State Committee For Investments Initiates Development Of Investment Code

On November 2, 2017, the Uzbek State Committee for Investments released its draft Proposal for a new Investment Code that is intended to significantly improve the investment environment within Uzbekistan and to replace three main investment laws along with the large amount of ancillary laws and by-laws related to investment activities. It is said that the Investment Code is drafted based on IMF, OECD and World Bank Group's recommendations as well as investment legislation of the EU, the USA, Japan, Morocco, Russia, etc.

It is declared that the new Code will create equally favourable conditions to both local and foreign investors; will streamline procedures for negotiating investment projects with the government, and will define and introduce new concepts and mechanisms of investment within Uzbekistan (mutual funds, investment tax credits and investment subsides, new types of governmental guarantees, etc.).