Investment Incentives & SEZs in Uzbekistan

Special Economic Zones — Law No. ZRU-604 (2020)

Uzbekistan's SEZ framework is governed by the Law on Special Economic Zones No. ZRU-604 dated 17 February 2020. Uzbekistan had 34 SEZs across various sectors and regions as of 1 July 2026. Each SEZ has specific qualifying activity requirements, minimum investment thresholds, and operating conditions set by the relevant SEZ administration. SEZ participants may benefit from: CIT exemption by amount invested (USD 3–5 million: 3 years; USD 5–15 million: 5 years; USD 15 million or more: 10 years), with accelerated depreciation instead for those admitted from 1 April 2026; property and land tax exemptions for a period set by presidential decision (Tax Code, Art. 473); relief from customs payments on listed construction materials, equipment and raw materials; and import VAT deferral of up to 120 days (Law No. ZRU-604, Art. 39). Bond Stone advises on SEZ eligibility, application, and operating condition compliance.

Small Industrial Zones — 400 zones

Uzbekistan's 400 Small Industrial Zones (SIZs) are smaller, regionally distributed investment zones with simplified entry requirements compared to full SEZs. They provide infrastructure access, reduced administrative burden, and sector-specific incentives for smaller manufacturing and processing investments. Bond Stone advises on SIZ qualification and the available incentive packages by zone.

IT Tech Park — Presidential Decree No. UP-5099 (2017)

The IT Tech Park provides: income tax exemption until 2028; from 1 January 2028 to 1 January 2040, residents with exports above 50% of income and qualifying IT education providers are exempt from all taxes except VAT (Tax Code, Art. 483); VAT exemption; exemption from social tax on employee salaries; and a simplified work permit regime for foreign IT specialists. IT Tech Park residency requires the entity's primary activity to be IT development, IT services, or related technology activities. Bond Stone advises on IT Tech Park eligibility and registration.

Free Economic Zones

A free economic zone is one type of SEZ under Law No. ZRU-604 (Art. 10), alongside scientific and technology, tourist and recreational, free trade and special industrial zones. Projects there must meet special requirements (Art. 16), and the act establishing each zone should be checked.

Investment agreement — stability guarantee

The Government may conclude an investment agreement with a foreign investor, and must do so where it grants additional guarantees or support, available case by case for priority sectors and projects. Additional tax benefits are given only for a defined period (Law No. ZRU-598, Art. 40). The Article 19 guarantee protects investors generally, in the cases it lists.