Turkmen President said it is necessary to prepare a draft Law of Turkmenistan On State Registration of Legal Entities.

President of Turkmenistan Gurbanguly Berdimuhamedov, at a meeting with the country's parliamentarians in Ashgabat’s Ruhiyet Palace on Thursday, stressed the importance of supporting entrepreneurial initiative of citizens and stimulating investment activity. The Head of State also emphasized the necessity of privatizing state property and creation of joint-stock companies, the country’s official media reports.

“Despite the continuing unfavorable conditions in the global economy, difficult financial and economic situation, we should continue to work on the wide use of the private sector’s potential in all sectors, as well as pay special attention to government assistance to the entrepreneurship and to the stable development of the financial and economic system,” President Berdimuhamedov said.

In order to modernize the national legislation, it is necessary to prepare a draft Law of Turkmenistan On State Registration of Legal Entities, Turkmen President noted during the meeting.

The Head of State added that the country continued the implementation of new economic reforms last year despite the financial and economic downturn in the global economy.

“Today the world is changing at a rapid pace. Almost every week, new issues arise that require urgent solutions,” President Gurbanguly Berdimuhamedov said in his speech. “The monthly damage caused by the pandemic to the global economy is about $400 billion. To date, 500 million jobs have been lost worldwide. In addition, the deterioration of the environmental situation in the region and on the planet is extremely alarming.”

“Together with neighboring countries and the world community, we continue to work to minimize the consequences of the ecological cataclysm caused by the drying up of the Aral Sea, but the situation is still dire,” President Berdimuhamedov stressed, adding “we have the right to expect from the parliament deputies prompt and concrete measures to respond to these circumstances, including the preparation and adoption of relevant legislative acts.”

Elections of members of the Milli Geňeş’s (National Council) Halk Maslahaty (People’s Council) are scheduled for March 28.

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