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ECONOMY
ers to sell part of their Most importantly that, the country con-
revenues domestically to tinuously boast stable and predictable
the government at a low political, economic and investment envi-
fixed rate also no longer ronment, since gaining Independence in
relevant. 1991.
vantageous of geographic location and In December 2017, Pres- As part of the ongoing reforms, the
proximity to biggest markets positions ident H.E. Mr. Sh. Mirzi- state creates attractive conditions and
Uzbekistan as an attractive place for yoyev posed a defined provides various benefits to foreign in-
foreign investors. In addition, Uzbekistan clear goal: to create vestors. Within the framework of the
has the Free Trade Agreement with CIS conditions for a drastic created conditions, Uzbekistan Govern-
countries and Georgia (Most-favored na- increase in the volume ment offers:
tion treatment with 46 countries, includ- of attracted foreign in- n 0% of income tax for SMEs;
ing China, Japan, the United States, the vestments and improve n from 30 to 50% reduction in taxes,
EU countries, India, Korea, etc.), which the efficiency of invest- depending on the volume and range of
ensures duty-free access of Uzbeki- ment distribution as exports;
stan’s products to regional markets well as enhancement of n 0% VAT;
with population of more than 300 mil- business environment. Moreover, in January 2018, the Presi-
lion. These are not just words. Due to appro- dential Decree created 4 additional
priate measures taken by the Govern- free economic (FEZ) zones and 6 phar-
ment, in the World Bank’s “Doing Busi- maceutical industrial zones bringing
ness 2018†Report published in October, total number of FEZ to 14 were sim-
2017 Uzbekistan succeeded in improv-
plified customs procedures, full ex-
emption from income tax, customs
duties, social taxes and certain
mandatory contributions are grant-
ed.
Uzbekistan’s President H.E. Mr. ing its ranking by 13 points bringing it to Around 50 of the world’s leading
Shavkat Mirziyoyev considers attrac- 74th position during a year. In general, brands have already invested in
tion of investments as a key priority Uzbekistan improved its indicator of sim- Uzbekistan. More than 5,000 com-
for economic development. For that, plicity of doing business procedures by panies with foreign capital are suc-
adoption of the Law “On the Author- more than 90 positions since 2012. Ac- cessfully operating in the
ized Representative under the Presi- cording to the rating, Uzbekistan also country.
dent of the Republic of Uzbekistan ranks in top ten countries which reached The Singaporean companies are
for Protection of Rights and Legal In- best results in improving business en- not an exception from this list. For
terests of Entrepreneurship Entities†vironment during 2017. The most ap- example; Indorama Corporation run
as of August 29, 2017, became practi- preciable improvements were achieved projects in chemical, textile and agri-
cal implementation of the consistent in such areas as business registration, cultural sectors, Issa Global Pte. Ltd
policy conducted under management receiving credits, and insolvency set- deeply involved in agricultural and
of the Head of the State and aimed at tlement. A number of foreign analytical trade business with intention of fur-
strengthening of guarantees for protec- centers gave high assessment to Uzbek- ther expansion to new areas, Bedel
tion of rights and legal interests of en- istan in respect to high rates of econom- Pte Ltd efficient in food industry and
trepreneurship entities. ic growth (the International Economic Olam International Ltd in trade opera-
Also, since 3rd September 2017 free Forum), stability and reliability (Moody’s) tions over the last decades. In general,
regime of convertibility of national cur- as well as law enforcement activity and Singaporean companies are operating
rency into foreign currencies was im- security (World Justice Project and Gal- in numerous projects in Uzbekistan.
plemented under the progressive Presi- lup Organization). Recently new perspective investment
dential Decree. Implementation of the Uzbekistan now is one of the top 5th projects in infrastructure, agribusi-
Decree in practice creates equal com- fastest growing economies in the world ness, textile, education and other sec-
petitive conditions in the currency mar- with a diversified economic structure tors are under discussion with busi-
ket for all economic entities, increasing and holding 5th place among the coun- ness circles of Singapore.
the role of the currency policy as a stim- tries with safe business environment.
ulus for export development in all eco- In recent years, the country abolished
nomic sectors, strengthening regional more than 160 licensing procedures and
and international economic cooperation. 19 bureaucratic procedures.
Earlier, Uzbekistan was associated with
strict control of the outflow of currency
- this issue was completely solved! Re-
patriation of profits and purchases of
foreign currency issues have now been
resolved - foreign investors can freely
purchase the necessary amounts at the
exchange rate in the free market. Addi-
tionally to that requirement for export-
Uzbekistan 9JEWEL of the Silk Road
