BAKU, Azerbaijan, Nov. 22
By Fakhri Vakilov-Trend:
Uzbekistan and China will prepare proposals for further development of free economic zones (FEZ) in Uzbekistan, Trend reports citing the press service of Uzbekistan’s Senate of the Parliament.
The delegation of Uzbekistan led by Chairman of the Senate Committee on Foreign Relations, Foreign Economic Relations, Foreign Investment and Tourism Alisher Kurmanov is on visit to China at the invitation of Chinese National People's Congress. The trip is organized to further strengthen inter-parliamentary cooperation between the countries and exchange experience.
The visit's agenda includes meetings at the National People's Congress, the Ministry of Commerce, the China National Tourism Administration and other ministries and departments, as well as visits to free economic zones, familiarization with their organizational structure, features of work and economic indicators.
In September 2019, Nukus Free Economic Zone has been created in Uzbekistan. It was set up on the basis of Nukus Farm, which specialized in the production of pharmaceutical products.
The main objective of the Nukus FEZ is to attract direct foreign and domestic investments for the manufacture of import-substituting products that are in demand on foreign markets. Its term of operation is 30 years.
Special tax and customs regimes will operate on the territory of the zone, and Nukus-Pharm participants will be able to obtain the status of participants in the Nukus FEZ without additional procedures. They will also retain previously provided benefits and preferences.
In 2017, Uzbekistan’s President Shavkat Mirziyoyev signed decrees on the creation of four new free economic zones in the Bukhara, Samarkand, Fergana and Khorezm regions, as well as seven pharmaceutical free economic zones - Nukus-Pharm , Zomin-Pharm, Kosonsoy- Pharm, Sirdaryo-Pharm, Boysun-Pharm, Bustonlik-Pharm and Parkent-Pharm.
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