Turkmenistan - Market ChallengesTurkmenistan - Market Challenges
- Lack of consistent and transparent business legislation.
- Laws and regulations are subject to frequent change and contradictory interpretation by various government agencies and officials.
- The judicial branch operates under direct instruction from the executive.
- Corruption is pervasive and endemic at all levels of the business stream.
- Qualified employees, particularly those with English language skills, are scarce.
- Turkmenistan’s labor force generally lacks knowledge of standard, western business practices.
- The Agency for Protection from Economic Risks, under the Ministry of Economy & Development, holds a wide mandate to vet foreign companies before issuing licenses allowing operation in Turkmenistan.
- The economy appears to have been in recession since the last quarter of 2014 when global hydrocarbon prices fell.
- Foreign businesses in Turkmenistan face steep barriers to collecting on bills owed by government ministries.
- Companies face tight foregin exchange controls.
- Turkmenistan’s visa procedures are exceptionally cumbersome and time-consuming.
- Unreliable Internet access and slow download and upload speeds. The Government of Turkmenistan regularly blocks certain mainstream websites.
- Most industry is controlled by the government and all communication with it is slow as it typically must be accomplished via diplomatic notes to the Ministry of Foreign Affairs.
Turkmenistan Trade Development and Promotion