OREANDA-NEWS. December 08, 2008. Free industrial economic zone Navoi (FIEZ Navoi) with special customs, currency and tax policy will be created in the area of Navoi city international airport.

According to the Decree of the President of the Republic of Uzbekistan, there will be created favorable conditions in FIEZ Navoi for attraction of foreign investment into organization of high-technology productions providing the output of highly demanded in the world's markets, as well as development of industrial potential, production, transportation-transit and social infrastructure in the region.

The operation term of FIEZ Navoi is 30 years with possible prolongation. During this period special customs, currency and tax policy, simplified entry, stay and exit procedure as well as work permit for labor activity receipt by non-resident citizens of Uzbekistan will be functioning here.

Companies registered here will be able to make payments in foreign currency within the FIEZ, pay for goods and services of other economic players-residents of Uzbekistan by means of foreign currency and use convenient terms and forms of payment and accounts for exporting and importing goods.

Coordination and efficient management of FIEZ activity will be carried out by administrative council, created out of representatives of state bodies and zone administration.

Administrative council is planned to be created before January 1, 2009; the general plan of FIEZ and necessary construction documents should be approved until this date. The FIEZ Navoi administrative council with the advice and consent of the Cabinet of Ministers of the Republic of Uzbekistan can select international management company as directorate for transferring rights to it for control over the zone on a contract basis.

The FIEZ Navoi will have its own budget formed by means of revenues received from services and other inflows not restricted by legislation as well as from part of money proceeds from land, buildings and constructions leasing.

There is an opportunity to create a FIEZ development fund used for the infrastructure development and increase of effectiveness of the zone functioning.

At present, an international logistics centre is being created on the basis of Navoi airport together with the Korean air company. Starting from August 27 the South Korean air carrier performs regular cargo air flights via Navoi.