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15 November 2019

Presidential Council of Foreign Investors is being created

On November 13, Shavkat Mirziyoyev signed the Decree on measures to create and organize the activities of the Council of Foreign Investors under the President of the Republic of Uzbekistan.

The Council will be an advisory body accountable to the President. It shall be composed of chiefs and representatives of foreign companies, banks, investment and other structures, international financial institutions and foreign government financial organizations.

The Council is created with the assistance of the European Bank for Reconstruction and Development in order to improve the investment climate in the country, expand the attraction of foreign direct investment in priority sectors of the economy and other important areas. The Council will also participate in the process of organizing a high-quality investment climate, taking into account international best practices.

The Council will operate in the form of plenary and interim sessions.

The main objectives of the Council shall be:

advising the government of Uzbekistan on the most important areas of investment, industrial, technological and innovative development of the country based on the most successful experience and achievements of world practice;

direct participation in creating a favorable investment climate and effective mechanisms to stimulate domestic and foreign entrepreneurs to invest in priority sectors of the economy and regions of the country;

ensuring effective interaction between government agencies and business entities with foreign companies, banks, investment and other structures, international financial institutions;

identification and analysis of key factors that impede the attraction of investments and investor activity, ensuring the maintenance of a favorable business environment and investment climate in the republic;

development of effective proposals aimed at eliminating the factors hindering investment processes;

assistance in improving the support mechanisms for exporters, developing the trade infrastructure, e-commerce system, creating favorable conditions for promoting domestic goods and services to foreign markets, forming effective transport corridors, modern supply chains;

introduction of positive foreign experience in the processes of creating and using modern product quality management systems, the consistent implementation of measures to ensure that domestic goods meet international standards and technical regulations, increase their competitiveness, support the use of advanced information and communication technologies;

preparation of proposals and recommendations for further improvement of the legal framework in the field of regulation of investment activity in Uzbekistan;

Identification of priority areas and development of effective measures to improve the international image and increase the position of Uzbekistan in international ratings and indices.