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Great Silk Road

ECONOMIC POTENTIAL & INVESTMENT ENVIRONMENT OF THE REPUBLIC OF UZBEKISTAN Elyor Ganiev Minister of Foreign Economic Relations, Investments and Trade. Great Silk Road. MODERN UZBEKISTAN. The leading industrial country in CA. “Open doors” Policy. Favorable investment climate.

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Great Silk Road

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  1. ECONOMIC POTENTIAL & INVESTMENT ENVIRONMENTOF THE REPUBLIC OF UZBEKISTANElyor GanievMinister of Foreign Economic Relations, Investments and Trade

  2. Great Silk Road

  3. MODERN UZBEKISTAN The leading industrial country in CA. • “Open doors” Policy • Favorable investment climate • System of privileges and incentives • Attracted more than 21.5 bln USD of Foreign investments so far.

  4. GDP (Growth, %)

  5. EXPORT TREND (mln USD)

  6. TRADE TURNOVER (mln USD) The volume of the products with high value added, the share of which in total exports increased from 22% in 1991 up to 60% in 2006. • Turnover growth by 13.5 % • Export growth by 18.1 % • Import growth by 7.4 % • Balance 2 bln USD

  7. INFLATION RATE (%) Effective moderately rigid monetary and fiscal policy in the last 4 yrshave allowed to support inflation rate at rather low level.

  8. UZBEK TAX SYSTEM Income Tax Rate Unified tax for micro-firms and small enterprises from the volumes of sale of goods (works, services) – 13%, including mandatory payments to the state, target and off-budget funds.

  9. UZBEK TAX SYSTEM Property tax 3,5% to residual cost VAT 20% Land tax – on the rates, set depending on location land plots. Income tax 10% MAIN TAXES AND PAYMENTS Tax on income of individuals (max.rate) 25% Single social tax 24% • Mandatory payments, target and off-budget funds: • Road Fund – 1.5%; • Secondary School EducationDevelopment Fund– 1%; • Pension Fund – 0.7% of the volumes of sale of products • with deduction of VAT and excise taxes.

  10. SMALL AND PRIVATE BUSINESS (Share in GDP)

  11. ESSENTIAL CONDITIONS Appropriate legislation Developed infrastructure Cheap energy supplies Necessary production spaces Skilled labor force

  12. FOREIGN INVESTMENTSINUZBEKISTAN • FDI inflow for the last 6 yrs increased by 10 times making 2.5 bln USD. • More than 3500 enterprises with foreign investments, including world-famous TNCs, in the Uzbek market.

  13. INVESTMENTLEGISLATION The following laws form the basis of investment environment in Uzbekistan: • On Foreign Investments, • On Investment Activities, • On Guarantees and Measures of Protection of Rights of Foreign Investors, • On Protection of Rights of Investors on Securities’ Market

  14. Stable legislatureduring 10 yrs, Free transfer of money resources in a foreign currency into Uzbekistan and from it without any restrictions, Foreign investments and other foreign assets are not subject to nationalization, GUARANTEES& RIGHTSOF FOREIGN INVESTORS

  15. Foreign investors’ incomes derived in Uzbekistan can be re-invested in the territory of the Republic of Uzbekistan or used in any other way at the discretion of a foreign investor, GUARANTEES& RIGHTSOF FOREIGN INVESTORS

  16. Return of foreign investments due to the discontinuance of an investment activity, Insurance protection and guarantees against political and other risks. GUARANTEES& RIGHTSOF FOREIGN INVESTORS

  17. Unprecedented tax incentives, in particular, interest rate reduction and full exemption from tax for 7 yrs depending on the volume of investments, Exemption from VAT payment and custom charges for imported equipments, INCENTIVES FORFOREIGN INVESTORS

  18. Exemption from Land tax payment for a specified time, More incentivesavailable forexport-oriented enterprises. INCENTIVES FORFOREIGN INVESTORS

  19. INCENTIVES FORFOREIGN INVESTORS On March 14, 2007 a special Decree was signed by the President in order to stimulate upgrading and re-equipment. • Tax base reduction for the sum equivalent to the expenditures spent for upgrading and re-equipment for 3 yrs, • Tax exemption from the Property tax to re-equipments for 5 yrs.

  20. PROSPECTIVE SECTORS FOR INVESTMENT

  21. OIL & GAS INDUSTRY • Uzbek share in Central Asia: • 40% - natural gas • 55% - coal • Coal reserves – 2 bln tons Gas • Explored reserves – more than 2 trln m3 • Extraction– about 65bln m3 • Uzbek gas transportation system - 9 main gas pipes with 12 thousand km length Sector Investment Capacity 5 Bln USD

  22. MINING & QUARRYING Explored Reserves 3.3 trln USD

  23. CHEMICAL INDUSTRY Sector Investment Capacity 800 mln USD

  24. ELECTRICALENGINEERING INDUSTRY Sector Investment Capacity 250 mln USD

  25. CONSTRUCTION PRODUCTS INDUSTRY Sector Investment Capacity 500 mln USD

  26. FRUITS AND VEGETABLES PROCESSING INDUSTRY Uzbekistan possesses a significant potential for development of processing of agricultural products. UZBEKISTAN: • one of the largestproducers of raisin and dried fruits in the world • one of the top-five producers of tomato-paste in the world • capable to cultivate more than 10 mln tn of fruit-and-vegetable products p.a. Sector Investment Capacity 300 mln USD

  27. PRIVATIZATION • The Privatization Program for 2006-2008 has started. • Share holdings of 1495 state enterprises are offered for sale to private sector, including 1269 enterprises would be fully delivered to private ownership. • 105 state enterprises are offered on so-called “zero value” with investment obligations.

  28. Building the automobile road between Uzbekistan and China will make a great contribution for the strengthening bilateral trade and investments Andijan Osh Gulja Sarytash Irkeshtam Kashgar

  29. UZINFOINVESTAGENCY “UZINFOINVEST” Information Support & Foreign Investments Promotion Agency was established in February 2007 by the initiative of the President of the Republic of Uzbekistan Islam Karimov with the purpose of providing a one-window informational and all other possible support to foreign investors in Uzbekistan. Agency is an independent institution (legal entity) under the Ministry of Foreign Economic Relations, Investments and Trade of the Republic of Uzbekistan.

  30. UZBEKISTANIS OPEN FOR YOU! www.investuzbekistan.org

  31. THANK YOU!

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