Turkmenistan develops standards for transfer of state property for rent
Ashgabat, Turkmenistan, Sept. 22
By Huseyn Hasanov – Trend:
A project is being prepared in Turkmenistan on a procedure for transferring state property for rent, developed in accordance with the provisions of the Law on Leasing, Trend reports referring to Turkmenistan’s Altyn Asyr TV channel.
The matter was discussed at a government meeting. Vice Prime Minister Gochmyrat Myradow presented a report on measures taken for legalizing rental relations. The activities of the financial and banking sector, as well as assisting the development of small and medium-sized businesses, were also among the topics of discussion.
The Law of Turkmenistan on Leasing entered into force in 2017. The concepts of a leased property and a subject of leased relations are defined in the law, which also provides rules and regulations regarding the legal regulation of leased relations.
Turkmenistan has set a course for gradual transition from a planned model of the economy to market economy, which was reflected in the amended constitution. Work is currently underway for creating a regulatory framework, as well as the conditions for free wholesale trade. Meanwhile, commodity and raw materials, currency and labor exchanges have already been formed. Goals have been set for creating a commodity market, a stock market, a securities market, information, advisory and audit centers in the country.
Turkmenistan holds one of the key positions in the region in the supply of natural gas. Importers of Turkmen gas include China and Russia. The revenue side of the country's budget is generated by oil and gas, chemical, electricity, and construction industries. Moreover, agricultural industry, transport and communications, textile and food industries are actively developing.