Uzbekistan is establishing a Trade Development Company (KRT) in the form of a joint-stock company, as outlined in a presidential decree issued on March 14. The creation of the company was announced back in January, with the president revealing its objectives on March 12.
The company is being organized under the auspices of the Agency for Management of State Assets, based on the Export Promotion Agency and the Export Support Fund. It will be overseen by the Chamber of Commerce and Industry.
Additionally, a Trade Promotion Fund is being set up under the Ministry of Investments, Industry, and Trade. This fund will receive funds from the state budget to support participants in foreign trade, excluding pre-export and export-related operations. The KRT will manage the fund's resources.
The main activities of the KRT will include enhancing the efficiency of financial assistance to exporters based on entrepreneurs' sustainability ratings, as well as ensuring the disbursement of state funds to exporters of high value-added products entering new markets. The company will provide informational and advisory support to exporters on logistics, certification, standardization, quality control, tax and customs administration, and other export-related issues.
The KRT will also assist exporters in implementing international standardization and certification systems, as well as in registering national brands and products abroad. It will cover part of their expenses for insurance premiums, transportation costs for exporting goods, adopting international financial reporting standards, renting foreign offices, warehouses, trading spaces, maintaining homes, and conducting advertising campaigns.
Furthermore, the company will help businesses attract prestigious international brands and allocate grants to cover expenses related to establishing cooperation with the owners of these brands. Another task is to organize export accelerators with the participation of foreign consultants.
The president previously stated that the Export Promotion Agency had turned into a mere "accountant-cashier," simply disbursing state funds to businesses without effectively utilizing the resources. Therefore, the agency will be transformed into the Trade Development Company in line with WTO requirements.
