Legal acts prepared in sphere of securities’ market in Turkmenistan
Turkmenistan, Ashgabat, July 23 /Trend, H. Hasanov /
Relevant normative legal acts related to the development of securities' market are being prepared, Turkmenistan's Ministry of Finance reported.
According to the report, this corresponds to the state program on the development of securities' market for the period until 2016 that was adopted last year. All these measures will pave the way for the improvement of activities of financial institutions, rational distribution of financial resources in economy at the expenses of expansion of the types of financial operations, as well as attraction of long-term investments on stable basis.
The constitution of Turkmenistan, which was updated in recent years, has an article on stage-by-stage transition to the market economy, which envisages the deepening the reformation of economy, first of all, on the basis of equal development of different forms of ownership in short-term period ( till 2015).
Within this stage, the normative legal basis for functioning of different types of ownership will be improved; framework for privatization and conversion of state enterprises of light industry, food industry, service sphere and trade, implementing economic activity in foreign and domestic markets of the country, to other forms of ownership will be worked out.
In addition, it is planned to implement the privatization of technologically obsolescent small and middle enterprises by selling them in auctions; the use of mechanisms of trust management, incorporating and corporate management of properties of large enterprises.
Other directions of the institutional reformations are the expansion of attraction of foreign investments, creation and development of joint companies.
The second phase (2016-2020) envisages the creation of companies in construction, in construction materials' industry and other industries.
The third phase (2021-2030) will be characterized with deepening the adaptation of new enterprises to the market economy and with intensive development of domestic and foreign markets.
The Caspian country is rich in natural gas, the export volumes of cotton and wheat are prepared there, the diversification of economy is conducted, especially, the textile industry and oil and gas processing industries have improved.