The all-round cooperation agreement was signed by the two countries' foreign ministers following negotiations between Gurbanguly Berdymukhammedov and King Abdallah of Saudi Arabia.
At a meeting between businessmen and Turkmen ministers of foreign affairs, oil, gas, communications and information, the Turkmen leader described as "strategic" his country's ambitions to develop a business partnership and establish solid economic ties between the two countries, which have maintained diplomatic relations for 15 years.
Abdul Aziz Al-Gadir, the Ambassador of Saudi Arabia in Turkmenistan, said: "Turkmenistan has a great promising potential for investment, especially in oil and gas prospecting and production, agriculture, healthcare, communications, the construction of motor and railroads and other infrastructure."
Turkmenistan possesses the world's fourth-largest reserves of natural gas and substantial oil resources. Saudi Arabia's economy is petroleum-based, with roughly 75% of budget revenues and 90% of export earnings coming from the oil industry. Saudi Arabia has claimed to be in possession of 260.1 billion barrels of oil reserves (about 24% of global proven oil reserves) as of 2003.
The Al Riyadh newspaper quoted the Saudi Arabian ambassador as saying that the agreement marked a turning point in the development of economic ties between the two countries, whose trade had so far been "insignificant" and involved mainly Turkmen carpets.
