18 January, 2019

Uzbekistan to create new free economic zone for Indian companies

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A new free economic zone (FEZ) "Andijon-farm" will be created in the Andijon region of Uzbekistan, Trend reports.

Pharmaceutical companies from India will act as partners. The new zone will focus on attracting investments and advanced technologies from leading companies in India, to create modern production facilities for manufacture of pharmaceutical products and medicines with high added value.

"Andijon-farm" will function for 30 years with the possibility of subsequent extension. Special tax and customs regime will be in effect on its territory.

Depending on the amount of investments, the zone residents will be exempt from land tax, profit tax, tax on property of legal entities, tax on the improvement and development of social infrastructure, single tax for micro firms and small enterprises, as well as mandatory deductions for target state funds.

Investors, who invests from $300,000 to $3 million, will receive benefits for three years, from $3 to $5 million will receive benefits for for five years, from $5 to $10 million - for seven years, from $10 million - for ten years. Moreover, they will be exempted for the entire period of their FEZ activity from paying customs duties on imported raw materials and products’ components that aimed at export.

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