Speaking at the Third Tashkent International Investment Forum on May 2, President of Uzbekistan Shavkat Mirziyoyev said that in the past few years, Uzbekistan has attracted over 60 billion dollars in foreign investments, and more than 14 billion dollars from international financial institutions have been directed to social and infrastructure projects. The volume of foreign investments nearly doubled last year.
The president said that “our main goal is to make Uzbekistan a reliable and long-term partner for foreign investors”.
“Our country is committed to developing market economy, ensuring reliable protection of investors’ rights, further improving the favorable investment and business environment, creating more comfortable conditions for fair competition, ensuring the protection of private property and the independence of the judicial system,” Mirziyoyev said.
The Uzbek leader announced a number of specific proposals aimed at strengthening the protection of investors’ rights.
Firstly, Uzbekistan will adopt the new Law “On Investments,” which has been developed in accordance with the regulations and standards of the World Trade Organization.
Secondly, the International Commercial Court will start operating in the near future under the auspices of the Center for the Development of Digital Technologies. This court will have a special place in Uzbekistan’s legal system.
Thirdly, Uzbekistan will soon introduce significant changes to the system of industrial zones, providing more favorable conditions for investors to implement high-tech projects.
The activities of operators in managing industrial zones, especially attracting highly qualified foreign companies, will be expanded. The restrictions for the operation of special economic zones will also be eliminated. The term for leasing the land to foreign investors will be doubled (from 25 to 49 years), and the benefits and preferences guaranteed by law will fully remain.
