Uzbekistan Implements Cable Car Subsidies to Boost Tourism
The Cabinet of Ministers in Uzbekistan has recently approved a temporary regulation regarding subsidies for the construction of cable cars in the country. This decision has been made in order to promote the development of modern infrastructure in areas with significant tourism potential. The regulation will be valid until December 31, 2025, and will apply to projects that have started after January 1, 2024.
Under this regulation, the first 20 cable car projects with a minimum length of 500 meters that are completed before the deadline will be eligible to receive compensation. The amount of the subsidy will be 1 billion UZS for every 500 meters of cable car constructed.
In order to qualify for the subsidy, the investor company must not have any outstanding tax debts or dues according to the Tax Code. Additionally, the company must not be undergoing any reorganization, liquidation, or bankruptcy processes.
The funds for the subsidies will be disbursed to the investors by the Tourism Committee, in collaboration with the Ministry of Digital Development. The application process for the subsidies will be launched through EPGU within the next two months.
Interested investors must submit an application that includes a copy of the acceptance commission’s act confirming the cable car’s operational status. The Tourism Committee will review the application within 15 working days and make a decision on whether to grant or reject the subsidy.
If the application is approved, the Committee will send an order to the Ministry of Economic and Financial Affairs within 3 working days. The funds will then be transferred to a treasury account within the next 3 working days, with the money being deposited into the investor’s bank account within 5 working days.
Overall, this regulation aims to support and incentivize the development of cable car projects in Uzbekistan, ultimately contributing to the growth of tourism in the country.
