In Turkmenistan, the Law "On Public-Private Partnership" came into force, which gave domestic individual entrepreneurs the opportunity to implement large-scale projects with state support.
The law stipulates that state support is provided on the condition that risks and interests are balanced. Individual entrepreneurs who decide to implement their projects in cooperation with the state will receive financial support from the state. Among its varieties are subsidies, payment for the cost of goods, works and services necessary for the implementation of the project from the budget, investment in the form of property or assets.
Also to help partners-participants, the state can allocate funds in the form of loans, credits, or grants. They will also be able to obtain state guarantees and privileges. This includes tax benefits.
A private entrepreneur who initiated a project in partnership with the state must submit its concept to the state body, which will determine its further fate. The initiator will receive a refusal or approval within a month.
A project that has been approved is published on the website of the state agency. Then other private companies will have the opportunity to join it. If other market players are interested in the project, a tender will be announced. The winner of the tender will be able to conclude an agreement on public-private cooperation with a state structure.
There are also a number of conditions that must be met by the concepts of projects applying for state support. For example, they must propose innovative ways to implement tasks of industrial and socio-economic nature, and the benefits must be balanced and acceptable to the parties involved.
The legislative act entrusts the coordination of interaction between the state and the private sector to the Cabinet of Ministers of Turkmenistan and the Ministry of Finance of the country.
Source and photo: tdh.gov.tm
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