Tashkent, Uzbekistan (UzDaily.com) -- The Presidential Resolution “On additional measures to further increase the productive and export potential of the electrical industry” was adopted.

According to the Resolution, the main targets for the development of the electrical industry for 2024-2025 have been determined.

They include:

increasing the processing capacity of copper raw materials to 140 thousand tons in 2024 and up to 160 thousand tons in 2025;

increasing the volume of production to 30.8 trillion soums in 2024 and up to 38 trillion soums in 2025;

ensuring product export volumes of US$1.5 billion in 2024 and US$2 billion in 2025.

To finance investment projects implemented in the electrical industry, in 2024-2026, commercial banks, based on their applications, will open a credit line in the amount of US$100 million for a period of 10 years, with a 3-year grace period, at a rate of 5 percent per annum.

At the same time, banks provide loans to business entities at a rate of 7 percent per annum (including the bank’s margin - 2 percent), for a period of 10 years, with a 3-year grace period.

Until 1 January 2027, tax benefits will be provided in the form of a reduction in income tax and property tax rates by 50 percent to enterprises in the electrical industry whose revenue from the sale of electrical products is at least 80 percent of total revenue.

From 1 April 2024, domestic manufacturers, with their participation, along with foreign suppliers within the framework of public procurement, will be provided with price preferences from the DDP price (Uzbekistan) of imported goods in the following amounts:

-15 percent - with the participation of 3 or more domestic manufacturers;

-12 percent - with the participation of 2 domestic manufacturers;

-8 percent - with the participation of 1 domestic manufacturer.

The resolution also approved the List of products, the import of which into Uzbekistan from 1 February  2024 requires the presence of authorized representatives or official dealers of the manufacturer, ensuring their quality, safety and service guarantees.