Baku, Azerbaijan, May 15
By Fakhri Vakilov – Trend:
President of Uzbekistan Shavkat Mirziyoyev signed a decree on defining Navoi region as free economic zone (FEZ) for innovative, high-tech, export-oriented and import-substituting industries for the period up to January 1, 2030, Trend reports citing Uzbek media.
The document notes that enterprises implementing investment projects within the territorial boundaries of Navoi region are granted the status of a participant in the Navoi free economic zone with a compact location of industries in territories with existing or easily created infrastructure.
The main directions of development of the Navoi region as a free economic zone are the development of innovation, introduction of best practices, and creation of high-tech industries.
The decree also provides for the creation of clusters for the production of chemical products and modern building materials, processing of natural stones, the creation of new modern industries in the processing of precious stones and metals, as well as the introduction of innovative technologies in the production of jewelry and the creation of a large logistics center in the region.
The benefits provided by the decree are granted for a period from three to ten years, depending on the amount of investments made, including the following equivalent:
from $300,000 dollars to $3 million - for a period of 3 years;
from $3 million to $5 million - for a period of 5 years;
from $5 million to $10 million - for a period of 7 years; and
from $10 million and more - for a period of 10 years.
Over the next five years, the rates of income tax and the single tax payment are set at 50 percent below current rates.
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