On Measures to Further Improve the Activities of the Fund for Support of Export of Small Business and Private Entrepreneurship Entities

Document lost force 21.11.2023

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10.00.00.00 Foreign economic activity. Customs work / 10.01.00.00 General rules in the field of foreign economic activity / 10.01.04.00 Export and import / 10.01.04.01 Export;
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10.00.00.00 Foreign economic activity. Customs work / 10.01.00.00 General rules in the field of foreign economic activity / 10.01.09.00 Humanitarian and technical assistance]
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Foreign economic activity. Customs / Export and import]

Resolution of the President of the Republic of Uzbekistan

On Measures to Further Improve the Activities of the Fund for Support of Export of Small Business and Private Entrepreneurship Entities

LexUZ Commentary
This resolution lost force based on the Decree of the President of the Republic of Uzbekistan dated November 21, 2023 No. PF-198 "On Additional Measures Aimed at Producing High-Quality and Competitive Products in Certain Industrial Sectors".

In order to further expand the activities of the Fund for Support of Export of Small Business and Private Entrepreneurship Entities, bring the products of local manufacturers, including farmer households, to foreign markets, improve pre-export financing conditions, and organize participation in the charter capital of export-oriented economic entities of the republic:

1. Approval be given to the proposals of the Ministry of Finance of the Republic of Uzbekistan, the Central Bank, the Ministry of Foreign Economic Relations, Investments and Trade, small business and private entrepreneurship entities, farmer households, as well as other commercial banks, financial institutions and donors to increase the charter capital of the Fund for Support of Export of Small Business and Private Entrepreneurship Entities, according to Appendix 1, by bringing it from 5.3 billion soums to 10.3 billion soums and 2.0 million US dollars at the expense of voluntary contributions of the founders, thereby increasing its total amount by 3.0 times.

2. The list of financial services provided by the Fund for Support of Export of Small Business and Private Entrepreneurship Entities be expanded to include the following:

• participation in the charter capital of small business and private entrepreneurship entities that do not have sufficient funds to organize the production of export-oriented products in accordance with the legislation, with the subsequent sale of the Fund's share at market value within two years after the start of product production and export delivery;
• provision of financial assistance covering part of the expenses related to attracting foreign specialists for the purpose of modernizing and expanding production, bringing the design level of products to international standards by small business, private entrepreneurship entities and farmer households, and bringing them to foreign markets taking into account the demand for local products abroad, financial assistance provided by the Fund shall be carried out by small business, private entrepreneurship entities and farmer households subject to subsequent repayment.

3. Commission payments payable to the Fund for providing legal, financial and organizational services related to carrying out foreign economic operations be reduced from 3 percent of the contract value to 1 percent, but not less than 100.0 thousand soums.

4. It shall be established that the Fund for Support of Export of Small Business and Private Entrepreneurship Entities has the right to open its representative offices in foreign countries in the established manner.

5. The Fund Council (S.B. Rahimov) shall, within one month and in agreement with the Ministry of Finance of the Republic of Uzbekistan, review the Regulation on the Procedure for Formation and Use of Funds of the Fund for Support of Export of Small Business and Private Entrepreneurship Entities, which shall provide for the amount and terms of the Fund's participation in the charter capitals of small business and private entrepreneurship entities, as well as the expenditure of the Fund's funds, including in foreign currency, for the following purposes:

• development of exports of products (goods, works, services) of small business, private entrepreneurship entities and farmer households by ensuring pre-export financing of small entrepreneurship entities and participation of the Fund in their charter capitals, using the directed funds to purchase technological equipment for the production of export-oriented products;
• payment of necessary licenses, permits, certificates in accordance with the legislation of foreign countries, expenses for advertising produced products abroad;
• participation in foreign exhibitions and fairs, providing advice on concluding export contracts;
• payment of other expenses related to directing the products of local manufacturers to export.

6. The National Bank of Foreign Economic Activity of the Republic of Uzbekistan, the Farmers Council of Uzbekistan, together with small business, private entrepreneurship entities and farmer households, other commercial banks, financial institutions and donors, shall ensure the state registration of changes to the Fund's Charter arising from this resolution in the established manner.

7. Amendments and additions be introduced to the Resolution of the President of the Republic of Uzbekistan "On Additional Measures for Support of Export of Small Business and Private Entrepreneurship Entities" dated August 8, 2013 No. PQ-2022, according to Appendix 2.

8. The National Bank of Foreign Economic Activity of the Republic of Uzbekistan, the Central Bank, together with the Ministry of Justice and other interested ministries and departments, shall, within one month, submit proposals to the Cabinet of Ministers on amendments and additions to the legislation arising from this resolution.

9. Control over the execution of this resolution be entrusted to the Prime Minister of the Republic of Uzbekistan Sh. Mirziyoyev.

President of the Republic of Uzbekistan I. KARIMOV

Tashkent city,
March 16, 2016,
No. PQ-2507

Appendix 1
to the Resolution of the President of the Republic of Uzbekistan dated March 16, 2016 No. PQ-2507

LIST of Fund Founders contributing additional contributions to increase the charter capital amount of the Fund for Support of Export of Small Business and Private Entrepreneurship Entities

No.	Name of Fund Founders contributing additional contributions to increase the Fund's charter capital amount	Amount of additional contribution
		mln soums	mln US dollars
1.	National Bank of Uzbekistan	2300.0	2.0
2.	"Asaka" ATB	700.0	—
3.	"Uzsanoatqurilishbank" ATB	700.0	—
4.	Association of Banks of Uzbekistan	700.0	—
5.	"Uztrade" JSC	50.0	—
6.	"Uzsanoatexport" JSC	50.0	—
7.	Small business, private entrepreneurship entities and farmer households	500.0	—
Total:		5000.0	2.0

LexUZ Commentary
Appendix 1 unofficial translation

Appendix 2
to the Resolution of the President of the Republic of Uzbekistan dated March 16, 2016 No. PQ-2507

Amendments and Additions to be Introduced to the Resolution of the President of the Republic of Uzbekistan "On Additional Measures for Support of Export of Small Business and Private Entrepreneurship Entities" dated August 8, 2013 No. PQ-2022

1. In the introductory part, the words "small business and private entrepreneurship entities" be replaced with the words "small business, private entrepreneurship entities and farmer households".

2. In paragraph 1, after the words "territorial branches in regional areas" be supplemented with the words ", as well as representative offices in foreign countries".

3. In paragraph 2:

• in the second and third indents, the words "small business and private entrepreneurship entities" be replaced with the words "small business, private entrepreneurship entities and farmer households";
• in the fourth and fifth indents, the words "small business and private entrepreneurship entities" be replaced with the words "small business, private entrepreneurship entities and farmer households".

4. In paragraph 3:

• in the fifth indent, the words "small business and private entrepreneurship entities" be replaced with the words "small business, private entrepreneurship entities and farmer households";
• in the sixth indent, the words "small business and private entrepreneurship entities" be replaced with the words "small business, private entrepreneurship entities and farmer households", as well as the words "in amounts generally accepted in international practice — up to 3 percent of the contract value" be replaced with the words "up to 1 percent of the contract value, but not less than 100 thousand soums" respectively.

5. In the second indent of paragraph 4, the words "small business and private entrepreneurship entities" be replaced with the words "small business, private entrepreneurship entities and farmer households".

6. Be supplemented with paragraph 4-1 of the following content:
   "4-1. It shall be established that the Fund has the following rights:

• to enter the composition of founders (participants) of small entrepreneurship entities that do not have sufficient funds to organize the production of export-oriented products in accordance with the legislation, with the subsequent sale of the Fund's share at market value within two years after the start of finished product production and export delivery;
• to provide financial assistance covering part of the expenses related to attracting foreign specialists for the purpose of modernizing and expanding production, bringing the design level of products to international standards by small business, private entrepreneurship entities and farmer households, and bringing them to foreign markets taking into account the demand for local products abroad. Financial assistance provided by the Fund shall be carried out by small business, private entrepreneurship entities and farmer households subject to subsequent repayment".

7. In paragraph 6, the words "small business and private entrepreneurship entities" be replaced with the words "small business, private entrepreneurship entities and farmer households".

8. Be supplemented with paragraph 7-1 of the following content:
   "7-1. The Fund Council shall determine the staff units and structure of the Fund, as well as its territorial branches in regional areas and representative offices in foreign countries, based on economic feasibility".
   (Collection of Legislation of the Republic of Uzbekistan, 2016, No. 12, Article 110; 2017, No. 22, Article 422)