Uzbek leader signs law “On Special Economic Zones”

Tashkent, Uzbekistan (UzDaily.com) – President of Uzbekistan Shavkat Mirziyoyev signed a law “On Special Economic Zones”.

In accordance with the Law, a special economic zone is a territory with certain boundaries and a special legal regime, specially allocated in order to attract foreign and domestic investments, high technologies and managerial experience for the accelerated social and economic development of the corresponding region.

Special economic zones are created on the basis of empty and inactive objects of state ownership, territories of administrative-territorial formations, as well as on non-agricultural lands.

Agricultural land may be granted in exceptional cases for special economic zones of the pharmaceutical and agricultural sectors.

The Cabinet of Ministers ensures the implementation of state policy in the field of organizing the functioning and development of special economic zones.

Denial of the allotment of land to a participant in a special economic zone is not allowed.

Special economic zones can be created in the form of:

- free economic zones;

- special scientific and technological zones;

- tourist and recreational areas;

- free trade zones;

- special industrial zones.

Also, in such territories it is prohibited to carry out a number of activities, such as the production and sale of weapons and ammunition, and the production of alcohol and tobacco products.

A special economic zone is created by decision of the President of the Republic of Uzbekistan for a period of up to 30 years.

Extension of the functioning period, change of borders and liquidation of the special economic zone are carried out by decision of the President.

Participants of free economic zones registered by the directorates of free economic zones prior to the entry into force of this Law and implementing investment projects in the territory of free economic zones shall retain the privileges and preferences provided for by law until the expiration of their provision.

The law takes effect after three months from the date of its official publication.