PROJECT PROPOSALS FOR THE NOVEL FREE ECONOMIC ZONE
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Engineering and communication infrastructure, including gas pipelines, water pipes and mains, sewerage, roads and railways, communications, are currently laid in an accelerated mode to provide modern production enterprises on the territory of the zone with appropriate working conditions.
Many foreign investors already show interest in the projects. An Uzbek-Chinese joint venture Pitnak Panel has come forward with a proposal.
“In cooperation with the Chinese company Hinjiang Zaman Import and Export Trade Co LTD, we are drafting a project for $3.5 million for the construction of a facility to manufacture 200,000 polystyrene blocks and sandwich panels per year. The project envisages employment of about 40 young specialists – graduates of vocational colleges,” said the head of the enterprise Hushnud Jumaniyozov.
There are prospects of even greater interest of foreign investors ahead, because FEZ participants are exempt from customs duties, certain taxes and mandatory contributions to state funds. For example, investments from $300,000 to $3 million earn a privilege of three years of exemptions, from $3 million to $5 million – five years, and $5-10 million investments invite seven years of tax and duty exemptions.
If a party invests more than $10 million, he will get exemption on tax and duty payments for 10 years, and in the next five years, he will pay income tax and single tax payments with a 50 percent discount of the current rates.
In addition, the government released FEZ participants from customs duties on imported raw materials and components for the whole period of its operation.
