Keywords: investment policy, social policy, implementation of the investment policy, to diversifying the ways.
The state investment policy is a set of programmatic measures aimed at creating favorable working conditions for all subjects of economic activities, aimed at revitalizing investment activity, economic development, increasing production results, and solving life problems of the population.
The main goal of the implementation of the investment policy is to diversify the economy, to achieve rapid growth of production and the benefit of the targeted capital investments for investors.
One of the main places in the capital investment policy implemented in the country is given to diversifying the ways of exporting energy resources to world markets. In general, attracting large foreign investments to the economy of Turkmenistan is a strategic direction of the investment policy of the President of our country.
In accordance with the Law of Turkmenistan «On Investments» and the Law of Turkmenistan «On Foreign Investments», the freedom of economic activities of enterprises is guaranteed in Turkmenistan.
The legislation of Turkmenistan envisages fundamental measures to protect rights, interests and property, create a competitive environment and create additional jobs.
In accordance with the national legislation in force in Turkmenistan, foreign investors can direct capital through partial participation in enterprises of Turkmenistan, creation of new enterprises wholly owned by foreign investors, purchase of existing enterprises, obtaining concessions for the use of natural resources within the territory of Turkmenistan. has the right.
The formation of investment resources at the macro level is conditioned by the size of the gross domestic product, which in turn depends on the size and composition of investment. It is an important source of finance that ensures the successful solution of large-scale scientific and technical problems the basis of its resources is the state budget.
At the micro level, income is the main source of investment. Fixed investments are costs that must be repaid in the future for business entities. These mutual settlements are also mainly carried out at the expense of the received income.
As a result of the continuous strengthening and improvement of market relations in the country, the importance of creating new sources of investment by attracting the population's savings and temporarily free financial resources of enterprises through the development of loan capital, depreciation transfers, leasing market is increasing.
Remittances are another important potential source of investment due to the high level of the population's ability to pay.
In the economically developed countries of the world, people's deposits kept in banks are not only one of the main sources of direct capital, but are of particular importance as a condition that makes the investment process more lively and economical.
Banking institutions also have an important role in regulating investment flows and making their operations more dynamic. One of the main sources of investment in today's conditions of private business is long-term interest-bearing loans. As it is well known, as the capital stock of production wears out over time, its cost is partially transferred to the newly produced product. In connection with this, the depreciation policy carried out at the state level in world practice is one of the main tools for giving consistency to production, that is, it achieves the modernization of the state economy and the harmonious development of economic sectors by regulating the level of transfers aimed at depreciation goals.
The main objectives of the investment policy are:
— creation of conditions that increase the investment activity of the non-state sector;
— directing the current investment policy to improve the level of socio-economic development of the regions, to bring the living conditions of the population of our country to the developed countries of the world;
— continuous improvement of economic mechanisms that encourage the development of the level of indirect supply of new production capacities;
— paying greater attention to the development of industries that produce finished goods, and achieving marginal growth of industries that produce consumer goods;
— attracting investments from the private sector of our country and foreign countries in order to thoroughly modernize enterprises;
— achieving a high level of protection of the most important welfare industries and the sphere of life by the state in the case of increasing the efficiency of investments;
— ensuring territorial diversification of the economy.
The following methods and techniques can be effective in solving these problems:
— to improve the existing capabilities of the legislative, organizational, infrastructural and information base for carrying out investment work and to create new areas for them;
— to create an effective system of providing Turkmen and foreign potential investors with information that reveals the attractiveness of each territorial unit of the country for directing funds;
— to provide comprehensive assistance to enterprises of the territorial unit in attracting private and foreign investments, ensuring the release of suitable investment projects in the internal and external market of investment projects;
— to achieve the active participation of territorial units in the implementation of programmatic plans;
— providing investors with guarantees that protect them from investment risks;
— creation of a rule of ease in carrying out investment business within the territory of the city or village; strengthen regional investment policy.
Most of the investments in Turkmenistan are focused on production sectors, and the share of industry, transport and construction systems in the total amount of invested capital is high. The continuous growth of capital means the rise of industrial production, the general health of the economy, regional development of industries, modernization of the technical and technical base of enterprises and previous development. It is one of the most important conditions for achieving favorable profitability of investments in the expansion of existing industries.
References:
- Gurbanguly Berdimuhamedov “State Regulation of Socioeconomic Development of Turkmenistan” — study guide for higher education institutions — Part I. Aswhgabat, Turkmen State Publishing House, 2010
- Conception of Foreign Policy Strategy of Turkmenistan for 2017–2023 — Ashgabat 2017
- Program of President Of Turkmenistan for Socioeconomic Development of the Country in 2019–2025/
