Screening of Foreign Investment in the Context of Turkmenistan’s FDI (Foreign Direct Investment) Regime

Year 2020, Volume: 40 Issue: 1, 417 - 435, 30.06.2020

Farruhbek Mumınov Alp Emre Varol

Abstract

Since the fall of the USSR, Turkmenistan has made some progress in the development of its national economy and its ability to attract foreign investment. Although Turkmenistan is considered an attractive destination due to its rich natural resources, the country’s FDI regime, including its admission procedures, lacks transparency and predictability. From the perspective of foreign investors, the host state’s FDI regime plays a crucial role. Without considering a host state’s FDI regime, foreign investors may be at risk of losing their investment due to lack of transparency or an unpredictable legal environment. Requirements related to the admission of foreign investment may differ between countries. Unlike most countries, which usually limit the scope of admission requirements (national security concerns), Turkmenistan’s FDI regime imposes stricter requirements on foreign investors during the entry process. It is understandable that Turkmenistan may expect to maximize the benefit of foreign investment while minimizing its negative effects on the national economy. However, a lack of clear and transparent admission requirements leaves a large amount of discretion with various administrative bodies. This makes admission requirements unpredictable and dissuades foreign investors from investing in the host country. This article scrutinizes the admission requirements related to foreign investment in the entry stage in the Turkmenistan FDI regime.

Keywords

Foreign investment, Admission requirement, Lack transparency and predictable legal environment

Supporting Institution

The author declared that this study has received no financial support.

Türkmenistan Doğrudan Yabancı Yatırım Rejimi Kapsamında Yabancı Yatırımların Taranması

Abstract

Sovyetler Birliği’nin parçalanmasından sonra Türkmenistan’ın ulusal ekonomisinin kalkınması ve yabancı yatırım çekme konusunda belirli bir ilerleme kaydettiği söylenebilir. Her ne kadar Türkmenistan; doğal zenginlikler bakımından zengin ülke konumunda olsa da ülkenin doğrudan yabancı yatırıma ilişkin yasal rejimi özellikle yabancı yatırımların kabulüne ilişkin şartlar şeffaf ve öngörülebilir değildir. Günümüzde birçok ev sahibi ülke yabancı yatırımların kabulünde ancak ulusal güvenlik endişelerinden dolayı kısıtlarken Türkmenistan yabancı yatırımların kabulü aşmasında daha sıkı koşullar getirmektedir. Türkmenistan’ın; yabancı yatırımlardan beklenen yararı maksimize ederken, yatırımların ulusal ekonomi üzerindeki olumsuz etkilerini en aza indirmek istemesi anlaşılabilir bir durumdur. Ancak ev sahibi ülkenin yabancı yatırımların kabulüne ilişkin şartların açık olmaması ve şeffaflıktan yoksun olması yabancı yatırımların kabulünü idari makamların takdir yetkisine bırakmaktadır. Bu durum ev sahibi ülkenin yabancı yatırım kabulüne ilişkin şartlarını öngörülemez hâle getirmekte ve yabancı yatırımcıları ev sahibi ülkeye yatırım yapmaktan caydırabilmektedir. Bu makale Türkmenistan DYY rejimi bağlamında yabancı yatırımların kabulüne ilişkin koşullar incelenmektedir.

Keywords

Yabancı yatırım, Yatırımların kabulüne ilişkin şartlar, Şeffaf ve öngörülebilir yasal ortam

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