Uzbek Senate ratifies agreement on Japanese investments protection
Uzbekistan, Tashkent, March 31 / Trend T. Zhukov/
The Senate of the Oliy Majlis (Parliament) of Uzbekistan approved the law Ratification of the Agreement between the Republic of Uzbekistan and Japan on Liberalization, Encouragement and Protection of Investments.
Aim of this law adoption is to ratify the agreement on liberalization, encouragement and protection of investments between Uzbekistan and Japan signed in Tashkent on August 15, 2008, the Senate told Trend .
The inter-state agreement was signed to strengthen economic relations between two countries by creating stabile, equal and clear terms to increase investments. The agreement envisages providing investors and investments of the other side with the same favorable regime as for own investors and their investments.
Japan invested over $2 billion to the Uzbek economy within the period after establishment of diplomatic relations, the Uzbek Ministry of Economy told Trend . The Japanese government allocated $910 million with the program Official Development Aid.
Roughly $820 million was allocated to development of fuel-energy complex and Uzbek textile industry via commercial loans of Japan Bank for International Cooperation (JIBC). Over 10 big projects with participation of Japanese investments are implemented in Uzbekistan.
Roughly 22 representations of big Japanese corporations, including Mizui, Mitsubishi, Nishe Ivai have been opened in Uzbekistan. Several joint enterprises operate in machine building, light industry, domestic and foreign trade, transport and tourism.
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