Business
State-dominated economy with investment routed through government agreement
The Law on Foreign Investment and the Enterprises Law provide the framework, but hydrocarbons dominate and major investment is negotiated directly with the state rather than simply registered.
Key rules
- Jurisdiction — Registration with the Ministry of Finance and Economy; hydrocarbons through the State Agency for Hydrocarbon Resources.
Governing law
- Law on Foreign Investment2008
- Law on Enterprises
- Petroleum Law of Turkmenistan
In practice
Almost all significant economic activity involves state entities, and gas export arrangements are governed by intergovernmental agreement rather than ordinary commercial law. Production sharing agreements exist for offshore Caspian blocks under the Petroleum Law. Currency convertibility is tightly controlled and repatriation of profit is a persistent practical obstacle reported by investors. Because the gazette is not publicly accessible in a usable form and no case law is published, the operative content of commercial law cannot be verified externally.