Uzbek-Italian joint venture created in Navoi free economic zone

Business Materials 6 July 2013 10:10 (UTC +04:00)

Uzbekistan, Tashkent, July 6 / Trend D.Azizov /

Uztransgaz JSC (a structural subdivision of NHC Uzbekneftegaz, controling the gas transportation and supply activity in Uzbekistan) and the Italian company Ariston Thermo International created Ariston Thermo - UTG joint venture, the report of Navoi Free Industrial Economic Zone (FIEZ), in territory of which the joint venture was created, said.

The joint venture (JV) is established for implementation of the investment project on organization of production of modern domestic heating and water-heating boilers in the volume of 60 thousand units.

In the first stage of the project, that is by the end of this year, it is planned to develop the production of boilers in a volume of 10 million units in the first year. In the first stage the investments of the joint venture will amount to 2 million euros.

The Navoi FIEZ was created in December 2008 by the decree of the President of Uzbekistan Islam Karimov.

The term of operation of Navoi FIEZ, which was created in the area of Navoi International Airport (the regional centre in the central part of the country) is 30 years with the possibility of further extension. During this period, there will be special customs, currency and tax regimes, simplified procedure for entry, stay and departure, as well as obtaining permits for employment of non-resident citizens of Uzbekistan. Tax credits are applied with a minimum investment of 3 million euros.

Currently about 30 companies, created with the participation of foreign investors, are operating in Navoi FIEZ.