New enterprise launched at SIZ Jizzakh
28/05/2015 12:21
New enterprise launched at SIZ Jizzakh
28/05/2015 12:21
Tashkent, Uzbekistan (UzDaily.com) -- Juita Gulshana Invest, an Uzbek-Chinese joint venture, has been opened in the territory of the special industrial zone Jizzakh.
New enterprise specializes in production of sewing machines. The venture was founded by Uzbekyengilsanoat and Zhejiand Juita Sewing Machine Co.LTD (China), the press service of Jizzakh regional administration said.
The project cost is US$3 million. The enterprise will produce sewing machines on the base of the Japanese technologies.
The enterprise’s capacity is 15,000 sewing machines a year. At the same time, the capacity can be increased 2.3 ties if necessary. This year, the enterprise will produce 10,000 sewing machines. The part of the products will be exported.
President of Uzbekistan Islam Karimov signed a decree for creation of new special industrial zone Jizzakh on 18 March 2013.
The zone was created in line with a memorandum of understanding on implementation of project on creation of Uzbek-Chinese industrial park in Uzbekistan. It was created to form favourable conditions for attracting foreign and local investments to creation of high technologic industrial capacities, production of competitive products with high added price, complex and effective use production and resource potential of Jizzakh and Syrdarya regions.
The special zone was created for 30 years with possibility of extension. The decree set tax and customs preferences for enterprises, operating in the zone. The enterprises, located in the zone, will be exempted from payment of income tax, property tax, tax for accomplishment and social infrastructure, single tax, and mandatory payments to Road Fund.
They will be also exempted from payment of customs duties for imported materials, equipment and spare parts, which are not produced in Uzbekistan.
The preferences will be provided from three to seven years based on the volume of investments. The investors will be get these preferences for three years, if they invest US$300,000, five years – for investments from US$3 to US$10 million and seven years – for investments for above US$10 million.
This is the third special zone in Uzbekistan. Uzbekistan also created free industrial-economic zone and Angren special industrial zone.
Currently, eight projects for US$30.9 million were realized at the SIZ Jizzakh.
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