Uzbekistan, Tashkent, Aug. 9 / Trend D.Azizov /
A support fund for exports of small businesses and private entrepreneurs will be established in Uzbekistan in the near future by a decree of President Islam Karimov.
According to the decree 'On additional measures to support exports of small businesses and private entrepreneurs' published on Friday in the country's national media, the fund will be created under the National Bank of Foreign Economic Activity.
The initial size of the fund is to be set at five billion soum, of which a sum of 2.5 billion soum is formed through contributions from the state budget, while the remaining portion through voluntary contributions made by the founding small businesses and private entrepreneurs, the National Bank of Foreign Economic Activity and the Chamber of Commerce as well as other commercial banks, financial institutions and donors.
Among the main objectives of the fund will be gratuitous financial assistance to small businesses, private entrepreneurs and farms in the development of domestic brands of export-oriented products and promoting exports including payment for licenses, permits, certificates and registration fees and other charges related to the participation of small business and private entrepreneurs in international tenders.
The fund will also assist small business and private entrepreneurs at international exhibitions and fairs with the conclusion of export contracts, ensuring access to new markets and export of new products.
In addition, the fund will conduct market research on the study of foreign market demand conditions, carry out an analysis on the assortment and range of products manufactured by smaller companies and determine the level of competitiveness in foreign markets.
The decree determines that small business and private entrepreneurs have the right to export goods and services in a foreign currency without prior payment, the opening of a letter of credit or guarantee with a term of proceeds or re-importation within 180 days in the presence of an insurance policy for an export contract issued in due course.
Until January 1, 2019, the fund and its regional branches are exempt from all taxes, levies, fees and mandatory contributions to state funds with the exception of a single social payment.