“Uzbekistan is setting up seven new Free Economic Zones (FEZ) to attract foreign and domestic investment. We welcome Indian companies to set up their businesses in these zones. We are willing to dedicate one of these zones exclusively for Indian companies. Further, Indian companies can also explore the great tourism potential that Uzbekistan has to offer in ecological tourism, health tourism, sport tourism and business tourism,” said Mr. Avaz D. Khodjiev, Counselor (Trade & Economic), Embassy of the Republic of Uzbekistan at an interactive session on ‘Investment Climate and Tourism Potential’ organized by All India Association of Industries in association with World Trade Centre Mumbai at World Centre Mumbai on November 4, 2017.
Mr. Khodjiev suggested Indian companies to consider Uzbekistan as gateway to the CIS countries and Georgia, with whom it has signed free trade agreements. Uzbekistan also has most favoured nation (MFN) status with 45 countries including India.
“I am confident that by exploring cooperation in the above areas, the existing bilateral trade of US$ 370 million can reach US$1 billion projected in the joint road map set out by our two countries in the coming years”, Mr. Khodjiev opined
In his presentation on ‘Free Economic Zones in Uzbekistan and Tourism Potential, Mr. Khodjiev spoke of the macroeconomic stability of his country citing that the GDP has risen at the rate of about 8 per cent in the last few years; total external debt does not exceed 18.5 per cent; Internal public debt fell from 18 per cent in 2000 to 0% in 2014; export grew by more than 30 times between 1990 and 2016; and Foreign Direct Investment (FDI) of US$ 1014 million in 2007 to US$ 4000 million in 2016. Uzbekistan has made substantial progress in terms of ease of doing business on parameters such as contract enforcement, purchasing power parity, starting a business, resolving insolvency and getting credit. Further, Uzbekistan is in the top 5 fastest growing economies in the World. It is rich in raw materials such as ferrous, non-ferrous metals and oil and natural gas resources.
Mr. Khodjiev enlightened on the 3 active FEZ namely FIEZ NAVOI, FEZ DJIZAK and FEZ ANGREN which are exempt from most taxes and offer privileges and incentives. The new upcoming 7 free economic zones are Nukus Pharm FEZ, Zomin Pharm FEZ, Kosonsoy Pharm FEZ, Syrdaryo Pharm FEZ, Boysun Pharm FEZ, Bustanlik and Parkent Pharm FEZ and Gijduvan, a New Industrial Free Economic Zones. Kokand FEZ was recently announced on September 5, 2017. All of the FEZs are offering scope for activities in the areas of fruits and vegetables and deep processing of agricultural products, storage and packaging industry; textile industry; carpet industry; footwear and leather industry; environmentally safe, chemical and petrochemical industry; pharmaceutical industry; food industry; electrical industry; mechanical engineering; motor-car construction; production of building materials industry etc.
Earlier in his welcome remarks Mr. Vijay Kalantri, President, All India Association of Industries and Honorary Consul General of the Republic of Uzbekistan in India said, “With improvement in the ease of doing business and India’s ambitious initiatives such as Make in India, there are innumerable opportunities between Uzbekistan and India which can be explored. The bilateral trade of 370 million is meager and there are much more opportunities in minerals, pharmaceuticals, textiles, chemicals, oil and gas, automotive, agriculture, construction material, toruism etc. Uzbekistan is an independent and dynamic country and both countries can work together in trade-related and trade promotion areas and thereby foster fruitful collaborations.”
Mr. Kalantri suggested that both countries can explore possibilities of direct flights between Uzbekistan and Mumbai.
Ms. Rupa Naik, Executive Director, All India Association of Industries proposed the vote of thanks.
Your email address will not be published. Required fields are marked *
Save my name, email, and website in this browser for the next time I comment.
Sign me up for the newsletter!
Notify me of follow-up comments by email.
Notify me of new posts by email.
Swiggy hosts ‘Gigabytes’, its first Hyperlocal Innovation Summit focused on solving convenience for the Next Billion
Making Photos And Videos Appealing Is Important For High Instagram Engagement
Dimitri Vegas & Like Mike, David Guetta, Afro Bros, Daddy Yankee, Natti Natasha team up for reggaeton summer slammer ‘Instagram’
ASCI UPHELD COMPLAINTS AGAINST 299 ADVERTISEMENTS OUT OF 489. 151 OTHER ADVERTISEMENTS PROMPTLY WITHDRAWN, 39 WERE NOT OBJECTIONABLE
Snapdeal launches Dhanteras e-store
2014 The Global Indian New Network (TGINN)