EU willing to support Turkmen reforms for improving business environment - ambassador

Business Materials 7 January 2021 16:51 (UTC +04:00)
EU willing to support Turkmen reforms for improving business environment - ambassador

BAKU, Azerbaijan, January 7

By Jeila Aliyeva - Trend:

The European Union (EU) shares Turkmen interest in pursuing economic development, and is willing to support Turkmen reforms aiming at improving the business environment, regulatory framework and investment possibilities, Ambassador Extraordinary and Plenipotentiary of the European Union in Turkmenistan Diego Ruiz Alonso told Trend.

He said that the EU sees the need to develop the private sector in Turkmenistan and to support small and medium size enterprises (SMEs), especially in rural areas.

“To this end, under the Investment Facility for Central Asia (IFCA) the EU has financed a project - implemented by the European Bank for Reconstruction and Development (EBRD) - which provides the SMEs with counselling and technical advice to improve their business capacities,” said the ambassador.

He said that one component of the project was devoted to empowering women-entrepreneurs. Another project in Turkmenistan in this field focuses on sustainable development in rural areas.

“Besides providing support to the Ministry of Agriculture, the project helps farmers to improve their production and harvesting techniques, thus increasing their production capacities and opportunities to produce for a larger (international) market,” noted the ambassador.

He added that improving the business environment is an important component of the post-COVID-19 economic recovery.

“It would have a positive impact on providing employment opportunities, especially for young people. A transparent legal framework that provides a level playing field is crucial to attract foreign investors, including from the EU,” Alonso said, adding that the EU stands ready to support the Turkmen government in the process of shaping necessary reforms.

Turkmenistan is a young country, which has many possibilities at its disposal: it is rich in energy resources and has the potential for developing renewable sources of energy. It enjoys a favourable location in the region for the transit of people, services and goods, and could also develop the tourism sector, noted Alonso.

“We are pleased to note that Turkmenistan recently obtained an observer status in the World Trade Organization (WTO), and we are ready to provide expertise and advice on its way to full membership,” concluded the ambassador.

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