Berdimuhamedov: Economic reforms aimed at supporting private sector

By Azernews

By Kamila Aliyeva

The support to the private sector of the economy is among the priorities in the context of large-scale reforms carried out in Turkmenistan.

This was stated in the message of President Gurbanguly Berdimuhamedov addressed to the participants of the international exhibition of household goods held on May 2 in Ashgabat.

“Based on this, we set a goal to significantly increase the share of individual enterprises in the structure of GDP [gross domestic product],” the message said.

The goods produced in Turkmenistan are also in demand by foreign consumers, according to the President.

"Visitors of the international exhibition will be able to make sure that Turkmen entrepreneurs have achieved great success and stable progress in the production of competitive products," the Turkmen leader noted.

In March, the IMF recommended Turkmenistan to improve the business and regulatory environment to support the further development of the private sector in order to maintain dynamic, sustainable and comprehensive growth in difficult external conditions.

It is necessary to ensure effective implementation of the reform of state enterprises and their privatization, improve the efficiency of public spending and continue to pay special attention to indicators of human development, including protection of vulnerable segments of the population.

Turkmenistan’s natural gas reserves rank fourth in the world after Iran, Russia, and Qatar, according to the report of British Petroleum (BP).

Ashgabat has taken a course to diversify the local economy. The textile and oil products industry has advanced while the oil, gas, chemical industries and construction materials industry are actively developing. The private sector is entrusted with developing the electronic industry. A plan to attract entrepreneurs to projects on the development of natural resources is being drawn up.