Indian companies to explore and develop hydrocarbons and tungsten in Uzbekistan; The Uzbek-Emirati investment company is being created with a declared capital of $1 billion; Mirziyoev created a direct investment fund of Uzbekistan with a capital of $1 billion; Two foreign investment funds announced plans for Uzbekistan; Uzbekistan is considering STO and hopes to attract money to the country through tokens; Extract from the State Register of Real Estate can be obtained online.
Indian companies to explore and develop hydrocarbons and tungsten in Uzbekistan
New investment projects with companies OENGSI Videsh worth $200 million for geological exploration, followed by the development of promising oil and gas bearing areas, with Sun Group India – a project for the development of tungsten deposits worth $300 million have been launched.
In addition, cooperation on 6 projects worth $68 million with a number of leading Indian companies to create modern textile production in Namangan, Khorezm and Tashkent regions began.
To note, September last year, during the visit of Shavkat Mirziyoyev to India, powers of attorney were reached to implement 62 investment agreements in the areas of health care, pharmaceuticals, the textile and food industries, the defense industry, tourism, education, ICT and other areas. Their total cost was about $3 billion.
The Uzbek-Emirati investment company is being created with a declared capital of $1 billion
The company is created in the form of an LLC with an authorized capital of $5 million and declared capital of $1 billion, which are formed from the share of the Abu Dhabi Development Fund (UAE) in the amount of 75% and the Fund for Reconstruction and Development in the amount of 25% with the possibility of attracting additional participants.
The company receives the right to invest through purchase of shares in companies, allocation of loans, issuance of securities, and sale to domestic and foreign investors of an investment company in the authorized capital of other companies. It also performs the functions of developing investment cooperation with investment and financial institutions and companies of the UAE, coordinates investment cooperation with them, and accompanies and assists in the implementation of joint investment projects.
The company receives benefits – 3 years income tax exemption for the company and its founders, including income from dividends and interest, property tax and land tax, as well as value added tax on the sale of its property and assets.
Mirziyoev created a direct investment fund of Uzbekistan with a capital of $1 billion
For the effective work of the fund, a special management company will be set up in the form of a joint stock company with a 100% state share with an authorized capital of $5 million, formed at the expense of the Reconstruction and Development Fund of Uzbekistan.
Coordination of the fund and the management company will be carried out by the State Committee on Investments.
Among the main objectives of the fund are:
- attraction of foreign direct investment and innovative technologies in the expansion of the production potential, as well as further improvement of the competitiveness of the Republic’s economy;
- stimulation and development of investment activities through the formation of long-term mutually beneficial partnerships with private domestic and foreign investors;
- evaluation of investment proposals, development and implementation of investment projects;
- assistance in improvement of the investment climate, as well as wide promotion of the investment potential and opportunities of the republic abroad.
Two foreign investment funds announced plans for Uzbekistan
The IntelliNews, which publishes business news on emerging markets, says that the Tashkent Stock Exchange, which has been operating since 1994, has begun to open up to the world, which represents an excellent opportunity for all investment funds.
One of them, Asia Frontier Capital from Hong Kong, plans to launch a fund in Uzbekistan in March of this year. The fund plans to focus on assets such as cement companies, coal mines and service companies in the oil and gas sector.
Another fund that has plans for Uzbekistan is Sturgeon Capital from London. Sturgeon Central Asia Balanced Fund Ltd. already bought shares of Universal Sug‘urta and Alliance Leasing. The company plans to provide investors not with a separate fund for listed shares, but rather a means of private equity, which will open up access to broader sectors of the Uzbek economy, including banks, construction companies, real estate and tourism.
Uzbekistan is considering STO and hopes to attract money to the country through tokens
“We are very closely monitoring STO and are just starting to create a basis for it. STO is a more legitimate form of investment than ISO, since it allows to tokenize shares. We are currently working on legislation for this market, but we don’t want to hurry and make mistakes, risking, in the end, to get something useless,” said Bobir Akilkhanov, investment director of technology at Digital Trust.
The fund stated that they would ideally like to know if they could raise funds for Uzbekistan’s assets in STO proposals owned by private or state-owned companies.
“Now we are working on establishing partnerships with leading service providers of blockchain, where they can test their own STO market”.
Extract from the State Register of Real Estate can be obtained online
It is now possible to get an extract from the State Register of Real Estate online, according to the website of the State Committee for Geodesy; The service is launched in test mode.
Certificate of ownership and composition of buildings and structures is issued to legal entities and individuals for the registration of contracts of sale, barter, donation, wills and other transactions with real estate.