Foreign companies’ reliability checked in Turkmenistan

Turkmenistan Materials 17 March 2013 12:26 (UTC +04:00)

Turkmenistan, Ashgabat, March 17 / Trend H. Hasanov /

The Agency for Protection from Economic Risks under the Turkmen Economy Ministry has been collecting information about foreign legal entities and organizations, enterprises and institutions with a state share chosen for participation in Turkmen investment projects, Neutral Turkmenistan newspaper wrote on Saturday.

According to the article, the reliability of a foreign company, its financial state, obligations fulfilled in its own country or abroad are being checked.

Several documents related to the activity and sources of financing of the company, bank documents, details, analysis of financial and economic activity on the basis of financial accounting, the availability of money are being examined.

Moreover, the banks' reviews about the company are being monitored. The references from previous customers (foreign or local) are being examined. It is specified who is the founder of the company.

The information is also related to their units, representative offices, enterprises with foreign investments.

Then the agency submits the proposals about advisability or inexpediency to issue permits to implement the investment projects.

The agency specialists also analyze the damage caused to the national economy due to delayed completion of construction operations made by foreign legal entities in Turkmenistan, the article says.

There are also environmental risks.

The agency is authorized to get acquainted with the work of foreign legal parties chosen to participate in investment projects and organizations, enterprises and institutions with a state share, to cooperate and exchange information with the relevant foreign offices and international organizations, to involve experts, to receive the documents and information about the financial and economic state from foreign companies working in the country.

The agency has the right to obtain the necessary information and documents from the state governing bodies and local authorities.

The main task of the agency, established in the beginning of the year by the presidential decree, is the analysis of risks in the national economy, namely, political, economic, financial, legal, sectoral, regional and natural.

The agency staff together with state governing bodies and local authorities is involved in developing and implementing the measures to protect the national economy from the risks, improving the legal regulation of this work, Neutral Turkmenistan newspaper said.

Earlier it was reported that Turkmenistan will implement the projects worth about $ 17 billion this year.

According to local media, Turkmen President Gurbanguly Berdimuhamedov said at an enlarged meeting of the Cabinet of Ministers that one of the most important and urgent task is to effectively draw the investments, to significantly improve the investment climate, to create effective mechanisms of stimulating the investment sphere.

This year it is planned to build facilities by 20 per cent more than last year. The matter rests in commissioning 435 large facilities and many social and industrial ones within the national rural programme. A section of the North-South railway, gas and oil pipelines, bridges, roads, factories, plants, facilities at the Avaza national tourist zone and several other medical and socio-cultural facilities are among them.

Despite the global crisis last year, Turkmenistan did not leave out any construction projects from the adopted programme. Some 397 major facilities worth more than five billion dollars were commissioned and put into operation in 2012, such as new gas turbine stations, a series of new industrial plants, railway stations, bridges, modern residential complexes of buildings and other social facilities.