Uzbek-Chinese JV implements projects worth $12M in Uzbekistan
Tashkent, Uzbekistan, Apr. 14
By Demir Azizov- Trend:
Three new enterprises have started to operate in the Jizzakh special industrial zone, the administration of the Jizzakh region said.
The Uzbek-Chinese joint venture AUTO Pad Systems was established by Uzbekistan-based Elif Technic (49% stake in the venture) and Chinese Fujian Huari Automobile Parts Co.Ltd (51%). AUTO Pad Systems will produce brake pads for all kinds of vehicles and railway transport. The project cost is $4 million.
The enterprise's capacity is 397,500 pairs of pads for automobiles, 23,300 pairs of pads for buses and trucks and 10,000 pairs of pads for railway transport.
The founders of Master Screw Systems are Uzbekistan-based Sell Screw Products (25%) and China's Xinjiand Nixan International Logistics Co.LTD (75%).
The enterprise will annually produce 2,000 units of hardware and 12,000 units of metallic profiles and spare parts.
The third enterprise - Master Bilding Products was established by Buy Fitting Product (Uzbekistan) and Urumchi Partnec Biotechnologi Co.LTD (China) to implement the project on production of plastic products and accessories worth $4 million.
Master Building Products will produce 400,000 meters of polypropylene pipes for hot and cold water a year, 200,000 meters of floor heating pipes, as well as 5.5 million units of fittings, valves and accessories for pipes installation.
The Jizzakh special industrial zone was established upon President of Uzbekistan Islam Karimov's decree in March 2013.
The main tasks and directions of the activity of the special industrial zone are to attract direct investments for creation and efficient activity of modern high-tech and innovative
products with high added value.
The special zone was created for 30 years with possibility of extension.
There will be a special tax regime and customs benefits, delivered for a period of three to seven years, depending on the amount of investments, in the territory of the special industrial zone during this period.
The Jizzakh region is located in the center of Uzbekistan, 200 kilometers from Tashkent.
Besides the Jizzakh special industrial zone, two more industrial zones operate in Uzbekistan. The Navoi Free Industrial Economic Zone has been operating since December 2008, while the Angren Special Industrial Zone since April 2012.
According to the Ministry of Economy of Uzbekistan, some 36 investment projects worth about $ 300 million have been implemented in free economic zones of Uzbekistan as of late 2014.
The official exchange rate is 2496.16 soums/$ 1 on April 14.
Edited by CN