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 Turkmen President Gurbanguly Berdymukhammedov, the press office said.
The decree provides incentives for local and foreign companies willing to invest in the tourist 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.
Also, foreign investors will be able to freely convert their profits received in the tourist zone from the Turkmen national currency into foreign exchange and repatriate funds after tax payment, the press office said.
The free tourist zone will be run by the Turkmen Committee for Tourism and Sports and the administration of the city of Turkmenbashi, the press office said.
