President Shavkat Mirziyoyev announced on June 18 at a plenary meeting of the Foreign Investors Council in Tashkent that the council has prepared 120 new proposals and initiatives.
The Uzbek government has analyzed these proposals and grouped them into seven priority areas: improving the investment climate, tax system, cadastre, energy, financial and banking system, corporate governance, artificial intelligence, and digital economy.
The president listed the most pressing proposals: reducing the tax burden, allocating land plots through auctions, increasing energy efficiency, privatizing banks, introducing the institution of independent directors in state-owned enterprises, and widespread adoption of digital technologies.
Responsible persons have been appointed for each direction, and specific solutions have been developed. The working groups for developing proposals are co-chaired by heads of Vision Invest, BDO, Crowe, OTP Group, Franklin Templeton, Ernst & Young, Costa Legal, and ACWA Power.
The Foreign Investors Council was established in late 2019 as an advisory body under the president. Its members include representatives of foreign companies, banks, investment and other structures, international financial institutions, and foreign government financial organizations, including the European Bank for Reconstruction and Development, the Asian Development Bank, and the International Finance Corporation.
The council operates through plenary and interim sessions. Plenary sessions are held once a year, interim sessions at least twice. This plenary session was dedicated to the 5th Tashkent International Investment Forum.
Commenting on the council's activities, the president noted that it has "transformed from a simple advisory mechanism into a platform for practical reforms." According to him, the council, having obtained the status of an independent association, "has risen to the level of a full-fledged institution."
Over the past year, the number of companies participating in the council increased from 54 to 85. They cover 23 sectors of the economy and are directly involved in the work of working groups.
Shavkat Mirziyoyev stated that the initiatives of council members "are finding practical expression in state policy." According to him, solutions were found for 21 initiatives following last year's meeting.
"Based on a significant part of the proposals, we improved regulatory legal acts. In particular: amendments favorable to investors were introduced to the Tax Code; internal debt transactions between companies were removed from financial control; the right to accelerated depreciation of fixed assets was granted; many mandatory requirements for foreign companies reporting under international standards were abolished. In addition, a draft law 'On Alternative Investment Funds' was developed," the head of state said.
A program has been prepared to introduce responsible business conduct standards and align 16 technical regulations with international norms.
New steps have been taken to assume international obligations to create equal and fair conditions for foreign investors. Uzbekistan recently announced its accession to the OECD Declaration on International Investment and Multinational Enterprises.
A constitutional law on the Tashkent International Financial Center is currently being developed.
Source: www.gazeta.uz