At his opening remarks at the Tashkent International Investment Forum, the president Shavkat Mirziyoyev said that the country has significant potential in the field of rare minerals and urged investors to proceed to the manufacturing of high-value-added products.
“The industrial revolution 4.0 will require rare minerals by more than several times. Significant reserves of tungsten, molybdenum, magnesium, lithium, graphite, vanadium, titanium and other minerals have been discovered in Uzbekistan. In general, the potential of our subsoil resources is estimated at $3 trillion,” the president emphasized.
Shavkat Mirziyoyev added that Uzbekistan intends to contribute to turning the province into a center for the manufacturing of goods from strategic raw materials.
“We have all the opportunities for the province to become a center for the manufacturing of high-value-added products from minerals. In this area, we are building technology parks of metals of the future in the Tashkent and Samarkand provinces,” he said.
The President also put forward an initiative aimed at stimulating investment in the mining and processing sectors.
“Investors who have built a chain of manufacturing of finished products, starting with geological exploration, will receive a rent tax refund for 10 years,” Mirziyoyev announced.
He voiced confidence that “long-term fruitful relations with partners will turn into mutually beneficial business cooperation in all the mentioned areas.”
Last May, the President, telling investors about partnership opportunities, emphasized that the country has deposits of more than 30 rare earth metals. Shavkat Mirziyoyev said that Uzbekistan is working on cooperation agreements in the field of critical raw materials with the United States and Great Britain. In September, Uzbekistan and the United States signed a memorandum of understanding in the field of critical minerals in Tashkent, the purpose of which is to strengthen cooperation in the field of minerals.
In February, Uzbekistan reached agreements with three leading Malaysian players to create joint projects in the field of critical minerals.
The Uzbek Ministry of Geology and the French Geological Service (BRGM) plan to develop a project to extract minerals.
The European Union and Uzbekistan are also developing projects in the field of critical minerals.
A special rent tax was adopted in Uzbekistan from January 1, 2022 for taxpayers extracting precious, non-ferrous and radioactive metals, rare and earth elements and their production from man-made mineral products (gold, silver, platinum, uranium, copper, zinc and others), hydrocarbon manufacturing (gas, oil, gas condensate). Some companies were previously granted waivers for this tax.
