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Turkmenistan sets up interdepartmental commission on foreign investments

Central Asia Materials 18 June 2019 13:09 (UTC +04:00)

Ashgabat, Turkmenistan, June 18

By Huseyn Hasanov – Trend:

An interdepartmental commission on foreign investments has been created in Turkmenistan, Trend reports referring to the presidential decree.

The composition and statute of the commission have been approved.

The document was signed to actively attract foreign investments in all sectors of the economy and develop a set of measures to stimulate them during the transition of the country to the modern market relations.

"The country's strategy of the diversification of economy, its transition to market relations, the intensification of business structures, as well as big projects, the corresponding legal framework stipulate broad opportunities for accelerating mutually beneficial cooperation with foreign partners, including the investment sphere," Turkmen Dovlet Khabarlary state news agency.

Earlier, the World Bank stressed that foreign investments in Turkmenistan decreased due to problems in the foreign exchange market.

“The market trends testify to setting of the official rate of manat too high,” the WB stressed.

The official rate of manat 3.50 Turkmen manat per $1 since January 2015.

“It is necessary to liberalize entrepreneurship regulations and facilitate currency control to increase investor confidence,” the WB report said.

According to the BP report, Turkmenistan with natural gas reserves ranks fourth in the world and presently, it sells gas to China and Russia.

The country set a course for diversifying the local economy. The oil, gas, chemical, and building material industries are actively developing.

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