Turkmenistan - 8-Responsible Business ConductTurkmenistan - Business Conduct
The government does not have a definition of responsible business conduct (RBC) per se; instead it adopts and implements various policies and regulations that it states promote socially responsible business conduct. In the past, foreign companies operating in Turkmenistan were not required to implement social projects. Social project activities connected with doing business in Turkmenistan generally take the form of financial sponsorship of cultural or athletic events, providing academic scholarships to Turkmen students, or the construction of small-scale facilities, such as a medical clinics, to benefit the locality around a company’s facilities. There are no independent NGOs, investment funds, worker organizations/unions, or business associations promoting or monitoring RBC in Turkmenistan.
In March 2013, Turkmenistan introduced mandatory environmental insurance for all types of entities, enterprises and organizations carrying out potentially environmentally hazardous activities (except for government-financed organizations). This insurance program was adopted with the stated purposes of protecting the environment, raising environmental awareness, and increasing the responsibility of industries and businesses for violating environmental laws and regulations, and for preventing and responding to environmental disasters. The mandatory environmental insurance regulation includes a list of hazardous work and facilities subject to such insurance. The mandatory environmental insurance also applies to foreign legal entities, their branch offices and entrepreneurs. The State Committee for Environmental Protection and Land Resources conducts ecological inspections for companies’ compliance with regulations.
Turkmenistan is not a participant in the Extractive Industries Transparency Initiative (EITI). It is also not clear whether the government of Turkmenistan follows the OECD Guidelines for Multinational Enterprises and the United Nations Guiding Principles on Business and Human Rights.Prepared by our U.S. Embassies abroad. With its network of 108 offices across the United States and in more than 75 countries, the U.S. Commercial Service of the U.S. Department of Commerce utilizes its global presence and international marketing expertise to help U.S. companies sell their products and services worldwide. Locate the U.S. Commercial Service trade specialist in the U.S. nearest you by visiting http://export.gov/usoffices.
Turkmenistan Economic Development and Investment