Senate introduces bill for varying incentives in SEZ
Senators Discuss Introducing Preferences Based on Economic Development and Territorial Location of Special Economic Zones
During a recent meeting of the Council of the Senate of Oliy Majlis, the performance of special economic zones (SEZs) was reviewed, according to a press release from the upper house of Oliy Majlis.
The meeting highlighted that a total of 620 projects worth 39.1 trillion soums had been implemented in the SEZs. Notably, foreign investments accounted for 11 trillion soums.
However, senators identified certain shortcomings in the current investment projects within the SEZs. These include the absence of specific deadlines in the legislation regarding the export of products made from raw materials, materials, and components imported with customs benefits. Another issue raised was the inefficient organization of investment project placements on SEZ land plots, including the use of online auctions. Additionally, the volume of production of competitive, export-oriented, and import-substituting products within the SEZs was deemed insufficient.
To address these concerns, the Senate emphasized the need for differentiated benefits and preferences based on the economic development and territorial location of each region. This approach aims to encourage and support investment projects that contribute to the overall growth and development of specific areas.
Furthermore, senators stressed the importance of establishing clear deadlines for the export of products made from imported raw materials utilizing customs benefits. The introduction of such deadlines would ensure effective and efficient utilization of resources within the SEZs.
Additionally, it was proposed to establish an automated system that provides all types of government services based on the “Single Window” principle. This system would facilitate and streamline the processes related to investment projects and enable effective monitoring.
The discussion among senators reflects their commitment to enhancing the performance of SEZs and promoting economic development in Uzbekistan. The introduction of preferences based on economic development and territorial location, along with other proposed measures, is expected to further drive investment and boost the production of competitive and export-oriented products within the SEZs.
