Learn about barriers to market entry and local requirements, i.e., things to be aware of when entering the market for this country.
Last published date: 2022-08-08
- Lack of consistent, transparent business legislation and sanctity of contracts.\
- 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 Finance and Economy, holds a wide mandate to vet foreign companies before issuing licenses allowing operation in Turkmenistan.
- Foreign businesses in Turkmenistan face steep barriers to collecting on bills owed by government ministries.
- Companies face tight foreign exchange controls.
- Turkmenistan’s visa procedures are exceptionally cumbersome and time-consuming.
- Unreliable Internet access and slow download and upload speeds can hinder business. The Government of Turkmenistan regularly blocks certain mainstream websites and Virtual Private Networks (VPN).
- Most industry is controlled by the government and communication is slow, as it typically must be conducted via diplomatic notes to the Ministry of Foreign Affairs.