Turkmenistan highlights development of import-substitution

Business Materials 13 February 2018 16:41

Ashgabat, Turkmenistan, Feb. 13

By Huseyn Hasanov – Trend:

Turkmenistan investigates possibility to finance spheres oriented on import-substituting production and to provide preferential bank services for domestic exporters, local newspaper Neutral Turkmenistan reported.

The topic was touched upon during the latest government session. Determination of customs duties for certain products imported to Turkmenistan was discussed as well.

Turkmen president Gurbanguli Berdimuhamedov underlined the importance of promotion of measures aimed to further reform activity of ministries and agencies of financial and economic segment, the article said.

Turkmenistan is committed to the industrialization of national economy, privatization of state property and reorganization of state enterprises to joint-stock companies, as well as the development of bank system and securities market, the newspaper reported referring to the president’s speech.

Corresponding state programs were adopted in Turkmenistan.

In the framework of export volumes increase program adopted in Turkmenistan, 33 projects are to be carried out. They concern creation of new enterprises in chemical and light industries, machinery, agriculture and food industry, domestic pharmaceutics.

Realization of 81 projects is provisioned in the framework of import-substituting program. Enterprises for construction, chemical, household and other production based on local raw materials will be created. Enterprises producing and processing various meat and dairy goods, fruit, vegetable and fish production will be established as well.

The program is adopted in order to form import-substituting production, strengthen foreign trade surplus, create new workplaces and increase people’s income, ensure systematical growth of private sector’s share in national economy.

Turkmenistan holds 4th position by natural gas reserves and currently exports it to China and Iran.

Ashgabat set a course for diversification of national economy, resulting in advancements in textile and petrochemical industries, active development of oil and gas chemical industries and construction materials production.