The event was organized by the Ministry of Foreign Economic Relations, Investments and Trade and Ministry of Finance of Uzbekistan in cooperation with the Asian Development Bank and Islamic Development Bank. The event was attended by representatives of major international financial institutions, international organizations and foreign companies operating in our country’s diplomatic corps.

Speaking at the conference, participants noted that Uzbekistan created a favorable investment environment, opportunities and preferences for foreign partners. They are an important factor in sustainable development of the economy.

At the forum the foreign participants were presented with details of the priorities for attracting investment in the economy, particularly in the industrial free economic zone Navoi, potential oil and gas, mining industry, automotive, construction materials, agriculture and pharmaceuticals.

“The Asian Development Bank appreciates the cooperation with Uzbekistan,” vice-president of the Asian Development Bank Xiaoyu Zhao said. “Once again, I was convinced that in a free industrial and economic zone Navoi there are all conditions for business activity. Uzbekistan achieved high economic performance. Asian Development Bank is widely supported reforms implemented in Uzbekistan in all spheres.”

The guests familiarized with the favorable investment climate and opportunities created by free industrial trade zone Navoi, the prospects of joint work, the privatization process, reforms to further develop the country’s economy, small businesses and private entrepreneurship.

At the conclusion of negotiations between the Uzbek enterprises and foreign companies have signed documents on cooperation in oil, fuel and energy sector, the field of pharmaceuticals, light industry, textile, food, chemical and electrical engineering, mechanical engineering and other fields.

Presidential Decree “On establishment of free industrial and economic zone in Navoi region” from 2 December 2008 laid ground for development of free industrial and economic zone.

The main activity of economic entities in the free industrial and economic zoneNavoi will become a large-scale production of high-tech products that are competitive on the world market through the introduction of modern equipment and machinery, production lines and models, innovative technologies. It is planned to manufacture a wide range of electrical and electronic products, components for the automotive industry, food, pharmaceuticals and medical equipment.

Business entities registered in the free industrial and economic zone Navoi are exempt from land tax, property tax, profit improvement and development of social infrastructure, single tax payment (for small businesses), the mandatory payments to the National Road Fund and National school Fund from 7 to 15 years.

Business entities registered in FIEZ are exempted from payment of customs duties (except for customs registration duties) on imported equipment and raw materials. When the raw materials and components imported for the production of products sold on the domestic market of Uzbekistan, customs duties are levied at 50 per cent of the rates (excluding fees for customs clearance) with a deferment of their payment for up to 180 days if the legislation does not installed more preferential treatment.

Economic entities registered in the free industrial and economic zone Navoi, allowed to practice within FIEZ settlements and payments in foreign currency in accordance with the agreement concluded between them and the contracts.

Currently, FIEZ Navoi signed 19 agreements for US$187 million to establish industrial enterprises. After the operation of the enterprises at full capacity they will produce goods for US$375.5 million per year, almost half of which will be exported. In 2010, it is planned to develop 50 projects in free industrial and economic zone Navoi.