Main directions of development of external economic relations of the Republic of Uzbekistan

From the first years of independence Uzbekistan Government gives priority to the development of foreign economic relations, as today's globalized economic development depends crucially on the degree of its integration into the world economic community.

The Republic's open-door policy in terms of foreign trade, based on the following principles designed to ensure:

  • Development of trade and economic relations, regardless of ideologies;
  • Equal and mutually beneficial cooperation, both bilaterally and multilaterally;
  • Priority of international law over national, recognition of the principles and rules of GATT/WTO in the context of gradual liberalization of the foreign trade regime in the integration process into the organization;
  • Reasonable balance between competition and cooperation;
  • Create most favored treatment for countries and foreign investors, who is providing to attract the most advanced technologies.

Natural mineral wealth of Uzbekistan evaluated by foreign experts in 3.3 trillion US dollars and ready to develop, represent attractive investment and the best guarantee of any investment.

The main factor determining the attractiveness of the investment climate in any country is a system of privileges and preferences for foreign investors. Uzbekistan has developed a broad system of tax incentives for investment projects including:

  • Exemption for 7 years from the payment of taxes on the projects included in the public investment program of the republic;
  • Exemption from income tax of the enterprises with foreign investments, directed to the expansion of production and technological upgrading ;
  • Clean, unlicensed export of own production;
  • Duty-free import of property for contributions to charter capital of joint ventures and enterprises with net foreign capital into the territory of the Republic of Uzbekistan;
  • Acquisition by competition the right to use and disposal of long-term land plots for the implementation of investment projects.

Besides these benefits, developed targeted incentive activities of enterprises with foreign investment, which can be subdivided into:

  • Encouraging the participation of foreign investors in the privatization process;
  • Promote technical reequipment;
  • Stimulate the production of consumer goods;
  • Promote export-oriented production.