Kerim Akmamedov, the founder of the Altyn Kanun Law Company, spoke at the International forum “Investments in the Future of Turkmenistan”. In his speech, he noted the key aspects of legal support for entrepreneurship and investment attractiveness of Turkmenistan.
Altyn Kanun specializes in corporate law and has offices not only in Turkmenistan, but also in other countries. “We always strive to help entrepreneurs outside Turkmenistan understand the legislation of the countries where they work, as well as explain to foreign partners of Turkmen businessmen how easy it is to do business in our country,” Akmamedov stressed.
The Constitution of Turkmenistan stipulates that the country adheres to the principles of a socially oriented market economy. A number of laws in force supports small and medium-sized businesses (SMEs), due to their significant role in job creation, import substitution, and building up export capacity.
Tax system: simplicity and benefits for business
Akmamedov noted that Turkmenistan offers one of the most simplified tax systems:
- Value added tax (VAT) – 0%.
- The turnover tax (income tax) is only 2% of the turnover.
- There is no property tax.
- There is no tax on agricultural activities.
Altyn Kanun’s lawyers study the tax systems of other countries and have concluded that the Government of Turkmenistan aimed at maximizing support for the private sector.
Collaboration with foreign partners
Akmamedov emphasized the benefits of cooperation between foreign investors and local entrepreneurs.
“It is much more profitable to work with local entrepreneurs than they would work according to their strategy. Why? Because, first, it’s market knowledge, secondly, it’s government support, and thirdly, by cooperating, you can learn local experience much faster and bring your own capabilities, finances and technologies”, he said.
Public-private partnership
Private companies cannot always compete with multinational corporations, so government support plays a key role.
An example of a successful public-private partnership is the construction of 600 km long Ashgabat–Mary–Turkmenabad expressway worth $ 2.4 billion.
The future of the private sector
Private businesses need time and opportunities to grow, Akmamedov stressed. Foreign partners can find reliable allies in Turkmenistan through the Union of Industrialists and Entrepreneurs of Turkmenistan (UITP) and the Chamber of Commerce and Industry.
The speaker also noted the growth of the market and the emergence of new companies, which makes Turkmenistan an attractive investment destination.
Due to the combination of favorable tax conditions, active government support and a strategically important geographical location, Turkmenistan opens up broad prospects for entrepreneurs and investors. ///nCa, 18 March 2025
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