January 20, 2020
New Law on Investments
At the end of last year, Law No. ЗРУ-598 on Investments and Investment Activities was published in the national database of legislation.When this law enters into force, three existing laws will lose their force, namely:
- Law of April 30, 1998 No. 609-I on Foreign Investments;
- Law of April 30, 1998 No. 611-I on Guarantees and Measures to Protect the Rights of Foreign Investors;
- Law of December 24, 1998 No. 719-I on Investment Activities.
The authorized state body in the field of state regulation of investments is the Ministry of Investments and Foreign Trade.
This unified legislative act has the following features:
- establishes the priority of international agreements (for example, BITs) in the field of investment over national legislation;
- specifies guarantees for the rights of investors;
- indicates the main elements and terms of the investment contract;
- defines the procedure for initiating proposals for concluding an investment agreement with the Government of the Republic of Uzbekistan;
- clarifies the status of Enterprises with Foreign Investment;
- provides the right of Uzbek residents (individuals and legal entities) to invest abroad.
This law enters into force one month after the date of its official publication (26.01.2020). The detailed analysis of changes in investment legislation will be soon published in Memoranda.