“Export price was cheaper than ours” - President refers to Asaka plant’s past

“For many years, we were proud to have a plant in Andijan. We exempted it from taxes, we provided benefits. But that plant did not benefit our people. Our own car for export was sold cheaper compared to our domestic market. Now we are overcoming these problems.

We used to sell cotton for a maximum of $1 billion a year. But now Andijan region itself exports more after processing. Entrepreneurs, in many appeals, have asked to reduce and ease the existing requirements for opening and running non-bank credit institutions in order to further increase the sources of business financing.

Therefore, from October 1 this year, the licensing procedure for microfinance institutions will be completely abolished. Now, all they need to do is register with the Central Bank to start their activities.

From now on, they will not have to obtain the consent of the Central Bank to set up cash rooms and open branches in the regions. The existing restrictions on microcredit (300 million soums) and microleasing (600 million soums) for entrepreneurs will also be lifted.

At the same time, microfinance institutions will be given the right to raise funds from other organizations and issue bonds. These organizations, like banks, will also have the power to accept payments. In general, due to these new opportunities, an additional 10 trillion soums a year will be arranged for our entrepreneurs in the credit market,” Kun.uz correspondent quoted the President as saying.