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Amar Al-Sanjari of "Al Bayan", the national newspaper of the United Arab Emirates published an article named "Natural resources and industrial power strengthen the Uzbekistan's economy".
As the foreword, the author states, that "Uzbekistan, having location between two rivers - Amudarya and Sirdarya, with the area of 447.4 thousand square kilometers, possesses a huge industrial power, various high-quality mineral agricultural products, as well as large amount of goods, produced due to industrialization. Apart from the fact, that there's an abundance of natural resources and the development of capital construction in the country".
Further Amar Al-Sanjari refers to experts' estimations, and according to whom "the reserves of natural resources in Uzbekistan exceed US$ 3.3 trillion, rich deposits of valuable and rare metals, almost all sorts of energy supplies were located for the time being". The most primary of them are oil, natural gas, natural gas liquids, coal, coke, fireproof slate, uranium, and also some raw stuff, which is in demand of construction.
Uzbekistan holds an outstanding position not only among CIS countries, but also the whole world with its explored gold, uranium, copper, salt and phosphate deposits.
Uzbekistan's power system is promising in Central Asia thanks to its geographical location, availability of sufficient power generating period, and developed communic ations network. Power energy, generated by 42 Uzbekistan's power plants exceeds 12.3 million kilowatt, which makes approximately 50% of all generating electricity in Central Asia'.
Concluding the above said, the author considers that available raw resources reserves can supply the country's metallurgy and also extend energy generations, which is strategically important.
On Amar Al-Sanjari's standpoint, "the modern oil industry of Uzbekistan is the biggest segment of national economy and important power base of the Republic. 194 deposits of hydrocarbon resources, including 98 gas and gas liquids fields have been explored in Uzbekistan. At present time 47% of all reserves are elaborated, 35% are on upgrade stage, the other deposits are drilled.
After transferring the Republic's oil deposits into money equivalent, the newspaper adduces the sum of "more than US$ 1 trillion. Moreover, the "Uzbekneftegaz" National Holding Company is ranked among today's largest industrial groups with its numerous branches. "Uzbekneftegaz" is a key oil and gas company in Central-Asian region, as the company holds 8th position by gas production in the world and 5th by combusting-lubricating materials and energy (petrol, fuel oil, diesel oil, bitumen and magnetic amplifier) among CIS states".
Concerning the investment conditions of the country, Amar Al-Sanjari notes that "the Uzbek Government successfully strives for creation of favorable investment conditions to attract various sorts of overseas investment, and develops partnership and cooperation under some hopeful investing projects. The Republic has issued a number of laws regulating the influx of overseas investment capitals, concerning, in particular, overseas investment, warranties and measures for protection of investors' rights, as well as, investing activity in Uzbekistan generally".
At the end of his article, the author writes, according to Uzbek legislation foreign investors enjoy a right for full or partial use of land and immovable property, 50% exemption from profit tax, if a company produces less than 30% of goods services. Legal entities are exempted from profit taxes and taxes for the part of the manufactured products during 5 years. Newly incorporated enterprises are free of property tax during 2 years beginning from the date of its registration, as well as of property tax and tax on main production capital for manufacturing goods during 5 years".
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Date: Jul 15, 2007
Source: Uzbekistan Today |
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