There will be no difficulties if entrepreneurs do business offshore in an honest manner - Deputy Minister of Finance.

Wealthy businessmen will face no problems if they acquire preferences via investing funds in Uzbekistan, on behalf of investors together with vacant offshore companies after transforming the funds abroad, provided that everything is operated honestly.  

This was announced by the Deputy Minister of Finance Odilbek Isakov at a press conference of the Ministry of Finance on 20 May within the framework of the “International roundtable discussion on public-private partnership.

The reporter of QALAMPIR.UZ asked Odilbek Isakov in what areas the state is providing incentives to investors today.

“If you know, we recently made a decision.  These benefits consist mainly of taxes and initial payments.  We are gradually abolishing these privileges.  Our goal is to create equal and common conditions for all.  There are no privileges when it comes to public-private partnerships.  We have no separate volunteers in any field.

However, if social facilities are included, then of course, there will be payments from the state budget because education and health care sector are one of the most important areas of our country’s development.  However, the benefits and conditions of the state budget will be announced equally for all, and the lowest score supported will be chosen.  Transparency of the selection process is very important in this regard,”- the Deputy Minister said.

In this regard, the reporter asked the Deputy Minister of Finance what measures are being taken against the cases that businessmen in Uzbekistan can transfer money abroad and re-enter the country on behalf of investors of offshore companies in order to achieve privileges.

“Offshore outsourcing is not only available in Uzbekistan but also in the USA, Europe, and other countries.  Our tender process consists of two stages.  In the first stage, of course, from the point of the qualification, the process of selection of those willing to participate in the tender is held.  The selection process takes into account the organization’s experience in this area, its work in this sector, and other matters. Of course, the availability of funds and the possibility of raising funds will be included.  That is why we work with international financial experts on every project of ours”, - he said.

According to Isakov, if benefits are acquired by wealthy businessmen who have invested funds in Uzbekistan on behalf of investors together with vacant offshore companies after transferring the funds abroad, and it has all been operated honestly, no problems will arise.

In addition, when we work with the private sector, we will try to work with reputable financial consultants.  Everything should be within the law; the tender should be open and competitive.  For example, if the company wins in fair competition, it is normal.  It will not be a problem whether it will be an organization of Uzbekistan or an enterprise of Uzbekistan located abroad, if it will compete honestly, in the selection process everything will be conducted following the law, to be honest», - Odilbek Isakov said.