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The effect of import substitution in the past year amounts to more than $ 1.56 billion

In the past year, 696 projects produced localized products worth 4 trillion soums, the estimated effect of import substitution amounted to more than $1.56 billion, according to the report by the Ministry of Economy of the Republic. 

In February 2015, the President of Uzbekistan, Islam Karimov, approved the program of localization of production of finished products, components and materials for 2015-2019.

The program includes 600 projects, providing deep processing of local mineral raw materials, producing 1225 of the most popular products. Estimated annual effect of import substitution is $ 3.5 billion. All of the projects provide for the production of competitive, import-substituting and export-oriented products, providing localization level of not less than 36 %.

Projects ensure deep processing of local mineral raw materials, production of 1225 most popular products, with an estimated annual effect of import substitution of $ 3.5 billion and the creation of 13.3 thousand new jobs.

Companies that implement the projects within the framework of the approved program of localization, will enjoy a number of benefits for a period of three years. In particular, this includes an exemption from income tax, customs duties, exemption from tax on property, used for the production of localized products.

 

 

 

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