LAW ON FREE ECONOMIC ZONES of KYRGYZ REPUBLIC

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Content FEZ definition Goals of FEZ Facilities and advantages FEZ of Kyrgyzstan The Law on FEZ of KR Resourses

Definition A Free Economic Zone or a Special Economic Zone (SEZ) is a geographical region that has economic and other laws that are more free-market-oriented than a country's typical or national laws. The SEZ covers: free trade zones (FTZ), export processing Zones (EPZ), free Zones (FZ), industrial parks or industrial estates (IE), free ports, free economic zones, urban enterprise zones and others.

Goals Usually the goal of a structure is to increase foreign direct investment by foreign investors, typically an international business or a multinational corporation (MNC), development of infrastructure and to increase the employment. More than 70% of production exports to neighboring countries - Russia, China, Kazakhstan, Uzbekistan, Tajikistan and Afghanistan, the U. S. , Turkmenistan, Japan and other countries.

Facilities and advantages of FEZ Exemption from all taxes and payments during the period of work in SEZs; 1 -2% of the profit as a contribution to the General Directorate; Export of goods manufactured in the SEZ, imports, as well as goods for shipment and re-export are exempt from customs duties; Export goods produced in the SEZ are exempt from the quota and licensing; Simplified and expedited registration; Simplified customs procedures; Direct access to critical infrastructure, including telecommunications, water, electricity and means of transportation.

FEZ of Kyrgyzstan Free economic zones of the republic had attracted investors from more than 30 countries; They created 234 companies and joint ventures that operate in the field of trade, food and light industry, building materials and furniture, as well as tourism. Since its creation, and only for the period of SEZ in the KR (1996 to 2011) created 3, 500 new jobs, registered 214 joint ventures and foreign enterprises.

FEZ of Kyrgyzstan The Kyrgyz Republic has four free economic zones: FEZ "Bishkek" is located in the economic and political center of the country. General Directorate of SEZ "Bishkek" is located in the village of Ak-Chii near to the international airport "Manas"; SEZ "Karakol" placed at the foot of the Tian Shan mountain range on the shore of Lake Issyk-Kul – territory that offers tremendous opportunities for the development of tourism;

FEZ of Kyrgyzstan SEZ "Maimak" is located on the border between Kazakhstan and Kyrgyzstan at the crossroads of international traffic; SEZ "Naryn" occupies an area on the Chinese border, and has significant potential for development of tourism and mining. Its area of 47 km 2, which is approximately one-fourth of the entire territory of Kyrgyzstan.

The Law on FEZ of KR Was accepted on 16 th of December of 1992 N 1076 - XII; Content: Chapter I. General terms; Chapter II. Specific legal regime of free economic zones; Chapter III. Procedure for the establishment of free economic zones and their management.

Chapter I Article 1. The concept, objectives and types of free economic zones; Article 2. Conditions of organization of free economic zones; Article 3. Export Processing Zones (Deleted by the KR Law of March 15, 1996, N 2) Article 4. Zones to attract foreign investment (Deleted by the KR Law of March 15, 1996, N 2) Article 5. Kyrgyz law on free economic zones

Chapter II Article 6. Special customs regime; Article 7. Special currency regime; Article 8. Benefits of economic and foreign activity in FEZ; Article 9. Contractual regulation of labor relations in FEZ; Article 10. Funding of FEZ; Article 11. Entry and exit from FEZ; Article 12. The period of eligibility in free zones

Chapter III Article 13. The order of creation and the elimination of FEZ; Article 14. Management of FEZ; Article 15. Registration of companies with foreign investments in Free Economic Zones.

Resourses http: //www. fez. kg/ http: //www. kenesh. kg/Articles/2362 - Zakon_Kyrgyzskoj_Respubliki_O_svobodnyx_ekon omicheskix_zonax_v_Kyrgyzskoj_Respublike. aspx http: //www. feznaryn. kg/ru/about

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