Uzbekistan - Jizzax Oqsoy Iqtisodiy Zona
Jizzakh Free Economic Zone (FEZ) came into existence following the Decree of the President of the Republic of Uzbekistan on March 18, 2013. Designed to stimulate economic growth and attract investments, the FEZ operates with an initial operational period of 30 years. This can be extended further, subject to the decision of the President of the Republic of Uzbekistan.
A Presidential Decree for Economic Advancement
The establishment of Jizzakh Free Economic Zone stems from the vision and determination of the President of the Republic of Uzbekistan to accelerate the nation’s economic development. The presidential decree laid the foundation for a business-friendly environment. Enticing both local and foreign investors to participate in the zone’s economic activities.
FEZ Jizzakh’s operational period spans only 30 years, offering investors a medium-term platform to establish their businesses. This timeframe can allow investors to plan and execute projects with greater certainty and commitment.
One of the significant advantages of the Jizzakh Free Economic Zone is its potential for further extension beyond the initial 30-year operational period. The President of the Republic of Uzbekistan holds the authority to make decisions on extending the zone’s duration. This is based on the prevailing economic landscape and investment climate. More certainty is required on this for future success.
Promoting Investment and Trade Opportunities at Jizzakh Free Economic Zone
FEZ Jizzakh has become an attractive investment destination, offering various incentives and privileges to investors. With favorable tax policies, simplified customs procedures, and streamlined regulations, the zone creates a conducive environment for businesses to thrive and participate in global trade.
Strategic Location for Regional Trade
Situated in Jizzakh Region, Uzbekistan, the free economic zone holds a strategic geographical position, facilitating trade and commerce with neighboring countries. Its proximity to key regional markets enhances the appeal for companies seeking to establish distribution centers.
FEZ Jizzakh is backed by a well-developed infrastructure, providing businesses with essential utilities and services to operate smoothly. The zone offers reliable power supply, modern logistics facilities. Plus access to a skilled workforce, all contributing to an efficient and competitive business environment.
Investment in Jizzakh Free Economic Zone
In 2016, ZTT Telecom, a part of the ZTT Group and a subsidiary of Chinese electronics manufacturer Jiangsu Zhongtian Technology Company set up a joint venture with the Jizzakh SEZ. With ZTT Telecom as an anchor tenant, the zone gained traction and in 2016. The industrial park had 19 enterprises operating in the zone.
Original equipment manufacturers quickly began moving into the zone. In 2016 zone exports equaled $11.9 million USD. The zone additionally attracted $91.3 million USD in investment for 14 more projects.
By the end of July 2017 the Jizzakh Free Economic Zone had a fully functional petroleum refinery prepared to buy Kazakh and Russian crude oil. This has a refinement capacity of one million metric tons a year. By 2019, a new refinery was already being built as a joint project between state-owned Uzbekneftegaz and Gas Project Development Central Asia, a subsidiary of the Russian state-owned Gazprom. The refinery is able to refine five million barrels of crude oil.