Uzbekistan to attract $500 million in Korean investments

Business Materials 25 September 2012 17:41

Uzbekistan, Tashkent, Sept. 25 / Trend D. Azizov /

Uzbekistan will attract $500 million from South Korean companies to push investment projects in the Angren special industrial zone in 2013-2015, a source in the government told Trend on Tuesday.

According to the interlocutor, an agreement on raising the funds was reached during Uzbek President Islam Karimov's visit to South Korea on August 19-21.

It is planned to implement the projects in the fields of motor-car construction, electrical products, building materials, light industry, petrochemical industry, the source said.

He has not named a detailed list and cost of projects, as the concrete negotiations on each project will be conducted between their direct participants.

It is expected that the implementation of these plans will allow launching the projects for a total amount of $1 billion on the basis of "Angren" special industrial zone by 2016.

It was previously reported that "Angren" special industrial zone was established by the presidential decree in April 2012. A period of its operation is 30 years with the possibility of extension.

Tax incentives will be applied with minimal investment worth $300,000.