MARKET ECONOMY

The diversified economy has never been created in Kazakhstan, President of the Republic of Kazakhstan Kassym-Jomart Tokayev said during a meeting with businessmen, Trend reports with reference to Kazakh media.

"It is possible to conditionally single out two economic turning points,” President Tokayev said. "The first is the transition from the planned economy to the market economy. While experiencing major shocks and suffering losses, Kazakhstan was able to rise and adapt by carrying out hard but necessary reforms."

Asian Development Bank (ADB) will prioritize Uzbekistan’s transformation to market-based economy through reforms, regional connectivity and cooperation, and sustainable and inclusive growth in planning its assistance, an ADB representative told Trend.

The representative stated that ADB assists Uzbekistan with innovative financing instruments such as partial credit guarantees and public-private partnership schemes, consistent with Uzbekistan’s pursuit of engaging private investments in public infrastructure projects.

The procedure for state registration of individuals engaged in entrepreneurial activities without forming a legal entity has been approved in Turkmenistan, “Trend.az” reports referring to a published presidential decree.

The document was prepared in accordance with the provisions of the “Law on Entrepreneurship” in order to streamline the work of small and medium-sized businesses and improve tax and legal relations.