By Trend

Turkmenistan plans to transform some state enterprises of its Ministry of Trade and Foreign Economic Relations into open joint stock companies, the Vice Premier Chary Gylyjov reported to President Gurbanguly Berdimuhamedov during an online meeting of the Cabinet of Ministers system on Friday, the country’s official media reports, Trend reports citing Business Turkmenistan.

Particularly, the government plans to transform Merw and Lebap state trade enterprises, located respectively in the cities of Mary and Turkmenabat, into open joint stock companies.

Following the report, the Head of State said the country carries out a phased privatization of state enterprise in order to deepen cardinal reforms in the field of trade on the basis of the active introduction of effective methods of management, and form different ownership structures for the management of retail and wholesale enterprises.

The Turkmen Leader emphasized that further measures should be taken to create favorable conditions for improving the efficiency of management of state property and transforming them into joint-stock companies, increasing the share of private property in the structure of the economy and developing small and medium-sized businesses, instructing the Vice Premier to ensure the implementation of the outlined plans.

During the government meeting, the Turkmen President also signed a Resolution on the establishment of the Türkmendokma Open Joint Stock Company.