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Share of private sector up in GDP of Turkmenistan

22 April 2016 14:44 (UTC+04:00)
Share of private sector up in GDP of Turkmenistan

By Fatma Babayeva

Growing private sector boosts economy of Turkmenistan. The country is experiencing increase of the share of private sector in its GDP.

The Union of Industrialists and Entrepreneurs is an actively growing business community in the country, the newspaper Neutral Turkmenistan reported.

The UIET has 500 members when it was created in 2008. The organization employs over 14,000 people. Over 150,000 people are involved in private enterprises and various business areas.

The Union takes an active part in the development of various industries, and the creation of innovative productions with high competitiveness both in the domestic and foreign markets. Overall, local businessmen in Turkmenistan are involved in trade, public catering, agriculture, food industry, textile, clothing, furniture, and shoe industry.

The Union is also involved in the construction of hundreds of socio-cultural sphere including modern residential houses, schools, kindergartens and sports complexes.

The non-governmental sector was formed through the governmental support. The crucial practical step taken in this direction was the adoption of the Law on State Support to Small and Medium Enterprises and the Law on the Union of Industrialists and Entrepreneurs of Turkmenistan.

Providing a privileged discounted loan for the projects that implemented by private enterprises, individual entrepreneurs and agricultural producers, as well as, provision of the favorable tax regime and simplification of export-import operations also played a significant role in promoting non-governmental sector.

The creation of such business climate enables realization of the state programs and large-scale measures to fill the domestic market with high quality products that produced within the country, to increase export volumes and to expand the share of the private sector in the national economy.

The share of the private sector has increased in the GDP of Turkmenistan. At present, the figure stands at 62 percent. The share of the private sector in industry amount to 54 percent, in agriculture 70 percent, in construction 77 percent, in transportation and communications 72 percent, in trade sector more than 93 percent.

A wide range of goods produced by Turkmen entrepreneurs was presented in EXPO-2013 (Shanghai, China), in the Silk Road exhibition in Xian city (China), in the exhibition in Izmir (Turkey), in EXPO-2015 (Milan, Italy).

The Turkmen entrepreneurs were awarded with three gold medals for the quality of products in the Golden Autumn-2014 exhibition took place Moscow, Russia.

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