Private sector’s contribution to industrial development increasing in Turkmenistan

Photo: Private sector’s contribution to industrial development increasing in Turkmenistan / Business News

Ashgabat, Turkmenistan, Dec.30
By Huseyn Hasanov- Trend:

The growth rate of the industrial production in enterprises of the Union of Industrialists and Entrepreneurs of Turkmenistan amounted to 181 percent and agricultural production 166 percent in first 11 months of 2013 compared to the same period of 2012, the country's Ministry of Economy and Development said on Dec.30.

"Construction and installation works have been implemented by 88 percent more than the planned volume. The growth rate of the total trade turnover through the Union of Industrialists and Entrepreneurs is equal to 220 percent and the volume of services rendered to the population is 244 percent," according to the ministry.

Over 56 percent of Turkmenistan's GDP, excluding fuel and energy complexes fell to the private sector in 2012.

In accordance with the president's decree, the country's banks issued long and short term loans for investment projects and business plans.

"On the basis of the worked out provision, long term loans are issued for investing in fixed assets for a period of 10 years with five percent per annum. Short term loans are issues for the period of up to one year for obtaining current assets. The loans can be issued both in national and foreign currency," the ministry said.

The Union of Industrialists and Entrepreneurs celebrated its fifth anniversary in 2013.

During this period the Rysgal private bank was founded, entrepreneurs started their own newspaper and the Party of Industrialists and Entrepreneurs of Turkmenistan was established.

Turkmen entrepreneurs trade in various fields such as construction, trade, public catering, agriculture, industry, education, tourism, advertising and publishing.

Additionally, local businesses actively participate in international tenders.

It is planned to construct new industrial and trade centres, enterprises for production of confectionery and bakery products, fruit juices, canned food, soft drinks, meat and dairy products, the creation of farms, enterprises and factories for the production of construction materials in the regions.

The activity of entrepreneurial structures is aimed at the development of the production of competitive kinds of construction materials to be used to lower the cost of house build.

The result will be an increase in the level of comfort and creation of facilities for the production of construction materials and products based on new resource and energy-saving technology and materials that reduce heat loss in buildings. There will also be the development of the production of modern housekeeping items for housing construction, as well as the maximum use of local building materials.

Translated by L.Z.

Edited by S.M.

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