Turkmen Private Sector Boosts Its Exports

BUSINESS TURKMENISTAN
Turkmen Private Sector Boosts Its Exports
The share of the private sector in the economy of Turkmenistan is 65.4 percent.

Turkmen entrepreneurs increased their export volume of food products by 45.2 percent, non-food and industrial products by 10.1 percent during the first 11 months of this year compared to the same period last year.

This was announced by the Deputy Chairman of the Cabinet of Ministers Chary Gylyjov at an expanded session of the Cabinet of Ministers of Turkmenistan on Friday. During the first 11 months of 2019, enterprises of the Union of Industrialists and Entrepreneurs produced 16.3 percent more industrial products, and 16.4 percent more agricultural and food products.

The growth of total trade by the Ministry of Trade and Foreign Economic Relations was 22 percent during the corresponding period. At the same time, retail trade has increased by 10.2 percent while the wholesale trade by 30.7 percent. The growth rate of production amounted to 10.6 percent.

The Deputy Chairman briefed that the State Commodity and Raw Materials Exchange held 230 exchange trades and registered 27,939 contracts during the period under review.

During the government meeting, President of Turkmenistan Gurbanguly Berdimuhamedov noted that it is necessary to accelerate privatization process. Turkmen President stressed that the key task in the branches of the economy engaged in production is to further strengthen market institutions, develop free competition, and stimulate private entrepreneurial initiatives.

The share of the private sector in the economy of Turkmenistan is 65.4 percent. This figure was 65 percent in the same period last year.