Uzbekistan boasts export increase in 2017

TASHKENT (TCA) — In 2017, the government of Uzbekistan took a number of measures to liberalize foreign trade and increase the country’s export potential. Customs duties for all exported goods and services were abolished and the licensing and export system was simplified. A zero rate of customs duties has been established for more than 60 percent of goods. This was said at a press conference on the results of activities of the Ministry of Foreign Trade of Uzbekistan in 2017, the Jahon information agency reported.

Necessary conditions for further liberalization of foreign trade and increase in the range of export products were created in 2017. The obsolete licensing procedures were abolished and tax exemptions for exporters were extended.

Introduction of free conversion of the national currency in 2017 was another step towards the liberalization of the Uzbek economy. Starting from September 2017, the procedure for compulsory sale of the foreign currency received from exports was canceled, providing further encouragement for small business and private entrepreneurship.

Last year, the policy of expanding trade and economic relations with foreign countries continued, resulting in the signing of export contracts for 11 billion US dollars.

According to Deputy Minister of Foreign Trade Sakhib Saifnazarov, the Concept of development of export activity of Uzbekistan in 2018-2021 has been developed. It is aimed at expanding the export potential of the country through the production development of new types of products. Its successful implementation will contribute to a 2.5-fold increase in the country’s exports.