By: Juraboeva Mahbuba Asqarbek
Worth Noting:
- Bilateral agreements are a convenient way to attract foreign investment. For this reason, countries pay more attention to the conclusion of bilateral agreements and the exchange of experience between the two countries.
- According to President Shavkat Mirziyoyev, “If there is no investment, the economy will not develop.” The increase of investment projects in Uzbekistan, the adoption of laws to regulate this sector, and the opportunities given to foreign investors to operate freely are a confirmation of our opinion. In this regard, in order to ensure the implementation of the decision of the Cabinet of Ministers No. The decision “On formation of a unified register of preferences and privileges granted to local and foreign investors” was adopted.
Regulation of direct financial investments (FDI) in Uzbekistan and the European Union: bilateral investments (BITs)
In today’s information age, countries see foreign investments as a guarantee for the development of their economy. Investment policy is a set of mechanisms and methods aimed at the development and support of priority sectors of the economy, the transition from the centralized investment process to the decentralized investment process, and the support of priority investment projects.
Direct investments are one of the most important factors in the development of the country’s economy. According to the Law of the Republic of Uzbekistan “On Investment and Investment Activities”, direct Foreign investments are investments of a foreign investor without government guarantees, at the expense of their own funds or debt funds under risky conditions.
The role of regions in the development of Uzbekistan’s economy is extremely important. One of the main problems of attracting foreign investments in the national economy is their correct distribution in the regions. Regulation of international investment activities is carried out at three levels: national (domestic), bilateral (for example, bilateral agreements on the promotion and mutual protection of investments), multilateral regional (for example, regional preferential investment part of trade deals) and universal levels.
Bilateral agreements are a convenient way to attract foreign investment. For this reason, countries pay more attention to the conclusion of bilateral agreements and the exchange of experience between the two countries.
According to President Shavkat Mirziyoyev, “If there is no investment, the economy will not develop.” The increase of investment projects in Uzbekistan, the adoption of laws to regulate this sector, and the opportunities given to foreign investors to operate freely are a confirmation of our opinion. In this regard, in order to ensure the implementation of the decision of the Cabinet of Ministers No. The decision “On formation of a unified register of preferences and privileges granted to local and foreign investors” was adopted.
In accordance with this decision, starting from July 1, 2024, a single register containing the types, terms, procedures and responsible bodies of preferences and benefits granted to domestic and foreign investors will be maintained. The single register specifies the types of preferences and benefits granted to local and foreign investors, as well as the regulation and coordination of the activities of state bodies and organizations in this field. Since countries are competing with each other to attract the same type of investment, in order to attract foreign direct investment, they have to provide transparency and openness for investment, as well as to protect the investment.
They also offer additional guarantees and measures. Such measures may include: free zones allowing duty-free import and export, direct subsidies, tax incentives. Similar benefits and preferences are introduced in order to attract more foreign investments to the state. Therefore, the maintenance of the “Unitary Register” in Uzbekistan is a large-scale reform in the field of investment.
It should be noted that in order to form the most favorable investment climate in order to attract full-fledged investments in our country, large-scale measures have been implemented to liberalize the economy, reform public administration, limit interference in the activities of business entities, reduce and simplify licensing and permitting procedures, ensure the free use of goods, improve the country’s tax In particular, according to statistics, in January-December 2022, a total of 45,214.9 billion were allocated for the Republic of Uzbekistan. it was noted that foreign investments in the sum of fixed capital were mastered, in the structure of which foreign direct investments amounted to 37,006.3 billion. the sum was or 81.8% of the total, with the remaining 8,208.6 crore.
The sum, or 18.2%, was appropriated at the expense of other foreign investments. This is considered a higher performance than in previous years. This is due to the fact that the conditions created in our country for foreign investors, as well as the creation of a favorable investment climate, have increased the volume of foreign direct investment.
Our conclusions and analyzes show that investment activity is the development and justification of new advanced innovative ideas, providing them with material and technical and financial support, meeting the requirements of the present time.
As a result of this, by financing the activities of the established industry, investors have the opportunity to achieve high profits. To this end, it is appropriate to highlight the reforms implemented in Uzbekistan.
In the 1st quarter of 2024, the decision of the Cabinet of Ministers was approved in order to actively attract foreign investment to the sectors and regions of the economy, introduce modern technologies into production, further increase the production volumes of high – value-added export products, create permanent jobs, as well as ensure population employment.
The periodic publication of the ranking of states by international financial institutions of the country’s investment sector is important for investment decisions of foreign investors. Therefore, in order to improve the system of assessment of investment attractiveness of industries and territories in our country, the use of a system of indicators representing it was based and ways of calculating these indicators were developed.
In conclusion, we must say that since July 1, 2024, the implementation of a “unified register”, which includes the procedure for preferences and preferences given to domestic and foreign investors, is also a project aimed at attracting investors and occupies an important place in the regulation, systematization of the investment sector.
The great emphasis on the direction of national and foreign investments in promising areas of Uzbekistan serves as the basis for the development of our economy.
Juraboeva Mahbuba Asqarbek qizi Student of Tashkent state university of law
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