The International Commercial Court will start working in Uzbekistan
In his speech at the Tashkent International Investment Forum, Shavkat Mirziyoev III presented a number of proposals aimed at strengthening the protection of investors' rights. In particular, the "Investment" law, which complies with the procedures and standards of the World Trade Organization, will be adopted, the International Commercial Court will start working in the country, and the period for leasing land to foreign investors will be extended twice.
Shavkat Mirziyoev III gave a speech at the Tashkent International Investment Forum. He welcomed the participants, addressed investors and called on them to cooperate with Uzbekistan.
"Our main goal is to make Uzbekistan a reliable and long-term partner for foreign investors," said the head of state. "Our state undertakes the development of market relations, the reliable protection of investors' rights, the further improvement of a favorable investment and business environment, the creation of wider conditions for fair competition, the inviolability of private property and the independence of the judicial system."
The President of Uzbekistan presented a number of proposals aimed at strengthening the protection of investors' rights.
We will adopt the Law "On Investments". This document was developed in accordance with the procedures and standards of the World Trade Organization," said Shavkat Mirziyoyev, expressing gratitude to the European Bank for Reconstruction and Development, the World Bank, the International Monetary Fund, and the Organization for Economic Cooperation and Development for their close cooperation in this regard.
In addition, the president said that the International Commercial Court will soon start working in the country under the International Center of Digital Technologies.
"This court will have a special place in the judicial system of Uzbekistan. We will adopt a special law for this in the near future. We will also include norms on the full execution of the decisions of this international commercial court in the procedural codes," said Shavkat Mirziyoev.
The head of Uzbekistan also announced plans to introduce "completely new approaches to the system of industrial zones."
"More favorable conditions will be created for investors to implement high-tech projects. The practice of actively involving private operators, including highly qualified foreign companies, in the management of industrial zones will be expanded. Restrictions on the period of operation of special economic zones will also be canceled," said Shavkat Mirziyoev.
"The term of land lease for foreign investors will be doubled from 25 to 49 years. In this case, the existing benefits and preferences guaranteed by law will be fully preserved," the president said.
All these issues will be discussed at the next meeting of the Council of Foreign Investors under the president on May 3.
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