Presidential Decree "On measures for further development and enhancement of export potential of the electrotechnical industry" has been adopted.
According to the Decree:
On the basis of JSC "Uzeltekhsanoat" the Association of Electrical and Electronics Industry of Uzbekistan has been established;
The real estate and shareholding (shares) of the joint-stock companies belonging to JSC "Uzeltekhsanoat" were transferred to the State Committee of the Republic of Uzbekistan for privatization of enterprises and development of competition.
The main objectives of the Association "Uzeltehsanoat" are to assist in attracting investment, primarily in attracting foreign investment for the production of high-tech products, modernization, technical and technological re-equipment of the industry, creating joint ventures with leading foreign specialized companies.
Also, the resolution states that the "Sino" state-owned shareholding will be given to investors at the zero redemption price at the time of payment of the debts of the enterprise to the creditors, with the condition of investing the enterprise's activities.
Enterprises that produce electrical products, which are part of the "Uzeltexsanoat" Association, customs declaration on import of components, raw materials and materials for their core and supporting production, as well as imported construction materials, by January 1, 2022 since the date of its receipt, has been given an opportunity to postpone the value added tax up to 120 days.
According to the Decree until 1 January 2022:
"Uzeltexsanoat" Association is exempted from payment of property tax and profit tax for legal entities;
deductions from the tax base on profits of legal entities on the contracts with the Association "Uzeltehsanoat".
Moreover, the "Roadmap" will be approved in the electrotechnical industry for realization investment projects on technical and technological renovation and organization of new industries. The roadmap includes the following:
- Implementation of 22 investment projects in the amount of 153.8 million US dollars for 2019-2021 for technical and technological renewal and modernization of existing electrical engineering enterprises;
- Increasing the production of finished electrical products with high added value by 2021;
- Reaching the volume of exports of finished electrical and electronic products to US $ 400 million In 2021;
Attracting foreign investors to the joint implementation of perspective innovative projects in the amount of $ 500 million.