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Turkmenistan to Establish Agency to Protect National Economy from Risks
Source: en.trend.az
Source Date: Saturday, December 22, 2012
Country: Turkmenistan
Created: Dec 25, 2012

Turkmen President Gurbanguly Berdimuhamedov made a statement at a recent government meeting on the feasibility of establishing a special agency under the Ministry of Economy aimed at protecting the national economy from risks, the Turkmen government reported on Friday. Relevant departments were tasked with responsibility to prepare a draft resolution to be presented to the government in near future. According to the report, such structures already function under the government or independently in many countries of the world. "I believe a similar agency needs to be established in our country as well. It would be appropriate to task it with the responsibility of verifying the foreign companies willing to operate in Turkmenistan. "If their presence is deemed appropriate, the agency will grant them permission to function in our country, "the government report quotes the Turkmen president.

Alongside that this institution will be responsible for monitoring and ensuring the commissioning of projects built in Turkmenistan by various companies, as well as taking measures to prevent risks that may be incurred by the economy due to the late delivery. It is expected the newly formed agency should fully investigate the risks that may arise regarding activities of foreign companies willing to invest their resources. As noted by the Turkmen president, firms willing to operate in Turkmenistan may face a number of internal and external risks. Among the major risks the Turkmen leader highlighted political risks associated with the situation in the country where the head office of the company is located. According to him, regulatory risks due to changes in previously existing rules and the adoption of new legislation and regulations in the country where the company operates may occur as well. Companies may also face natural risks in their activities caused by natural disasters. According to Berdymukhamedov, regional and industrial risks should also be taken into consideration.

All the information regarding implementation of the project tender winning company should be directed to the newly established agency prior to announcement of any final results. If the necessity arises, the agency will be given authority to become acquainted with the activities of a foreign company willing to operate in Turkmenistan and visit its headquarters. "This in its turn will contribute to detailed examination of all risks that may arise during the operation of that company in Turkmenistan," theTurkmen President noted. "Upon receiving positive results of a deep examination of the foreign company's performance the agency is obliged to approve and publish the results. Otherwise it is excluded from participation in the tender and a new one is to be announced,"Berdimuhamedov said. According to official data, large factories are being built in Turkmenistan with the participation of foreign partners and approximately 2000 large buildings worth nearly $35 billion are being constructed. Alongside this construction are that of the transcontinental North-South railway and the development of oil and gas fields and construction of gas pipelines at final stage. Redevelopment of large scale construction works are in progress in cities and villages.
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