Uzbek-Indian JV created at Navoi FIEZ to produce automobile components
Uzbekistan, Tashkent, Aug.21 / Trend, D.Azizov /
Uzavtosanoat (Uzbek Car Industry) joint stock company and India's Minda Capital created an enterprise on production of automobile components, the Uzbek company's press service said. The sides have equal shares in the enterprise.
UzMinda LLC will be located at Navoi free industrial and economic zone. The enterprise will produce speedometers and security systems for automobiles - set of locks and actuators for central locks.
The expected designed capacity of the Uzbek-Indian enterprise will be 250,000 automobile components a year. The plant will provide jobs for 200 people.
Asaka Bank, one of the largest companies in Uzbekistan, allocated US$6.4 million for technological equipment of the enterprise.
President of Uzbekistan Islam Karimov signed a decree on creation of free industrial and economic zone near Navoi international airport in December 2008.
The Navoi FIEZ will function for 30 years and the term can be extended. During this period, the special customs, currency and tax regimes, simplified entry, stay and exist order, as well as work permit for foreigners will be in force in the zone. Tax preferences will be given to the minimum investment volume for 3 million euros.