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Turkmenistan discussed with the World Bank the prospects for private sector development

Turkmenistan discussed with the World Bank the prospects for private sector development

Representatives of Turkmenistan and the World Bank (WB) discussed the prospects for private sector development. The interests of the Turkmen side were represented by the head of the Ministry of Finance Mukhametgeldy Serdarov, and the World Bank by its Vice President Anne Bjerde, who is responsible for work with the European and Central Asian regions.

Among the most promising areas of cooperation is a project aimed at developing horticulture. This subsection of Turkmenistan's agro-industrial complex has recently focused on exports and has good prospects for further growth. This is largely facilitated by climatic conditions that are favorable for growing all kinds of melons, vegetables and fruit crops.

It is expected to invest $100 million in the project. Negotiations are currently underway. Specialists from Turkmenistan and the WB experts have already held five meetings in the virtual format. Three more meetings are planned for April and May 2021.

Another key issue is the implementation of assessment of business regulation on the basis of the WB project "Doing business". As noted by the Minister, Turkmenistan is expected to strengthen the inflow of foreign investment in its economy. And the full-scale assessment by financial institutions of the prospects of doing business in the state will contribute to solving this task.

Photo: tstb.gov.tm

Turkmenistan is gradually implementing market reforms and expanding the sphere of individual entrepreneurship, with a number of private entrepreneurs cooperating with foreign partners. During the last years, the diversification of all economic spheres has been carried out in the country. It is reoriented to the prevalence of processing capacities. Free economic zones are being formed. These transformations open new prospects for interaction with the World Bank, allowing the country to implement the project "Doing business".

During the talks, the progress of the preparation of a new Strategy of interaction between Turkmenistan and the WB, as well as broader cooperation with the International Finance Corporation (IFC) was considered. Turkmenistan intends to cooperate with the IFC within the framework of the relevant Memorandum signed in August 2019. This document regulates the cooperation between the Corporation and private entrepreneurs. The representatives of Turkmenistan confirmed their readiness to hold online meetings of IFC representatives with Turkmen entrepreneurs. This will make it possible to determine the needs of private entrepreneurs and the conditions under which they should be granted financing.

The head of the Ministry of Finance not only emphasized the importance of supporting the country's industries with high export potential, but also expressed an interest in consulting representatives of the WB on cybersecurity and improvement of the payment system.

Source and photo: tstb.gov.tm

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