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Uzbekistan establishes FEZ Nukus

Business Materials 5 September 2019 13:13
Nukus Free Economic Zone (FEZ) has been created in Uzbekistan
Uzbekistan establishes FEZ Nukus

Baku, Azerbaijan, Sept. 5

By Fakhri Vakilov-Trend:

Nukus Free Economic Zone (FEZ) has been created in Uzbekistan, Trend reports with reference to the Ministry of Justice.

"It was set up on the basis of Nukus Farm, which specialized in the production of pharmaceutical products," read the message.

The main objective of the Nukus FEZ is to attract direct foreign and domestic investments for the manufacture of import-substituting products that are in demand on foreign markets.

Its term of operation is 30 years.

Special tax and customs regimes will operate on the territory of the zone, and Nukus-Pharm participants will be able to obtain the status of participants in the Nukus FEZ without additional procedures. They will also retain previously provided benefits and preferences.

In 2017, President of Uzbekistan Shavkat Mirziyoyev signed decrees on the creation of four new free economic zones in the Bukhara, Samarkand, Fergana and Khorezm regions, as well as seven pharmaceutical free economic zones - Nukus-Pharm , Zomin-Pharm, Kosonsoy- Pharm, Sirdaryo-Pharm, Boysun-Pharm, Bustonlik-Pharm and Parkent-Pharm.

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