Turkmenistan to Join World Bank's Doing Business Project

Turkmenistan to Join World Bank's Doing Business Project
World Bank’s Doing Business project currently covers more than 180 countries.

The Ministry of Finance and Economy of Turkmenistan hosted a meeting on Friday to discuss Turkmenistan’s accession to the World Bank’s (WB) Doing Business project, Turkmenistan’s Golden Age news outlet reports.

The project currently covers more than 180 countries. By gathering and analyzing comprehensive quantitative data to compare business regulation environments across economies and over time, Doing Business provides an objective basis for understanding and improving the regulatory framework governing business activities around the world.

Turkmen entrepreneurs, by effectively using the available opportunities and the conditions created by the state, proved their competitiveness and confirmed that private business is one of the most effective forms of economic management, the meeting participants said.

The participants noted the productive nature of cooperation with the WB in various fields, including in healthcare, statistics, transport, banking and finance and stressed the importance of the proposed project.

In this regard, the officials exchanged views on the prospects for building up bilateral relations in the context of economic reforms implemented in Turkmenistan, particularly in the further development of the non-state sector of the economy.

The meeting gathered representatives of the Ministry of Foreign Affairs of Turkmenistan, the State Bank for Foreign Economic Affairs of Turkmenistan and the Union of Industrialists and Entrepreneurs of Turkmenistan.