Turkmenistan OKs law “On property”
The Turkmen Parliament at its regular meeting has adopted the draft law “On property”, which defines forms of ownership, legal and economic framework of property relations in the country on the basis of the national Constitution.
The Turkmen government reported that the draft law is aimed at developing property relations, ensuring safety and protection of property rights on possession, use and disposal of property by its owners.
It is legislatively supported in the legal act adopted by the country’s parliament that the country recognizes private and public ownership, ownership of joint ventures, public associations and other types of property, as well as integrity, equal protection and equal conditions for the development of all forms of ownership are guaranteed.
It was earlier reported that Turkmenistan is preparing a draft of the investment program of the country for 2016.
President of Turkmenistan Gurbanguly Berdimuhammadov said at the Cabinet meeting that in the investment program it is necessary to provide a package of measures to ensure the smooth construction of major facilities for the processing of hydrocarbon resources, the development of processing industry on the basis of enterprises of different types of property.
Turkmenistan has been gradually passing to a market economy
which is reflected in the updated Constitution. At this stage, the
country is creating regulatory framework, commodity, currency
exchange, as well as labor exchange were formed, conditions for
free wholesale trade are being created.
In addition, the country has set the goal to create other
institutions of market infrastructure as well, institutions of
commodity market, stock market, securities market, information,
advisory and audit centers. A number of activities such as the
national currency denomination and the unification of exchange
rates were conducted in Turkmenistan.
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