Media: Turkmenistan develops investment program

Business Materials 27 January 2011 19:36 (UTC +04:00)

Turkmenistan, Ashgabat, Jan. 26 / Trend H.Hasanov /

Turkmen President Gurbangulu Berdimuhamedov instructed to develop an investment program for the next five years up to 2015, the local media reported.

This work was entrusted to the Economy and Development Ministry and the Institute of Strategic Planning and Economic Development. The new program is designed to ensure the implementation of economic diversification with predominance in its industrial and innovative ingredients and development of the multifaceted potential of the country.

"Turkmenistan is seeking to create favorable conditions for the functional activation of investment both domestic and foreign investors," the "Neytralniy Turkmenistan" newspaper reported.

The country has intensified the development of investments, both in production and in non-production sphere.

In 2010, Turkmenistan held national investment forum in Ashgabat and Abu Dhabi (UAE). Under the business programs, there were signed several memoranda of understanding and technical assistance, and several agreements aimed at effective integration into the global economy.

Investment sphere in the country is regulated by the followings: the Tax Code, Customs Code, and laws "On investment activity", "On foreign investments" and "On Foreign Concessions," "On Hydrocarbon Resources", "On international treaties", "On Entrepreneurship" "On State Support of Small and Medium Enterprises", "On licensing of certain activities," "On inventions and industrial designs," "On Trademarks, Service Marks and Appellations of Origin."

The press notes that the special project, carrying a multiplicative effect, that is giving impetus to the development of many related industries, is building a tourist resort "Avaz".

The project is designed to stimulate investment activity aimed at a comprehensive solution of problems of development and modernization of tourist infrastructure. Here a number of privileges - a simplified visa regime for tourists, tax breaks, lack of payment for certification services and exchange fees, and others.

In the future," Avaz "will become the largest center in the Caspian Sea spa vacation, and give impetus to the development of various areas of the tourism industry in Turkmenistan