Legal aspects of attracting foreign investment in Uzbekistan discussed in the UK
Tashkent, Uzbekistan (UzDaily.com) -- On 27 June 2019, within the framework of the visit of the delegation of the Republic of Uzbekistan headed by Justice Minister Ruslanbek Davletov, a round table on the topic “Improving Uzbekistan’s legislation in attracting foreign investment” was held in the British Law Society.
The event was organized by the Embassy of Uzbekistan in London, together with the British Law Society (UK Law Society).
The event was attended by over 70 representatives of leading legal, investment, banking and financial circles in the UK, operating in Europe, Asia, Africa and America.
In his presentation, the Minister of Justice dwelt on the issues of creating favorable conditions for doing business, in particular, improving investment legislation aimed at ensuring effective mechanisms for guaranteeing foreign investments and activities of foreign companies in Uzbekistan.
The great interest of the participants in the event was caused by the information on the processes of land privatization, the activity of free economic zones, as well as the privileges and preferences provided for foreign investors.
Participants also noted that reforms in public administration, judicial and legal, tax and customs systems, as well as reducing regulatory functions, excessive bureaucratic procedures and business requirements, make the business climate in Uzbekistan very attractive.
Measures taken by the Government of Uzbekistan to strengthen legal instruments to protect private property, simplify state regulation of business activities in the construction sector, and conduct active privatization policies also aroused great interest among participants and became the subject of detailed discussion of specific provisions of the legislation on these areas during the question-answer session .
Participants of the event were also informed about the active work being carried out by the Ministry of Justice and other government agencies to study international best practices in the field of simplification of business procedures, as well as the application of the UK experience in the activities of the registering body - Companies House.
The event resulted in the signing ceremony of cooperation documents between the Ministry of Justice of Uzbekistan and law firms FieldFisher and Gateley, which provide training and advanced training for representatives of the Ministry of Justice, legal services of ministries, departments and other Uzbek organizations involved in international investment and commercial disputes.
Particular attention in the organization of training will be paid to issues of procedural and substantive law of international arbitration and advocacy technology.