Turkmenistan Considers Converting State Exchange Into Joint Stock Company

BUSINESS TURKMENISTAN
Turkmenistan Considers Converting State Exchange Into Joint Stock Company
One of the main topics of the meeting was the issue of changing the legal form of the State Exchange to a joint stock company (JSC).

President of Turkmenistan Gurbanguly Berdimuhamedov held a working meeting on Wednesday with the Chairman of the State Commodity and Raw Materials Exchange of Turkmenistan (SCRMET) Begench Charyyev.

One of the main topics of the meeting was the issue of changing the legal form of the State Exchange to a joint stock company (JSC).

The Head of State said that in world practice, commodity exchanges are mainly JSCs and noted the necessity to study the issue of changing the legal form of the Turkmenistan’s Commodity and Raw Materials Exchange to the JSC.

During a meeting on the modernization and improvement of the SCRMET in accordance with the Concept of the Digital Economy, the President instructed the Chairman to develop a Strategy for the Exchange’s activities.

Turkmen President emphasized that the purpose of the Strategy is to create a timely system of priorities, forms, methods, tools and techniques for using the resource potential of the Exchange with the aim for its accelerated development in the interests of shareholders, staff and business partners.

Taking into account the transition of the national economy to a digital system, The Turkmen Leader noted the need for work to create the SCRMET’s e-commerce market.

President Berdimuhamedov said that the Exchange should actively use such types of services as selling goods not only at the place of their production, but also transferring them to the border and delivering them to the indicated place, instructing the official to carry out work in this direction together with relevant enterprises and departments.

At a governmental meeting on November 1, Deputy Chairman of the Cabinet of Ministers Chary Gylyjov proposed to modernize the work of the SCRMET in two stages.

It was proposed to create conditions for the registration of deals on the Exchange in electronic format via the Internet, which would make it possible to provide exchange services online. At the meeting, the President of Turkmenistan instructed once again to work out the planned measures to introduce digital technologies into the State Commodity and Raw Materials Exchange.