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NEWS

Uzbekistan Launches Projects With Cost of $186 Million

9 November 2012

http://www.turkishweekly.net of 11/9/2012 - Roughly eight projects worth $185.8 million were launched in Angren special industrial zone (FIZ) established in the Tashkent region of Uzbekistan, the information of Uzbek Ministry of Economy stated on Wednesday.

The largest project is the construction of a new sugar factory worth $108.5 million. Construction of a new plant with a capacity of one thousand tons of sugar per day from raw cane sugar is implemented by Angren Shakar. The founders of the company are Singapore Welton International and Kito Investment, as well as Austrian SEID Handelsgesellschaft mbH Project completion is scheduled for late 2014.
Bulgarian Prista Oil Holding EAD and a joint stock company (JSC) Uznefteprodukt (subsidiary of Uzbekneftegaz NHC) are planning to launch production on the regeneration of motor oils in late 2013. The project worth $ 15 million provides for production of base oils from used raw materials by hydro treating in volume of 43 thousand tons per year.
In early 2013 Uzbek-Korean joint venture Uz-Shindong Silicon is going to build a plant on production of silicon in Angren special industrial zone with capacity of five tons per year. The project, worth about $ 10 million is implemented through direct investments of joint venture founders - the State Committee for Geology and Mineral Resources of Uzbekistan and Korean Shindong Enercom Inc.
Furthermore, the Uzbek Ministry of Foreign Economic Relations, Investments and Trade signed a memorandum of understanding with the Korean Gong Seok on establishment of a number of companies in the electrical industry and building materials industry on the territory of Angren with total estimated cost of $52.3 million.
Angren special industrial zone was established in April this year by the decree of President Islam Karimov. Functioning term of Angren is 30 years with the possibility of extension. Within this period, special customs and tax regimes, simplified procedure for entry, stay and departure, as well as permits for employment of citizens non- residents of Uzbekistan will be provided on this territory. Tax exemptions will be applied with minimal investment of $300.000.