FEDERATION OF EURO-ASIAN STOCK EXCHANGES > YEARBOOK 2002/2003 > PAGE 71
STATE COMMODITY & RAW MATERIALS EXCHANGE OF TURKMENISTAN
The Exchange is one of the most important economic
institutions of the country to date and acts as the main
body for export and import operations, as well as a
governmental regulator in the country.
HISTORY AND DEVELOPMENT
The State Commodity and Raw Materials
Exchange of Turkmenistan (SC&RME) was
created by decree of the President of
Turkmenistan - Saparmurat Turkmenbashi -
in 1994. The Exchange is one of the most
important economic institutions of the
country to date and acts as the main body
for export and import operations, as well as
a governmental regulator in the country.
There are many indicators of activity of the
Exchange. During 2002, 1286 export
contracts for the sum of Manat 343.6 billion
were registered. These figures are indicative
of the favorable political and economic
situation in Turkmenistan, our rich natural
resources, and of utmost importance, the
reliability and stability of state organizational
structures to attract business from all over
the world. The State Commodity and Raw
Materials Exchange of Turkmenistan keeps
in touch with more than 21 countries.
Businesspeople from Turkey, Moldova,
China, Russia, the USA, Germany, Great
Britain, UAE and the Ukraine among others,
buy oil products, liquefied gas, cotton fiber,
stockinet, cotton yarn, handmade Turkmen
carpets, hides, and knitwear.
An information and analytical system was
created for the SC&RME to enable direct
operational control of contract execution and
for retrieval of necessary information. The
InfoBase database will be developed to allow
the retrieval of world quotations for the major
significant commodities in real time and to
facilitate potential marketing outlets for
domestic commodity production.
The following plans are currently underway:
further development of external economic
links with foreign trade companies;
streamlining of the uses of PR companies and
the services they provide in terms of mass
media disclosure;
expansion of external contacts with
international and regional organizations;
simplification of the contract registration
procedure; and
increasing in the level of skill and experience
of the Exchange staff through interactions
between organizations.
FUTURE OUTLOOK
According to the development priorities of the
domestic and foreign wholesale trade, the
Exchange has promoted several ideas. In 2003
there are plans to:
conduct an integrated study assessing wholesale
trade in the home market
take actions to keep price increases to a minimum
on the home market by encouraging competition.
create a shared information network between
the Exchange and all branch offices in the
provinces,
Jan-Oct 2002 Export vs Import
(US$ millions)
350
350
250 300
200 250
150 200
150
100
50
Building materials 0
Machinery construction
100
50
0
Light industry
Agricultural
Petrochemistry
2001
2002
91.08%
400
1.26%
(US$ millions)
300
0.84%
0.04%
6.78%
2001-2002 Export Industry Breakdown
Jan-Oct 2002 Breakdown of
123 Auctions