FEAS Yearbook FEAS Yearbook 2009 | Page 122

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT APRIL 2009 STATE COMMODITY & RAW MATERIALS EXCHANGE OF TURKMENISTAN The exchange is one of the most important domestic economic institutions to date and acts as the main body for import and export operations in the country as well as a government regulator. HISTORY AND DEVELOPMENT The State Commodity and Raw Materials Exchange of Turkmenistan (SC&RME) was created by decree of the President of Turkmenistan, Saparmurat Turkmenbashi, in 29 July 1994. The Exchange is one of the most important domestic economic institutions to date and acts as the main body for import and export operations in the country as well as a governmental regulator. There are many indicators of activity regarding the Exchange. During 2004, 1,071 export contracts for the sum of US$ 677,577.3 thousand were registered. These figures are indicative of the favorable political and economic situation in Turkmenistan, its rich natural resources, and of utmost importance, the reliability and stability of state organizational structures to attract business from all over the world. SC&RME has relationships with more than 45 countries. Business people from Turkey, Russia, the USA, the UAE, Germany, Great Britain, buy oil products, liquefied gas, cotton fiber, cotton yarn, handmade Turkmen carpets, hides and knitwear from Turkmenistan. An information and analytical system was created for the SC&RME to enable direct operational control of contract execution as well as for information retrieval. The InfoBase database will be developed to allow the retrieval of world quotations on significant commodities in real time and to facilitate potential marketing outlets for domestic commodity production. FUTURE OUTLOOK The following plans are currently underway: • further development of external economic links with foreign trade companies; • streamlining the uses of PR companies and the services they provide in terms of mass media disclosure; • expansion of external contacts with international and regional organizations; • simplification of the contract registration procedure; and • increasing the level of skill and experience of Exchange staff through interactions between organizations. CONTACT INFORMATION Contact Name Mr. Murad Muradov PAGE 120 E-mail [email protected] Website www.turkmenbusiness.org