Turkmenistan’s Baherden Garment Factory Expected to Become Open Joint-Stock Company

BUSINESS TURKMENISTAN
Turkmenistan’s Baherden Garment Factory Expected to Become Open Joint-Stock Company
President Serdar Berdimuhamedov said the textile enterprises should be equipped with the advanced high-tech machinery.

Baherden Garment Factory of the Ministry of Textile Industry of Turkmenistan is proposed to be transformed into an open joint stock company (OJSC) with the participation of private company.

The relevant proposal was submitted to President of Turkmenistan Serdar Berdimuhamedov by Chary Gylyjov, Deputy Chairman of the Government, overseeing the country’s trade and textile complex, during the online cabinet meeting on Friday.

According to the Vice-Premier’s proposal, the 40% of shares of the new OJSC is expected to be owned by the Textile Industry Ministry, and the remaining 60% - by Gerçek Ýigit company, the member of the Union of Industrialists and Entrepreneurs of Turkmenistan.

Gylyjov said this project will contribute to improving the quality, expanding the range and increasing the volume of products, their marketing in the domestic and foreign markets, as well as creating additional jobs.

Following the report, the Head of State focused on the importance of programs for the industrialization and digitalization of the country, the production of import-substituting and export-oriented domestic goods. He added that the textile enterprises should be equipped with the advanced high-tech machinery and gave instructions to the Vice-Premier on this matter.

President Berdimuhamedov said measures should be taken to improve the conditions for effective management of the state property and its transformation into joint-stock companies, increasing the share of private sector in the economy and developing small and medium-sized businesses. The Turkmen President then instructed the Vice-Premier to make every effort to fulfill these tasks.

The government meeting considered drafts of a number of documents, as well as other matters regarding the further development of the country.

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2022