Uzbekistan to develop two new codes regarding entrepreneurship and investment

Reportedly, the draft code provides for:

- full codification of the legislation in the sphere of entrepreneurial activity, radical revision of antimonopoly regulation of entrepreneurship, taking into account the transition of the national economy to market relations;

- regulation of public relations arising in connection with the legal, economic and social conditions and guarantees of freedom of entrepreneurship in Uzbekistan, interrelations between business entities and the state;

- improvement of the business environment, taking into account international standards in the sphere of freedom of entrepreneurship, economic rights and freedoms of an individual;

- strengthening the responsibility of officials for interfering in the activities of business entities, restricting or suspending the activities of business entities, and carrying out illegal and unjustified acts (inaction) aimed at causing harm to them;

- introduction of mechanisms of public control over the further protection of the rights and legitimate interests of entrepreneurs.

Execution term - by 2021, responsible bodies - Chamber of Commerce and Industry, Ministry of Justice, Business Ombudsman, Ministry of Economy and Industry.

It is also planned to develop a draft Investment Code of the Republic of Uzbekistan.

It provides for:

- issues of state regulation over investment activity, guarantees of investors’ rights and protection of investments, including foreign investments, support of investment activity by the state, protection of new and high-tech industries;

- determination of the procedure for state examination of investment projects in the Republic of Uzbekistan, organization of activity of foreign investors, banking and commercial organizations.