Azernews.Az

Uztransgaz JSC --a structural subdivision of Uzbekneftegaz National Holding Company (NHC) -- and the Italian company Ariston Thermo International have established an Ariston Thermo - UTG joint venture, Navoi Free Industrial Economic Zone (FIEZ) reported.

The joint venture (JV) is established for implementation of the investment project on organization of production of modern domestic heating and water-heating boilers in the volume of 60 thousand units.

The first stage of the project stipulates development of the production of boilers in a volume of 10 million units in the first year. In the first stage the investments of the joint venture will amount to 2 million euros.

The Navoi FIEZ was created in December 2008 by the decree of Uzbek President Islam Karimov.

The term of operation of Navoi FIEZ, which was created in the area of Navoi International Airport (the regional centre in the central part of the country) is 30 years with the possibility of further extension. During this period, there will be special customs, currency and tax regimes, simplified procedure for entry, stay and departure, as well as obtaining permits for employment of non-resident citizens of Uzbekistan. Tax credits are applied with a minimum investment of 3 million euros.

Currently about 30 companies, created with the participation of foreign investors, are operating in Navoi FIEZ.