Uzbekistan keen on doing business with Indian pharmaceutical firms

ANI | Updated: Nov 24, 2017 19:06 IST

New Delhi [India], Nov 24 (ANI): The Government of Uzbekistan is keen on Indian companies taking advantage of the country's unique investment climate and is willing to offer unprecedented incentives for Indian pharmaceutical companies in particular.

An embassy release issued today said, "We are quite optimistic, and at the first stage of cooperation, will only request Indian companies to open their packaging facilities in order to add some value and get benefits of Uzbekistan business environment."

"The maximum demanded level of localisation is 36 percent, which could be reached in next three to four years, so rest of the semi-ready products could be further continuously imported from their factories in India on duty-free basis," the statement added.

The embassy statement further stated that seven new free economic zones in pharmacy have been created in Uzbekistan, where Indian business could be granted exemption of all taxes and customs duties for some years if they would start a joint cooperation in producing pharmaceuticals.

Uzbekistan has free trade agreements with all CIS countries, Georgia and Ukraine.

"We could jointly enter the dynamically growing market of Central Asia and Afghanistan (with population of 95 million inhabitants) and CIS (with population over 300 million people). There is still a lack of information about the opportunities provided for Indian business in Uzbekistan as the main factor that constrains our cooperation," the embassy said in its statement.

On Friday, the embassy hosted the Uzbek-Indian Business Forum, which saw Indian representatives being updated about the current economic situation in Uzbekistan, and opportunities for doing business. (ANI)