Uzbekistan offers Free Economic Zones and Tourism Opportunities

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November 7, 2017

Uzbekistan offers Free Economic Zones and Tourism Opportunities

The Embassy of Uzbekistan in Delhi organized a presentation of the Free Economic Zones in Uzbekistan and Tourism opportunities that presently exist between Uzbekistan and India today, 13 October, at the Embassy premises. The event was organized in cooperation with India-CIS Chamber of Commerce and Industry and also
The event was attended by representatives of the Indian Ministry of External Affairs, Ministry of Commerce and Industry, business and tourist companies as well as Mass Media representatives.
In his speech, Uzbek Ambassador Farhod Arziev noted that Uzbekistan is a rapidly developing country. The current year in Uzbekistan is the Year of Dialogue with the People and Human Interest. Virtual and People’s Reception Offices of the President have been established all over the country. He also underlined in Uzbekistan the role of political parties and civil society is growing, and the true independence of the judiciary is ensured. All these steps are aimed at ensuring the priority of human rights and interests in the country.
Briefing the audience about the economic growth of Uzbekistan the speaker noted that in 2016 the GDP of Uzbekistan grew by 7.8 percent, industrial production – by 6.6 percent, agricultural production by 6.9 percent, capital construction by 12.5 percent, retail turnover by 14 percent, services – 12.5 percent. About 70 percent, of the products produced were finished goods with high added value.
In the first half of 2017 GDP of Uzbekistan grew by 7 percent, compared to the same period of 2016 year. The volume of industrial production for the six months increased by 7.6 percent, retail trade turnover – 11.1 percent, services – 11.6 percent, production agricultural products 5.8 percent.
Uzbek President Shavkat Mirziyoyev initiated deepening the market reforms – Strategy for Actions of the development of Uzbekistan along five priority directions in 2017-2021.
One of the priorities of the Strategy is the development and liberalization of the economy, aimed at strengthening macroeconomic stability and maintaining high rates of economic growth, the continuation of institutional and structural reforms to reduce state involvement in the economy. The strategy also provides for a further strengthening of protection of the rights and priority role of private property, encourage the development of small business and private entrepreneurship, active attraction of foreign investments in the sectors of the economy by improving the investment climate.
At the same time, Uzbekistan pays special attention to the adoption of large-scale measures to combat corruption, which should lead to an improvement in the business environment. The law was recently passed
“On Counteracting Corruption”. The institution of business ombudsman was established in the republic.
During the event special attention was paid to the trade and economic relations between Uzbekistan and India which are developing dynamically. Over the past five years the trade turnover between two countries increased by more than two times and at the end of 2016 reached $ 370 million. At the same time, there is significant potential to further increase and diversify the range of turnover.
Items of Interest between Uzbekistan and India
Today, enterprises and companies of Uzbekistan are ready to supply a wide range of export products to the Indian market, including cotton fibre, cotton yarn, yarn and fabrics, copper and articles thereof, chemical products, mineral fertilizers, electrical and cable, fruit and vegetable products, and expand the range of services provided.
In turn, Uzbekistan is interested in attracting Indian high-tech companies to the implementation of joint projects on the organization of the production demand of finished industrial products, including chemical products, drugs, projects in the textile and leather industries, information technology and telecommunications, and others.
Today for foreign investors in Uzbekistan has created all the necessary conditions: tax breaks, cancellation fee on import of industrial equipment, other benefits of investing in the implementation of promising projects. Since the beginning of September this year Uzbekistan has fully moved to the free convertibility of the national currency.
Recently, four more Free Economic Zones were established in Khozarasp, Kokand, Urgut and Gijduvan which are in addition to those functioning in Navoi, Angren and Jizzakh. In addition, seven free economic zones, specializing in the production of pharmaceutical products have been created.
Indian investors were invited for participation and capital investment in the implementation of industrial projects in these free zones.
During the presentation participants were also informed about the tourism potential of Uzbekistan. Films and presentations gave participants a good idea of cultural heritage of Uzbekistan and current tourism opportunities.
Courtesy: Embassy of Uzbekistan, New Delhi