Gov't to introduce new tax incentives for electrical engineering enterprises

On January 11, President Shavkat Mirziyoyev was briefed on the results and future prospects of the electrical engineering sector.

According to the official release, the sector accounts for 3.5% of the country’s industrial output and 10% of exports. Last year, the industry produced goods worth 31 trillion UZS, with exports totaling $1.3 billion.

The chairman of the "Uzeltechsanoat" Association announced that 290 new projects, worth $4 billion, are planned for this year, with $600 million in investments expected, and copper processing is set to increase to 75%.

Entrepreneurs will be permitted to build ready-made structures in technology parks, which can later be sold to businesses in the electrical engineering and related industries. It is also proposed to exempt entrepreneurs who establish high-tech production from profit and property taxes for three years.

A guaranteed market worth 15 trillion UZS will be created to facilitate the sale of products through ministries and industrial sectors. Additionally, a procedure is being developed for the procurement of renewable energy equipment from local manufacturers for social infrastructure projects.

Officials highlight that the sector has the potential to boost exports to $3 billion annually and increase production to 50 trillion UZS.