By RIA Novosti
Ashgabat : Turkmenistan will invest US$1 billion in the creation of a free tourist zone in the gas-rich Central Asian republic, the press office of the Turkmenistan president said Sunday.
The first ever tourist zone, Avaza, will be set up in the city of Turkmenbashi on the coast of the Caspian Sea, following a decree signed by Turkmenistan President Gurbanguly Berdymukhammedov, the press office said.
The decree provides incentives for local and foreign companies willing to invest in the zone.
In particular, foreign companies will be granted land sites to take on lease for a term of 40 years and will be exempt from registration fees, the press office said.
Foreign investors will also be able to freely convert their profits into foreign exchange and repatriate funds after paying local taxes.