TASHKENT (TCA) — President of Uzbekistan Shavkat Mirziyoyev has signed a decree on the establishment of the State Committee for Investments, a new government body responsible for implementation of a unified state investment policy and attraction of foreign investments, the Jahon official information agency reports.
The functions of the new Committee include further improvement of the investment climate, support for the development of enterprises with foreign capital, and further improvement of related regulatory and legal framework.
“The committee will also be entrusted with the development of proposals on building and diversification of investment cooperation of Uzbekistan with other states, international economic and financial institutions, foreign banks, funds, agencies, companies and other entities under international law on a mutually beneficial basis,” the document says.
Other functions include the coordination of state bodies, advisers on trade and economic issues at diplomatic offices and permanent representatives of Uzbekistan in international organizations in terms of identifying and implementing major activities on drawing foreign investments, as well as implementing cooperation with international financial institutions and foreign investors.
The new state body will also be responsible for raising effectiveness of application of foreign investments to the country’s economy through system-based monitoring of the progress of projects, analyzing the performance of enterprises with foreign capital, and monitoring of fulfillment of obligations by investors. At the same time, it should identify factors that impede the timely and effective implementation of projects involving foreign investment, and take prompt action to address them.
According to the Decree, trade and economic advisers and permanent representatives of Uzbekistan in international and foreign financial institutions are appointed and dismissed by the decision of the Chairman of the State Committee for Investments.
In addition, the functions of the Ministry of Foreign Economic Relations, Investments and Trade on accreditation of representative offices of foreign companies and organizations have been transferred to the Committee.
Also, from June 1, 2017, the State Committee for Investments will have the functions of coordinating, evaluating, and monitoring the observance of the results of tenders for the supply of technological equipment, components and materials, as well as performance of works and services in the amounts exceeding $100,000 per one contract.
