The Ministry of Justice of Uzbekistan has announced plans to significantly ramp up the production capacity of electric and hybrid cars in the country, aiming to reach 500,000 units per year.
This ambitious initiative comes following the adoption of a presidential decision on the approval of the investment agreement on the implementation of the investment project for the organization of the production of electric and hybrid cars and their components in Uzbekistan.
Key Provisions of the Investment Agreement
The presidential decision entails negotiations with the investor to address crucial aspects within the investment agreement:
Capacity Expansion: Gradually increasing the production capacity of electric and hybrid cars to 500,000 units per year in the subsequent phases of the investment project.
Localization: Elevating the level of localization of electric and hybrid cars produced in the upcoming phases of the investment project to 60%.
Job Creation: Generating 10,000 new employment opportunities for local residents, contributing to economic growth and prosperity.
Global Export: Expanding the list of countries to which manufactured electric and hybrid cars are permanently exported, beyond those specified by the joint venture.
Consumer Protection: Developing measures to safeguard the interests of consumers by ensuring the quality and safety of electric and hybrid cars, adapting them to local climatic conditions, and guaranteeing reliable after-sales service.
Equal Treatment: Establishing equitable terms and conditions for all car manufacturing enterprises, including the investor, regarding benefits and preferences provided under existing legislation.
Driving Growth in the Automotive Industry
The decision signals a strategic move to bolster Uzbekistan's automotive sector, tapping into the burgeoning demand for electric and hybrid vehicles globally. By enhancing production capacity, increasing localization, creating job opportunities, and prioritizing consumer interests, Uzbekistan aims to position itself as a key player in the sustainable automotive market.
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