Legal Value of Turkmenistan’s Law on UIET

BUSINESS TURKMENISTAN
Legal Value of Turkmenistan’s Law on UIET
The Union of Industrialists and Entrepreneurs of Turkmenistan has been operating in the country for 11 years.

This Law is based on the Constitution of Turkmenistan, the Law of Turkmenistan “On Public Associations” and consists of this Law and other regulatory legal acts of Turkmenistan. The Union of Industrialists and Entrepreneurs of Turkmenistan (UIET) (hereinafter referred to as the Union) is a public organization uniting individuals and legal entities engaged in entrepreneurial activities on the basis of a private and (or) mixed (combined) form of ownership (hereinafter referred to as members of the Union), designed to express and protect the rights and legitimate interests of its members, to promote the development of entrepreneurship in Turkmenistan.

Legal framework for the activities of the UIET

The Union may carry out its activities on the territory of Turkmenistan, as well as on the territory of other states where, in accordance with the legislation of Turkmenistan, a structural unit of the Union is created - organization, branch (branch), representative office.

- The Union is a non-profit legal entity.

- The Union possesses separate property belonging to it by right of ownership, is liable for its obligations with this property, may acquire property and personal non-property rights and bear obligations on its own behalf, be a plaintiff and defendant in court.

The Union is not liable for the obligations of its members and members of the Union are not liable for the obligations of the Union, except when they have assumed such obligations in accordance with the legislation of Turkmenistan.

Goals and main objectives of the Union

The objectives of the Union are:

  • consolidation and coordination of efforts of members of the Union in the implementation of economic policies that promote the development of industrial and entrepreneurial activity of the state, the establishment of mutually beneficial economic relations on the territory of the state and abroad;
  • participation in the implementation of national and state programs of economic development by mutually beneficial combination of material, scientific, technical and intellectual capabilities of members of the Union;
  • comprehensive assistance to members of the Union in their active participation in the economic and social development of the state;
  • representation and protection of their rights, rights and legitimate interests of their members in government bodies and local governments, in relations with other economic entities;
  • creating favorable conditions for the successful development of business, entrepreneurial activity and market relations, introduction of the principles of social cooperation, improving the economic, cultural, educational, informational support of entrepreneurs;
  • ensuring and developing active relations with international organizations, primarily with economic, scientific, technical and social organizations;
  • assistance to the development of the economy and market relations, the formation of a modern industrial and entrepreneurial system, the development of the private sector of the economy;
  • creation of new jobs, increasing the level of employment and entrepreneurial activity of the population.

BT Legal Affairs Department

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