Uzbekistan: President declares Navoi region free economic zone

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.

The Navoi FEZ is located in a mineral resources-rich region, now equipped with advanced logistics facilities and other necessary infrastructure.

Enterprises operating there will be able to enjoy a range of favorable policies, including exemptions from land, income and property taxes of legal entities, single tax payments for micro-firms and small enterprises, and customs payments (except for customs clearance fees).

President Mirziyoyev has been carrying out a series of economic reforms to make the Central Asian country attractive to foreign investors since he came to power in 2016.

Sergey Kwan