Burden of credit investments to sharply decrease in Uzbekistan

Business Materials 6 December 2017 15:34 (UTC +04:00)

Baku, Azerbaijan, Dec. 6

By Nigar Guliyeva - Trend:

Uzbekistan expects a sharp decrease in the burden of credit investments on the economy, head of the State Investment Committee of Uzbekistan Azim Ahmedkhodzhayev said during a business forum in Tashkent.

"It may not be felt now, and it will not be noticeable next year, but, by the end of 2018 and during 2019 we will see that direct investments are coming to Uzbekistan. And the burden of credit investments, or borrowed investments, as we still call them, will be sharply reduced, " he stressed.

Moreover, according to Akhmedkhodzhaev, the presidential decree dated Sept.3, 2017 on priority measures for the implementation of monetary policy became a cardinal step towards creating a favorable investment climate in the country.

"We created all the opportunities for our exporters, at least the basic ones. That is, in previous years, existing requirements and restrictions on the use of their revenues, on compulsory sale (currency - ed.) - all these were eliminated," he said.

Today Uzbekistan can offer investors various tax benefits up to zero.

In this regard, Akhmedkhodzhaev mentioned free economic zones. So, according to him, simplified customs procedures, full exemption from income tax, customs duties, social taxes and certain mandatory contributions are available in 14 special economic zones created in the country.

"In general, we invest a lot in creating good conditions for business in Uzbekistan," he said.

Uzbekistan intends to increase its investment attractiveness through participation in world ratings.

Akhmedkhodzhaev noted that Uzbekistan will be able to enter the top three in terms of growth rates, doubling the GDP by 2025. According to him, the country intends to increase the index of business attractiveness by entering the top 20 and even the top 10 of the world rating.

The State Committee for Investments was established by the decree of the head of state on March 31, 2017 in order to fully implement the investment potential of Uzbekistan, further improve the investment climate, develop quality annual investment programs, and create the most favorable conditions for attracting foreign investment.

The Committeee has already developed Investment Code, which will become the basic normative legal act in regulating investment activity in the republic.