04.04.2019 2696

In the Republic of Uzbekistan, a regime has been established providing for the provision of conditions to foreign investors no less favorable than the corresponding conditions for investments made by legal entities and individuals of the Republic of Uzbekistan.

The state guarantees and protects the rights of foreign investors engaged in investment activities in the territory of the Republic of Uzbekistan. If the subsequent legislation of the Republic of Uzbekistan worsens the investment conditions, then the legislation in effect at the date of investment is applied to foreign investors within ten years from the date of investment.

A foreign investor has the right, at his discretion, to apply those provisions of the new legislation that improve the conditions for his investment. The legislation provides for a notification procedure for the use of a ten-year warranty. Thus, upon the occurrence of a deterioration in the conditions of investment, a foreign investor notifies the appropriate authorized body about the application of the guarantee.

The authorized bodies that are notified of the application by the foreign investor of guarantees are state organizations that carry out state registration of legal entities - the Ministry of Foreign Affairs, the Ministry of Internal Affairs, the Ministry of Foreign Economic Relations, Investments and Trade, the State Tax Committee of the Republic of Uzbekistan and serving banks.

The notification of a foreign investor is the basis for the application by the authorized body to the foreign investor of the legislation in force at the date of investment. The notification, regardless of the date of its submission to the authorized body, is valid from the moment the act enters into force.

Legislation, along with general guarantees and measures for the protection of foreign investors, may provide additional guarantees and protection measures, including ensuring the unconditional fulfillment by partners of their obligations to foreign investors.

In some cases, on the basis of investment contracts concluded, foreign investors may be provided with additional guarantees and rights protection measures when investing in:

priority sectors ensuring sustainable economic growth, progressive structural changes in the country's economy;
priority projects ensuring the strengthening and expansion of the export potential of the republic, its integration into world economic relations;
small business projects, the implementation of which is aimed at processing raw materials and materials, producing consumer goods and services, and providing employment to the population.
If the government of the Republic of Uzbekistan provides a foreign investor with additional guarantees and protection measures (benefits and preferences) established by law, an investment contract is concluded. The investment contract is concluded between the Government of the Republic of Uzbekistan represented by the Ministry of Foreign Economic Relations, Investments and Trade of the Republic of Uzbekistan and foreign investors.