Turkmenistan, Ashgabat, Oct.23 / Trend, H.Hasanov /
Developing the national economy, Turkmenistan has chosen the right path, focused primarily on its comprehensive modernization, as well as diversification and phased transition to market economy, Turkmen President Gurbanguly Berdimuhammadov said at a government meeting.
"Gradually introducing market relations in the economy, we preserve methods of their state regulation which, in turn, helps to ensure the social protection of the population, to provide it with serious social support," the Turkmen leader said.
The Caspian country is rich in natural gas, export volumes of cotton and grain is harvested here, diversification of the economy is underway - particularly progress was made in textile industry and industry of oil-and-gas processing.
Policy of phased transition to a market economy has been reflected in the revised Constitution. A number of activities have been carried out: national currency denomination, unification of exchange rates, transition to international accounting standards is scheduled.
State ownership for the means of production is preserved in the basic and strategic industries. However, there is a constant process of increasing share of the private sector also in these industries.
Share of oil and gas production by joint and foreign companies is growing, modern enterprises with various specializations - for production of furniture, food and other industrial products are established.
The country has established the Union of Industrialists and Entrepreneurs and adopted the Law "On State Support for Small and Medium Enterprises".
There is simplified tax system in the country and various administrative procedures have been simplified. The state issues preferential loans to private producers to purchase fixed assets for a period of 10 years, working assets for a year with an interest rate of 5 percent per annum.