Procedure of investment agreements' conclusion and fulfillment stipulated by the Government decree ¹180, 02/08/2005
Investment agreements are concluded between the Government of the Republic of Uzbekistan and foreign investor in each case of granting any additional incentives and privileges.
Investment agreements with the foreign investors are concluded and fulfilled in accordance with the established by the legislation procedure.
Additional guarantees and measures of protection (privileges) are given to foreign investors in each individual case of investment in:
An investment agreement is concluded with a view to ensure fulfillment of obligations by the foreign investors granted additional guarantees and protective measures (privileges).
Investment agreement stipulates rights, duties and responsibility of subjects of entrepreneurial activity with regard to objects of Investment activity.
The investment agreement is concluded between the Government of the Republic of Uzbekistan in the person of the Ministry of foreign economic relations, investments and trade of the Republic of Uzbekistan and foreign investor.
The investment agreement is concluded without fail in case of granting foreign investor by the Government of the Republic of Uzbekistan with guarantees and measures of protection additional to those stipulated by the legislation.
Such guarantees and measures of protection (privileges) may include guarantees of Government of Republic of Uzbekistan, such as creation special custom, tax and payment regime, establishment of the governmental monitoring on investment projects’ implementation, assistance in investment projects’ financing, their inclusion into the State investment program according to the legislation of Republic Uzbekistan.
Investment agreement should include information on:
- object and volume of investments;
- terms and period of validity of investment agreement;
- the investor's rights and obligations, including those concerning: a volume of financing, ensuring a certain volume of production, guaranteed level of localization of production and product's quality, a volume of export of goods and services of own production, ensuring repayment of credits extended against governmental guarantee, observance of the legislation in the sphere of protection of environment, resources conservation, labor legislation and safety measures, as well as other lines of production activity;
- both rights and obligations of the Government of the Republic of Uzbekistan, including rights and obligations on granting of guarantees and protective measures additionally to those stipulated by the legislation;
- information on term of preparation of design estimates, conclusion of agreements for contractor's work, sources of financing, schedule of fulfillment of the project, a procedure for technical supervision of the course of fulfillment of investment project;
- procedure and terms of presentation by the foreign investor of reports on the course of fulfillment of his obligations;
- responsibility of the parties for non-observance of conditions of the investment agreement;
- procedure of introduction of amendments;
- termination procedure;
- procedure of the sanctions’ application and a place of consideration of the disputes arisen under the investment agreement.
Depending on specific character of investment project, it may include other terms specified as follows:
- mutual obligations of the parties on the development of both production and social structure of the region;
- the investor's right to export from the Republic of Uzbekistan of both products belonging to him produced, as a result of fulfillment of the agreement and profit (income) received;
For preparation of the investment agreement the foreign investor represents to the Ministry of foreign economic relations, investments and trade of the Republic of Uzbekistan:
- draft of the investment agreement;
- basic economic parameters fulfilled on the basis of technical and economic calculation (feasibility study of the investment project), which has undergone examination with the authorized bodies in cases stipulated by the legislation;
- conclusion issued by the Ministry of Justice - regarding legal examination of the draft investment agreement;
- conclusions of the Ministry of finance, the Ministry of economics and the State tax committee - regarding granting of tax privileges and preferences to foreign investors and (or) newly established enterprise with a share of foreign investments additionally to those stipulated by the legislation.
If required, Ministry of foreign economic relations, investments and trade of the Republic of Uzbekistan can request from the foreign investor additional information on estimation of the draft investment agreement.
The draft investment agreement and other additional documents presented by the foreign investor are considered by the authorized bodies within 14 (fourteen) working days from the date draft investment agreement has been received.
If needed, with a view to coordinate provisions of the investment agreement between the Ministry of foreign economic relations, investments and trade of the Republic of Uzbekistan and the foreign investor (investors) negotiations are carried on.
Signed by the foreign investor and the Ministry of foreign economic relations, investments and trade of the Republic of Uzbekistan the investment agreement, is submitted by the latter to the Cabinet of Ministers of the Republic of Uzbekistan for taking a relevant decision on its approval by the Government.
In case where the investment agreement stipulates granting of tax and customs privileges and extra preferences, such agreement is approved in accordance with established procedure.
The investment agreement with the foreign investor comes into force from the date when decision on its approval has been taken unless otherwise stipulated by the given decision.
The foreign investor shall submit, in keeping with the procedure and within a term stipulated in the investment agreement, reports on a course of fulfillment of undertaken obligations to the Ministry of foreign economic relations, investments and trade. The latter exercises control over fulfillment by the foreign investor of the obligations stipulated in the investment agreement.