Association of Enterprises of Building Materials Industry of Uzbekistan established

Tashkent, Uzbekistan (UzDaily.com) -- President of Uzbekistan signed a resolution “On measures for radical improvement and integrated development of the building materials industry”.

In accordance with the resolution, the Association of Enterprises of Building Materials Industry of Uzbekistan (“Uzpromstroymaterialy”) is being created.

Uzstroymaterialy JSC will be closed and its shares in companies of the industry will be transferred to the Agency for Management of State Assets.

Chairman of the Association "Uzpromstroymaterialy" and his deputies are elected by the decision of the general meeting of its founders on the proposal of the Ministry of Economy and Industry of the Republic of Uzbekistan.

Up to 1 January 2022, deductions of enterprises under contracts to the Association “Uzpromstroymaterialy” are excluded from the taxable base for corporate income tax.

Starting from 1 April 2019, a license for the right to use a subsoil block containing non-metallic minerals is issued for geological study within ten days from the date of receipt of the application.

In 2019–2021, 67 investment projects will be implemented for the technical and technological upgrading of existing and creation of new industries with a total value of US$1.3 billion, including through foreign direct investment in the amount of US$692 million.

The specialized design and research institute of “StroymaterialyLITI” is renamed into the Research and Engineering Center “UzstroymaterialyLITI”, which is part of the Association “Uzpromstroymaterialy”.

A list of investment projects in the building materials industry, as well as a plan of comprehensive measures for their implementation, will be approved for the period until 1 April 2019.