Turkmenistan gradually switching to market economy

Business Materials 23 December 2016 20:43 (UTC +04:00)

Ashgabat, Turkmenistan, Dec. 23

By Huseyn Hasanov – Trend:

Turkmenistan is gradually transitioning to market economy, the Turkmen Dovlet Habarlary state news service reported.

The country implements tasks to efficiently use natural resources, increase the production of various types of products made of local raw materials and saturate the internal market with domestic products that are able to compete successfully with imported analogues.

"The diversification policy and structural adjustment, strengthening of the national economy’s export potential, targeted investments in industry, agro-industrial complex and infrastructure, as well as comprehensive support for small and medium businesses, give tangible results," according to the news service.

In January-November 2016, Turkmenistan’s GDP increased by 6.2 percent. The GDP rose by 1.1 percent in industry, 4.4 percent in construction, 10.4 percent in the transport and communication sector and 12 percent in agriculture.