Viewing results 1 - 6 of 54
TASHKENT (TCA) — Uzbekistan President Shavkat Mirziyoyev last week signed a decree on measures to create the Nukus Free Economic Zone (FEZ) to attract foreign investment to the country’s northwestern region of Karakalpakstan, Xinhua news agency reported with reference to the Uzbek Justice Ministry. Continue reading
BISHKEK (TCA) — Free economic zones can be a driving force to attract foreign direct investment and technologies and accelerate the process of industrialization and increase trade in Central Asia. Continue reading
NUR-SULTAN (TCA) — On May 21 at the meeting of the Government chaired by the Prime Minister Askar Mamin, the development of special economic zones and industrial zones was reviewed, the official website of the Prime Minister of Kazakhstan reported. According to the Ministry of Industry and Infrastructure Development, today, 12 free economic and 23 industrial zones work in the country. Minister of Industry and Infrastructure Development Roman Sklyar said that the budget expenditures for the construction of infrastructure of all economic zones amounted to 314.3 billion tenge, while the volume of attracted investments amounted to about 910 billion tenge. “In total, 183 projects have been launched in the territories of the zones, of which 46 are with foreign participation. Over 15 thousand jobs were created. About 150 billion tenge was returned to the budget in the form of taxes,” Sklyar said. According to Sklyar, by 2021, 147 projects worth over 2 trillion tenge will be implemented in the territories of the special economic zones. In 2019, 36 projects will be launched totaling more than 160 billion tenge, with the creation of about 1,200 new jobs. On the territory of the industrial zones, 173 projects worth about 520 billion tenge will be introduced by 2021. Of these, 40 projects worth about 163 billion tenge will be implemented in 2019. Vice Minister of Energy Asset Magauov reported on the development of the special economic zone "National Industrial Petrochemical Technopark". As of May 1, 2019, since the start of the implementation, the production amounted to 10.1 billion tenge, 2,600 jobs have been created. The main projects of the zone are the production of polypropylene and polyethylene with a total value of $9 billion. Contribution to GDP of only two of these projects will be 1.5%. In addition, private investors are expected to implement projects for the production of polyethylene terephthalate, methanol and cyclohexane, which are at different stages of development, by private investors. These projects will attract about $2.5 billion in investment and create up to 10,000 jobs during the construction phase and 1,500 during the operation phase.
TASHKENT (TCA) — Uzbekistan's President Shavkat Mirziyoyev signed a decree on May 16 designating the Navoi region as a free economic zone (FEZ) for innovative, high-tech, export-oriented and import-substituting industries for the period until January 1, 2030, with the possibility of further extension, Xinhua news agency reported. Continue reading
TASHKENT (TCA) — International Business Forum “Invest in Navoi” will be held in the Navoi region of Uzbekistan from April 30 to May 1. The two-day event, organized by the regional administration, will take place in the Navoi Free Economic Zone, the Jahon information agency reports. Continue reading
TASHKENT (TCA) — Uzbekistan President Shavkat Mirziyoyev and visiting South Korean President Moon Jae-in on April 19 attended the opening ceremony of the Uzbek-South Korean business forum in Tashkent. Uzbekistan and South Korea are long-term investment partners. Korean investments in the Uzbek economy exceed $7 billion. The Korean National Oil Company, Eximbank, many of the leading corporations of this country, including Kogas, Lotte Group, Samsung, Hyundai, and Shindong Resources, are actively engaged in priority investment projects in Uzbekistan, the press service of the Uzbek president reported. The Uzbek leader said that negotiations with his Korean counterpart held earlier on the day placed special emphasis on supporting relations between the business people of the two countries, on developing medium and small businesses. “The reforms and changes taking place in Uzbekistan today open up extensive opportunities for the confident realization of ambitious ideas and major projects. Last year, the number of joint ventures in our country grew threefold. They include 160 enterprises with Korean capital participation. We are ready to continue to create the most favorable conditions for expanding the presence of Korean business in Uzbekistan,” Mirziyoyev said. The President of the Republic of Korea said that since ancient times, Uzbekistan has been a center of trade, science and culture, and that today there are wide opportunities for joint business projects. He conveyed the willingness of South Korea to support investment projects in Uzbekistan and share best practices. The forum was attended by heads of economic and financial institutions, leading companies of the two countries, including more than 350 representatives of 150 corporations and organizations of South Korea. At the business forum, important deals were reached and contracts worth over $12 billion were signed. They cover such areas and industries as energy, oil and gas, chemical, mining, mechanical engineering, electrical engineering, transport and logistics, textile and light industry, infrastructure, ICT, and digital medicine. Of particular importance are agreements on the transfer of Uzbekistan’s Angren Free Economic Zone to the management of Korea’s Incheon Free Economic Zone, and on the establishment of the production of marketable drugs in the industrial zone Bustonlik Pharm in Uzbekistan. The Uzbek President called on Korean businesses to actively cash in the new opportunities emerging in the Uzbek economy.
