President of Uzbekistan Shavkat Mirziyoyev has approved a Program on the Automobile Industry Development for 2021

The document estimates that in five years the volume of car production in Uzbekistan will increase by three times, the share of imports against the production will decrease by 12.5%, and the number of employees at the industry enterprises will grow by 1.2 times. This is expected to be achieved through the implementation of dozens of new investment projects for a total amount of over $800 million.

Changes in the organizational and legal structure of the joint-stock company Uzavtosanoat rank among the major innovations. It will turn into a joint-stock company with all that it entails.

The key objectives for the near future include the increase in the production of domestically and internationally marketable products through the implementation of projects involving foreign investors that are aimed at development of new modern types and brands of cars, reduction of the share of imports and decrease in production costs through the enhancement of the localization of production of component parts.

A very important point that implies future changes in the situation on the foreign exchange market is worth of special mention. The head of state assigned to ensure sustainable development of the industry in the conditions of tough competition and liberalization of monetary policy.

There is another interesting point: since June 1, 2017 the President has reduced the excise tax rate for GM Uzbekistan cars from 29% to 27%. In this case, the effect of this paragraph does not apply to cars sold under contracts concluded prior to June 1, 2017, with a payment of at least 85% of the car value.

As an exception, companies are also allowed exporting manufactured buses and trucks, mounted and trailed equipment, as well as component parts for them by 2021 without prepayment or opening a letter of credit.

However, there is a requirement for a guarantee of the buyer's bank, and the period of receipt of the proceeds or the return import must be fixed at the level of 180 days from the date of actual export of the specified product to the address of official distributors or other buyers. The peferential lending for investment projects also matters.

From now and on, Asaka Bank will provide loans to Uzavtosanoat to finance investment projects and replenish the working capital in national currency at an interest rate not exceeding the refinancing rate of the Central Bank, as well as loans in foreign currency with a margin of no more than 2%.

(Source: «Uzbekistan Today» newspaper)


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