherbarsandrodsof

Partsforusewith

Electricaltransformers

Self-propelled

Othermoving,

Cars

Rawsugar,cane

Newpneumatictires,

Othertubesandpipes

Medicaments,packaged

Apples

Workedmonumental

Machinesand

Turkmenistan's Imports


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Figure 5: Imports & Exports of Turkmenistan to and from India[7]

According to the Indian Ministry of External Affairs, total trade between the two countries

stood at $42.69 million in 2010-11 with exports from India contributing to $ 29.51 million

and $13.18 million worth of imports from India.

4.2Bilateral relationship with India

2012 marked the 20th anniversary of establishment of political ties between India and

Turkmenistan on a formal note but the two countries have maintained close and friendly

ties historically with the Turkmen Gate built in Delhi in the 1650s. Two notable outcomes

of the bilateral relationship have been the conception of the TAPI pipeline project in 2010

and the conclusion of an agreement on free visa entry for Diplomatic Passport holders in

2011.

Cotton raw

Synthetic filament

tow Wool

TURKMENISTAN EXPORTS TO INDIA

27%

19%

10%9%

8%

7%

5%2%

2%

2%

2%

2% 2%

1%

1%

1%

1%

Turkmenistan Imports from India

Medicaments, packaged

Tubes, pipes and hoses and fittings

Refrigerators, freezers

Centrifuges

Worked monumental or building stone

(except slate)

Shawls, scarves, etc, not knit

Builders' joinery and carpentry of wood

Appliances for thermostatically

controlled valves


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Several delegates have visited from both countries since 1995 with the most notable ones

being the visit of Prime Minister P V Narasimha Rao in 1995 and the visit of Petroleum &

Natural Gas minister Mr Jaipal Reddy in 2012 on the Indian side. From Turkmenistan, both

President Saparmurat Niyazov and Gurbanguly Berdimuhamedov have visited India in 1997

and 2010 respectively.

Also, there is a healthy exchange of people from the two countries with approximately 100

Turkmen students studying in India and about 1,800 Indian nationals plying their trade in

Turkmenistan, mostly in the Oil and Gas industry.

References

1.

Background Notes on the Countries of theWorld: Turkmenistan, January 2012, pp

1-1

2. CIA World Factbook 2013, Central Intelligence Agency, USA

3. Crabtree S., Esipova N., Gallup Presents: Inside Turkmenistan, Harvard

International Review, Summer 2011, pp 72-76

4. Country Intelligence Report: Turkmenistan, IHS Global Insight, October 2013

5. Emerging Europe Monitor: Russia & CIS, Business Monitor International, Vol 17,

Issue 8, August 2013

6. Jumayev I., Foreign Trade of Turkmenistan: Trnds, Problems and Prospects,

Working paper No. 11, Institute of Public Policy and Administration, University ofCentral Asia, 2012

7. The Observatory of Economic Complexity,http://atlas.media.mit.edu/,Massachusetts

Institute of Technology, 2010

8. Turkmenistan: An Overview, 2012 PEG BRIEF: Turkmenistan, Political Economy and

Governance (PEG) Brief Series, September 2012

9. WorldBank Group - Turkmenistan Partnership, Program Snapshot, October 2013

10.World Bank Development Indicators,http://data.worldbank.org/data-catalog/world-

development-indicators

11.Human Development Index Data, United Nations Development Program,

http://hdr.undp.org/en/countries

12.India-Turkmenistan relations, Ministry of External Affairs, India, June 2012
http://atlas.media.mit.edu/http://atlas.media.mit.edu/http://atlas.media.mit.edu/http://data.worldbank.org/data-catalog/world-development-indicatorshttp://data.worldbank.org/data-catalog/world-development-indicatorshttp://data.worldbank.org/data-catalog/world-development-indicatorshttp://data.worldbank.org/data-catalog/world-development-indicatorshttp://hdr.undp.org/en/countrieshttp://hdr.undp.org/en/countrieshttp://hdr.undp.org/en/countrieshttp://data.worldbank.org/data-catalog/world-development-indicatorshttp://data.worldbank.org/data-catalog/world-development-indicatorshttp://atlas.media.mit.edu/

121_Porter Diamond & CAGE_Turkmenistan

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