The following article was contributed by the Embassy of the Republic of Uzbekistan in Seoul for publication by The Korea Post media, publisher of 3 English and 2 Korean-language news publications since 1985.—Ed.
One of the country's largest production and technical clusters "Urgut" is located in the Samarkand region. The Urgut Free Economic Zone was established in 2017 on the initiative of the President of the Republic of Uzbekistan Shavkat Mirziyoyev. FEZ specializes primarily in mechanical engineering, automotive industry, as well as the processing of fruits and vegetables.
Currently, 63 projects are being implemented in the economic zone with a total cost of 302.7 million US dollars. In January-March 2022 alone, exports were made in the amount of 21.1 million US dollars. Construction and installation work is underway to develop 44 projects.
To this day, about 5,000 people have received new jobs in the FEZ, the total area is 1842.8 hectares, the amount of attracted foreign investment is 51.1 million US dollars.
There is a special economic regime for investors in the territory, which gives financial and customs preferences, which reduces the cost of starting production.
In particular, at present, the following benefits are provided on the territory of the FEZ "Urgut": land tax - 0%, property tax - 0%, customs privileges for the import of equipment - 0%, tax on the use of water resources - 0%, allocation of a land plot , guaranteed installation of engineering and communication systems for investments in the amount of 0.3-3 million US dollars - within 3 years, from 3-5 million US dollars - for a period of 5 years, from 5-10 million US dollars - for a period for 7 years, from 10 million US dollars and above - for a period of 10 years.
10 advantages of investing in FEZ "Urgut":
stable macroeconomic indicators and constant growth;
strategic location and potential of foreign markets;
tax and customs preferences;
qualified labor force with competitive wages;
the lowest tax rate in the region;
well-developed logistics system and convenient access to the CIS countries;
visa-free regime in 101 countries;
Constant growth of the ease of doing business index;
beneficial cooperation with international organizations;
economically efficient natural resources;
Guaranteed installation of engineering and communication systems.