Uzbekistan’s government has approved a program of measures to further streamline and enhance the effectiveness of free economic zones.
Allocation of significant funds from the government budget for integrated development of manufacturing, engineering, communication and road infrastructure ranks among its main features. It is envisaged to allocate over 23.7 billion soums for projects in abovementioned areas in 2017 alone.
In addition, the government entrusted certain related ministries and departments to prepare proposals on simplification of the procedure of selection of investment projects and registration of participants of the zones.
The program places a particular emphasis on shifting to electronic application, consideration and approval of submitted documents, as well as on significant cut of terms of consideration. In particular, the administration of zones should reduce the time of consideration of documents of investors from five to two working days, and the Administrative Board – from ten to five working days.
Another breakthrough solution comes to the introduction of ‘single window’ services at administrative offices of free economic zones. From now and on, investors will be able to process all the permissions, get a license for certain types of activities, certificates for products, permission to connection to engineering and communication networks within a zone.
Simplified requirements for investors to present their background and an audit report on financial statements for the last three years applicable to newly established businesses will be an important measure.
The government also intends to team up with commercial banks for the development of targeted measures to support the participants of zones. It has already vowed on signing agreements with banks on opening their branches in the zones, as well as on provision of preferential loans for investment projects for the participants, including those in foreign currency.
Today, there are three free economic zones in Uzbekistan – Navoi (founded in December 2008), Angren in the Tashkent region (April 2012), and Jizzakh in the central part of the country (March 2013).
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There are plans afoot for the next few years to additionally establish four similar facilities – free economic zones Urgut (Samarkand region), Gijduvan (Bukhara region), Kokand (Ferghana region) and Khazarasp (Khorezm region).
