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Turkmenistan creating fund to support small & medium-sized businesses

Business Materials 19 March 2018 12:12 (UTC +04:00)

Ashgabat, Turkmenistan, March 19

By Huseyn Hasanov – Trend:

President of Turkmenistan Gurbanguly Berdimuhamedov approved the proposal of the Union of Industrialists and Entrepreneurs of the country to establish a fund for supporting small and medium-sized enterprises, the Turkmen government said in a message.

The relevant decree was signed in order to further develop entrepreneurial activities during the period of market economic relations, support small and medium-sized businesses, and create innovative industries.

The country has previously adopted the Program for socio-economic development in 2018-2024. According to the document, it is planned to establish numerous small and medium-sized industrial enterprises in the sphere of individual entrepreneurship in various sectors of the economy, including projects for the development of underground resources.

“Large-scale work will continue on privatization of state-owned enterprises, creation of joint ventures and joint-stock companies. As a result of the transition to market relations, fundamental reforms will be implemented, the share of the non-state sector in the economy will increase,” says a message of the Turkmen president on the occasion of the 10th anniversary of Turkmenistan’s Union of Industrialists and Entrepreneurs.

It is noted that the country will continue comprehensive implementation of specific measures to create favorable conditions for the development of small and medium-sized businesses in Turkmenistan.

“Increasing the economic power of our state contributes to the growth of investment activity in the country, ensures the protection of foreign investments, and this gives domestic entrepreneurs all the conditions and opportunities for the development of international cooperation,” the Turkmen president noted.

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