A resolution of the President of the Republic of Uzbekistan dated 2.03.2021 “On additional measures for the further development of the electrical industry and increasing the competitiveness of domestic products” was adopted.
The document defines the main target indicators of the efficiency of the electrical industry for 2021-2022. It is planned to increase the volume of production to 19 trillion soums within two years, to ensure the volume of exports of products in the amount of up to 600 million dollars and to employ about
34 thousand people.
In addition, new benefits are provided for manufacturers of electrical and household products.
In particular, from April 1, 2021 to January 1, 2024, tax incentives in the form of a 50 percent reduction in income tax and property tax rates will be provided to enterprises of the electrical industry, the amount of proceeds from the sale of electrical products of which at the end of the reporting period is at least 80 percent of total income.
At the same time, the funds released in connection with the provision of tax incentives are not distributed by enterprises in the form of dividends, but are directed to the creation of new production capacities and the modernization of existing capacities.
According to the document, the Ministry of Finance was instructed within two months to develop proposals for the implementation of the “national content” system, which provides for the purchase of domestic products during tenders (tenders) for projects implemented at the expense of international financial institutions and foreign government financial organizations, as well as on the terms of state -private partnership within the framework of government programs.
In addition, the Export Promotion Agency will provide subsidies to enterprises in the electrical industry until January 1, 2024 to cover 50 percent of the cost of transportation by road, rail and air when exporting electrical and electrical household products to all countries, including neighboring countries, but no more 15 percent of the value of exports of products (excluding transportation costs) by road, 20 percent – by rail.
The Electrotechnical Industry Development Fund will cover at its own expense up to 50 percent of the costs of enterprises in the industry related to marketing research to increase the attractiveness of products in foreign markets, the development of pre-project documentation (business plans, feasibility studies and other) industry projects, as well as connection to international databases (information resources) to study the world market and conduct marketing analyzes.
A proposal was also approved to hold, starting from March 2022, the annual International Trade Exhibition of Electrical Engineering and Electronics – Uzbek International Electrotechnics & Electronics Fair with the involvement of representatives of domestic and foreign enterprises, potential investors, experts and other specialists involved in the industry.
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