MPs considered a draft law “On introduction of changes and amendments to the Law of Uzbekistan “On foreign investments”.

The document was developed in line with the Concept on further deepening democratic reforms and forming civil society of the country and based on studying legislations of foreign states, such as China, Korea, Malaysia, Singapore, Japan, etc.

The amendments are directed at further stimulating attraction of foreign investments, creating favourable conditions for activity of foreign investors in Uzbekistan.

MPs also discussed a draft law “On introduction of changes to article 477 of the Civil Code of Uzbekistan”, which is directed at strengthening responsibility of officials of electricity and gas supply enterprises for non-execution of agreements with small businesses on supply of electricity and gas.

In particular, the law sets that if electricity and gas supply enterprises fail to supply energy in time, they will have to pay compensation for damage and lost profits.

Legislative Chamber passed both laws and sent the documents to the Senate of Oliy Majlis of Uzbekistan for approval.

MPs also discussed a draft law “On introduction of changes and amendments to some legislative acts of Uzbekistan in connection with adoption of the law “On exchange of credit information”, which came into force on 1 January 2012.

The document envisages to introduce changes and amendments to the laws “On Central Bank of Uzbekistan”, “On banking and banking activity”, “On banking secret”, etc.