The resort area of Avaza is set to host an investment forum in the summer of 2024 under the name "Turkmenistan is open." The event will take place at the Berkara Hotel on June 26-27. The aim of the forum, as noted by the Turkmenistan Chamber of Commerce and Industry, is to attract foreign investments to maintain stability within the country.
The forum will feature an exhibition of Turkmen goods, showcasing a variety of food products such as meat, poultry, fish, milk, confectionery, dried fruits, vegetables, bakery products, and beverages. Additionally, light industry products, electronic equipment, jewelry, achievements in animal husbandry, trade, education, advertising, printing, and decoration will be on display. Furniture and building materials will also be presented at the exhibition.
However, observers believe that the forum will be merely a formality, as the current Turkmenistan is not attractive to foreign investors. Issues such as the need to lift unnecessary restrictions, including the total visa regime, address the multiple exchange rates, ensure law enforcement, and navigate the strict controls within the country are raised.
Turkmenistan is often referred to as one of the most closed countries in the world for various reasons. The Turkmen passport has been recognized multiple times as the "weakest" in the CIS and Central Asia in terms of visa-free access. Obtaining such a passport is artificially limited, with queues stretching for a year or more.
Currency exchange in the country is tightly controlled, making it difficult for businessmen to obtain this privilege, while individuals can only exchange money in rare exceptions (e.g., for education or medical treatment). Obtaining a visa to Turkmenistan is very challenging for foreigners, and within the country, tourists and visitors are closely monitored by guides and security services.
Despite these challenges, authorities regularly hold investment forums both domestically and abroad. However, the main outcome of such events often appears to be the leisure of corrupt officials and their affiliated businessmen, their meetings with potential bribe-givers, and participants in criminal schemes.
