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Uzbekistan introduced a three-year visa for investors

Previously, the period of validity of the visa of this category for visitors to the Republic of Uzbekistan was not more than three months, in some cases – up to one year. A 3-year visa for investors who invested at least 180 thousand dollars was introduced in Uzbekistan. Previously the period of validity of the visa for this category of visitors to the Republic of Uzbekistan was not more than three months, in some cases – up to one year.

Experts estimated the potential of Uzbekistan in receiving foreign direct investment over the next ten years at $ 65 billion. While the non-primary sector, according to research, accounting for 20 billion dollars. These conclusions are based on the results of reforms in Uzbekistan carried out in 2016-2019. As a country with natural resources and cheap labour, Uzbekistan, of course, must attract the interest of potential investors. Especially if we consider the low starting position of the economy which for many years was lagging behind the world-wide trends. Uzbekistan is at the very beginning of its path. In two years of the reforms development strategy for 2017-2021 was adopted. The State Committee on Investments and unified investment code as well as a simplified tax system and customs procedures were established. The foreign exchange market was liberalized, a two-year moratorium on business inspections was introduced. Tax reform, reform of the energy sector, reform of land allocation and construction regulation were also introduced.

In Uzbekistan, the free economic zone (FEZ) Nukus is created. According to the decree of the head of state Shavkat Mirziyoev, it is transformed from pharmaceutical SEZ “Nukus-pharm”.

New SEZ has to attract direct foreign and domestic investments not only for drugs production but also for other import-substituting products demanded in foreign markets. The special tax and customs modes will act on SEZ “Nukus” for 30 years.

Participants of the free economic zone Nukus-pharm will receive the status of participants of SEZ “Nukus” without additional procedures and with preservation of earlier provided privileges and preferences provided by the legislation.

Nukus-pharm — the pharmaceutical free economic zone was created in Karakalpakstan in 2017. Before the creation of SEZ “Nukus” in Uzbekistan 21, free economic zones functioned: 9 industrial, 7 pharmaceuticals, 2 agricultural and also tourist, transport and logistics and one more on the production of sports equipment.

The government gradually expands areas of coverage of SEZ and modernizes conditions of their functioning. In the current year, all Navoiy region has been announced by the territory of SEZ “Navoiy”, later it has been decided to introduce the system of English law in it. In June it became known that the part of the territory of the city of Bekabad of the Tashkent region of Uzbekistan will be included in the free economic zone (FEZ) Angren in which 54 investment projects, including the plant on production of car tires (the volume of investment — $214 million) and the project on construction of the modern sugar plant ($108.5 million) have already been implemented.

By Sher Karimov

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