Tashkent, Uzbekistan (UzDaily.com) -- The Association of Enterprises of the Electrotechnical Industry of Uzbekistan (“Uzeltehsanoat”) is created on the basis of the joint stock company “Uzeltehsanoat”.

President of Uzbekistan Shavkat Mirziyoyev signed a resolution “On measures for the further development and increase of the export potential of the electrical industry”.

According to the document, members of Uzeltehsanoat may be enterprises and organizations of the electrical industry, joining on a voluntary basis.

The Uzeltehsanoat Association will develop a strategy for sustainable development of the industry as a single complex for the processing of raw materials, production and export of finished products with high added value, including through the expansion and support of industrial cooperation.

The association will conduct a study of demand for electrical products in the domestic and foreign sales markets, as well as assist in the development of new products.

The Association’s objectives are to attract investments, primarily foreign, for the development of high-tech industries for the production of electrical products, modernization, technical and technological re-equipment of the industry, and joint ventures with specialized foreign companies.

Until 1 January 2022, enterprises for production of electrical products, which are part of the association are granted a deferment of value-added tax for a period of 120 days from the date of the customs declaration when importing components, raw materials and materials for their own primary and auxiliary production, as well as construction materials imported as part of their investment projects.

The Uzeltehsanoat Association until 1 January 2022 is exempt from property tax, as well as income tax of legal entities, and contributions of organizations under contracts to the Association "Uzeltehsanoat" are excluded from the taxable base for income tax of legal entities.

The head of Uzbekistan instructed to approve the "roadmap", which will envisage implementation of 22 investment projects in 2019-2021 to update existing and create new electrical engineering enterprises in the amount of US$153.8 million.

The Roadmap will also provide for doubling by 2021 the volume of production of finished electrical products with high added value, achieving in 2021 the volume of exports of finished electrical products in the amount of US$400 million and attracting foreign investors for joint implementation of projects worth US$500 million.