...

Turkmenistan outlines priorities for economic development until 2030

Business Materials 19 December 2012 17:07 (UTC +04:00)
According to the Institute for Strategic Planning and Economic Development, priorities for the development of the national economy of Turkmenistan were determined based on macroeconomic management, the introduction of market mechanisms and the development of private sector and national economic interests.
Turkmenistan outlines priorities for economic development until 2030

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

According to the Institute for Strategic Planning and Economic Development, priorities for the development of the national economy of Turkmenistan were determined based on macroeconomic management, the introduction of market mechanisms and the development of private sector and national economic interests.

Strategic objectives are reflected in the national program for socio-economic development of Turkmenistan until 2030.

"The main goal of the program is the quick addition of the country to a group of countries with a high quality of life and fast-growing economies that rely on rich natural potential, as well as financial and human resources," the article says.

Implementation of the project is divided into three phases.

The first stage (until 2015) pertains to economic restructuring and diversification, the upgrade and technical and technological renewal of production, the formation of new industries, and the creation of a favorable investment climate.
Accelerated productive potential growth in the chemical sector and light industry, the food sector, the building materials industry and an increase in agricultural production is planned as well.

Currently in progress are projects in the North-South and East-West Corridors.

Innovative system will be formed and trends in the economy's social orientation will continue during the second stage (until 2020).

The creation of developed market economy institutions, a significant expansion of private property, and the introduction of innovation in the real economy are planned.

The completion of the radical improvement process of the country's regional and rural areas is also planned as is the creation of transport and communication systems.

During the third phase (until 2030) Turkmenistan is expected to finally be counted amongst developed nations with highly developed economies. The economy will have been diversified and income and social conditions will have been improved to the level of developed countries.

Turkmenistan has a key position amongst regional natural gas supplies; Russia, China and Iran are the importers.

At the same time, Ashgabat is working to diversify the economy, the oil-and-gas processing industry, and the cotton processing and textile industries. The production of building materials has been intensively developing in recent years. Actions have been taken to increase the export value of the chemical and petrochemical industries and light industry.

The economic situation in the neighboring country is at the center of the international financial institutions' attention. The World Bank granted Upper Middle Income Country Status to Turkmenistan.

In a recent report, the International Monetary Fund (IMF) noted that most likely, the direct impact of the European crisis on the Turkmen economy will continue to be limited.

The Majlis (Parliament) of Turkmenistan approved the state budget for 2013, in which the revenue of the state budget stands at 86335.8 million Manats, while expenses were at 89735.8 million Manats. In recent years, the official rate of the Manat compared to the dollar remains at 2.85 Turkmen Manats. A significant part of income is calculated with consideration for a 10% increase in wages and state benefits starting in 2013, as well as a 15 percent increase in pensions.

Tags:
Latest

Latest