Turkmen parliament to design bill on state support to small and medium entrepreneurship

Business Materials 9 July 2009 14:14 (UTC +04:00)

Turkmenistan, Ashgabat, Jul.9 / Trend H. Hasanov /

The Turkmen parliament designed a bill on state support to small and medium entrepreneurship, official statement said.

Turkmenistan announced its transition to market economy in revised version of the Constitution in September 2008. The major accent in transition period would be made on development of small and medium entrepreneurship business. Private sector should cover 70 percent in the national economy (without registering energy and other strategic fields).

At the present stage Turkmenistan is establishing legal base. So far, raw commodity, currency, labor markets have been formed, whilst all facilities are provided for unlimited wholesales. In accordance with the presidential decree, state banks are allowed to lend to support private business projects. Establishment of institutions of market infrastructure, commodity markets, stock markets, securities markets, IT, consultations and audit centers in the country is set as a target.

On the backdrop of global financial crisis Turkmenistan's authorities state employment and increase of community incomes are provided through private sector.

The parliament also designed bills on education, on researcher's legal status, on radiation safety, as well as a number of other legislative acts, official statement said.

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