Free industrial economic zone (fiez ) "Navoi" will be introduced a special currency regime

Free industrial - economic zone (FIEZ ) "Navoi" will be introduced a special currency regime
The Government of Uzbekistan with its resolution from 25 December 2013 set special currency regime at the Navoi free industrial and economic zone (FIEZ). According to the regulation, approved by the Cabinet of Ministers, the participants of the zone have right independently select the bank for service and had chance to open hard currency accounts in one or several banks of Uzbekistan. The participants of the zone can open bank account abroad after obtaining permission of the Central Bank of Uzbekistan in line with the legislation of the country. The document said that the participants of the Navoi FIEZ can keep their money resources in corresponding banks and use their resources independently. The businesses in the zone can carry out payments in hard currency within the Navoi FIEZ in line with the signed agreements and contracts. The business entities, residents of Uzbekistan and which are not part of the zone, have right to deliver goods, services and works to the participants of Navoi FIEZ for hard currency. All movement of resources at the accounts of the participants of Navoi FIEZ in foreign banks should be carried out in line with the legislation of Uzbekistan, the document said. The participants of Navoi FIEZ can buy and sell hard currency in internal currency market via the bank through submission of applications and other necessary documents. Tax bodies of Uzbekistan will conduct control over hard currency operations of the participants of the Navoi FIEZ in line with the legislation of Uzbekistan.
The successes of Uzbekistan on improvement of the investment climate, perfection of law enforcement practice in this area, increasing the competitiveness of products, introduction of foreign advanced experience of free economic zones (FEZ) have obtained wide international recognition. In particular, abroad, a range of measures which were implemented in recent years in the Free Industrial Economic Zone (FIEZ) "Navoi" on further stimulation of the attraction of foreign capital, supporting the activities of enterprises with foreign investments, protection of investors' rights, improvement of material-technical and organizational conditions, are highly assessed. Thus, according to the results of the international competition for the best SEZ organized by the fDi Magazine, Free Industrial Economic Zone "Navoi" has become the winner in the following categories: - First place in the nomination "The best free-economic zone, in Central Asia"; - Second place in the category "Best free-economic zone, in Asia"; - Second place in the category "Best free-economic zone, in Asia to attract small and medium-sized businesses". Moreover, the certificates were granted for highly commended “Infrastructure upgrades” and commended for “New investments”. In addition to the relevant quality certificates, Free Industrial Economic Zone "Navoi" will receive the exclusive right to use the logo of “fDi Global Free Zones of the Year 2016 Awards” in their publications or marketing materials.