11 july 2020

Central Asia news

Turkmenistan: over $1 billion to be invested in travel industry

23.07.2007 10:59 msk


Business Turkmenistan

RIA-Novosti reports that President of Turkmenistan Gurbankuly Berdymuhammedov signed a resolution at the Cabinet meeting ordering investment of over $1 billion in infrastructure of Avaza, tourist attraction zone in the city of Turkmenbashi (former Krasnovodsk).

The zone will be managed by the State Committee for Travel and Athletics and Turkmenbashi municipal authorities. Turkmen and foreign companies investing in its infrastructure are entitled to various benefits and privileges.

Foreign businesses will be permitted to rent land plots for up to 40 years without registration dues. Foreign investors will be able to convert whatever is thus earned from the national monetary unit into hard currency without restrictions and transact the earnings abroad once the taxes have been paid.

Projects of hotels, spas, restaurants, bars, pools, gyms, aquatic parks, and mall to be built in Avaza were presented.