President of Uzbekistan Shavkat Mirziyoyev has addressed the III Tashkent International Investment Forum, welcoming participants and encouraging investors for cooperation with Uzbekistan.

“Our main goal is to make Uzbekistan a reliable and long-term partner for foreign investors,” the head of state emphasized. “Our country is committed to developing market economy, ensuring reliable protection of investors' rights, further improving the favorable investment and business environment, creating more comfortable conditions for fair competition, ensuring the protection of private property and the independence of the judicial system.”

Shavkat Mirziyoyev noted that these initiatives are “firmly enshrined” in the new Constitution adopted through referendum last year.

The president of Uzbekistan presented a list of country’s proposals to strengthen the protection of investors' rights.

“We will adopt the new Law „On Investments“. This document has been developed in accordance with the regulations and standards of the World Trade Organization,” Shavkat Mirziyoyev stated, expressing special gratitude to the European Bank for Reconstruction and Development (EBRD), World Bank, International Monetary Fund (IMF), and Organization for Economic Cooperation and Development (OECD) for their close cooperation in this work.

Additionally, the president shared that the International Commercial Court will soon start operations in Uzbekistan under the Center for the Development of Digital Technologies.

“This court will have a special place in Uzbekistan’s legal system. Therefore, we will adopt special legislation in the near future. We will also include standards for the execution of decisions of international commercial courts in procedural codes,” Shavkat Mirziyoyev announced.

The head of Uzbekistan also shared plans to introduce “significant changes in the system of industrial zones”.

“More favorable conditions will be created for investors to implement high-tech projects. The activities of operators in managing industrial zones, especially attracting highly qualified foreign companies, will be expanded. The restrictions for the operation of special economic zones will also be eliminated,” Shavkat Mirzoyoyev stated.

The term for leasing the land to foreign investors will be doubled from 25 to 49 years. “The benefits and preferences guaranteed by law will fully remain,” the president emphasized.

All these issues will be discussed in detail at the upcoming meeting of the Foreign Investors Council on 3 May.