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Uzbekistan declares Navoi region as free economic zone for export-oriented and import-substituting projects

Uzbekistan declares Navoi region as free economic zone for export-oriented and import-substituting projects

India Blooms News Service | @indiablooms | 24 May 2019, 02:55 pm

Tashkent, May 24 (IBNS): The Navoi region of the Republic of Uzbekistan was recently declared a free economic zone and opened for innovative, high-tech, export-oriented and import-substituting projects.

The decree of President Shavkat Mirziyoyev, dated May 15 this year, is aimed at creating favorable conditions in high-tech industry, doing business and developing innovative entrepreneurship.

It also envisages the strengthening of mineral resources processing industry and production of high-quality goods in Navoi region that would be competitive on both national and international scale.

Notably, adoption of clusters and injection of innovative technologies to the area of production are also foreseen in the document.

The decree states that the enterprises of Navoi Free Economic Zone will also be released from paying land tax, income tax, corporate property tax, single tax payments for microfirms and small enterprises.

Moreover, business entities will not pay customs payments (except for customs clearance fees) for equipment, raw material and components imported for production needs, including the construction materials produced outside Uzbekistan, yet imported within the project implementation.

These benefits are granted from three to 10 years depending on the amount of investment.

Besides, the founders of enterprises bringing investments, also the members of Navoi Free Economic Zone along with their family members, will be issued the “investment visa”.

It will be valid for three years and may be extended without leaving the territory of Uzbekistan.

The steps taken are aimed at the strengthening the localization processes for the production of high-tech products through the development of industrial cooperation between enterprises in the region, the development of transport, engineering and communications infrastructure, as well as the creation of a large logistics center in the region along with capacity building programs based on the current and future needs of the regional economy.

Uzbekistan declares Navoi region as free economic zone for export-oriented and import-substituting projects

India Blooms News Service
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