Baku, Azerbaijan, Dec. 4
By Nigar Guliyeva -Trend:
JV JSC Deutsche Kabel AG Tashkent, one of the largest producers of cable and steel products in Central Asia, will complete the investment project launched 14 years ago on creation of Uzglaszaiden JV, specializing in the production of fiberglass, energy-efficient thermal devices and modern energy-saving systems in Tashkent.
This is stipulated in a resolution "On measures to organize the production of fiberglass, energy-efficient heat appliances and modern energy-saving systems" undersigned by Uzbek President Shavkat Mirziyoyev.
Under the document, measures will be taken for earliest possible launch of the production of products, which is in demand for implementing a program of measures to further develop renewable energy, improve energy efficiency in the economic and social sectors for 2017-2021.
JV JSC Deutsche Kabel AG Tashkent until July 1, 2022, within the framework of the project is exempt from corporate income tax, property tax, land tax on legal entities, tax on improvement and development of social infrastructure, single tax payment, mandatory deductions to the Republican Road Fund under the Cabinet of Ministers of the Republic of Uzbekistan.
Also, the joint venture is exempt from customs payments (except for fees) for equipment, component parts, spare parts, raw materials, materials and special vehicles not manufactured in Uzbekistan and imported within the framework of the investment project on the approved lists.
Realization of the project on "Organization of production of technical fiberglass on the basis of Uzglaszaiden JV with the participation of foreign companies "Preiss-Daimler" (Germany) and "Rovitex "(Switzerland)" was launched 2003.
The main source of funding for the supply of equipment (85 percent) was the loan of "Uzpromstroybank" through refinancing the funds of a foreign bank under the guarantee of the government of Uzbekistan.
However, the production of fiberglass was never launched due to shortage of technological equipment and incompleteness of construction and installation work.
In 2011, by decision of the Cabinet of Ministers, unused fixed assets and unfinished construction projects for the production of were mothballed.
Furthermore, as of Nov. 1, 2017, Uzpromstroybank paid its foreign debt at its own expense to a foreign bank, while JV Uzglaszaiden has outstanding debt on loans of Uzpromstroybank in the amount of 116.3 billion soums.
The official exchange rate for December 4 is 8095.88 UZS / USD.