Free economic zones in Turkmenistan: impact on economic development

The independent study is devoted to the analysis of the problem of free economic zones as a source of regional development and their impact on economic development of the country. The purpose of the study is to identify the economic impact of free economic zones on the economic development of Turkmenistan.This independent study aims to address these impacts through a case study answering the research question of “How does a free trade zone positively impact on the economic development?”In order for the readers to have a proper background understanding of the subjects being discussed, the study gives review of literatures starting from basic like what Free Economic Zones and Special Economic Rules are in general, what it is like in Turkmenistan, the country’s implementation and increased roles of Free Economic Zones in strategies of the country for economic development.Through the case study involving international standards and best practices, analysis of statistical reports with economic indicators and the in-depth analysis of a zone located in the country, positive impacts are identified and discussed in more details.The study finds that the identified positive impacts are of high importance and help developing country in fostering economic process and societal development. According to the findings, the paper comes up with recommendations for Free Economic Zones to increase its role in the economic development of the country.