Turkmenistan established the State Commission for Support of Small and Medium-Sized Enterprises (SMEs). President of Turkmenistan Gurbanguly Berdimuhamedov signed the Resolution approving the composition of the commission on Monday.
The State Commission was created to further ensure high rates of socio-economic development of the country, and enhance entrepreneurial activity in different sectors of the national economy, the country’s official media reports.
The new state entity will also deal with issues of increasing the volume and range of goods produced by SMEs, increasing their competitiveness in foreign markets and creating additional jobs.
The Turkmen President also approved the composition of the Interdepartmental Central Commission under the Ministry of Finance and Economy of Turkmenistan, which will deal with the process of denationalization, improving the privatization of state property and its management.
In accordance with the Law of Turkmenistan on State Support for Small and Medium-Sized Businesses, small and medium-sized businesses are legal entities operating in industry, electricity, construction, gas and water supply sectors with an average number of employees up to 200 people, legal entities operating in other sectors with up to 100 employees, and individuals engaged in entrepreneurial activities without forming a legal entity, individual entrepreneurs, whose average number of employed workers does not exceed 10 people, including the individual entrepreneur himself.