Investment law overview by  Law Firm

On Foreign Trade

On Foreign Trade

The Resolution №ПП-3351 of the President dated the 3rd of November 2017 “On measures on further liberalization of external trade activities and support of entities of entrepreneurship” had significantly reviewed the legal regulation of external economic operations, in particular, the order of calculations on export.

Regarding the export
As of the 1st of December 2017:
1. A single deadline shall be established, after which the accounts receivable on export contracts shall be considered overdue, these include 120 calendar days. The term shall be calculated in the following way:

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On the Export of Fruits and Vegetables

On the Export of Fruits and Vegetables

The ongoing reforms indicate that the Government aims to turn Uzbekistan into one of the largest global exporters of fresh and processed fruit and vegetable products. The Action Strategy on 5 priority directions of Uzbekistan’s development for 2017-2021, approved by the President of the Republic of Uzbekistan on the 7th of February 2017, envisages the implementation of 434 projects aimed at modernization and intensive development of rural economy. It also provides for setting up 14 trade and logistical centers in the provinces for processing, storage, packaging and exporting fruit and vegetable products with a capacity of more than 310 thousand tons till the year 2020. Availability of relevant infrastructure, which would secure high quality delivery, storage, sorting, grading, packaging, certification as well as exporting, will have to be taken into consideration in the process of their establishment. This is the expected way to achieve a 1,4 times increase in the production of food products, double the output of processed fruit and vegetable products and 2,3 times growth in the export of fruit and vegetable products in 2017-2021.

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Free Economic Zones as an Important Factor for Attracting Investments and Development of the County’s Regions

Free Economic Zones as an Important Factor for Attracting Investments and Development of the County’s Regions

There are 14 free economic zones (FEZ) set up and operating in 10 regions of Uzbekistan today.
If initially the tax and legal regime of the first three economic zones had differed and they were “free industrial economic zones” , then, following the provisions of the Decree № УП-4853 of the President of the Republic of Uzbekistan dated October 26, 2016 “On additional measures on activating and expanding the activities of free economic zones” these zones were renamed into “Navoi”, “Angren” and Jizzakh: free economic zones respectively, and a single legal regime was established for them, while their tax and customs breaks and privileges were unified. Same privileges with the same terms and conditions have been awarded also to subsequently established free economic zones.
Thus, the legal regulation of free economic zones’ activities went along the road of their unification with certain specific features for each FEZ.

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Non-public Education Gets Government Support

Non-public Education Gets Government Support

Two normative acts, passed already at the beginning of the academic year in the field of non-public education services, turned into an important event for investors which carry out their activities in this sphere. Thus, the Resolution of the President of the Republic of Uzbekistan №ПП-3276 “On Measures on Further Development of Activities on Rendering Non-Public Educational Services” dated September 14, 2017 outlined the most important changes and priviliges in this area.

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Liberalization of foreign exchange policy has started in Uzbekistan.

Liberalization of foreign exchange policy has started in Uzbekistan.

The President of the Republic of Uzbekistan signed the Decree No. УП-5177 “On Priority Measures on the liberalization of foreign exchange policy” on the 2nd of September, 2017.
The main objective of this document is elimination of excessive administrative interference into foreign exchange regulation, as well as the system of benefits and preferences for individual branches of economy and economic entities in carrying out their foreign economic activities, which to date has predetermined the creation of unequal conditions for conducting business among the entities of entrepreneurship and the emergence of a parallel foreign exchange and exchange rate markets.

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