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New free economic zone to appear in Uzbekistan

13 April 2018 12:14 (UTC+04:00)
New free economic zone to appear in Uzbekistan

By Kamila Aliyeva

A new free economic zone (FEZ) - Syrdaryo - will be created in Uzbekistan.

It will be established on the basis of the branch of the Djizak free economic zone in the Syrdarya district and the territory of the small industrial zone in the city of Yangier.

The period of operation of the new FEZ will be 30 years with the possibility of its subsequent extension. All this time, special tax and customs regimes will operate there.

All enterprises of the zone, depending on the volume of investment, will be freed from payment of land tax, profit tax, property tax of legal entities, tax on improvement and development of social infrastructure, single tax payment for microfirms and small enterprises, as well as mandatory contributions to target state funds for various periods.

So, for example, if one invests from $300,000 to $3 million he or she will receive benefits for three years, from $3 to $5 million - for five years, $5 to $10 million - for seven years, and $10 million - for ten years.

In addition, they will be exempted from payment of customs payments for imported raw materials and component parts used in the production of goods aimed at export for the entire period of FEZ activity.

Uzbek President Shavkat Mirziyoyev instructed to develop a roadmap by mid-June for the placement of production of import-substituting and export-oriented types of finished products, materials and components in the territory of the Syrdaryo FEZ, taking into account the existing mineral resources of the Syrdarya region.

As many as 17 free economic zones currently operate in Uzbekistan. They implemented 69 projects for a total of $512 million. Three of them were created in the last two months.

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Kamila Aliyeva is AzerNews’ staff journalist, follow her on Twitter: @Kami_Aliyeva

Follow us on Twitter @AzerNewsAz

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