India - Turkmenistan Commercial Relations

Commercial Brief

Bilateral trade between India and Turkmenistan in the year 2024-25 was US$ 217.50 million. Major items of import from India include pharmaceutical technological equipment, electrical machinery and equipment, chemical products, varnishes & paints, organic chemicals, Iron & steel & articles thereof, and meat. Exports to India comprises mainly of mineral fuel, inorganic chemicals, wool, Copper & articles thereof, Tannery raw material & leather, Railway locomotives & their parts.

Joint Ventures

With Indian Government’s assistance, a pharmaceutical joint venture ‘Turkmen Derman Ajanta Pharma Ltd’ was set up in Ashgabat in 1998. Indian pharma company Ajanta Pharma Ltd. was the technical partner from Indian side. The JV was later handed over to Turkmen side and is functioning successfully, providing Turkmen market with affordable medical products.      

India – Central Asia Business Council (ICABC)

India – Central Asia Business Council (ICABC) was established in February 2020 under the India – Central Asia Dialogue, wherein Turkmenistan is represented by Chamber of Commerce and Industry of Turkmenistan. The 2nd meeting of ICABC was held in October 2020, wherein it was decided to establish Joint Working Groups in key sectors like health/pharmaceuticals, energy, agriculture and tourism. The latest meeting of ICABC was held in June 2025 in New Delhi on the sidelines of the 4th meeting of Foreign Ministers of the India-Central Asia Dialogue. Foreign Minister of Turkmenistan, Mr. Rashid Meredov and Chairman of Chamber of Commerce & Industry of Turkmenistan, Mr. Mergen Gurdov participated in the meeting. The Turkmen delegation included Deputy Minister for Trade & Foreign Economic Relations of Turkmenistan, Deputy Chairman of the State Concern “Türkmenhimiýa” and Director of the Association “Türkmendermansenagat” of the Ministry of Healthcare & Medical Industry of Turkmenistan. During the meeting, participants exchanged views on key partnership issues in transport and logistics connectivity, the digital economy, and investment opportunities for joint projects and programs in these areas between Central Asian countries and India. In the context of establishing energy, transport and logistics infrastructure in Central Asia, the importance of the large scale energy project Turkmenistan-Afghanistan-Pakistan-India gas pipeline (TAPI) was also noted in the meeting. The sides also exchanged views on investment opportunities in joint transport and logistics projects in accordance with the initiatives to promote North-South transport and transit corridors. The participants expressed interest in systemic cooperation with India in the field of innovation, in particular, in the areas of high technology, artificial intelligence, development of digital platforms.

Trade Promotion

The Embassy is actively involved in promoting bilateral trade by organizing a number of activities including Webinars, Buyer-Seller meetings, facilitating contacts between businesspersons of both countries, replying to trade enquiries etc. Some of the recent events organized by the Embassy are: 

• Federation of Indian Chambers of Commerce (FICCI) organized a special virtual Industry Interaction between Industry members and Embassy of India, Ashgabat. More than 30 Business executives and senior representatives of various companies, entrepreneurs as well as starts-up founders from India across different business sectors participated in the Virtual Industry Interaction and discussed with Ambassador about the business opportunities and potential of bilateral trade and investment in Turkmenistan [May 29, 2024]
• Embassy of India, Ashgabat hosted the Mango Festival in Ashgabat and invited Turkmen government officials, private entities and foreign Diplomats to promote the export of Indian Mangoes to Turkmenistan. [19 July, 2024]
• Specialists from the Ministry of Health and Medical Industry of Turkmenistan took part in the 19th International Conference of Drug Regulatory Authorities (ICDRA), held in New Delhi from October 14 to 18, 2024. The event was organized by the Central Organization for the Control of Compliance of Medicines with Indian Standards, the Ministry of Health and Family Welfare of the Government of India with the support of the World Health Organization. Delegates from Turkmenistan also participated in the meeting of the partners of the World Health Organization on pharmacovigilance. The theme of the conference was "Reasonable regulation: ensuring guaranteed quality of medical products for all” [14 – 18 October, 2024].
• The Embassy of India in Ashgabat set up an ODOP (One District, One Product) stall at Institute of International Relations on the occasion of the Day of Diplomatic Workers of Turkmenistan showcasing the unique and diverse craftsmanship of India. The stall was visited by the Minister of Foreign Affairs of Turkmenistan, Mr. Rashid Meredov and by heads and staff of diplomatic missions, as well as representatives of public organizations, national and foreign media. More than 30 ODOP products across different districts of India were displayed [18th February 2025]
• Embassy of India participated in International Trade and Services Expo (ITSE) organized by Chamber of Commerce and Industry of Turkmenistan in collaboration with its official even partner company Turkmen Expo. Indian pharmaceutical companies were represented at the Expo by M/s Medanta and M/s Akriti Pharma. [29 April-1 May 2025]
• The Embassy of India in association with Tea Board of India organized a Tea Festival to celebrate 200 years of Assam Tea in Ashgabat on 16th June 2025. Ambassador of India, Mrs. Madhumita Hazarika Bhagat spoke about the history and culture of Indian tea, highlighting the specialties of Assam Tea. The festival showcased India’s rich tea heritage with tea tastings from Assam, Darjeeling, Nilgiri and Kangra. [16 June 2025]

Kindly address your queries related to trade and commerce to the email-ID: com.ashgabatmea.gov.in