BAKU, Azerbaijan, May 18
By Ilkin Seyfaddini – Trend:
Uzbekistan adopted a unified act - the Law of Uzbekistan On investments and investment activity, Trend reports citing the Ministry of Investment and Foreign Trade of Uzbekistan.
The adoption of the law required adjusting a number of by-laws regulating relations in the field of investment and investment activities.
The main practical innovation is the approval in a new edition of the Regulation on the procedure of conclusion, amendment, termination and implementation of investment agreements between the Government of Uzbekistan and foreign investors. It cardinally revised the scheme of conclusion and implementation of investment agreement, excluded previously existing excessive bureaucratic procedures and mechanisms.
For the first time, the standard investment agreement was approved - before its introduction, there was a great variety of investment agreements, which did not always ensure qualitative and timely execution, hindered the effective execution of tasks, rapid identification and elimination of factors restraining the implementation of investment proposals.
Another innovation that should be particularly noted is the introduction of mandatory anti-corruption and antitrust clauses in investment agreements, the message said.
The decree also defines the Ministry of Investment and Foreign Trade as a body authorized to monitor the progress of foreign investors' fulfillment of obligations arising from the investment agreement.
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