The country possesses the world's fourth largest reserves of natural gas and substantial oil resources. Turkmenistan is a member of the Economic Co-operation Organisation, which brings together the former republics of the southern Soviet Union with Romania, Bulgaria, Albania, Greece and Turkey. The government is particularly interested in encouraging foreign investment in a number of areas, including oil and gas production and refining; agricultural production and processing (particularly in cotton); consumer goods; export-orientated products; research and development; environmental protection and infrastructure. The Turkmen government has put a number of measures in place to encourage foreign investment. Free Enterprise Economic Zones (one in each of the eight velayat (regions)) have been created with special incentives for companies that invest in them. These include: no import duties, a three-year tax holiday from the start of production, with a further 13 years of reduced taxes; full-profit repatriation and a swifter licensing procedure. Concerns which are 100% foreign owned must be sited in Free Enterprise Economic Zones, but joint ventures may be set up anywhere.