INFORMATION DIGEST - PRESS OF UZBEKISTAN - February 24, 2016

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INVESTMENTS
President establishes commission for implementation of agreements reached at International investment forum

BUSINESS CLIMATE
Uzbekistan has been pursuing a policy of developing free economic zones

INTERNATIONAL COOPERATION
On Embassy of Hungary in Tashkent

SPORT
Athlete of Uzbekistan updated Asian record


investments

President establishes commission for implementation of agreements reached at International investment forum

The Decree of the President of the Republic of Uzbekistan established the Commission on the implementation of the agreements reached at the International investment forum, held in Tashkent on 5-6 November 2015 with the participation of more than 550 representatives of foreign firms and companies.

The forum saw a signing of more than 100 treaties, agreements and memorandums on joint implementation of investment projects and the acquisition by foreign investors of assets of the state and institutions of economic management for a total of $12.4 billion.

The document approved the composition of the commission, its main tasks and functions.

In addition, the commission has been entrusted to:

- within one month period to complete the negotiations with foreign investors, following the signed by the results of the forum agreements and memorandums, as well as other decisions on the sale of assets of the state and the organs of economic management;

- following the results with potential investors, to organize negotiations, registration of transactions of purchase and sale of assets and monitoring their timely execution;

- introduce proposals to the State commission for conducting tenders on the sale of state property to foreign investors, interested in the acquisition of additional shares in excess of those put on tender;

- take, if necessary, a decision on review of alternative applications of foreign investors and conducting with them direct negotiations;

- consider the application of the mechanism of gradual reduction of prices of offered for sale assets of the state in the manner prescribed by law;

The document defines that in respect of the shares and public assets on which foreign investors have not submitted applications by 1 March 2016, pre-emptive right to purchase them with regard to these investors will be ceased. In addition, joint stock companies, whose shares are sold to foreign investors with the term of provision of installment payment, after July 1, 2016, are not subject to mandatory conversion to other organizational-legal form or liquidation.

(Source: UzReport.uz)

BUSINESS CLIMATE

Uzbekistan has been pursuing a policy of developing free economic zones

Uzbekistan has been pursuing a policy of developing free economic zones under preferential tax and customs terms as one of the most effective mechanisms of promoting real economy in the conditions of global instability. Dozens of new projects will be launched in three domestic zones this year.

There are three industrial zones with special status in Uzbekistan: Navoi Free Industrial Economic Zone (FIEZ), founded in December 2008, Angren Special Industrial Zone (SIZ) in the Tashkent region, which was established in April 2012, and Jizzakh SIZ in the central part of the country, which has been operating since March 2013. The launch on their territory of 35 new investment projects totaling about $500 million is scheduled for 2016.

Angren SIZ is most attractive area for investors. There are seven modern manufactures there today. Their number will increase significantly this year. For instance, the Chinese company Long Sheng is planning to establish a ball-point pens and marker production. Another 13 scheduled projects will specialize in technical oil and leather processing, manufacture of welding electrodes, the production of ceramic tiles, composite reinforcement and other goods.

The automotive cluster will be expanded in the Navoi Free Industrial Economic Zone. For example, the UzEraeCable company on the production of automotive wiring will increase its production volumes. The Uzbek-Indian joint venture UzMinda is intending to establish the production of a range of automotive components, as well as speedometers and security systems for new GM Uzbekistan car models, and the Uzbek-Italian Avtosanoat-Landi Renzo is planning to expand the production of engine compartment equipment to transfer cars to compressed natural gas.

The Uzbek-Chinese joint venture of Peng Sheng is the key player in Jizzakh SIZ - the youngest free economic zone in Uzbekistan. In the first stage of development, it initiated the establishment of manufactures of mobile phones, pet foods, meat and animals entrails, mixers for sanitary wares and valves with an annual production volume of more than $100 million. Many of them will significantly expand their scope this year.

(Source: «Uzbekistan Today» newspaper)

International cooperation

On Embassy of Hungary in Tashkent

The Embassy of Hungary in the Republic of Uzbekistan has begun its activity in Tashkent. The mission is temporarily headed by Chargé d’Affaires of Hungary János Vanyik.

Earlier the Ambassador Extraordinary and Plenipotentiary of Hungary with residence in Moscow was accredited in Uzbekistan.

(Source: Press Service of the MFA of the Republic of Uzbekistan)

sport

Athlete of Uzbekistan updated Asian record

Sportsmen of Uzbekistan won two gold, bronze and one silver medal in the Asian Indoor Athletics Championship 2016 in Qatar.

An experienced athlete in the pentathlon Ekaterina Voronina scored 4224 points and was awarded a gold medal. This good result is recognized as a new Asian record.

Another "gold" in the treasury of our team was won by Svetlana Radzivil in the high jump competition. Svetlana showed the result of 1.92 meters. In this competition, Nadya Dusanova won the silver medal.

Marat Haydarov in heptathlon competitions and Valentina Kibalnikova in the race with obstacles at a distance of 60 meters were awarded bronze medals.

(Source: UzA)

 

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