President of Uzbekistan, Shavkat Mirziyoyev has issued a resolution announcing the creation of the Free Economic Zone (FEZ) "Ipak Yuli" in the Andijan region, on February 16. The primary aim of this initiative is to boost industrial production, promote local raw material processing, and stimulate the production of competitive, export-oriented goods.
Additionally, the establishment of the Ipak Yuli FEZ aims to attract foreign and domestic investment, generate employment opportunities, and enhance economic cooperation with countries along the historic Silk Road, particularly the People's Republic of China. As per to a decree, the FEZ will be established on 218.18 hectares of land.
Key Provisions of the Resolution
The resolution outlines several key provisions for the establishment and operation of the Ipak Yuli FEZ:
Territorial Expansion: A total of 218.18 hectares of land, including irrigated agricultural land, in the Andijan district will be allocated for the Ipak Yuli FEZ.
Duration and Benefits: The Ipak Yuli FEZ will operate for 30 years with the possibility of extension. Participants in the FEZ will be eligible for tax, customs, and other incentives.
Infrastructure Development: The resolution mandates the development of engineering, communications, and production infrastructure within the FEZ territory.
Implementation Plan
The resolution assigns specific responsibilities to government authorities and regional administration:
Cabinet of Ministers: Develop and approve a program for providing the FEZ territory with necessary infrastructure within one month.
Khokimiyat (city administration) of Andijan Region:
- Submit a draft government resolution on organizing the activities of the Ipak Yuli FEZ.
- Develop and approve a master plan for the FEZ territory in collaboration with relevant ministries.
- Ensure compensation for landowners affected by the allocation of land for the FEZ.
- Facilitate the development of new agricultural land plots to compensate for those converted for industrial use.
- Work towards achieving specified targets for foreign investment, job creation, industrial output, exports, and tax revenues.
Earlier Daryo reported that President Shavkat Mirziyoyev recently endorsed the expansion of the Urgut FEZ, reaffirming the government's dedication to facilitating business expansion and attracting international investment.
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