Жаңалықтар

According to the Presidential Decree No.UP-6042 “On additional measures of further development of the export and investment potential of the Republic” dated August 18, 2020 (the “Decree No.UP-6042”), the appointment of the Deputy Prime Minister for Investments and Foreign Economic Relations as the Chairman of the Governmental Commission was envisaged.

On October 7 this year, the World Bank published a new regional economic review. According to this review, Uzbekistan will be one of only two countries in the Europe and Central Asia region that will demonstrate economic growth in 2020.

The international rating agency Fitch Ratings (the “Agency”) has released a regular report on the sovereign credit rating of Uzbekistan. According to the report, Uzbekistan's sovereign credit rating remained unchanged at BB- (stable).

Delegates of the UN General Assembly elected 15 new members of the UN Human Rights Council (the “Council”) on October 13. According to the voting results, Uzbekistan, Russia and Ukraine became members of the Council. The newly elected members of this body will begin their work on January 1, 2021.

The Ministry of Finance of Uzbekistan, together with specialists from relevant ministries and departments, has developed a new edition of the Law of the Republic of Uzbekistan “On public procurement” (“Draft law”). Asian Development Bank and the World Bank also took an active part in the development of the Draft law.

On the basis of the Decree of the President of the Republic of Uzbekistan “On additional measures to further develop the competitive environment and reduce state participation in the economy” No.УП-6019 dated 6 July 2020, there was established a procedure according to which from 1 October 2020, the establishment (initiation of establishment) of economic entities with the participation of the State and persons affiliated with them, as well as State institutions authorized to carry out economic activities

On 17 September 2020, there were completed the procedures for the entry into force of the “Convention between Japan and the Republic of Uzbekistan on the elimination of double taxation with respect to taxes on income and the prevention of tax evasion and avoidance” (the “Convention”) signed in December 2019. The Convention will enter into force on 17 October 2020.

On September 24-25, 2020, the Forum on theme: "Topical issues of law in the banking sector" was held.

According to the Resolution of the Presidential of the Republic of Uzbekistan dated 24 August 2020, officials will be assessed according to KPI performance indicators during the implementing investment projects and optimizing imports. In particular, the Resolution stated to ensure within a month the approval of specific indicators for assessing the effectiveness of measures (KPI) taken by the heads of ministries, departments, regions and enterprises on the effective implementation of investment projects and optimization of imports, with quarterly submission of information to the Cabinet of Ministers on the achievement of indicators for each official.

In accordance with the Resolution of the President of the Republic of Uzbekistan “On additional measures for support of domestic manufacturers” dated 21 August 2020, a mechanism of temporary bans and restrictions on goods, products, works and services provided by foreign persons is going to be introduced from 1 November 2020.