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Free economic zone for production of medicines to be created in Uzbek Andijan

Uzbekistan Materials 12 June 2019 19:10 (UTC +04:00)

Baku, Azerbaijan, June 12

Trend:

The Government of Uzbekistan adopted a resolution “On measures to organize the activities of the Andijan-pharm free economic zone” in the form of a state unitary enterprise, Trend reports with reference to the Ministry of Justice of Uzbekistan.

According to the document, the number of the managerial staff of five people was determined, the territory for the construction of the premises of the free economic zone (FEZ) was allocated, and the charter of the structure was approved.

The main objective of the Andijan-pharm enterprise will be the implementation of state programs for the development of free economic zones, as well as the development of the pharmaceutical sector in the region for a profit from the production of medicines.

The president of Uzbekistan signed a decree on the creation of this economic zone back in January of this year. According to the document, project participants will be exempt from land tax, profit tax, corporate property tax, and the tax improvement and social infrastructure development, single tax for micro firms and small enterprises, as well as from mandatory contributions to targeted state funds for various periods.

In addition, investors allocating from 300 thousand to three million dollars to the project will be able to count on three-year benefits. Those investing from three to five million dollars, will be entitled to benefits for five years, from five to ten million dollars - for seven years, and from ten million - for ten years. It is assumed that the cluster management will be transferred to foreign companies, in particular Indian ones.

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