On November 13, President Shavkat Mirziyoyev signed a decree creating the Foreign Investors Council under the President.
The Council has been created with the assistance of the European Bank for Reconstruction and Development in order to improve the investment climate in Uzbekistan, boost inflow of foreign direct investments in priority sectors and other important areas, as well as improve investment process using best foreign practices.
The new consultative and advisory body will include CEOs and executives of foreign companies, banks, investment and other structures, international financial institutions and foreign financial institutions, including the EBRD, which carry out investment and business activities in Uzbekistan as well as other participants.
The Council will carry out activities in the form of plenary and intermediate sessions, which are held, respectively, once a year and at least twice a year.
The council’s main tasks:
- advising the government of Uzbekistan on the most important areas of investment, industrial, technological and innovative development based on the most successful experience and achievements of world practice;
- direct participation in improving investment climate and effective mechanisms to stimulate domestic and foreign business to invest in Uzbekistan’s economy sectors and provinces, with the aim of setting up of modern production units, as well as promoting investments, primarily foreign direct investment and boosting trade;
- ensuring the effective interaction of state bodies and businesses with foreign companies, banks, investment and other structures, international financial institutions and foreign government financial organizations;
- identification and analysis of key factors preventing the attraction of investments and investor activity, maintaining favorable business environment and investment climate in Uzbekistan;
- development of effective proposals aimed at eliminating the factors holding back investment processes by the joint efforts of state bodies, international financial institutions and foreign governmental financial organizations, foreign companies, banks, investment and other structures operating in Uzbekistan;
- assistance in improving export support mechanisms, development of trade infrastructure, e-commerce system, creating favorable conditions for the promotion of home-made goods and services to foreign markets, the formation of efficient transport corridors, modern supply chains;
- implementing of best foreign experience in the processes of creating and using modern product quality management systems, consistent implementation of measures to ensure that domestic goods meet international standards and technical regulations, increase their competitiveness, support the use of advanced ITs;
- preparation of proposals and recommendations for further improvement of the legal framework in of investment activity in Uzbekistan;
- identifying priority areas and developing effective measures to improve Uzbekistan’s reputation and improve the country ranking in international ratings and indices.
