Jovan Jekic becomes an advisor of the Minister of Foreign Trade on accession to WTO; Fund for support of exports of small businesses opens office in India; Uzbekistan and UAE create Direct Investments Fund; Benefits for the import of coal are extended, for other construction goods – not; Turkish company starts producing solar panels in Tashkent region; Foreigners earn 1.3 billion revenue on investments in Uzbekistan in 1H 2018; Chinese investors are planning to invest in the FEZ “Bukhoro-agro”;
Jovan Jekic becomes an advisor of the Minister of Foreign Trade on accession to WTO
Within the framework of the realization of the Memorandum on mutual understanding with the US Agency for International Development (USAID), which was signed on May 16, 2018 in Washington DC, expert in the field of international trade law Jovan Jekic has been appointed for the post of the advisor of the Minister of Foreign Trade of the Republic of Uzbekistan.
Jovan Jekic has been working in the fields of International Trade Law, Intellectual Property Law, Customs Control and Procedure, proper regulation of commercial policies and politics of trade and investment for more than 35 years. During 2001-2017 years, he consulted the government of Azerbaijan, Tajikistan as well as Serbia and Montenegro towards accession to WTO. He supports constructive contacts with the representatives of the Secretariat of WTO in Geneva as well as the negotiation groups of other members of the organization.
Fund for support of exports of small businesses opens office in India
Fund for support of export of small businesses and private entrepreneurship under the National Bank of the Republic of Uzbekistan has registered its representative office in India. The representative office of the fund will conduct marketing research and find foreign partners.
The office of the fund will promote the brands of Uzbekistan and organize the participation of entrepreneurs of Uzbekistan in international exhibitions, fairs, tenders and other events. The representative office will assist in obtaining international certificates, licenses and other permits.
The representation of the fund has already assisted the company Uzbekiston Shampani to conclude a contract with the Indian company ADITYA EXPORT for US$1 million. The Uzbek Company will begin deliveries of wine products to India from December 2018.
Uzbekistan and UAE create Direct Investments Fund
Uzbekistan and the UAE signed an agreement on creation of the Direct Investments Funds for total sum of US$1 billion. The document was signed in Tashkent within the framework of the Uzbek-Emirates business forum.
The UAE delegation in Uzbekistan was represented by about 40 people led by Ibrahim Al-Mahmoud, the deputy chairman of the Chamber of Commerce and Industry of the country.
Following the results of the business forum, a number of bilateral documents were signed in the areas of commercial and residential construction, renewable energy and investment cooperation.
Benefits for the import of coal are extended, for other goods – not
Earlier, a list of materials used in construction, including cement, asbestos, building glass, timber and coal was granted privilege on customs payments (except for customs clearance fees) till January 1, 2019 by a Presidential Decree.
The current document extends benefits only for coal, for the rest they end in three months.
First Deputy Chairman of the State Customs Committee Zhasur Aripov prevously reported that about 75% of the accrued customs payments are provided in the form of privileges. In total, for the first half of 2018, this amount was equal to 17.7 trillion soums.
Turkish company starts producing solar panels in Tashkent region
The Turkish company DAL Teknik Makina Ticaret ve Sanayi A. Ş., which launched a new steel plant in the Tashkent region in late August, began producing solar panels.
The plant’s construction started in October 2017 in the industrial zone of the city of Akhangaran. The project, worth $ 10.7 million, is located in the Angren free economic zone.
Member of the Board and CEO of DAL Teknik Makina Ticaret ve Sanayi A. Ş. Chagatai Kose noted that the project is implemented 100% at the expense of Turkey’s investments. According to him, the technology for the plant is imported from Turkey and the products of the plant will meet European standards.
Foreigners earn 1.3 billion revenue on investments in Uzbekistan in 1H 2018
Investment incomes of non-residents in the first half amounted to $ 1.3 billion, according to the report of the Central Bank.
The largest share fell on income from direct investments – $ 602.5 million. The income from attracted loans accounted for $ 255 million, and another $ 452 million – on other investment income. Revenues from portfolio investments amounted to $ 5.4 million, another 0.3 million accounted for income from deposits in bank accounts.
Reinvested earnings of foreign direct investors amount to $ 469 million or more than 77% of the total income from direct investments.
Chinese investors are planning to invest in the FEZ “Bukhoro-agro”
A meeting with representatives of the People’s Government of Shenyang Province of the People’s Republic of China headed by Vice Mayor Ms. Chen Hong was held on 4 October at the Chamber of Commerce and Industry of Uzbekistan.
The purpose of the visit was to discuss investment climate of Uzbekistan, possible ways of cooperation in such areas of agriculture as: livestock, horticulture, poultry farming, growing cereal crops.
Also during the meeting, the Chinese side expressed interest in investing in the newly created FEZ “Bukhoro-agro”. Recall that the period of operation of the country’s first agricultural free economic zone will be 30 years from the moment of its creation, with the possibility of further extension of this period.