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Turkmenistan participates in WCO forum on free economic zones

23 May 2019 [13:37] - TODAY.AZ

By Trend

A representative of the State Customs Service of Turkmenistan participated in the regional forum of the World Customs Organization (WCO) on Free Economic Zones (FEZ), held in Nur-Sultan, the Kazakh capital, Trend reports referring to the State Customs Service.

Over 30 member states of the organization attended the event.

Free economic zones are an important tool of state economic policy, within which there is an opportunity for creating more attractive investment climate and favorable conditions for the development of a specific industry that in turn leads to an increase in export potential, the information says.

The agenda of the forum includes issues such as the economic advantages of FEZs, the improvement of customs control procedures, and national experience in the administration of the activities of FEZs.

A law on FEZs was adopted in Turkmenistan in 2017, and a corresponding concept is being prepared for the period up to 2023.

The latter is designed to promote the integrated and rational use of mineral resources, increase of export potential, the production of import-substituting products, introduction of innovative technologies as well as attracting foreign investment and forming joint ventures.

An example of this kind of experience for Turkmenistan is the Awaza resort, under construction on the shores of the Caspian Sea, being the country's first free economic zone, where tax and customs privileges are provided to investors, firms and companies.


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