New President Seeks Wider Market

Turkmenistan''s diplomacy of recent weeks suggests that the country is forging new bilateral ties beyond Russia and Iran. We are encouraged by indications that the country may balance its export destinations in the long term, and as a result attract greater FDI levels. While this will boost the country''s output capacity and stimulate higher export growth, forecast to increase by 18% this year and a further 19% in 2008, we are cautious about political risks remaining a major factor in economic development.

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