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Thursday, May 19th, 2022

Number of Russian-owned companies in Uzbekistan growing

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by May 12, 2022 General

Since the beginning of the year, the number of enterprises with foreign capital in Uzbekistan has increased to 798. According to the State Statistics Committee data, the largest share among them (210) belongs to Russia, KunUz reported.

It is followed by Turkey (128), China (74) and Kazakhstan (64).

The number of new companies with Russian participation began to rise sharply after February. In particular, 23 companies were established in January, 28 – in February, 56 – in March and 103 – in April. This is happening against the backdrop of sanctions imposed on Russia in the wake of the Ukraine conflict.

The contribution of other states did not show a significant increase compared to previous years.

To date, the total number of companies with Russian participation has reached 2,471, followed by China (1,984), Turkey (1,981), Kazakhstan (1,126) and South Korea (894).

“The increase in the number of enterprises with foreign investment is primarily due to improved political stability and the legal framework for investment in the country,” the committee said in a statement.

In addition, 40 new foreign companies were registered in Uzbekistan in the field of information and communications in January-March and 45 – in April.

In the last 4 months, 161 enterprises with foreign investment were established in industry, 279 – in trade, 66 – in construction, 29 – in agriculture, forestry and fisheries, 24 – in transportation and storage, 22 – in accommodation and catering services, 8 – in health and social services and 124 – in other areas.

Earlier, the Minister of ICT Sherzod Shermatov informed about the conditions created for IT companies in Uzbekistan. According to him, the IT park residents will be exempt from all corporate taxes until 2028, as well as a number of tax and customs benefits. The procedure for obtaining a work permit has been abolished and an “IT-visa” will be issued within 3 days. IT companies wishing to relocate to Uzbekistan will be provided with the necessary infrastructure.

Source: Kyrgyz National News Agency

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