March 14, 2025 05:10 am (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
In a setback for Donald Trump, US judge orders federal agencies to rehire fired workers: Report | 'We will thwart conspiracies hatched by Centre': Revanth Reddy on delimitation exercise | Chennai doctor, his wife along with two sons die by suicide due to huge debt: Cops | Amid language debate, Tamil Nadu drops rupee symbol in state budget | Scientist killed in assault by neighbour over parking argument in Mohali | British woman tourist raped in Delhi hotel by man she befriended on social media | Gold smuggling case: Court restrains media from publishing, telecasting defamatory statements against Ranya Rao | Trump warns Putin of 'devastating' financial impacts if Russia blocks Ukraine ceasefire | 'People are going to Russia right now as we speak: Donald Trump on Ukraine war ceasefire talks | Pakistani army claims to have freed all hostages in passenger train siege; 28 personnel killed

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

| @indiablooms | May 24, 2019, at 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.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.