Turkmenistan plans to open institute for studying global market trends

Photo: Turkmenistan plans to open institute for studying global market trends
 / Finance

Ashgabat, Turkmenistan, Jan. 25

By Huseyn Hasanov - Trend:

Turkmen President Gurbanguly Berdimuhamedov has instructed the government to study the feasibility of establishing an institute specializing in the study of market trends, according to a message from Turkmen government.

"Turkmen president stressed the importance of using the modern scientific and research approach, instructing to review the issue of feasibility of establishing an institute specializing in the study of market trends," Turkmen government said.

Berdimuhamedov believes that the objectives and mechanisms of the economy's diversification have been clearly defined, but works on their implementation "are going on slowly and not properly".

"The country has few projects for creation of joint ventures, leader of the nation added. There is no specific plan to increase production and expand the range of exports," according to the Turkmen government's message.

Turkmen president instructed to develop a long-term action program for increasing the production of export-oriented products.

"We must have a clear understanding of most profitable markets for domestic goods abroad, the demand that is present in them, to know exactly what the product range includes and to which countries it would be better to ship our products," the Turkmen leader said.

The president stressed that there are many enterprises, producing the same products, under different ministries and departments.

"For example, there are companies, producing wine and spirits, under the Ministry of Trade and Foreign Economic Relations and the State Food Industry Association," President Berdimuhamedov said.

Turkmenistan is at a transitional stage of its development with the national economy aimed at the development of market relations. The country occupies a key position in the region with its natural gas supplies. Its customers are China, Russia and Iran.

Meanwhile, the country's leadership plans to diversify the economy. Oil and gas processing, the textile and cotton processing industries and production of construction materials have recently been developed.

Turkmenistan conducted several reforms in monetary policy, namely, the denomination of the national currency, and the unification of exchange rates. The country passed to the international accounting standards in 2014.

Translated by E.A. and N.H.

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