TASHKENT, Uzbekistan, February 21. Uzbekistan will launch Ipak Yuli free economic zone (FEZ) in Andijan district, Trend reports.
According to a decree by Uzbekistan's president Shavkat Mirziyoyev, the FEZ will be established on 218.18 hectares of land.
Ipak Yuli will focus on attracting local and foreign investments, as well as producing goods in demand abroad and import-substituting products.
The FEZ is expected to attract foreign investments worth $3 billion by the end of next year. The annual output of industrial products is projected at more than 20.1 trillion soums ($1.6 billion).
The FEZ is also tasked to supply goods abroad for $580.7 million a year. It is expected that the state budget will be replenished by 1.2 trillion soums ($97.2 million) annually due to tax revenues of Ipak Yuli.
Meanwhile, Uzbekistan will increase the territory of Namangan FEZ by 70 hectares.
For this purpose, Uzbekistan will join the vacant land plots in Turakurgan district.
A resolution of the President of Uzbekistan, "On measures to expand the territory of the Namangan free economic zone," has been adopted on this matter.