Uzbekistan offers preferences for South Korean companies

Business Materials 9 March 2018 11:47 (UTC +04:00)

Baku, Azerbaijan, March

By Fikret Dolukhanov – Trend:

Uzbekistan offered Korean entrepreneurs to become residents of small industrial zones created in Tashkent, Uzbek media reported citing Alisher Tilyayev, Deputy Head of the Investments, Innovations, Industrial Development, Tourism and Private Enterprises Assistance Department of the Tashkent Administration.

“We are going to create five more [small industrial] zones on top of the three existing. Residents will get favorable rental rate on land and offices during the next ten years. The prices will be five to six times lower than commercial offerings. Moreover, the residents will be exempted from taxes for the first two years, and for two years more if their export volume will exceed 30 percent,” Tilyayev noted.

Addressing the Uzbek-Korean business-forum, he added that the city administration is interested in cooperation with the South Korean partners in construction of affordable housing, private kindergartens, multi-storey parkings, as well as new hotels and city parks. Tashkent also invites the businessmen to participate in improvement of municipal services and public transport management systems.

Earlier, Uzbekistan and Korea discussed establishment of deeper trade ties between Uzbek and Korean companies, creation of joint enterprises and realization of investment projects during the Uzbek-Korean business forum and cooperation exchange held in Fergana on March 7 with participation of entrepreneurs from both countries.