Uzbekistan developing Investment Code, offering new privileges

Central Asia Materials 3 November 2017 16:13 (UTC +04:00)

Baku, Azerbaijan, Nov. 3

By Nigar Guliyeva - Trend:

The Uzbek State Committee for Investments is developing the Investment Code. The draft of the Investment Code is presented on the portal of system for assessing legislative acts ('SOVAZ').

The document provides an assessment of the current state of investment legislation in Uzbekistan. This is a significant array of normative legal acts covering various sectors, which reduces its effectiveness. Therefore, it is proposed to systematize and codify existing norms in this area.

The presented concept includes: a substantiation of necessity of developing the Investment Code; structure, subject, purpose and objectives of the code; socio-economic, political and legal implications of the adoption of the code; innovations introduced by the project; main directions of investment policy; consideration of provisions of international acts and legislation of foreign countries in the field of investment.

Furthermore, it is planned to introduce such innovations as an investor's visa, an investment loan, investment tax credits, investment subsidies, revised terms of concessions and PSAs, foreign investment, additional guarantees for foreign investors.

With the adoption of the code, there will be a transition from direct government regulation of investment relations to a system of their monitoring, supporting and stimulating.

The Code is expected to help reduce the facts of interference in the investment activities. The existing gaps and conflicts in this area will be eliminated.

The adoption of the Code will help to strengthen the support of investors, ensure more efficient and quick review of their appeals, timely protection of violated rights and legal interests of investors regardless of nationality.