Uzbekistan attracts foreign investments for US$4.2bn since beginning of 2017
According to him, the volume of foreign direct investment made up US$3.7 billion in the same period. He noted that among investors are companies from the United States, Turkey, South Korea, Germany, Russia and Japan.
It was noted that ongoing reforms in Uzbekistan allowed to change the tendency of decrease in the inflow of foreign investments, marked in the period 2011-2016 - from US$3.3 billion to US$1.9 billion.
Among the ultimate cause undermining the overall level of investment, the “Round Table” participants noted the shortcomings of the national legislation, including dispersion of the investment legislation norms across sectors, prevalence of bylaws over laws, which complicates enforcement thereof, reduces effectiveness of investment legislation and, as a result, has a negate impact on the development of country’s economy and image.
In order to resolve this issue, the Leadership of the country set the task of developing and adopting a new investment legislation that would provide for the effective mechanisms of administrative and legal and judicial safeguards of investors’ rights and legitimate interests, the stimulation for promotion of competition in the investment market, as well as the improvement of law enforcement practices and codification of investment legislation, which eventually should positively contribute to country’s investment climate and its overall economic development.
In this regard, the State Investment Committee, with the support of the Senate of the Oliy Majlis and the UNDP, has established the inter-agency Working group to develop the Investment Code.
During the discussions, representatives of state authorities and businesses and leading experts discussed the Investment Code concept aimed at resolving issues of concern, providing additional opportunities warranted by law, increasing investment and improving country’s business environment. The concept of the Investment Code draft has been submitted for public discussion to the portal www.regulation.gov.uz.
In the third decade of November, a meeting of the Council for Foreign Investments should be held, where it is planned to discuss the mechanisms of public-private partnership in Uzbekistan, as well as the corresponding bill.