Turkmenistan, OECD mull issues to stimulate investments

Business Materials 22 May 2019 10:37 (UTC +04:00)

Ashgabat, Turkmenistan, May 22

By Huseyn Hasanov – Trend:

Turkmen Minister of Finance and Economy Batyr Bazarov held talks with the leadership of the Organization for Economic Cooperation and Development (OECD) in Paris, Trend reports with reference to the Turkmen Foreign Ministry.

The delegation was received by OECD Secretary General Angel Gurria.

The parties discussed the possibilities of establishing closer cooperation, especially in such areas as training of personnel, energy, ecology, digital economy, stimulating investments and private entrepreneurship and promotion of exports.

During the meetings, a presentation of world experience in the field of digitalization and optimization of public procurement and services was held, the report said.

The OECD is an intergovernmental economic organization with 36 member countries founded in 1961 to stimulate economic progress and world trade.

In 1948, the OECD originated as the Organization for European Economic Co-operation (OEEC) led by Robert Marjolin of France, to help administer the Marshall Plan and allocate United States financial aid and implement economic programs for the reconstruction of Europe after World War II.

According to a report by British Petroleum (BP), Turkmenistan ranks fourth in the world in terms of natural gas reserves and currently exports it to China and Iran.

In March 2018, the IMF recommended Turkmenistan to ease foreign exchange regulations on imports and other current international payments.

Real sector reforms should focus on significantly simplifying administrative procedures and regulations, accelerating reforms and privatization of the state-owned enterprises, and attracting foreign direct investment, according to the IMF.

Turkmenistan set a course to a gradual transition to a market economy, which is reflected in the Constitution. Presently, a relevant regulatory and legal framework is being created, while the commodity and raw materials exchange and the labor exchange are formed, and conditions are created for free wholesale trade.

The goals were set for creation of a commodity market, a stock market, a securities market, and information, advisory and audit centers in the country.