The territory of the Khazarasp free economic zone will be expanded through vacant land plots not used in agriculture, This is stated in the Aug. 17 presidential decree on the development of entrepreneurship in the Khorezm province and boosting the investment attractiveness of the province.
Khazarasp FEZ was created by the Jan. 2017 presidential decree with a 30-year operation term of with the possibility of extension. During this period, special tax, customs and currency waivers will be valid in the FEZ.
The expanded territories will host facilities for production of "modern competitive, import-substituting, export-oriented finished industrial products".
The decree provides for the setting up of an Infrastructure Fund under the Khorezm province governor’s office. Its funds will be used to finance the construction of infrastructure in the FEZ.
The Uzbekistan Fund for Reconstruction and Development, Khorezm Invest Project investment company will contribute 13 million US dollars at an interest rate of 2.5% for a period of 10 years for the construction of engineering and communications infrastructure in the extended territories of the Khazarasp FEZ.
The investment company with an initial authorized capital of US$ 30 million (with a further increase to US$ 100 million) was founded by NBU Invest Group, SQB Capital and Asaka Capital Invest investment companies.
The decree also approved an address list of 84 investment projects worth 2.2 trillion soums being implemented in the Khorezm province in 2020-2022, as well as a list of 26 investment projects worth $ 516.8 million, also being implemented in the province.
The launch of 26 projects, as well as new industrial production projects in each district of Khorezm, is scheduled for April 1, 2021.
