Country Commercial Guides are prepared annually at U.S. Embassies through the combined efforts of several U.S. agencies. Turkmenistan is a new, constantly changing market in which the investor or business must be flexible, persistent, and patient in order to succeed. A country of vast, untapped natural resources, the opportunities for investment and business are varied and numerous, but the risks inherent in doing business in the former Soviet Union require that potential investors and businessmen proceed cautiously. Although initially slow to begin reforms, the Government of Turkmenistan now has embarked on a macro-economic reform program, including, inter alia, privatization of industrial enterprises. All decisions are made at the highest levels of government.
Political considerations continue to influence strongly economic decisions.
The regulatory and legal foundations of a market economy are still being developed. Business infrastructure and know-how are improving, but still lag behind that of many other countries of the Former Soviet Union. The problem of renegotiation of signed contracts remains. These issues are gradually being resolved as the Government and the population become more familiar with the international norms of the world market. Throughout the Soviet period, Turkmenistan's economy was based on exploitation of its natural gas, oil, and cotton.