Vakhobov said in an interview with the Uzbekistan 24 TV channel that in recent years, small, medium, and large enterprises capable of processing around 200,000 tons of copper have emerged in Uzbekistan. On the initiative of the president, companies producing high value-added products from copper currently benefit from a 4% discount off the exchange starting price.

“At Almalyk, the average price of one ton of copper is $9,000. The 4% government discount amounts to around $360. Enterprises purchase copper for about $8,600–8,700 and, after creating added value, export products worth up to $12,000. However, some business entities export copper in the form of simple wire, which damages the reputation of our copper industry in the global market.

“Entrepreneurs who have invested $50–80 million proposed introducing an export duty on such wire. Once the duty is imposed, other business entities will also begin to think about creating added value,” Vakhobov said.

According to him, during the first eight months of 2025, about 71,000 tons of copper were purchased at a discounted price, of which 36,000–37,000 tons were exported as wire.

Companies exporting copper wire have invested between $300,000 and $500,000 in equipment to melt copper and convert it into wire for export. Meanwhile, companies that have invested $30–40 million, Vakhobov noted, “cannot operate at full capacity or make full payments.”

“For this reason, by introducing a duty on such wire, conditions will be created to export high value-added finished products worth $11,000–11,500 per ton to Europe and the United States,” he added.

Vakhobov also stated that the 4% discount for purchasing copper from Almalyk Mining and Metallurgical Complex (AMMC) with full prepayment will be extended for another three years, while an export duty will be imposed on copper wire (HS code 7408).

“In addition, our esteemed president has allocated $100 million specifically for enterprises purchasing copper from the exchange,” Vakhobov said.

“Export duty is a serious policy mistake”

New York University professor and economist Behzod Hoshimov commented