New legal acts to develop securities market in Turkmenistan
Relevant normative legal acts related to the development of securities market are being prepared, Turkmenistan's Ministry of Finance reported.
According to the report, this corresponds to the state program
on the development of securities' market for the period until 2016
that was adopted last year. All these measures will pave the way
for the improvement of activities of financial institutions,
rational distribution of financial resources in economy through
expanding the types of financial operations, as well as attracting
long-term investments on stable basis.
The constitution of Turkmenistan, which was updated in recent
years, has an article on stage-by-stage transition to the market
economy, which envisages deepening the reformation of economy,
first of all, on the basis of equal development of different forms
of ownership in short-term period (till 2015).
In this stage, the normative legal basis for functioning of
different types of ownership will be improved. It is also planned
to draft framework for privatization and conversion of state
enterprises of light industry, food industry, service sphere and
trade, and implementation of economic activity in foreign and
domestic markets of the country.
In addition, it is outlined to implement the privatization of
technologically obsolescent small and middle enterprises by selling
them in auctions, to use mechanisms of trust management, and to
incorporate corporate management of properties of large
enterprises.
Other directions of the institutional reformations include
attracting foreign investments, creation and developing joint
companies.
The second phase (2016-2020) envisages the creation of companies in
the fields of construction, construction materials industry and
other industries.
The third phase (2021-2030) will be characterized with deepening the adaptation of new enterprises to the market economy and with intensive development of domestic and foreign markets.
The Caspian country is rich in natural gas, but the economy is diversified through expandng cotton and wheat exports, the textile industry, and oil and gas processing industries.
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