Arzuw NEWS - Turkmenistan news

The Union of Entrepreneurs seeks to increase the non-state share of production to 70%

The Union of Industrialists and Entrepreneurs of Turkmenistan (UITP) has been contributing to the development of the national economy for 12 years. In 2020, SPPT plans to increase the share of the non-state sector in local production to 70%. In 2019, this figure was 65.3%.

The first exhibition of products of local industrialists and entrepreneurs was held in Ashgabat in March 2008. As part of the event, President Gurbanguly Berdymukhamedov held an expanded meeting of the Cabinet of Ministers of Turkmenistan on the development of private enterprise and signed several documents regulating the creation of the SPPT.

In May 2011, with the approval of the Law "On the Union of Industrialists and Entrepreneurs of Turkmenistan," the legal, organizational and economic basis of the Union was improved. In October 2012 the Union of Entrepreneurs "received a residence permit" in a new building, which was opened at the same time. On the same day the head of the state signed a decree on the establishment of the Joint Stock Commercial Bank "Rysgal".

A little later, in 2014, during the celebration of the 23rd anniversary of the country's independence, a new SPPT business center was opened, located on Atamyrat Niyazov Avenue.

In 2019, the new draft law "On the Union of Industrialists and Entrepreneurs of Turkmenistan," adopted by the Mejlis of Turkmenistan, significantly expanded the possibilities of the SPPT.

Currently, more than 24180 entrepreneurs have received membership in the Union, on account of which more than 2265 successfully implemented projects.

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