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Monday, 22 August 2011

Turkish companies invest 2 billion USD in Caspian tourism

A recently published report from the Turkmenistan’s Committee of Tourism and Sports has found that Turkish companies have invested more than 2 billion USD in the Avaza Free Tourism Zone along the Caspian Sea in Turkmenistan.

Development of first-class hotels, heath and sport facilities in accordance with international standards have boosted tourism in the area and it is estimated that 90 percent of the facilities in the region are being built by Turkish companies. In total, around 600 projects in Turkmenistan have been completed at a cost of around 20 billion USD.

The recent investment, to develop 18 facilities in the area of Avaza is to aid the development further of tourism in the area. In 2007, Turkmenistan declared Avaza region a ‘tourism zone’ and announced their intentions to develop the region as a centre of tourism. With Turkish companies being used most of the time to help the development, it seems a win-win situation for Turkey and Turkmenistan.

With the Turkish real estate and property market currently on a high, Turkish companies have a lot of experience in building infrastructure that is of high quality and it seems as though Turkmenistan realise the potential in Turkish companies and want to gain from some of the breathtaking infrastructure being built in Turkey by Turkish companies.

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