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There was conducted the meeting with Chinese company “Yilin Bagu Group”

On December 10, the meeting with the Director General of the Chinese company Yilin Bagu Group, Ekaterina Hu, was organized at the Foreign Investment Promotion Agency.

The participants of the meeting on the behalf of APII specialists were provided with the information on the key tasks of the Agency and its main powers to assist foreign investors to provide information and administrative support.

The purpose of the negotiations with the Chinese company was to discuss the investment opportunities offered by the Republic of Uzbekistan in the medical and pharmaceutical fields.

Ms. E. Hu said that the opening of the Sino-Uzbek Center for Traditional Medicine in the Republic of Uzbekistan is planned. So far, at this stage, about $ 5 million was spent on this project, in particular, special attention was paid to providing the center with the most modern medical equipment.

The possibility of implementing a project in the city of Nukus (Republic of Karakalpakstan) is also currently being discussed. We are considering a project to build a plant for the research and processing of medicinal plants (mainly ferula) and the production of a line of pharmaceuticals.

In this regard, the Chinese side requested detailed information on the benefits offered to foreign investors, both in the territory of free economic zones (FEZ) and outside the territory of FEZ. And also, for the implementation of the investment project, the issue of exemption from VAT on imported goods to the Republic of Uzbekistan related to the construction and equipment of the designed plant was discussed.

During the conversation, questions were raised about the created conditions and the benefits provided aimed at the development of traditional medicine in accordance with the adopted Resolution of the President of the Republic of Uzbekistan.

At the end of the meeting, the APII experts offered their assistance in determining the HS codes for imported equipment and other goods for further referral to the State Customs Committee and the State Tax Committee in order to compare them with lists of preferential goods.