Law on foreign economic activity enters into force in Turkmenistan

Photo: Law on foreign economic activity enters into force in Turkmenistan  / Finance

Ashgabat, Turkmenistan, Aug.26

By Huseyn Hasanov- Trend:

The law on foreign economic activity entered into force in Turkmenistan. The Law was published in the media of Turkmenistan Aug. 26.

The main objectives of the law are to provide conditions for the effective integration of Turkmenistan into the world economy, to stimulate the development of the national economy and to ensure its economic security.

In accordance with the law, the foreign economic activity implies the totality of the practical actions of public authorities, other legal entities and individuals, aimed at establishing and developing of mutually beneficial economic relations with foreign states, their legal entities and individuals, international organizations.

One of the articles of the law states that a special regime of foreign trade activities (customs, currency, tax, pricing regime) for free economic zones (free economic zones, tourist areas) can be established on the territory of Turkmenistan.

For example, Avaz resort, declared the first free economic zone in Turkmenistan, is under construction in the Caspian Sea. Operating investors, firms and companies have been granted tax and customs privileges on the territory of the resort.

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