Uzbekistan on verge of big time land reform; Single portal for investors to be created in Uzbekistan; Hungary to invest 1.5 million euros in Navoi region; Legal entities will be given the right to open bank accounts without visiting the bank; In 2018, Uzbekistan imported $ 2 billion more than it exported; There will be local crypto-currencies and local crypto-currency systems in Uzbekistan; UzCard reported on the launch of instant transfers through Qiwi and CONTACT to Uzbekistan; Indorama will invest $ 225 million in the creation of a cotton cluster in Uzbekistan; Uzbekistan plans to improve its position in Doing Business report.
Uzbekistan on verge of big time land reform
It is proposed to hand over non-agricultural lands in Uzbekistan to private ownership for economic use. This proposal has been included in the draft strategy of Uzbekistan’s innovative development until 2021.
The document also proposes to ensure execution of the rights to use agricultural land. The authors of the document note that this will create the opportunity to turn the land into capital, as well as reduce transaction costs and uncertainty.
Single portal for investors to be created in Uzbekistan
The key feature of the portal will be its ability to provide a variety of interactive services to investors, including the acceptance of applications and other documents. At the same time, potential participants will be able to monitor the progress, regardless of the place and method of submission of investor’s application, in the online mode.
It is also planned to publish a constantly updated list of recommended investment projects, to create a special module for direct appeal of potential investors and state officials.
Hungary to invest 1.5 million euros in Navoi region
LLC “Sharq yog’-moy sanoat” and Virgin Oil Press Ltd have agreed to create a joint production of different grades of oils from different grains by the cold press method. The cost of the project is $ 1 million.
The fish processing company Metrimpex Co.Ltd will create in the region a joint venture for the cultivation, processing and packaging of fish, as well as the export of frozen fish and fish fillets from Uzbekistan to Hungary. The volume of Hungarian investments will amount to 500 thousand euros.
Legal entities will be given the right to open bank accounts without visiting the bank.
It has been stipulated by the presidential decree on measures to improve the rating of Uzbekistan in the report of the World Bank and the International Finance Corporation Doing Business Report.
In 2018, Uzbekistan imported $ 2 billion more than it exported
Foreign trade turnover in January-June amounted to $ 17.7 billion, of which $ 7.8 billion – exports, and $ 9.9 billion – imports. The foreign trade balance is $ 2.1 billion in deficit.
There will be local crypto-currencies and local crypto-currency systems in Uzbekistan
South Korean company Glosfer will assist to create local crypto-currencies in Uzbekistan. Memorandums have already been signed.
Previously, Glosfer has successfully developed Nowon Cash, a local crypto-currency system based on the blockchain in the Seoul Novong area. The company also issued its own HYCON crypto currency and on June 1 launched a public blockchain network.
Glosfer is South Korea’s leading company in the market of technologies and services related to blockchain, and a pioneer among the blockchain companies.
UzCard reported on the launch of instant transfers through Qiwi and CONTACT to Uzbekistan
The transfer is available only in one direction – to Uzbekistan. The money comes to the card, the limit is up to $ 500, the commission is up to 2%, which the sender pays. The rate is commercial and is set by the settlement bank.
Indorama will invest $ 225 million in the creation of a cotton cluster in Uzbekistan
Company will invest 225 million dollars in the creation of the cluster. It is planned to grow 100 thousand tons of cotton per year. This amount is enough to cover the needs of textile enterprises and new projects that are to be implemented in the country.
Indorama started to work in Uzbekistan in 2010 and invested $ 165 million in textile projects in Fergana Valley. The company produces 35 tons of cotton yarn, part of which is exported to different countries.
Uzbekistan plans to improve its position in Doing Business Report
Tashkent, Uzbekistan (UzDaily.com) — President of Uzbekistan Shavkat Mirziyoyev signed a resolution “On measures to further improve the rating of the Republic of Uzbekistan in the annual report of the World Bank and the International Finance Corporation (IFC) Doing Business” on 13 July.
The document said that Uzbekistan has improved its position in the Doing Business report of the World Bank and IFC from 166th place in 2012 to 74th place in 2017.