President: Turkmenistan should improve legal norms for market economy development

Turkmenistan, Ashgabat, Jan.12 / Trend H. Hasanov / Turkmenistan faces challenges to improve legislation on key directions of forming and developing market relations in the country, Turkmen President Gurbanguly Berdimuhammadov said at a meeting with MPs, all national TV channels reported with reference in his statement on Thursday. "Turkmen parliamentary committees and MPs should focus on tasks of improving the legislation on the main directions of forming and developing market relations in the country," he said. The Caspian country is rich in natural gas, and cotton and grain export volumes are prepared here, the economy is being diversified, especially textile industry and oil and gas processing progressed. Turkmenistan has headed for a gradual transition to a market economy in recent years, as reflected in the revised Constitution. At present, a number of activities: the national currency denomination, unification of exchange rates is carried out, transition to international accounting standards is planned. President Berdimuhammadov in his speech said that the question is about the necessity of amending a package of legislative acts regulating the existing issues on all property types. "Development of legal methods to further encourage private entrepreneurship, economic management, increasing activity of foreign investors remain as urgent issues," he said, stressing it means providing citizens, engaged in individual activities, with legal guarantees, as well as with tax, customs and other privileges. He said in the short term, Turkmenistan should take the necessary measures to privatize state ownership in the economy, create securities market, private insurance companies capable of competing with state insurance, as well as improving other important directions, enabling the country to achieve good results during economic reforms. In addition, MPs should focus on issues related to further improvement of the country's fiscal policy. According to the Turkmen leader, it is expedient for MPs to control execution of the laws associated with tax policy, banking system, credit funds, as well as insurance market. "Your law-making activity should focus on allocating lands to entrepreneurs, providing them with guarantees for the use of allocated lands, encouraging charity activity of businessmen, supporting innovative business methods, creating new jobs, as well as introducing the latest technology," Berdimuhammadov said. He said any citizen capable of doing business "should be able to harmoniously enter this sphere and to test their strength and ability in this field". Do you have any feedback? Contact our journalist at agency@trend.az