Tashkent, Uzbekistan (UzDaily.com) -- The Government of Uzbekistan adopted a resolution on the organization of the Ipak Yuli free economic zone in Andijan region.

The government approved the structure and charter of the Directorate of the Ipak Yuli FEZ, which is being created in the form of a state unitary enterprise.

The Ipak Yuli FEZ was established by presidential decree in February of this year with the aim of strengthening cooperation in the field of trade and investment with countries located on the Great Silk Road, including China.

The total area of the zone is more than 218 hectares, and the period of activity is 30 years with the possibility of extension in accordance with the law.

It is planned to absorb US$3 billion of foreign investment in the FEZ by the end of 2025.

FEZ participants will receive tax, customs benefits and preferences. The main objectives and areas of activity of the Ipak Yuli FEZ are to attract direct foreign and domestic investment for the production of products with high added value, establish cooperation ties based on local raw materials and materials, expand high-level industrial production and create jobs for the local population.