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On measures for cardinal improvement of investment climate in the Republic of Uzbekistan

APPENDIX
PROGRAM OF MEASURES to increase the investment attractiveness of the country

APPENDIX
to the
Decree of the President of the Republic of Uzbekistan dated August 1, 2018 No. DP-5495

No

Activities

The form of implementation

The timing

execution

Responsible performers

1.

Development of a unified legislative act governing investment activities.

Law Project

until December 31 2018

State Investment Committee (Kholmuradov), NAPM (Sadikov), Ministry of Economy (Khojaev), MET (Khojaev), Ministry of Justice (Davletov), Ministry of Foreign Affairs (Kamilov), State Committee for Competition (Gulyamov), Central Bank (Nurmuratov)

2.

Reduction of the minimum size of the authorized capital of a joint-stock company to 400 million soums.

Law Project

until September 15 2018

State Committee for Competition (Gulyamov), NAPM (Sadikov), Ministry of Economy (Khojaev), Ministry of Justice (Davletov)

3.

Granting the right to foreign individuals to directly act as the founder (participant) of an enterprise with foreign investment

Draft of Decree of the President of the Republic of Uzbekistan

until September30 2018

Ministry of Justice (Davletov), Ministry of Economy (Khojaev), NAPM (Sadikov)

4.

Reducing the minimum share of foreign invetsment to 15 percent.

5.

Improving the procedure for accreditation and the activities of representative offices of foreign commercial organization on the territory of the Republic of Uzbekistan, including extending the accreditation period to 5 years and reducing the accreditation fee by a factor of three.

Draft of regulatory legal act

until September 30 2018

State Investment Committee (Kholmuradov), Ministry of Finance (Khaidarov), MET (Khojaev), CCI (Ikramov)

6.

Development of a “Road Map” for creating and promoting a brand of regions of the republic, including through the placement of advertisements (clips) on leading television channels, festivals and forums, social networks, and the development of original slogans.

Draft of Resolution of the Cabinet of Ministers

until September 30 2018

State Investment Committee (Kholmuradov), Goskomturizm (Umarov), NAPM (Sadikov), Ministry of Economy (Khojaev), Ministry of Foreign Affairs (Kamilov), MET (Khojaev), CCI (Ikramov)

7.

Organization and holding of global forums with the participation of business communities of partner countries aimed at highlighting the essence and significance of reforms carried out in the country, including informing investors about changes in legislation.

Organizational measures

until September 30 2018

NAPM (Sadikov), State Investment Committee (Kholmuradov), Ministry of Foreign Affairs (Kamilov), MET (Khojaev), CCI (Ikramov)

8.

The abolition of accounting for forecast indicators and statistics on export of products by territory separately.

Approval of the procedure for export statistics taking into account:

the territory whose products are exported;

accounting for all participants in export operations, including the manufacturer and the facilitating authorities;

volumes exported by individuals;

elimination of factors negatively wagging on export operations related to reporting on the performance of forecast indicators.

Draft of regulatory legal act

until September 1

2018

State Statistics Committee (Begalov), MET (Khojaev), State Customs Committee (Asimov)

9.

Strengthening guarantees to ensure reliable protection of intellectual property rights.

Draft of regulatory legal act

until November 10
2018

Ministry of Justice (Davletov), Intellectual Property Agency (Fayzullaev), General Prosecutor's Office (Saidkarimov)

10.

Development of concession relations, including extension of the term of the concession agreement.

Law Project

until December 1 2018

Ministry of Economy (Khojaev), NAPM (Sadikov), State Committee for Competition (Gulyamov), State Investment Committee (Kholmuradov), Ministry of Finance (Khaidarov)

11.

Simplification of licensing procedures in the field of labor activity of foreign investors and attraction of foreign labor.

Draft of regulatory legal acts

until September 30 2018

Ministry of Justice (Davletov), Ministry of Labor (Kudbiev), Ministry of Internal Affairs (Bobozhonov), SSS (Igamov),Ministry of Economy (Khojaev)

12.

Improvement of labor legislation in the private sector, providing for:

expanding the grounds for concluding fixed-term employment contracts;

the introduction of new forms of employment (one-time, hourly), as well as the procedure for hourly wages;

expanding the possibility of termination of the employment contract at the initiative of the employer,

including with a reduction in the period of warning.

Law Project

until November 15 2018

Ministry of labor (Kudbiev), Ministry of Justice (Davletov), Ministry of Economy (Khojaev), Ministry of Finance (Khaidarov)

13.

The study of the advisability of introducing the institution of tax credit.

Analytic information

until September 30 2018

State Tax Committee (Musaev), Ministry of Finance (Khaidarov), Ministry of Economy (Khojaev), NAPM (Sadikov), State Investment Committee (Kholmuradov)

14.

Improving the procedure for concluding and implementing investment agreements, including, among other things, transferring to local executive bodies the right to conclude investment agreements, streamlining procedures.

Draft of regulatory legal act

until October 20
2018

State Investment Committee (Kholmuradov), NAPM (Sadikov), Ministry of Economy (Khojaev), Ministry of Justice (Davletov)

15.

The introduction of modern methods of legislative activity aimed at ensuring stability and predictability of the legislation, as well as eliminating the excessive burden of legal regulation.

Complex measures

until November 30 2018

Ministry of Justice (Davletov), General Prosecutor's Office (Saidkarimov), Ministry of Economy (Khojaev)

16.

Expanding the list of cases recognized as worsening investment conditions, providing for these cases at the level of the law with the definition of the authorized body that issues an opinion on the application of the guarantee.

Draft of regulatory legal act

until December 1 2018

State Investment Committee (Kholmuradov), NAPM (Sadikov), Ministry of Justice (Davletov), Prosecutor General's Office (Saidkarimov), Ministry of Economy (Khojaev)

17.

Taking measures to harmonize national accounting standards with international financial reporting standards.

Complex measures

until November 1 2018

Ministry of Finance (Kuchkarov), State Tax Committee (Musaev), NAPM (Sadikov)

18.

Development and introduction of the procedure for leasing land plots.

Draft of Resolution of the Cabinet of Ministers

until November 1 2018

State Committee on Land Resources, Geodesy, Cartography and State Cadastre (Abdullaev), Ministry of Construction (Tokhtaev), Ministry of Justice (Davletov)

19.

The phased implementation of private property rights to non-agricultural land plots (at the first stage - during the sale of buildings together with land plots and construction of real estate) with the development of legal mechanisms for their introduction into civil circulation.

Draft of regulatory legal acts

until November 1 2018

Ministry of Justice (Davletov), State Committee on Land Resources, Geodesy, Cartography and State Cadastre (Abdullaev)

20.

The abolition of the application of penalties against a business entity for allowing delays in the receipt of foreign currency funds, with the exception of enterprises with the participation of the state.

Draft of Resolution of the Cabinet of Ministers

until November 30 2018

State Tax Committee (Musaev), Ministry of Finance (Khaidarov), Accounts Chamber (Ikramov), General Prosecutor's Office (Saidkarimov)

21.

Development of the draft Law on International Commercial Arbitration.

Law Project

until August 30
2018

Cabinet of Ministers (Kholmuradov), CCI (Ikramov), Ministry of Economy (Khojaev), Supreme Court (Dekhkanov)

22.

Fundamental reform of the licensing system and the passage of licensing procedures, providing: unification of legislation on licensing certain types of activities and passing licensing procedures in the field of entrepreneurship, in particular the application of the norms of the Law to licensing and licensing procedures “On administrative procedures”; approval of a new classification of the licensing system and passing licensing procedures based on risk categories, with the introduction of a notification procedure for the implementation of certain types of activities and actions corresponding to a low risk category within the new system; development of a methodology for assessing the impact of the licensing system and passing licensing procedures on the investment climate based on a standard model for assessing the costs of business entities.

Draft of regulatory legal acts

until December 1 2018

NAPM (Sadikov), Ministry of Justice (Davletov), CCI (Ikramov)

23.

Acceleration of privatization and private capital attraction in joint-stock companies by: conducting an initial (IPO) and secondary (SPO) public offering of shares to the population, primarily in the areas of construction and finance, including at least 5 objects in 2018-2019; establishing the procedure in accordance with which the organizers of tenders independently apply the mechanism of step-by-step reduction in the price of state property without coordination with the seller.

Draft of Resolution of the Cabinet of Ministers

until September 20 2018

State Committee for Competition (Gulyamov), Ministry of Finance (Khaidarov), Ministry of Economy (Khojaev)

24.

Improving legislation aimed at attracting investment in education, including through: opening branches of leading foreign universities and introducing distance learning mechanisms; cancellation of licensing of leading foreign universities with recognition of the diplomas issued by them without additional procedures, including without accreditation.

Draft of Resolution of the President of the Republic of Uzbekistan

until November 10 2018

MHSSE (Majidov), NAPM (Sadikov), Ministry of Justice (Davletov)

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