Turkmenistan to draft law on public-private partnership

Turkmenistan Materials 9 February 2019 13:55 (UTC +04:00)
Turkmenistan to draft law on public-private partnership

Ashgabat, Turkmenistan, Feb. 9

By Huseyn Hasanov – Trend:

The Parliament of Turkmenistan, on the orders of President Gurbanguly Berdimuhamedov, will begin drafting a law on public-private partnership, Trend reports referring to the Union of Industrialists and Entrepreneurs of Turkmenistan (UIET).

The main focus of legislative work is defined within the context of the adopted Program of Socio-Economic Development of Turkmenistan for 2019-2025. It is expected that much attention will be paid to issues of legislative support for local entrepreneurship, which the plans for the development of the market fundamentals of the national economy are connected with.

The support of entrepreneurial initiatives of citizens and the stimulation of investment activity, along with privatization and transformation of state-owned facilities into joint-stock companies, are among the prioritized tasks. The creation of legal conditions for attracting entrepreneurs to agricultural production is also set as an important task.

There are also talks of the legislative support for entrepreneurship in connection with the task of improving the legal framework of the transport sector.

"The main goal here should be attracting investments by businessmen to the field, enabling the development of private companies and competition in the provision of transport services," the president said.

Specific objectives were set in the field of legislative regulation of banking activities – in particular, the creation of non-state banks. The parliament has also been tasked with carrying out work on the modernization of the laws "On Licensing of Certain Types of Activities" and "On Standardization", which is also of great importance for representatives of private business.

The UIET, uniting more than 20,000 businessmen, was formed in 2008. The share of the economy’s private sector in Turkmenistan’s GDP (excluding the fuel and energy complex) currently stands at more than 60 percent.