Turkmenistan creates attractive foreign investment conditions

Turkmenistan creates attractive foreign investment conditions

Turkmenistan, Ashgabat, April 3 /trend H.Hasanov/

President of Turkmenistan Gurbanguly Berdymuhamedov has noted the need to create favorable conditions to attract foreign and domestic investments, the Turkmen government said on Tuesday.

'President Gurbanguly Berdymuhamedov noted the need for a strictly scientific approach to the efficient allocation of financial resources in the economy, creation of favourable conditions for attracting foreign and domestic investment and gave orders for the further improvement of economic mechanisms for the implementation of national programmes that enhance the competitiveness of the country', a statement said.

The issues on using investment funds for the integrated development of all sectors of the national economy, as well as the work plan on the fundamental social transformation in the regions were raised at the meeting.

A number of important laws 'On the Central Bank', 'On Credit Institutions and Banking', 'The microfinance institutions and microfinance', 'On credit unions', 'On currency regulation and currency control in foreign economic relations' and 'The establishment of the State development Bank of Turkmenistan' are all adopted in Turkmenistan to improve investment climate.

The Institute of Strategic Planning and Economic Development of Turkmenistan previously stated that the strategic direction of government policy of the country was directed at attracting foreign investment which relates to the interests of not only government, but also private enterprises and individuals.

The legal framework is now improved and free economic zones established in order to enhance the inflow of investments in innovation. The adoption of active measures to stimulate the creation of small, joint, private factories with foreign investment is planned in 2012.
"It is known from the practice of foreign countries that the identification of new opportunities through the extensive privatisation of state property and regional integration and free trade policies increase the inflow of foreign investments," local experts noted.

The State Programme of development of the securities market in Turkmenistan for 2012-2016 was adopted in November 2011.

"A stable socio-political situation, long-term socio-economic programmes for the whole country and separately for each region, high rates of economic growth and stability of the national currency, a powerful resource and resource base and relatively inexpensive labour attract foreign investors, ensure the effectiveness of the invested capital," experts from the institute noted.

Different mechanisms for accelerated implementation of investments in innovation are actively used. It is the development of a legislative and legal framework to attract foreign investors and construction companies to the development of processing industry, oil and gas industry and the construction of other facilities that is the objective.

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