Senate of Oliy Majlis of Uzbekistan
Tashkent, Uzbekistan (UzDaily.com) --
The Senate of the Oliy Majlis (upper house of parliament) of Uzbekistan approved the law “On ratification of the agreement between the Republic of Uzbekistan and Japan on Liberalization, Encouragement and Protection of Investments”.
The law is aimed at ratifying the agreement on liberalization, encouragement and protection of investments between Uzbekistan and Japan signed in Tashkent on 15 August 2008.
The agreement was signed to strengthen economic relations between two countries by creating stable, equal and clear terms to increase investments. The agreement envisages providing investors and investments of the other side with the same favorable regime as for own investors and their investments.
Japan invested over US$2 billion to the Uzbek economy within the period after establishment of diplomatic relations. The Japanese government allocated US$910 million within the Official Development Aid programme.
Roughly US$820 million was allocated to development of fuel-energy complex and Uzbekistan’s textile industry via commercial loans of Japan Bank for International Cooperation (JIBC). Over 10 projects with participation of Japanese investments are implemented in Uzbekistan.
Roughly 22 representations of Japanese corporations, including Mitsubishi, Nishe Ivai have been opened in Uzbekistan. Several joint enterprises operate in machine building, light industry, domestic and foreign trade, transport and tourism.