The United States Agency for International Development (USAID) and the Union of Industrialists and Entrepreneurs of Turkmenistan (UITT) signed a memorandum of understanding (MOU) to strengthen Turkmenistan's private sector.
The new partnership, announced on July 7, 2023, will promote economic growth, improve the investment climate, expand exports, and increase economic opportunities for women and youth in the country. It will focus on digitalization, e-commerce, innovation and the adoption of new technologies to modernize the private sector.
The Memorandum of Understanding is an important milestone in Turkmenistan's private sector development and economic prosperity. By working with the SPPT, which has played an important role in advancing private sector interests since its inception in 2008, USAID seeks to create a more dynamic, competitive, and successful private sector in the country.
Since 2008, trade volumes of SPPT members have grown 39.3 times. This partnership builds on this growth by opening up new opportunities for private companies through increased trade, investment and cooperation with international partners.
In addition to the Memorandum of Understanding with the SPPT, USAID conducted a workshop to familiarize Turkmenistan's new parliamentarians with best practices in lawmaking. This supports USAID's broader efforts to strengthen democratic processes and governance in the country.
The USAID-SPPT partnership underscores Turkmenistan's continued economic development. Aimed at empowering the private sector through modern technology and trade, it marks an important step toward sustainable economic growth and prosperity.
Source: business.com.tm
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