Turkmen president: Private ownership is important sector for national economy

Turkmenistan, Ashgabat, March 17 / Trend, H. Hasanov /

The Union of Manufacturers and Entrepreneurs (UME) is of great importance for the economy's development, Turkmen President Gurbanguly Berdimuhammadov said in his statement at the Congress of the Union of Manufacturers and Entrepreneurs in Ashgabat.

The Union of Manufacturers and Entrepreneurs was established three years ago. The country's socioeconomic development program until 2020 envisages increasing the share of the private sector in the country's GDP by 70 percent.

According to the president, the UME should focus on "solving tasks to increase the share of private enterprises in the GDP."

"By creating favorable conditions for the activity of private producers to compete on the domestic and world markets, the Union of Manufacturers and Entrepreneurs contributes to enhancing entrepreneurs' role national economic development," he said.

Turkmenistan recently made an announcement about its transition to market relations, adding an article to the Constitution. The law on "State Support for Small and Medium Businesses" has been adopted to reduce investment risks and administrative barriers.