BAKU, Azerbaijan, February 1
By Jeila Aliyeva - Trend:
Entrepreneurs and potential investors understand the considerable potential in creating new markets domestically and in neighboring countries, as well as in Turkmenistan, World Bank told Trend.
“To follow up on the principle of interest requires for Turkmenistan: a sufficiently solid understanding of the current socio-economic situation; clear rules, their uniform enforcement, and a business climate that allows companies to make business decisions for economic reasons; and the ability to import equipment that would be required to increase domestic productivity and produce at the quality and price that would make products competitive,” said the message.
The WB also noted that the changing external environment and ensuing domestic challenges have increased the need to adjust and modernize the financial sector, assess ways to facilitate cross-border payments, and prepare the financial sector for the role it has to play in the modernizing economy, especially if accompanied by measures to foster economic diversification in the non-hydrocarbon sectors.
In general, both overarching trends, COVID-19 and decarbonization, are likely to remain key factors that will keep prices for hydrocarbons at the currently low level in 2021.
“The overall economic development in 2021 will hinge on the success of increasing private-sector confidence (especially outside the hydrocarbon sector), strengthening the business climate, and attract higher rates of private sector-led investments, innovations, as well as increasing productivity in order to meet demands in the domestic and, ultimately, foreign markets” concluded the message.
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