The Power of Digitalization, the Hainan Free Trade Port, and Regulations for Modern Economic Development in Turkmenistan Are Significant

Abstract

This study examines the effects of digitization on economic growth in Turkmenistan, emphasizing the legal framework and real-world applications. The definition of “digitalization”, an analysis of its impact on the nation’s economy, and a focus on its unique features are presented first. It then explores several critical issues regarding Turkmenistan’s digital economy’s progress, such as assessing its current economic situation, significant trends, innovation, and challenges. It examines the financial results of implementing the Concept for the Development of the Digital Economy for 2019–2025 and the impacts of these policies. The report’s conclusion offers some recommendations and a breakdown of the challenges Turkmenistan faces as its digital economy expands, and how technology developments, digitization, and regulatory agendas affect Turkmenistan’s and the Hainan Free Trade Port’s economic growth in Turkmenistan. It examines the possible benefits of using digital technologies to promote trade facilitation and regional economic expansion. The potential and state of the country’s digital economy are better understood. The investigation also emphasizes how vital digital technologies are to advancing society and creating jobs, and this research emphasizes the need for digitization as a successful tool for economic growth and highlights the need for a market economy based on a solid legal framework. One of the central tenets of Turkmenistan’s economic strategy is the development of emerging digital technology. Considering China’s experience, the paper examines Turkmenistan’s digital economy’s legal approach to technology use. Turkmenistan can benefit from this experience just by starting its digital transformation journey.