Uzbek-Chinese investment forum held in China
23/04/2013 18:48
Uzbek-Chinese investment forum held in China
23/04/2013 18:48
Tashkent, Uzbekistan (UzDaily.com) -- An Uzbek-Chinese Investment Forum “Special industrial zone Jizzakh – unique investment opportunities for Chinese companies” was held in four Chinese cities.
Embassy of Uzbekistan in China said in a statement said that the Ministry of Foreign Economic Relations, Investment and Trade of Uzbekistan organized the event at assistance of the Ministry of Commerce of China. The event, which was held in Beijing, Hangzhou, Suzhou and Shenyang, attracted over 600 Chinese businesses.
At the forum, Chinese business circles familiarized with social-economic development in Uzbekistan, special industrial zone Jizzakh and new high-technologic investment projects in electrotechnical, automobile, machinery, pharmaceuticals, textile, food, polymer products, etc.
Xinhua reported quoting trade envoy of Embassy of Uzbekistan in China Ilshat Kasimov that some 54 documents on implementation of high-technologic investment projects at SIZ Jizzakh were signed. Total cost of the projects reaches US$300 million. The projects will be implemented in such areas as machinery, electrotechnical, pharmaceuticals, light industry and food industry, production of construction materials, polymer products, etc.
President of Uzbekistan Islam Karimov signed a decree for creation of new special industrial zone Jizzakh on 18 March 2013.
The zone was created in line with a memorandum of understanding on implementation of project on creation of Uzbek-Chinese industrial park in Uzbekistan. It was created to form favourable conditions for attracting foreign and local investments to creation of high technologic industrial capacities, production of competitive products with high added price, complex and effective use production and resource potential of Jizzakh and Syrdarya regions.
The special zone was created for 30 years with possibility of extension. The decree set tax and customs preferences for enterprises, operating in the zone. The enterprises, located in the zone, will be exempted from payment of income tax, property tax, tax for accomplishment and social infrastructure, single tax, and mandatory payments to Road Fund.
They will be also exempted from payment of customs duties for imported materials, equipment and spare parts, which are not produced in Uzbekistan.
The preferences will be provided from three to seven years based on the volume of investments. The investors will be get these preferences for three years, if they invest US$300,000, five years – for investments from US$3 to US$10 million and seven years – for investments for above US$10 million.
This is the third special zone in Uzbekistan. Uzbekistan also created free industrial-economic zone and Angren special industrial zone.
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