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Uzbekistan: “Invest in Karakalpakstan”

On November 1-2, 2019, Nukus will host the International Investment Forum “Invest in Karakalpakstan”, organized by the Ministry of Investments and Foreign Trade, Jokargy Kenes and the Council of Ministers of Karakalpakstan.

The purpose of the forum is to intensify investment activities, to form an effective platform for business communication and discussion of issues on attracting investments to Karakalpakstan.

Residents of FEZ are exempt from payment / deductions: land tax. mandatory deductions pepublican road fund. tax on property of legal entities. a single tax payment for microfirms and small businesses. income tax. off-budget Fund for the Development of the Material and Technical Base of Educational and Medical Institutions under the Ministry of Finance of the Republic of Uzbekistan. Exempt from customs payments imported for their own production needs for: equipment. raw materials. materials and components. building materials not produced in the republic and imported in the framework of projects, according to the lists approved by the Cabinet of Ministers of the Republic of Uzbekistan.

Main objectives of the forum include:

– formation of the idea of investment potential;

– consideration of real sources of financing for new projects;

– study of investment project implementation mechanisms;

– involvement of stakeholders to establish business contacts;

– presentation of investment projects.

The Forum will be attended by more than 200 foreign guests – government delegations and business representatives from more than 40 countries, such as China, the Russian Federation, the Republic of Korea, Kazakhstan, England, Japan, Bangladesh, Poland, Germany and others.

The Forum will last two days. Guests will enjoy not only discussions, presentations, exhibitions, but also an extensive cultural program.

The Forum will host an exhibition and fair of local producers. For the first time visitors of the Forum will get acquainted with the main historical and cultural sites of Karakalpakstan.

Following the forum, it is planned to sign a number of agreements with foreign investors.

It should be noted that in September, President of Uzbekistan Shavkat Mirziyoyev signed a decree on measures to create the Nukus Free Economic Zone (SEZ) to attract foreign investment in the north-west of the country.

The decree defines the steps to transform already existing free economic zone Nukus-Pharm (pharmacology) into larger Nukus FEZ in the administrative center of the Republic of Karakalpakstan.

The main objective of the Nukus FEZ is to attract direct foreign and domestic investments for the production of import-substituting products that are in demand on foreign markets, according to the document.

The duration of the Nukus FEZ is 30 years with the special tax and customs regimes.

The decree says that the participants of the previous Nukus-Pharm FEZ will receive the status of participants in the Nukus FEZ without undergoing additional procedures, and they will retain the previously provided tax and customs preferences.

Uzbekistan has been carrying out economic reforms for the past two years to attract foreign investment and created 20 free economic zones across the country.

By Sher Karimov

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