Uzbekistan, Tashkent, May 22 / Trend D.Azizov /
The Cabinet of Ministers of Uzbekistan in its regulation 'On measures for the organisation of the Jizzak special industrial zone (SIZ)'defined the criteria for the selection of business entities for granting them the status of a SIZ participant.
One of the main criteria is making investments by the company's own funds and the loans taken without the country's state guarantees, the gradual formation of process chains for the production of competitive import-substituting and export-oriented products in Jizzak SIZ and the adoption of commitments to reinvest in the venture of at least 50 per cent of the income derived from the application of exemptions.
The resolution assigns the task of solving organisational issues for the selection of investment projects to be implemented in Jizzak SIZ to the working body of the administrative council and the directorate of the group.
The selection of investment projects for implementation in Jizak is being conducted in two stages. At the first stage the investor must submit to the directorate an application with the required documents attached and at the second stage, the state registration of entrepreneurs as legal entities and their registration as members of Jizzak SIZ will then take place. An investment is concluded between the directorate and an investor.
The certificate issued to a Jizzak SIZ participant is a confirmation of a right to a special tax system and remissions in respect of activities in the zone.
A member of the group is not entitled to transfer its rights and liabilities under the agreement to another person.
According to the resolution, the administrative board of the SIZ is a collective body formed by a presidential decree from the representatives of public and economic administration.
The resolution also provides for the establishment of the State Unitary Enterprise Directorate of the Jizak special industrial zone in Namangan founded by the Cabinet of Ministers of the country.
The authorised fund of the directorate amounting to one billion sum is an aggregate of funds, property and other assets transferred to it by its founder for the management of Jizzak SIZ.
Jizzak SIZ was created in March of this year by a decree of the President of Uzbekistan Islam Karimov.
The main task of the zone is the attraction of direct investments for the establishment and effective operation of modern, high-tech and innovative ventures producing goods with high added value competitive on the domestic and foreign markets.