President Serdar Berdimuhamedov proposed to the new Mejlis of Turkmenistan to improve the laws “On Foreign Investments” and “On Hydrocarbon Resources” in order to attract foreign investment and technology.

 The head of state said this on Thursday in his speech to the deputies of the new Mejlis of Turkmenistan of the seventh convocation, where he outlined the main directions for improving national legislation in various fields.

 “Turkmenistan has colossal reserves of hydrocarbon raw materials by world standards, taking this into account, the task of intensive development of the national economy by equipping the industrial sector with high technologies and attracting foreign capital is put at the forefront,” Serdar Berdimuhamedov said.

 “In the context of bringing the legal framework of the activities carried out in this area in line with modern requirements, it would be advisable to improve the Laws of Turkmenistan “On Foreign Investments” and “On Hydrocarbon Resources,” the head of state continued.

 It should be noted that in terms of natural gas reserves, Turkmenistan ranks fourth in the world in terms of proven natural gas reserves after Russia, Iran and Qatar.

 Among the largest projects in the oil and gas sector of Turkmenistan are the development of the giant Galkynysh gas field, the construction of the Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline, the increase in processing capacities, including in gas chemistry, the development of oil and gas fields in the Turkmen sector of the Caspian Sea.