Turkmen president instructs to speed up privatization process

ASHGABAT, Turkmenistan, Jan. 13

By Huseyn Hasanov – Trend:

Turkmenistan pays a lot of attention to the privatization of state property, attraction of foreign investment and the support of private entrepreneurship, Trend reports referring to Altyn Asyr TV.

This matter was recently discussed at a meeting of the country's government.

President Gurbanguly Berdimuhamedov, noting the importance of accelerating the process of state property privatization, stressed that its implementation is meant to contribute to further economic growth of the country, as well as the development of entrepreneurship.

Vice Prime Minister Gochmyrat Myradov particularly made a report on organization of activities in the financial, economic and banking sectors.

A law on public-private partnership is being prepared in the Turkmen Parliament.

Priority tasks include supporting entrepreneurial initiatives of citizens, stimulating investment activity, privatizing and transforming state property into joint stock companies, as well as the creation of a legal framework for attracting entrepreneurs to agricultural production.

Uniting more than 20,000 businessmen, the UIET was formed in 2008. The share of the private sector of the economy in the gross domestic product (GDP) of Turkmenistan, excluding the fuel and energy complex, is currently at more than 60 percent.

Turkmenistan needs to ease foreign exchange regulations on imports and other current international payments, the International Monetary Fund (IMF) said following the visit of the IMF mission to Ashgabat during February-March 2018.

Real sector reforms should focus on significantly simplifying administrative procedures and regulations, accelerating reforms and privatization of the state-owned enterprises, and attracting foreign direct investment, according to the IMF.

Turkmenistan set a course to a gradual transition to a market economy, which is reflected in the Constitution. Presently, a relevant regulatory and legal framework is being created, while the commodity and raw materials exchange and the labor exchange are formed, and conditions are created for free wholesale trade.

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