Monitoring Desk: The Free Economic Zone (FEZ) Nukus Pharm Uzbekistan is attracting foreign investments and Uzbekistan plans to attract foreign enterprises for implementing investment projects in the pharmaceutical sector.
It may be mentioned that Free Economic Zone “Nukus-Pharm” was developed primarily for pharmaceutical industry of Uzbekistan with a vision to invite foreign manufacturers.
Pharmaceutical industry in Uzbekistan has a great potential for foreign investments due to availability of medicines based local raw materials, including medicinal herbs.
It is pertinent to mention that out of 350 known medicinal plants used in international medical practice, 71 species are currently cultivated in Uzbekistan which is known as land of eastern medicine hub historically. The creation of new plantations in ecologically clean areas, close to production facilities, is also one of the current trends in the development of the pharmaceutical industry.
It is pertinent to mention that Free Economic Zone will offer special incentives to investors for 30 years. Special incentives include special tax rebates and less customs duties, exemption from payment of land tax, profit tax and corporate property tax.
Uzbekistan is opening up its economy under President Shavkat Mirziyoyev and making business easier for foreign investors who were shy to invest in Uzbekistan in past.
