Monthly Meeting on December 7, 2017

Laziz Kudratov, First Deputy Chairman of the State Committee of Uzbekistan on investments addressed AmCham members at the December monthly meeting.

In his speech, Mr. Kudratov presented to members and guests the main reasons why investors should choose Uzbekistan for investment. The President’s strategic priorities, which are included in “Action strategy 2017-202” and directed at improving the investment climate and attraction of foreign direct investment, are real steps which are already taken and will continue to be taken in the near future to raise the competitiveness of Uzbekistan as a destination to invest on the global stage.

Plenty of positive changes are have recently taken place in Uzbekistan, one of which is liberalization of currency regulations effective September 2017. Previously, exporters were required to sell 25% of hard currency revenue to the government, but now the revenue earned fully belongs to the exporters. Restrictions on the amount of foreign currency that companies and individuals could buy were abolished.

Mr. Kudratov also spoke about tax incentives, the creation of 14 free economic zones, improvements in administrative activities, and other procedures related to business operations which place Uzbekistan among top 10 global improvers in World Bank’s “Ease of Doing Business” report, which climbed 13 positions to 74th on the scale.

Guests were also acquainted with plans to introduce an investment code, the draft of which has already been submitted to international institutions and companies for feedback, plus plans to introduce a special visa for investors, implementation of 30% tax relief, and elimination of business operation processes by at least twice.

At the end of the event, during a cocktail and social hour, our members embraced the opportunity to discuss issues they face while doing business in Uzbekistan directly with Mr. Kudratov.

The State Committee for Investments is formed to fully implement the investment potential of the Republic of Uzbekistan, further improve the investment climate, create the most favorable conditions for attracting foreign investment, expand cooperation with international financial institutions, leading foreign companies and banking structures, as well as increase foreign investment. The State Committee for Investments will become an integral part of the Cabinet of Ministers for Development of Territories and Communal Sphere, Transport, Capital Construction, and the Construction Industry.