Investment Code – key to protecting the rights and legitimate interests of investors

27.11.2019, 17:45

Investment Code – key to protecting the rights and legitimate interests of investors

Economic growth, increasing population incomes, creating new jobs and ensuring a comfortable life for people in the country are inextricably linked with investments. In order to support investors, the party advocates the creation of the Investment Ombudsman Institute, acting in conjunction with the Business Ombudsman, the formation of an electronic database of a ready-made investment package for foreign investors and development of a system for its presentation, the use of “parliamentary, party and business diplomacy” institutions to attract investments, development mechanism for stimulating trade with neighboring countries, expanding ties with leading international and foreign financial institutions, ensuring the efficient use of attracted foreign investment.

Of course, along with the practical work carried out over the past three years to attract investment in the country, we have gained some experience. He showed how to work with investors, in which sectors of the economy it is important to invest, what needs to be done for the rational use of raw materials and labor resources.

A pressing issue in the investment process is investor’s confidence. And it is provided only with systemic protection of their rights by law.

The analysis showed that the investment process is streamlined mainly by three laws – “On the Investment Activities”, “On Foreign Investments”, “On Guarantees and Measures to Protect the Rights of Foreign Investors” and more than 100 by-laws.

The volatility of existing normative-legal documents, a lot of unreasonable norms in laws, adversely affecting the investment environment, cause investors’ distrust. Identified during the study of the problem, the proposals of investors necessitate the improvement of the legislation of the sphere, its systematization, integrity and bringing into a form convenient for use by investors.

In this regard, the party has a specific opinion: an Investment Code should be developed in order to create an attractive investment environment, create new jobs, expand production of high value-added products, increase real incomes of the population by unifying and improving existing laws and regulations.

The Investment Code, which is planned to be developed by UzLiDeP, should outline the following priority areas of investment policy:

— clarification of tasks and obligations of state and local government in formation of a favorable investment environment;

— determination of types and forms of investments, investors, implementation of a system for accounting the process of investment;

— strict observance of the principles of accounting for potential, raw materials, labor resources of regions when placing investment projects;

clarification in the investment process of issues related to the allocation of land plots to investors, free buildings, connection to utilities;

— reflection of the issue related to providing investors with the right to reside in Uzbekistan;

— determination of the status of special economic and small industrial zones;

providing priorities and freedoms in foreign exchange transactions, determining the rules for applying tax and other benefits for the introduction of investments.

 We are confident that the adoption of a single Investment Code will be especially important in guaranteeing the protection of freedom of investment activity, the rights and legitimate interests of investors, and streamlining investment-related relations.

Atkham NAZIRKULOV,

Deputy of the Legislative

Chamber of the Oliy Majlis

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