Mumbai: Avaz Khodjiev, Deputy Governor of Syrdarya during his visit to Mumbai suggested Indian companies to form joint venture with local partners in Uzbekistan and avail various government incentives.
“Indian joint venture partners need not invest in land and infrastructure facilities as everything is readily available with the local business partners. For fresh investment in the free economic zones, Government of Uzbekistan offers land free of cost for 50 years and provides electricity, water, gas connection and other infrastructure facilities. Indian companies need to invest at least USD 300,000 to avail income tax exemption for 3 years, which can be extended upto 10 years depending on the amount of investment,” Khodjiev informed.
He was Head of the Delegation at the business’s Forum on ‘Trade and Investment Opportunities in Uzbekistan’ at the event organised by All India Association of Industries (AIAI) and MVIRDC World Trade Center in Mumbai.
“Uzbekistan can be a gateway to the 250 million consumer market of CIS countries. Indian companies can save upto 50 percent of their cost by manufacturing and exporting from Uzbekistan. During the recently held Vibrant Gujarat, both the countries signed agreements worth USD 1 billion for various projects. Uzbekistan is rich in natural resources and skilled labour. Companies investing in free economic zones (FEZs) of Syrdarya region will get all statutory approvals in four working days if their business plan is ready,” said Khodjiev.
Speaking on this occasion, Shokhrukh Isakulov, Deputy Director of Investments and Foreign Trade department of Syrdarya region invited Indian companies to explore business opportunities in Syrdarya region. He said, “Syrdarya region is home to 121 foreign companies. The region is home to USD 500 million pharmaceutical industry and several companies from China, Russia and even India have set up operations in this region. Syrdarya also offers investment opportunities in cotton processing, light industry, agriculture, leather products, construction material, readymade garments, food processing, tourism and other services sectors.