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    Uzbekistan

    Uzbekistan establishes Trade Development Company to boost entrepreneurship and export activities

    Uzbekistan establishes Trade Development Company to boost entrepreneurship and export activities

    A Trade Development Company has been established in Uzbekistan to replace existing agencies and funds following the presidential decree signed on March 14, the Ministry of Justice reports. This initiative aims to expand the activities of entrepreneurs and attract them to the export market.

    Chamber of Commerce and Industry.
    Source: Daryo / Madina Nurman

    Consolidation of Agencies and Funds

    The Trade Development Company has been formed by merging the Export Promotion Agency and the Export Support Fund. The Chamber of Commerce and Industry has been entrusted with managing the state share in its authorized capital through a power of attorney.

    Additionally, the Trade Assistance Fund, responsible for directing state budget allocations to support participants of foreign economic activity, has been established under the Ministry of Investments, Industry, and Trade. The management of this fund has been entrusted to the Trade Development Company.

    Streamlined Operations and Focus Areas

    The Trade Development Company is set to streamline support measures and enhance efficiency by prioritizing financial assistance based on the stability rating of business entities. Its primary objectives include facilitating the delivery of state funds to enterprises engaged in exporting high-value-added products and entering new markets.

    Moreover, the company will provide crucial support through information dissemination, logistic advice, and assistance in certification, standardization, and quality control. It will also spearhead initiatives like the "Made in Uzbekistan" program to promote national brands and products globally and support participation in exhibitions and fairs.

    Implementation Timeline and Alignment with International Standards

    Commencing from July 1, 2024, support measures provided by the company will be determined based on the sustainability rating of business entities. Importantly, subsidies and preferences extended by the government to support exports will comply with international trade agreements such as the General Agreement on Tariffs and Trade (GATT) and the Agreement on Subsidies and Countervailing Measures (ASCM).

    The establishment of the Trade Development Company follows President Shavkat Mirziyoyev's announcement in January 2024 regarding the reorganization of the Export Agency. Criticizing its existing role as merely a financial intermediary, the President emphasized the need for a comprehensive institution aligned with global best practices to facilitate entrepreneurship and boost export activities.

    Expansion of Entrepreneurship Support

    To extend entrepreneurship support across regions, project offices of the Chamber of Commerce and Industry will be established in the Republic of Karakalpakstan, various regions, and Tashkent city.

    Earlier, it was reported that the Minister of Industry and Trade of the Taliban government, Nooruddin Azizi recently met with Uzbekistan's Minister of Foreign Affairs to expand trade and investment ties. Among the key areas of discussion were the facilitation of Afghanistan's transit cargo through Uzbekistan and the potential reduction of transit duties for Afghan goods entering Uzbekistan.

     

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    15.03.2024, 14:56   Comments (0)   2183
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