Turkmenistan's construction hits $12 billion

Business Materials 11 May 2010 14:36 (UTC +04:00)

Turkmenistan, Ashgabat, May 11 / Trend H. Hasanov /

As of January 1, 2010 the number of buildings constructed by foreign companies amounted to 530 units with an estimated cost of $11.7 billion. Turkmen President mentions these data in a document. About 117 foreign companies from 25 countries worldwide participated in the development of capital investment.

These resources are involved in the construction of infrastructure in key sectors of the economy as fuel and energy, transport and telecommunications.

Berdimuhamedow also draws attention to the fact that one of the fastest growing areas of foreign economic activity, as well as a significant source of foreign income worldwide is the international tourism.

"Developing the national tourist zone Avaza (on the Caspian Sea), we thoroughly calculated its national economic expediency and efficiency. Afterwards, we decided to apply a mechanism of free economic zone on the basis of preferential tax, financial, and legal conditions and creating the necessary industrial infrastructure.  

The most favorable conditions for foreign and domestic investors, including preferential tax rates are formed within this project (investors are exempt from property tax, profit tax and value added tax, customs and exchange fees from service charges for licensing and certification for the lease of land during the construction period and within 15 years after the commissioning of infrastructure and tourism).