INVESTMENT

IFEZ and the Samarquand Regional
Government of Uzbekistan

Sign Letter of Intent for Bilateral Cooperation

IFEZ and the Samarquand Regional Government of Uzbekistan have signed an agreement to share IFEZ’s development experience and work towards mutual economic cooperation. In May, General Director ByeongYoon Yoo of IFEZ and Governor Turdimov Erkinjon of Samarquand signed a letter of intent for cooperation between IFEZ and the Samarquand Regional Government of Uzbekistan at G-Tower in Songdo International City.
This letter of intent contains agreements between the two parties to share IFEZ’s experience in the development of free economic zones, work together to promote investment and develop cooperative projects, and engage in further mutual exchanges. The agreement also includes details about promoting a free economic zone in Urgut, Samarquand.

IFEZ has now concluded agreements with a total of five regional governments in Uzbekistan, including Samarquand. Letters of intent were signed with Bukhara Region and Fergana Region in March and July of 2018 respectively. IFEZ also signed an MOU with Tashkent Region, where Uzbekistan’s capital city is located, for setting up a free economic zone in Angren within its jurisdiction in January this year and concluded another MOU with Namangan Region in March. This series of agreements is a testament to the continued efforts of the government of Uzbekistan to use IFEZ as a benchmark for local development.

A total of 12 sites are being developed into free economic zones in Uzbekistan, with five newly added last year. This illustrates how Uzbekistan is striving to leverage free economic zones as a driving force for the nation’s growth. IFEZ also signed an MOU for the development of a free economic zone in Angren at the Uzbekistan-Korea Business Forum during President Moon Jae-in’s state visit in April. At that time, President Shavkat Mirziyoyev of Uzbekistan stated that he was looking forward to continued cooperation with IFEZ, the organization on which the nation’s free economic zones are being modeled.