AmCham Uzbekistan took part in an International Round table “Improving the investment climate of Uzbekistan, achieved results and future priorities”

The Vice President of AmCham Uzbekistan, Tõnu Grünberg and Executive Director, Ms. Nazi Aripdjanova participated in an International Round table on improving the investment climate in Uzbekistan which was held on the 8th of November 2017 and brought together representatives of state and international organizations, the largest foreign and local companies. AmCham Uzbekistan Vice President gave interview to Uzbek television.
It stands to mention that the majority of participants were presented by members and partners of AmCham Uzbekistan. The round table forum was organized by the Senate of the Oliy Majlis together with the State Investment Committee, the UNDP ‘Improving the Investment Climate in the Republic of Uzbekistan’ project and the EBRD Office to Uzbekistan.
Positive changes in investment climate were observed by all speakers, and undertaken measures led to changing the foreign investments inflow decrease tendency, which marked a drop from 3.3 to 1.9 billion US dollars in the period between 2011 and 2016. Participants of the round table as the cause undermining the overall level of investment pointed out the shortcomings of the national legislation, including dispersion of the investment legislation across sectors, prevalence of bylaws over laws, which complicates enforcement thereof, reduces effectiveness of investment legislation and, as a result, has a negate impact on the development of country’s economy and image.
The State Investment Committee, with the support of the Senate of the Oliy Majlis and UNDP, has established the inter-agency Working group to develop the Investment Code, aimed at resolving concerns, providing additional opportunities warranted by law, increasing investment and improving country’s business environment. The Investment Code concept was discussed within the meeting and has been also submitted for public discussion to the portal regulation.gov.uz.