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Turkmenistan builds own model of market economy

Business Materials 19 May 2011 17:46
Turkmenistan is building its own model of a transition to a market relations, which has gradual character and is enhanced by full and strict guarantees of the people's rights, the Institute of Strategic Planning and Economic Development says.

Turkmenistan, Ashgabat, May 19/ Trend, H. Hasanov /

Turkmenistan is building its own model of a transition to a market relations, which has gradual character and is enhanced by full and strict guarantees of the people's rights, the Institute of Strategic Planning and Economic Development says.

State ownership remains in basic and strategic production industries. However, the private sector's share constantly increases in these sectors

Joint ventures' and foreign companies' share in oil and gas production is also increasing.

A simplified tax system also functions in Turkmenistan.

Various administrative procedures are being simplified and a state commission is being created to support small- and medium-sized entrepreneurship.

A range of other measures are also being conducted to facilitate the country's transition to a market economy.

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