President Shavkat Mirziyoyev signed the Resolution ‘On Small Industrial Zone in Yangiyer City in Sirdarya Region’ on 30 March to harness the city’s industrial potential, attract investment, boost competitiveness, optimise infrastructure use, and create new jobs.
Under the resolution, Sirdarya’s khokimiyat, the State Cadastre Committee, and the State Architecture Committee are given one month to set out the zone’s location and borders.
The zone’s land will be managed by Sirdarya’s khokimiyat, with the zone itself to operate for a renewable term of 30 years.
The small industrial zone is set to:
- promote small businesses, ensure employment, and raise income in Sirdarya;
- realise tech projects in various areas;
- harness Sirdarya’s resource potential; and
- continue high-tech manufacturing localisation by expanding cooperation.
- Businesses operating on the small industrial zone will be exempt from the single tax and customs duties (except for application fees) for the import of necessary goods.
The exemptions will be in force for three years, granted the businesses make investments totalling no less than 2000 minimum wages.
If the annual revenue falls below the 1000-wage level, the exemptions will be annulled, and the business will have to repay the taxes for the respective year.
If duty-exempt imports are resold within the first three years of arriving in the country, they will be subject to customs duties according to the law.
Under the 20 January Cabinet Resolution ‘On Additional Measures for Socio-Economic Development and Further Improvement of Population Welfare in Sirdarya Region’, commercial banks and business unions have been tasked with organising 207 projects with a total worth of $40m.