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By Trend

Both the Singapore Business Federation (SBF) and the Chamber of Commerce and Industry of Turkmenistan (CCIT) should jointly, encourage, promote and facilitate economic cooperation among their respective business communities to the mutual interests of both sides, as well as encourage the exchange of trade delegations, experts and economic discussion and support the follow up of such visits, Ho Meng Kit, Chief Executive Officer of SBF told Trend.

The memorandum of understanding between the two sides should help develop the relations even further, he said.

Ho Meng Kit pointed out that knowledge exchange, with a flow of reciprocal economic information and data, is also one of the main features in the memorandum in which SBF and Chamber of Commerce and Industry of Turkmenistan should seek to achieve.

The intention of this memorandum of understanding is to establish a practical framework for developing stronger business relations between the two parties, and to set forth the cooperation procedures that can enhance the implementation of reciprocal economic benefits.

In addition, the CEO noted that this memorandum of understanding will benefit both Turkmenistan and Singapore businesses, paving the way for SBF to collaborate with CCIT, and vice versa..

Furthermore, he said that due to the ongoing COVID-19 pandemic, both SBF and CCIT have been unable to finalize plans to collaborate further.

Generally, talking about business environment in Turkmenistan, the SBF noted that Turkmenistan represents one of the three key markets in Central Asia, together with Kazakhstan and Uzbekistan.

"Coupled with a large agriculture base, Turkmenistan possesses great potential, and offers many business opportunities for overseas investors," he said.

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