The concept of creating free economic zones for the period until 2023 will be developed in Turkmenistan, the Turkmen government said in a message.
The document is intended to promote the integrated and rational use of mineral resources, increase of the export potential, organization of production of import substituting goods, introduction of innovative technologies, attraction of foreign investments and formation of joint ventures.
"In global economic relations, free economic zones act as key factors of rapid economic growth, which is achieved due to the exchange of information and technologies, intensification of integration economic processes, mobilization of investments and increase of international trade turnover," said the message.
The draft concept of creating free economic zones should be developed considering the provisions of the Turkmen national legislation, analysis of the economic situation and should contain information on the effect the creation of free economic zones may have.
The Avaza resort, which is being built near the Caspian Sea, is the first free economic zone in Turkmenistan. The investors and companies operating in this free economic zone enjoy tax and customs benefits.
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