Turkmenistan eyes to create free economic zones
ASHGABAT, Turkmenistan, Feb. 4
By Huseyn Hasanov – Trend:
The Union of Industrialists and Entrepreneurs of Turkmenistan (UIET) contributes to the diversification of the economy and the strengthening of the country's export potential, Trend reports with reference to the Neutral Turkmenistan newspaper.
It is planned to create free economic zones with preferential conditions and guarantees for attracting foreign investment in order to stimulate the rapid growth of certain sectors of the economy, the development of export-oriented industries, the report said.
In addition, local businessmen are allowed to use the subsoil to develop mineral deposits. In the near future, enterprises will be built to produce technical iodine from associated water from oil fields in Turkmenistan's west, as well as ozokerite, basalt fibers and their byproducts, and metallurgy products.
Entrepreneurs of the country began to study the possibilities of implementing projects in the gas chemical industry, such as the production of urea and ammonia from natural gas.
In accordance with the State Support Program for Small and Medium-Sized Enterprises, it is planned to create hundreds of small and large industrial complexes, joint ventures, and joint-stock companies by 2024.
The private sector aims to create innovative industries focused on the use of local raw materials, as well as the introduction of energy-saving technologies.
Work is underway to transfer state property to the private sector, which will facilitate the opening of numerous small and medium-sized enterprises and new entrepreneurial structures.
UIET unites over 20,000 businessmen and, according to local regulations, they are allowed to create joint ventures with foreign partners by attracting their investments.
There are about 600 private enterprises operating in Turkmenistan, including in production of building materials, textiles and carpets, chemicals, metal products, furniture, glass products, as well as polyethylene and plastic products that are in demand on the domestic and foreign markets.