The U.S. Agency for International Development (USAID) has signed a Memorandum of Understanding with the Union of Industrialists and Entrepreneurs of Turkmenistan (UIET).
The document provides a basis for collaboration between the two parties to increase competitiveness, expand exports of private sector products and services, and improve the investment climate, a press release from the U.S. Embassy in Ashgabat said.
The memorandum was signed by USAID’s Country Representative to Turkmenistan Nino Nadiradze and Chairman of UIET Dovran Hudayberdiyev.
Photo: U.S Embassy in Ashgabat
The Memorandum also underlines USAID’s steadfast support for the economic empowerment of women and youth, as well as the promotion of digitalization, e-commerce and innovations in the business sector
Turkmenistan has abandoned "shock therapy" and embarked on a gradual transition to a market economy. At this stage, a commodity and a labour exchanges have been established and conditions for free wholesale trade are being created. Objectives have been set to establish a stock market in the country.
The UIET aims to create import-substituting and export-oriented industries, ensure food abundance in Turkmenistan and create new jobs.
UIET has established the Rysgal joint-stock commercial bank and has opened representative offices in China, the United Arab Emirates and Austria.
Credits: Eziz Boyarov, Ashgabat
Comments (0)