A memorandum of cooperation has taken been signed between a representative of South Korean company Daejin Chemical in Uzbekistan and the country which allows future production of innovation-based cosmetics in the Navoi Free Economic Zone.
Aided by the leading South Korean company, the move will showcase the first ever domestic manufacturing of the innovation-based cosmetics, according to a report by the Jahon Information Agency.
The two sides will initially enter into production of false eyelashes, fixing agents and cleansing face masks, with a representative from Daejin Chemical having assessed the country’s free economic zone infrastructure, and the logistics and opportunities for product distribution.
Participation in the Navoi Free Economic Zone offers many benefits, with the potential new deal allowing the Korean company benefits such as exemption of land tax, profit tax, legal entity property tax, single tax payment, mandatory contributions to state funds, and customs payments. These are allowed over a period of three to 10 years dependent on the size of the investment.