Director General of the Lessors’ Association of Uzbekistan Zafar Mustafayev attended the 5th International Investment Financial Forum, which took place on April 4-8 in Tashkent.
Speaking at the event, Zafar Mustafayev noted the growing demand for leasing services, which increases the potential of this sector of the financial market. The volume of leasing in Uzbekistan annually increases by 10-15%.
The prerequisites for development of this market is the existence of significant demand for mini-technologies for small business and entrepreneurship, modernization, technical and technological modernization of leading branches of industry — engineering, chemicals, textile and garment, food, etc.
Implementation of transport and communication projects, construction and reconstruction of road infrastructure, development of road infrastructure increases the volume of leasing motor vehicles, machinery, etc.
The share of leasing transactions in investments to fixed assets in Uzbekistan in 2011 was 2.7%, while in the financial services sector it was 13.8%.
In 2011 this market of Uzbekistan involved 85 lessors, 46 leasing companies, 21 commercial banks and 18 other companies.
The Director General of the Lessors’ Association of Uzbekistan drew attention to the advantages of leasing in Uzbekistan. The equipment imported for leasing shall be exempt from VAT and customs duties, the leased object is exempt from tax on property, leasing services are exempt from income tax up to January 1, 2014.