BAKU, Azerbaijan, June 12
By Ilkin Seyfaddini - Trend:
Uzbekistan plans to create two free economic zones near its borders with Kyrgyzstan and Turkmenistan, Trend reports citing the Uzbek online portal on Legislation Acts Impact Assessment of Uzbekistan.
According to a draft presidential decree developed by the Uzbek Ministry of Investment and Foreign Trade, Uzbekistan may create a Kungrad FEZ in the Kungrad District of Uzbekistan’s Karakalpakstan Autonomous Republic, bordering Turkmenistan, and a Dustlik FEZ in the Khojaabad District of Andijan region bordering Kyrgyzstan.
The objectives of the new FEZs will be to create conditions for trade in goods (services), develop a modern format of international and regional wholesale trade; develop a full range of logistics in border areas; improve interregional cooperation through the organization of exhibitions; improve the welfare of the people and create new jobs; create transport, medical, entertainment, insurance, hotel and restaurant and trade infrastructure, the message said.
The operation period of the zones is planned for 30 years with the possibility of extension. The operating companies of future FEZ may be exempt from property tax, land tax, and water use tax.
Payments and money transfers in these zones are planned on the basis of free conversion.
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