Turkmenistan plans to change the organizational and legal form of its Mary Textile Factory and Türkmendokma (Turkmen Textile) Foreign Trade Enterprise into an open joint-stock company.
Vice-Premier of Turkmenistan Chary Gylyjov during a Cabinet of Ministers meeting held online on Friday reported to President Gurbanguly Berdimuhamedov on the activities on transforming some enterprises of the Ministry of Textile Industry into joint-stock companies, the country’s official media reports.
According to the report, in order to modernize production and expand the range of products, a proposal was submitted to the Head of State to transform the Mary Textile Factory into an open joint-stock company with the Ministry of Textile Industry and the Turkmengala Cotton Spinning Factory as its shareholders.
The Vice-Premier also presented a proposal on privatizing the Türkmendokma Foreign Trade Enterprise and transforming it into an open joint stock company with the Ministry of Textile Industry and the Altyn Asyr Trade Center as its shareholders.
Following the report, President Gurbanguly Berdimuhamedov noted the necessity of measures to ensure favorable conditions for improving the efficiency of state property management and transforming enterprises into joint-stock companies, increasing the share of private sector in the structure of the economy, developing small and medium-sized businesses, addressing the relevant instructions to the Vice-Premier.
Presently, 60 enterprises operate under the Ministry of Textile Industry of Turkmenistan, with the 16 enterprises functioning as joint stock companies.