Ministry of Foreign Economic Relations, Investments and Trade of Uzbekistan organized the seminar in cooperation with Ministry of Strategy and Finance of Korea, Korea Development Institute and Korea Institute on International Economic Policy.

Representatives of some ministries and departments, financial institutions of two states, specialists and experts participated at the event.

Participants reviewed priority directions of investment attraction to Uzbekistan, including into Navoi Free Industrial and Economic Zone, potential of Uzbekistan in oil and gas, mining, automobile industry, etc.

Presidential Decree “On establishment of free industrial and economic zone in Navoi region” from 2 December 2008 laid ground for development of free industrial and economic zone.

The main activity of economic entities in the free industrial and economic zoneNavoi will become a large-scale production of high-tech products that are competitive on the world market through the introduction of modern equipment and machinery, production lines and models, innovative technologies. It is planned to manufacture a wide range of electrical and electronic products, components for the automotive industry, food, pharmaceuticals and medical equipment.

Business entities registered in the free industrial and economic zone Navoi are exempt from land tax, property tax, profit improvement and development of social infrastructure, single tax payment (for small businesses), the mandatory payments to the National Road Fund and National school Fund from 7 to 15 years.

Business entities registered in FIEZ are exempted from payment of customs duties (except for customs registration duties) on imported equipment and raw materials. When the raw materials and components imported for the production of products sold on the domestic market of Uzbekistan, customs duties are levied at 50 per cent of the rates (excluding fees for customs clearance) with a deferment of their payment for up to 180 days if the legislation does not installed more preferential treatment.

Economic entities registered in the free industrial and economic zone Navoi, allowed to practice within FIEZ settlements and payments in foreign currency in accordance with the agreement concluded between them and the contracts.

Currently, FIEZ Navoi signed 19 agreements for US$187 million to establish industrial enterprises. After the operation of the enterprises at full capacity they will produce goods for US$375.5 million per year, almost half of which will be exported. In 2010, it is planned to develop 50 projects in free industrial and economic zone Navoi.