Turkmenistan amends legislation to attract more foreign companies

Turkmenistan amends legislation to attract more foreign companies

BAKU, Azerbaijan, August 6

By Jeila Aliyeva - Trend:

Turkmenistan is making progress in opening the economy to cooperation with foreign partners, Ministry of Foreign Affairs of Poland told Trend.

“Important positive factors in this direction are changes in legislation facilitating operation of foreign entities investing in Turkmenistan. This and other steps help expand the rights and incentives for foreign investors and companies investing in Turkmenistan,” said the ministry.

It was noted that according to the new regulations, foreign entities are allowed to use land plots and can benefit from tax exemptions, as well as receive the license to exploit country's natural resources.

Currently, fiscal policy reforms are underway in the country, the ministry added.

“These activities are intensified by the European Union's undertakings envisaged by the 'European Union Strategy for Central Asia', a new EU Strategy adopted in 2019. In line with the development agenda for cooperation with this region, the EU has given priority to reducing poverty and supporting political and economic reforms,” added the ministry.

The source pointed out that the opening of "European House" in Ashgabat and the signing the EU-Turkmenistan Memorandum of Understanding on cooperation in the fuel and energy sector in May 2008 pave the way for deepening the cooperation.

Furthermore, the ministry noted that positive results of EU’s activities can be observed in the country.

“In 2019, the EU imports from Turkmenistan increased by 74.9 percent compared to 2018 and amounted to 375 million euros. EU exports to the country increased by 4 percent over this period to 555 million euros,” added the ministry.

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