TASHKENT, Uzbekistan, May 23. Uzbekistan waived property, land, and water taxes for leather and footwear businesses located in the Sharof Rashidov and Akhangaran regions, Trend reports.
This is reflected in a decree signed by President of Uzbekistan Shavkat Mirziyoyev on measures to bring the leather, footwear, silk, and carpet industries to a new stage of development.
According to the decree, by expanding the territory of the small zone of leather and footwear industry established in Sharof Rashidov and Akhangaran districts, clusters of leather and footwear industry specializing in deep processing of leather and production of finished products will be created.
In addition, Uzbekistan’s Entrepreneurship Development Company will reimburse a part of the interest on foreign currency loans taken for the purchase of equipment for the production of footwear and leather goods. The program will cover payments of up to 5 percent (above the 6 percent cap) on a portion of the loan not exceeding $3 million.
Earlier, the president of Uzbekistan noted that the country will allocate $40 million in low-cost resources for the construction of treatment facilities and buildings in clusters of the leather and footwear industries.
The initiatives will attract foreign brands that produce natural and synthetic leather items. The country will reimburse firms for up to $30,000 in sourcing fees.
