Law of the Republic of Uzbekistan

On Investments and Investment Activity

Adopted by the Legislative Chamber on December 9, 2019 Approved by the Senate on December 14, 2019

Chapter 1. General Provisions

Article 1. Purpose and Scope of this Law

The purpose of this Law is to regulate relations in the field of investments and investment activities carried out by foreign and local investors.

Relations related to investments and investment activities in territories where a special legal regime is established by the Constitutional Law of the Republic of Uzbekistan are regulated by rules other than those established in this Law. (Part two of Article 1 was supplemented based on Law No. O’RQ-1158 of the Republic of Uzbekistan dated July 13, 2026 — National Database of Legislation, July 14, 2026, No. 03/26/1158/0727. Effective date: July 25, 2026)

This Law does not regulate relations related to centralized investments.

Regulation of concession activities, conclusion, execution, and termination of production sharing agreements, regulation of investment, equity, and venture funds, operations with securities including the capital market, legal relations in the field of state-private partnership, and special economic zones are regulated by separate laws.

Article 2. Legislation on Investments and Investment Activities

Legislation on investments and investment activities consists of this Law and other legislative acts.

If the international treaty of the Republic of Uzbekistan establishes rules other than those provided for in the legislation of the Republic of Uzbekistan on investments and investment activities, the rules of the international treaty shall apply. (Article 2 in the edition of Law No. O’RQ-683 of the Republic of Uzbekistan dated April 21, 2021 — National Database of Legislation, April 21, 2021, No. 03/21/683/0375)

Article 3. Key Concepts

The following key concepts are used in this Law:

• investment project — a set of interrelated measures aimed at implementing or attracting investments for obtaining economic, social, and other benefits;
• investment obligation — an obligation undertaken by the investor to achieve specified goals;
• investment policy — a set of interrelated measures aimed at increasing investment activity to ensure the necessary level and structure of investments in the economy of the Republic of Uzbekistan and its individual sectors, and to identify priority sectors for finding and using investment sources by subjects of investment activity;
• investment activity — a set of actions of subjects of investment activity related to the implementation of investments;
• participant of investment activity — a subject of investment activity that ensures the implementation of investments either as a contractor fulfilling orders or based on the order of the investor;
• investment contract — a written agreement concluded between subjects of investment activity that defines the rights, obligations, and liabilities of the parties to the investment contract;
• investments — material and intangible assets and rights to them, including rights to objects of intellectual property, introduced by the investor on a risk basis into objects of the social sphere, entrepreneurship, scientific, and other types of activity for the purpose of obtaining profit, as well as reinvestments, which may include:
  • funds, including monetary funds (including foreign currency), targeted bank deposits, shares, stakes, stocks, bonds, bills of exchange, and other securities;
  • movable and immovable property (buildings, structures, equipment, machinery, and other tangible assets);
  • property rights related to intellectual property, including technical, technological, commercial, and other knowledge formalized in the form of technical documentation, skills, and production experience, whether patented or unpatented (know-how), necessary for organizing various types of production, as well as other valuables not prohibited by the legislation of the Republic of Uzbekistan;
• investor — a subject of investment activity that implements the investment of its own funds and/or borrowed funds or other attracted investment resources into objects of investment activity for the purpose of obtaining profit;
• local investors — citizens of the Republic of Uzbekistan, foreign citizens and stateless persons who have the status of residents of the Republic of Uzbekistan, including individual entrepreneurs, as well as legal entities of the Republic of Uzbekistan carrying out investment activity;
• reinvestments — any income obtained from investments, including profit, interest, dividends, royalties, license and brokerage fees, payments and fees for technical assistance and technical services, introduced into objects of entrepreneurial and other types of activity;
• direct foreign investments — investments of a foreign investor made from their own funds or borrowed funds under risk conditions without government guarantees;
• foreign investments — material and intangible assets and rights to them, including rights to objects of intellectual property, as well as reinvestments introduced by a foreign investor into objects of the social sphere, entrepreneurship, scientific, and other types of activity;
• foreign investors — foreign states, administrative or territorial bodies of foreign states, international organizations that are subjects of public international law or are established according to agreements between states or other contracts, legal entities and other companies, organizations, or associations organized and operating in accordance with the legislation of foreign states, foreign citizens, and stateless persons permanently residing outside the Republic of Uzbekistan;
• enterprises with the participation of foreign investments in the territory of the Republic of Uzbekistan — enterprises in which foreign investments constitute at least fifteen percent of the shares (stakes) or charter fund (charter capital).

Article 4. Basic Principles of Investments and Investment Activities

The basic principles of investments and investment activities consist of the following:

• legality;
• openness and transparency;
• freedom of carrying out investment activity;
• fairness and equality of subjects of investment activity;
• non-discrimination against investors;
• presumption of good faith of investors.

(Part two of Article 4 in the edition of Law No. O’RQ-683 of the Republic of Uzbekistan dated April 21, 2021 — National Database of Legislation, April 21, 2021, No. 03/21/683/0375)

The basic principles of legislation on investments and investment activities are applied at all stages of the process of investing and carrying out investment activity.

Chapter 2. Objects and Subjects of Investments and Investment Activities

Article 5. Types of Investments According to the Intended Object

Investments are divided into capital, financial, and social types according to the intended object.

Investments introduced for the creation and reproduction of fixed assets, including new construction, modernization, reconstruction, technical re-equipment, as well as the development of other forms of material production, fall under the category of capital investments.

Investments introduced into stocks, corporate, infrastructure, and state bonds, as well as other types of securities, fall under the category of financial investments.

Investments introduced for the development of human potential, skills, and production experience, as well as the development of other forms of intangible assets, fall under the category of social investments.

Article 6. Forms of Implementation of Investments

Forms of implementation of investments include:

• participation in the formation of charter funds (charter capitals) of legal entities on a share basis, including through the purchase of property and stocks (stakes);
• acquisition of securities issued by residents of the Republic of Uzbekistan, including debt obligations;
• acquisition of concessions, including concessions related to the search, development, extraction, or use of natural resources, as well as participation in production sharing agreements;
• acquisition of property rights, including property rights to objects of intellectual property, copyright, patents, trademarks, utility models, industrial designs, trade names, and know-how, business reputation (goodwill);
• acquisition of rights to land plots, rights to ownership and use of other natural resources.

(Paragraph five of part one of Article 6 in the edition of Law No. O’RQ-871 of the Republic of Uzbekistan dated October 23, 2023 — National Database of Legislation, October 25, 2023, No. 03/23/871/0797) (Paragraph six of part one of Article 6 in the edition of Law No. O’RQ-775 of the Republic of Uzbekistan dated June 6, 2022 — National Database of Legislation, June 7, 2022, No. 03/22/775/0477)

(Part two of Article 6 in the edition of Law No. O’RQ-683 of the Republic of Uzbekistan dated April 21, 2021 — National Database of Legislation, April 21, 2021, No. 03/21/683/0375)

Investors may also implement investments in other forms not contrary to legislation.

Investment activity may be carried out through the combination of various forms of investment introduction.

Changes in the primary or repeated forms of investment introduction do not lead to a change in their status as investments.

Article 7. Investment Resources

The category of investment resources includes:

• monetary funds (including foreign currency) and other financial funds, including loans, shares, stakes, stocks, and other securities;
• movable and immovable property (buildings, structures, equipment, machinery, and other tangible assets) and rights to them;
• objects of intellectual property, including technical, technological, commercial, and other knowledge formalized in the form of technical documentation, skills, and production experience, whether patented or unpatented (know-how), necessary for organizing various types of production;
• rights to land plots, rights to ownership and use of other natural resources, as well as other proprietary rights arising from property rights.

(Paragraph five of Article 7 in the edition of Law No. O’RQ-775 of the Republic of Uzbekistan dated June 6, 2022 — National Database of Legislation, June 7, 2022, No. 03/22/775/0477)

Article 8. Objects of Investment Activity

Objects of the social sphere, entrepreneurship, scientific, and other types of activity not prohibited by legislation are objects of investment activity.

Investment into objects whose construction and operation do not meet sanitary-hygienic, radiation, ecological, architectural-urban planning requirements and other requirements established by legislation, and violate the rights, freedoms, and legally protected interests of legal and physical persons, is prohibited.

(Parts one and two of Article 8 in the edition of Law No. O’RQ-683 of the Republic of Uzbekistan dated April 21, 2021 — National Database of Legislation, April 21, 2021, No. 03/21/683/0375)

Article 9. Subjects of Investment Activity

Citizens, individual entrepreneurs, and legal entities of the Republic of Uzbekistan — residents; bodies of state management and local state authority; foreign states, administrative or territorial bodies of foreign states; international organizations; foreign legal entities and citizens; and stateless persons are subjects of investment activity.

Article 10. Rights of the Investor

The Investor:

• has the right to freely carry out investment activity not contrary to the legislation of the Republic of Uzbekistan, and to independently determine the volumes, types, forms, sector, and directions of investment implementation;

(Paragraph two of Article 10 in the edition of Law No. O’RQ-683 of the Republic of Uzbekistan dated April 21, 2021 — National Database of Legislation, April 21, 2021, No. 03/21/683/0375)

to conclude contracts with legal and natural persons for the implementation of investment activity; to own, use, and dispose of their investments and the results of investment activity, as well as to sell and export the results of investment activity; to independently and freely dispose of income received as a result of investment activity after the payment of taxes, fees, and other payments provided for by legislation (hereinafter referred to in the text as taxes and payments); (Paragraph 5 of Article 10 in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — National Database of Legislative Acts of the Republic of Uzbekistan, 21.04.2021, 03/21/683/0375) to use property and any property rights belonging to them on the basis of ownership as security for all types of obligations undertaken by them, including obligations aimed at attracting borrowed funds; to receive adequate compensation in case of requisition (expropriation) of their investments and other assets; to attract funds in the form of loans and credits; to be entitled to compensation for damages caused as a result of illegal actions (inaction) and decisions of state management bodies, local state authority bodies, and their officials.

Article 11. Obligations of the Investor [OKOS: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.28.00.00 Investments and Attraction of Funds from Abroad (also see 07.05.04.00, 09.12.03.00, 10.01.05.00) / 07.28.04.00 Foreign Investments (also see 10.01.05.00)] The Investor: pays taxes and fees; fulfills contractual obligations undertaken in connection with investment; (See previous edition.) complies with the requirements of legislation, including legislation on competition, anti-corruption, investments and investment activity, labor, urban planning, and environmental protection, as well as technical safety, sanitary norms and rules; (Paragraph 4 of Article 11 in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — National Database of Legislative Acts of the Republic of Uzbekistan, 21.04.2021, 03/21/683/0375) compensates for damages caused to the participant of investment activity due to failure to fulfill or improper fulfillment of contractual obligations; and is obliged to fulfill the requirements imposed by authorized state management bodies and local state authority bodies within their competence.

Article 12. Rights of the Participant of Investment Activity [OKOS: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.28.00.00 Investments and Attraction of Funds from Abroad (also see 07.05.04.00, 09.12.03.00, 10.01.05.00) / 07.28.02.00 Subjects of Investment Activity] The Participant of Investment Activity: is entitled to participate in exchanges, tenders and auctions, electronic stores, and reverse auctions; to conclude contracts with investors regarding the fulfillment of their orders; to involve other persons in the fulfillment of its obligations to the investor, unless otherwise provided by the contract.

Article 13. Obligations of the Participant of Investment Activity [OKOS: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.28.00.00 Investments and Attraction of Funds from Abroad (also see 07.05.04.00, 09.12.03.00, 10.01.05.00) / 07.28.02.00 Subjects of Investment Activity] The Participant of Investment Activity: (See previous edition.) complies with the norms, rules, and standards established by legislation, including legislation on competition, anti-corruption, investments and investment activity, labor, urban planning, and environmental protection; (Paragraph 2 of Article 13 in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — National Database of Legislative Acts of the Republic of Uzbekistan, 21.04.2021, 03/21/683/0375) fulfills contractual obligations in a timely and proper manner; compensates for damages caused to the investor due to failure to fulfill or improper fulfillment of contractual obligations; is obliged to fulfill the requirements imposed by state management bodies and local state authority bodies within their competence.

Article 14. Price Formation in Investment Activity (See previous edition.) [OKOS: 1. 02.00.00.00 Fundamentals of State Administration / 02.08.00.00 General Issues of State Administration in the Sphere of Economy and Socio-Cultural Construction / 02.08.08.00 Prices and Their Formation (also see 09.14.02.02, 09.17.03.00); 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.28.00.00 Investments and Attraction of Funds from Abroad (also see 07.05.04.00, 09.12.03.00, 10.01.05.00) / 07.28.04.00 Foreign Investments (also see 10.01.05.00)] The value of goods (works, services) in the process of investment activity is determined by contract prices, except for prices strictly established by legislation. (Paragraph 1 of Article 14 in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — National Database of Legislative Acts of the Republic of Uzbekistan, 21.04.2021, 03/21/683/0375) The prices of goods (works, services) that are the object of investment may also be formed at exchanges, tenders, reverse auctions, and other organized markets. [OKOS: 1. 09.00.00.00 Entrepreneurship and Economic Activity / 09.05.00.00 Exchange Activity / 09.05.01.00 General Rules for Organizing Exchange Activity and Their Specialization] The prices of state assets formed at exchanges, tenders, reverse auctions, and other organized markets, which are subject to realization, are recognized as market prices, regardless of the balance and appraised value of these assets. LexUZ Commentary See: Article 356 of the Civil Code of the Republic of Uzbekistan, Chapter 5 ("Anti-monopoly Regulation of Trade and Economic Concentration") of the Law of the Republic of Uzbekistan "On Competition", and Resolution of the Cabinet of Ministers of the Republic of Uzbekistan No. 722 dated December 29, 2023 "On Measures to Further Improve the Formation and Application of Prices (Tariffs) for Goods Whose Prices Must Be Regulated by the State".

Chapter 3. State Guarantees of the Rights of Subjects of Investment Activity and Protection of Investments

Article 15. Guarantees of the Rights of Subjects of Investment Activity (See previous edition.) [OKOS: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.28.00.00 Investments and Attraction of Funds from Abroad (also see 07.05.04.00, 09.12.03.00, 10.01.05.00) / 07.28.01.00 State Regulation of Investment Activity] The State guarantees the rights of subjects of investment activity. State bodies and their officials are not entitled to interfere with the lawful activity of investment subjects. (Paragraph 1 of Article 15 in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — National Database of Legislative Acts of the Republic of Uzbekistan, 21.04.2021, 03/21/683/0375) (See previous edition.) If state bodies and their officials identify a violation of legislation in the activity of subjects of investment activity, they may take measures directly related to eliminating the specific violation within their competence. (Paragraph 2 of Article 15 in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — National Database of Legislative Acts of the Republic of Uzbekistan, 21.04.2021, 03/21/683/0375) State bodies and their officials may not use the fact of a violation as a basis for interfering with or restricting other lawful activity of subjects of investment activity unrelated to their investment activity. The State guarantees non-discrimination of investors based on their citizenship, place of residence, place of carrying out economic activity, as well as based on the country of origin of investors or investments. The exercise of rights by the investor must not violate the rights of other investors and legally protected interests. In this regard, the State, as a co-founder (shareholder, participant) of an entrepreneurial entity, will have equal rights and obligations with other founders (shareholders, participants). (See previous edition.) The rules of this Article do not apply to the adoption, amendment, supplementation, or repeal of legislation directly related to ensuring the national security of the Republic of Uzbekistan, determined in accordance with the generally recognized principles and norms of international law. (Paragraph 6 of Article 15 in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — National Database of Legislative Acts of the Republic of Uzbekistan, 21.04.2021, 03/21/683/0375)

Article 16. Guarantees of the Use of Funds [OKOS: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.09.00.00 Tax Legislation / 07.09.03.00 Taxes and Fees; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.28.00.00 Investments and Attraction of Funds from Abroad (also see 07.05.04.00, 09.12.03.00, 10.01.05.00) / 07.28.04.00 Foreign Investments (also see 10.01.05.00)] The income received by a subject of investment activity as a result of investment activity may be reinvested at its discretion or used in any other manner after the payment of taxes and fees. The restriction by state bodies of the use of funds in the accounts of enterprises with the participation of foreign and local investments, or their forced withdrawal, may be carried out only in the manner established by law. LexUZ Commentary See: Article 43-2 of the Law of the Republic of Uzbekistan "On Enforcement of Court Decisions and Other Documents of Bodies".

Article 17. Guarantees of Free Transfer of Funds [OKOS: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.27.00.00 Currency Regulation and Currency Control / 07.27.04.00 Settlements and Payments in Foreign Currency; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.27.00.00 Currency Regulation and Currency Control / 07.27.08.00 Import and Export of Currency and Currency Values] Investors are guaranteed the free transfer without restrictions of funds in foreign currency to and from the Republic of Uzbekistan, subject to the payment of taxes and fees, including the exchange for repatriation of currency. Such transfers include: initial and additional amounts for holding or increasing foreign investments; income received from the implementation of investments; funds received as compensation for damages in accordance with this Law; payments made in the manner of fulfilling contractual obligations; proceeds from the full or partial sale of foreign investments; payments arising as a result of dispute resolution, including as a result of any court or arbitration decision; employee salaries and other payments; (See previous edition.) funds received from other sources in accordance with legislation. (Paragraph 9 of Paragraph 1 of Article 17 in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — National Database of Legislative Acts of the Republic of Uzbekistan, 21.04.2021, 03/21/683/0375) (See previous edition.) In accordance with the laws of the Republic of Uzbekistan and international treaties, the State may suspend the repatriation of funds of a foreign investor under the conditions of applying legislation of the Republic of Uzbekistan in a non-discriminatory manner in cases where the enterprise with the participation of foreign investments is insolvent, the rights of creditors are violated, a foreign investor who is a natural person has committed criminal offenses or administrative offenses, or there is another need to suspend such repatriation in accordance with a court or arbitration decision. (Paragraph 2 of Article 17 in the edition of the Law of the Republic of Uzbekistan No. URQ-911 dated February 21, 2024 — National Database of Legislative Acts of the Republic of Uzbekistan, 22.02.2024, 03/24/911/0142)

Article 18. Guarantees of Return of Foreign Investments in Connection with Termination of Investment Activity [OKOS: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.28.00.00 Investments and Attraction of Funds from Abroad (also see 07.05.04.00, 09.12.03.00, 10.01.05.00) / 07.28.02.00 Subjects of Investment Activity] A foreign investor has the right to terminate investment activity in the Republic of Uzbekistan. After terminating investment activity, a foreign investor has the right to freely repatriate their assets obtained as a result of the termination of investment activity in cash or in kind, without causing damage, for the fulfillment of their obligations to the Republic of Uzbekistan or other creditors. (See previous edition.)

Article 19. Guarantees Against Unfavorable Changes in Legislation for the Investor (The title of Article 19 in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — National Database of Legislative Acts of the Republic of Uzbekistan, 21.04.2021, 03/21/683/0375) (See previous edition.) [OKOS: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.28.00.00 Investments and Attraction of Funds from Abroad (also see 07.05.04.00, 09.12.03.00, 10.01.05.00) / 07.28.08.00 Other Issues of Investment] If the implementation of legislative acts causes harm to the investor or investments, such legislative acts shall not have retroactive force. (Paragraph 1 of Article 19 in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — National Database of Legislative Acts of the Republic of Uzbekistan, 21.04.2021, 03/21/683/0375) (See previous edition.) If subsequent legislation of the Republic of Uzbekistan worsens investment conditions, the legislation in force at the time of investment shall be applied to foreign investors for a period of ten years from the date of investment. The investor has the right to apply new legislative rules that improve their investment conditions at their own discretion. (Paragraph 2 of Article 19 in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — National Database of Legislative Acts of the Republic of Uzbekistan, 21.04.2021, 03/21/683/0375) (See previous edition.) (See previous edition.) If subsequent legislation of the Republic of Uzbekistan worsens investment conditions, the guarantee of applying the legislation in force at the time of investment for ten years shall apply in the following cases: (Paragraph 1 of Paragraph 3 of Article 19 in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — National Database of Legislative Acts of the Republic of Uzbekistan, 21.04.2021, 03/21/683/0375)

See previous edition. Send comments on the document Listen to audio Get a link to the document element Send comments on the document Listen to audio Get a link to the document element when additional requirements are introduced that complicate the repatriation procedure or reduce the amount of income (profit) transferred abroad by the investor, except for cases where legislation is applied in a non-discriminatory manner based on the suspension of such repatriation due to the insolvency of the enterprise participating with foreign investments, or due to criminal offenses or administrative violations committed by a foreign investor who is an individual, or due to other necessity to suspend such repatriation in accordance with a court or arbitration decision; (Paragraph 2 of Part 3 of Article 19, in the edition of the Law of the Republic of Uzbekistan No. URQ-911 dated February 21, 2024 — National Database of Legislation of the Republic of Uzbekistan, 22.02.2024, No. 03/24/911/0142) Send comments on the document Listen to audio Get a link to the document element when quantitative restrictions on the volume of investments and other additional requirements regarding the amount of investments are introduced, including additional requirements in the form of increasing the minimum amount of foreign investments in enterprises participating with foreign investments; Send comments on the document Listen to audio Get a link to the document element when restrictions are introduced on the share participation of foreign investors in the charter funds of enterprises of the Republic of Uzbekistan; Send comments on the document Listen to audio Get a link to the document element when additional procedures for issuing and extending visas for foreign investors, as well as other additional requirements for implementing foreign investments, are introduced. [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.28.00.00 Investments and Attraction of Funds from Abroad (also see 07.05.04.00, 09.12.03.00, 10.01.05.00) / 07.28.04.00 Foreign Investments (also see 10.01.05.00)] Send comments on the document Listen to audio Get a link to the document element The operation of guarantees against unfavorable changes for the investor begins in the following cases: Send comments on the document Listen to audio Get a link to the document element when establishing an enterprise — from the date of its state registration; See previous edition. Send comments on the document Listen to audio Get a link to the document element Send comments on the document Listen to audio Get a link to the document element when acquiring property rights to property, shares, shares issued by residents of the Republic of Uzbekistan and other securities, objects of trade and services, residential premises, as well as rights to land plots and other natural resources — from the date the document confirming the property right or other real right enters into force; (Paragraph 3 of Part 4 of Article 19, in the edition of the Law of the Republic of Uzbekistan No. URQ-775 dated June 6, 2022 — National Database of Legislation of the Republic of Uzbekistan, 07.06.2022, No. 03/22/775/0477) Send comments on the document Listen to audio Get a link to the document element when acquiring rights to intellectual property, including copyright, patents, trademarks, utility models, industrial designs, trade names and know-how, as well as business reputation (goodwill) — from the date the document confirming the inclusion of rights to intellectual property enters into force; See previous edition. Send comments on the document Listen to audio Get a link to the document element Send comments on the document Listen to audio Get a link to the document element when acquiring concessions, including concessions related to the search, development, extraction or use of natural resources — from the date the concession contract is registered in the manner prescribed by legislation; ( Paragraph 5 of Part 4 of Article 19 in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — National Database of Legislation of the Republic of Uzbekistan, 21.04.2021, No. 03/21/683/0375)

Send comments on the document Listen to audio Get a link to the document element when investing, having simultaneously established investment obligations in an investment contract concluded with the Government of the Republic of Uzbekistan — from the date the contract enters into force; See previous edition. Send comments on the document Listen to audio Get a link to the document element Send comments on the document Listen to audio Get a link to the document element when investing in other forms not contrary to the legislation of the Republic of Uzbekistan — from the date the document confirming that the investor is carrying out investment activity on the territory of the Republic of Uzbekistan enters into force. ( Paragraph 7 of Part 4 of Article 19 in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — National Database of Legislation of the Republic of Uzbekistan, 21.04.2021, No. 03/21/683/0375)

See previous edition. Send comments on the document Listen to audio Get a link to the document element Send comments on the document Listen to audio Get a link to the document element This article does not apply to the adoption, amendment, supplementation or repeal of legislative acts directly related to ensuring the protection of the national security interests of the Republic of Uzbekistan, as determined in accordance with the generally recognized principles of international law. ( Part 5 of Article 19 in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — National Database of Legislation of the Republic of Uzbekistan, 21.04.2021, No. 03/21/683/0375)

Send comments on the document Listen to audio Get a link to the document element Article 20. Guarantees of Transparency and Openness [ OKOZ: 1. 01.00.00.00 Constitutional System / 01.14.00.00 Lawmaking Activity of State Bodies / 01.14.05.00 Publication and Entry into Force of Normative Legal Acts; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.28.00.00 Investments and Attraction of Funds from Abroad (also see 07.05.04.00, 09.12.03.00, 10.01.05.00) / 07.28.01.00 State Regulation of Investment Activity] Send comments on the document Listen to audio Get a link to the document element Normative legal acts that have not been officially announced for general attention do not enter into force as documents that produce legal consequences and cannot serve as a basis for applying any sanctions to subjects of investment activity for failure to comply with the instructions contained in such acts. Send comments on the document Listen to audio Get a link to the document element State management bodies and local state authority bodies must publish information about their participation in investment activity and adopted decisions through mass media, including on their official websites. Send comments on the document Listen to audio Get a link to the document element Unimpeded access to information about the activities of state management bodies and local state authority bodies in the field of investment activity and about the decisions they adopt is ensured for physical and legal persons. Send comments on the document Listen to audio Get a link to the document element Article 21. Protection of Investments See previous edition. Send comments on the document Listen to audio Get a link to the document element [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.28.00.00 Investments and Attraction of Funds from Abroad (also see 07.05.04.00, 09.12.03.00, 10.01.05.00) / 07.28.01.00 State Regulation of Investment Activity; 2. 19.00.00.00 International Relations. International Law / 19.06.00.00 Law of International Treaties / 19.06.03.00 Application and Interpretation of Treaty Compliance] Send comments on the document Listen to audio Get a link to the document element The State guarantees the protection of investments in accordance with the legislation of the Republic of Uzbekistan and international treaties. ( Part 1 of Article 21 in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — National Database of Legislation of the Republic of Uzbekistan, 21.04.2021, No. 03/21/683/0375)

Send comments on the document Listen to audio Get a link to the document element Investors' investments and other assets shall not be nationalized. LexUZ commentary See: Article 202 of the Civil Code of the Republic of Uzbekistan. Send comments on the document Listen to audio Get a link to the document element Investors' investments and other assets shall not be requisitioned (expropriated), except in cases of natural disasters, accidents, epidemics, epizootics and other circumstances of an emergency nature. LexUZ commentary See: Article 203 of the Civil Code of the Republic of Uzbekistan. [ OKOZ: 1. 01.00.00.00 Constitutional System / 01.11.00.00 Cabinet of Ministers of the Republic of Uzbekistan (also see 02.01.00.00)] Send comments on the document Listen to audio Get a link to the document element Decisions on the requisition or expropriation of investments are adopted by the Cabinet of Ministers of the Republic of Uzbekistan provided that the following requirements for requisition or expropriation are met: Send comments on the document Listen to audio Get a link to the document element limited to the minimum volume of investments or other assets necessary to solve tasks arising from the cases specified in Part 3 of this article ; Send comments on the document Listen to audio Get a link to the document element carried out on a non-discriminatory basis; Send comments on the document Listen to audio Get a link to the document element carried out together with payment of compensation equivalent to the damage caused. The State acts as a guarantor of the timely implementation of these compensation payments. [ OKOZ: 1. 19.00.00.00 International Relations. International Law / 19.12.00.00 Legal Assistance in Civil and Economic Matters / 19.12.02.00 Enforcement of Decisions of Foreign Courts (Arbitration) in Economic Matters] Send comments on the document Listen to audio Get a link to the document element Investors have the right to dispute in court and arbitration, in particular, regarding: Send comments on the document Listen to audio Get a link to the document element the legality of the purpose for which requisition (expropriation) is carried out; Send comments on the document Listen to audio Get a link to the document element the volume of requisition (expropriation); Send comments on the document Listen to audio Get a link to the document element the valuation of investments and other assets being requisitioned (expropriated); Send comments on the document Listen to audio Get a link to the document element the adequacy of the compensation payment to be paid; Send comments on the document Listen to audio Get a link to the document element the procedure observed by state management bodies and local state authority bodies when carrying out requisition (expropriation). LexUZ commentary See: Article 203 of the Civil Code of the Republic of Uzbekistan. [ OKOZ: 1. 03.00.00.00 Civil Legislation / 03.11.00.00 Separate Types of Obligations / 03.11.22.00 Insurance / 03.11.22.03 Voluntary Insurance] Send comments on the document Listen to audio Get a link to the document element Insurance of investors' investments and risks is carried out on a voluntary basis. Send comments on the document Listen to audio Get a link to the document element Article 22. Additional Guarantees and Measures for the Protection of Investments [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.28.00.00 Investments and Attraction of Funds from Abroad (also see 07.05.04.00, 09.12.03.00, 10.01.05.00) / 07.28.01.00 State Regulation of Investment Activity] Send comments on the document Listen to audio Get a link to the document element Additional guarantees and measures for the protection of investments may include the provision of guarantees by the Government of the Republic of Uzbekistan, assistance in financing investment projects, the creation of a special tax and payment regime, state monitoring of the implementation of investment projects, as well as other measures based on investment contracts concluded with the Government of the Republic of Uzbekistan. Send comments on the document Listen to audio Get a link to the document element Article 23. Conflicting Rules See previous edition. Send comments on the document Listen to audio Get a link to the document element [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.28.00.00 Investments and Attraction of Funds from Abroad (also see 07.05.04.00, 09.12.03.00, 10.01.05.00) / 07.28.08.00 Other Issues Regarding Investments] Send comments on the document Listen to audio Get a link to the document element In the event of any inconsistency between the rules of this Law and other legislative acts of the Republic of Uzbekistan or international treaties, the rules most favorable for investors shall prevail. ( Text of Article 23 in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — National Database of Legislation of the Republic of Uzbekistan, 21.04.2021, No. 03/21/683/0375)

Chapter 4. State Regulation of Investment Activity

Article 24. Purposes of State Regulation of Investment Activity

State regulation of investment activity is carried out by state management bodies and local state authority bodies to implement an investment policy that ensures the fulfillment of the state tasks for the socio-economic development of the Republic of Uzbekistan and its territories, to increase investment efficiency, and to ensure safe conditions for investments in various investment objects within the territory of the Republic of Uzbekistan.

Article 25. Methods of State Regulation of Investment Activity

State regulation of investment activity is implemented through:

• improvement of the normative and legal basis of investment activity;
• creation of favorable conditions for the development of investment activity and provision of guarantees by the Government of the Republic of Uzbekistan;
• establishment of special economic zones and small industrial zones on the territory of the Republic of Uzbekistan;
• granting the right to accelerated depreciation of fixed assets;
• setting technical regulation norms, rules, and requirements;
• application of measures to support competition;
• implementation of rights to land plots, as well as establishing conditions for ownership and use of other natural resources.

It is not permitted to grant investors absolute rules and rights that place them in a preferred position in the market.

(Note: The eighth paragraph of Part One of Article 25 was edited by Law No. OʻRQ-775 of the Republic of Uzbekistan dated June 6, 2022.)

Article 26. Competent State Body in the Field of State Regulation of Investments and Investment Activity

The Ministry of Investments and Foreign Trade of the Republic of Uzbekistan is the competent state body in the field of state regulation of investments and investment activity.

The main powers of the competent state body in the field of state regulation of investments and investment activity include:

• providing advice to qualified investors on legal, economic, and other issues of their activities, and rendering necessary assistance and support in resolving arising issues;
• implementing a unified state investment policy and coordinating the activities of state bodies and organizations in the field of regulating investment activity;
• ensuring mutual relations regarding investment cooperation matters between state management bodies, local state authority bodies, and economic management bodies of the Republic of Uzbekistan with foreign authorized bodies, foreign government financial institutions, international financial institutions, companies, and qualified foreign investors, subject to mandatory agreement on cooperation directions and projects;
• ensuring constant bilateral communication with investors, assisting in attracting investments to regions and local legal entities, and organizing the development of investment proposals;
• representing the interests of the Republic of Uzbekistan and participating in the work of international investment communities;
• developing and submitting proposals for further improvement of the normative and legal basis in the fields of attracting investments, developing the investment climate, and improving investment activity on the territory of the Republic of Uzbekistan.

Article 27. Powers of Local State Authority Bodies in Regulating Investments and Investment Activity

Local state authority bodies, within their powers and together with territorial divisions of the competent state body in the field of state regulation of investments and investment activity, carry out the following:

• conduct an investment policy aimed at expanding investment volumes into the relevant territory of the country at the local level, including attracting investments, further improving the investment environment in the region, and supporting the development of enterprises in the relevant territory;
• study and identify promising projects requiring investment, as well as idle state property objects and land plots, based on the needs and potential (resources, natural-climatic, labor, etc.) of the regions;
• consider issues directly related to the activities of investors, as well as proposals for implementing promising business initiatives and projects by directly attracting investments when necessary;
• identify factors hindering the timely and effective implementation of investment projects in the relevant territory, including investment projects with foreign investment participation, and take urgent measures to resolve them;
• increase the efficiency of using investments attracted to the economy of the relevant territory based on an analysis of the activities of enterprises with foreign investment participation and the fulfillment of investment obligations by investors;
• develop proposals for developing and diversifying investment cooperation directions on a mutually beneficial basis with foreign banks, funds, agencies, and companies in the relevant territory;
• implement measures in the field of attracting foreign investments to establish main directions for attracting investments to the relevant territory and creating more favorable conditions.

(Note: See the Law of the Republic of Uzbekistan "On Local State Authority".)

Article 28. Functions of State Bodies Carrying Out Investment Attraction

For the purpose of attracting, implementing, and protecting investments, the competent state body in the field of state regulation of investments and investment activity, other state management bodies, and local state authority bodies:

• prepare and disseminate information about the possibilities and conditions of investment activity in the Republic of Uzbekistan;
• provide advice to qualified investors on legal, economic, and other issues of their activities, and render necessary help and support in resolving arising issues;
• act on behalf of the Republic of Uzbekistan within their powers in international relations regarding foreign investment matters.

Article 29. Powers of State Bodies in Controlling Investor Activities

Control over compliance by investors and enterprises involving investments with the requirements of legislation on investments and investment activity is carried out by state bodies authorized by the Government of the Republic of Uzbekistan within their powers.

(Note: Part One of Article 29 was edited by Law No. OʻRQ-683 of the Republic of Uzbekistan dated April 21, 2021.)

When carrying out control functions, the state body must ensure the preservation of commercial secrecy.

Chapter 5. State Support for Investments and Investment Activity

Article 30. Goals and Methods of State Support for Investments and Investment Activity

State support for investments and investment activity is carried out to create a favorable investment environment, encourage investments related to the organization of new competitive and innovative, export-oriented, and/or import-substituting production, and to expand and renew existing production using modern technologies and introducing modern management practices.

State support for investments and investment activity is implemented through the following methods:

• application of preferences and benefits;
• allocation of centralized investments for joint financing of investment projects;
• financial, advisory, and informational support.

Article 31. Assistance to Investors and Enterprises Involving Investments in Cooperation with State Bodies

To assist investors in cooperating with other state bodies, the competent state body in the field of state regulation of investments and investment activity organizes work according to the "one-stop shop" principle.

The competent state body in the field of state regulation of investments and investment activity and its territorial divisions ensure the provision of state services in organizing work according to the "one-stop shop" principle, including through relevant State Service Centers.

Organizing work according to the "one-stop shop" principle includes:

• reception and consultation on issues of existing state services;
• assistance in preparing and formalizing documents required to obtain state services;
• assistance in formalizing electronic digital signatures, electronic applications, and other documents;
• accompanying the investor in state management bodies and local state authority bodies when obtaining state services.

The competent state body in the field of state regulation of investments and investment activity assists in resolving problems related to attracting foreign and domestic investments and implementing projects involving them in the Reception Offices for Consideration of Entrepreneurs' Appeals under the Prime Minister of the Republic of Uzbekistan.

Article 32. Advisory and Informational Support

State management bodies and local state authority bodies, including diplomatic missions and consular institutions of the Republic of Uzbekistan abroad, and representative offices of the Republic of Uzbekistan under international financial institutions, provide investors with advisory and informational assistance on issues within their competence for the purpose of resolving investors' problems and issues.

Article 33. Powers of the Commissioner for Protection of Rights and Legitimate Interests of Business Entities under the President of the Republic of Uzbekistan in the Field of Investment Activity

The Commissioner for Protection of Rights and Legitimate Interests of Business Entities under the President of the Republic of Uzbekistan (hereinafter referred to as the Commissioner for Protection of Entrepreneurs' Rights) has the following powers in the field of investment activity:

• considers appeals from investors and enterprises involving investments regarding issues arising during the implementation of investment activity in the Republic of Uzbekistan and provides recommendations for their resolution, including collaborating with state management bodies and local state authority bodies on this matter;
• assists investors in resolving arising issues out of court and pre-trial;
• develops proposals for improving legislation on investments and investment activity and submits them to the President of the Republic of Uzbekistan;
• explains to investors issues related to their rights and legitimate interests, including forms and methods of their protection;
• analyzes investors' appeals and the results of hearings by state management bodies and local state authority bodies;
• analyzes legislation and identifies norms that violate investors' rights or complicate economic activity, and develops recommendations for restoring violated rights and freedoms of investors and protecting their legitimate interests based on the results.

Submitting suggestions for the document Listen to audio Get a link to a document element relevant state executive body includes recommendations aimed at restoring the violated rights, freedoms and legitimate interests of investors. Submitting suggestions for the document Listen to audio Get a link to a document element The state executive body and local state authority that received the recommendations submit a written response regarding the results of considering the recommendations by the Ombudsman for the Protection of Entrepreneurs' Rights. Submitting suggestions for the document Listen to audio Get a link to a document element If necessary, the Ombudsman for the Protection of Entrepreneurs' Rights requests information necessary for considering appeals from investors and enterprises with foreign investments from state executive bodies and local state authorities, regardless of the form of ownership, from enterprises, institutions and organizations, excluding information constituting a state secret or other secret protected by law. LexUZ commentary See: Law of the Republic of Uzbekistan No. OZK-440 "On the Ombudsman for the Protection of Rights and Legitimate Interests of Business Entities under the President of the Republic of Uzbekistan". Submitting suggestions for the document Listen to audio Get a link to a document element Chapter 6. Privileges and preferences for state support of investments and investment activity Submitting suggestions for the document Listen to audio Get a link to a document element Article 34. Granting privileges and preferences for state support of investments and investment activity [OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.09.00.00 Tax Legislation / 07.09.05.00 Privileges and Preferences for Taxes and Fees; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.28.00.00 Investments and Attraction of Foreign Funds (also see 07.05.04.00, 09.12.03.00, 10.01.05.00) / 07.28.01.00 State Regulation of Investment Activity] Submitting suggestions for the document Listen to audio Get a link to a document element Privileges and preferences used for state support of investments and investment activity may include: See previous edition. (Paragraph 2 of Part 1 of Article 34 was introduced on the basis of Law of the Republic of Uzbekistan No. OZK-1122 dated March 17, 2026 — National Database of Legislative Information, 17.03.2026, No. 03/26/1122/0250) Submitting suggestions for the document Listen to audio Get a link to a document element granting privileges on taxes and payments; Submitting suggestions for the document Listen to audio Get a link to a document element subsidizing interest rates on loans taken by the investor to implement an investment project. Submitting suggestions for the document Listen to audio Get a link to a document element Privileges and preferences are granted depending on: Submitting suggestions for the document Listen to audio Get a link to a document element the volume of investments; Submitting suggestions for the document Listen to audio Get a link to a document element the conditions of the place where the investment project is implemented; Submitting suggestions for the document Listen to audio Get a link to a document element the expected socio-economic effect and creation of new jobs; Submitting suggestions for the document Listen to audio Get a link to a document element the sectors and industries in which the investment project is implemented. Submitting suggestions for the document Listen to audio Get a link to a document element Privileges on taxes and payments are granted in the manner established by law. [OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.06.00.00 Karakalpakstan Republic Budget. Local Budget] Submitting suggestions for the document Listen to audio Get a link to a document element The preferences for state support of investments and investment activity envisaged in the first part of this article may be provided by decisions of the Cabinet of Ministers of the Karakalpakstan Republic, governors of regions and the city of Tashkent, including from the funds of the budget of the Karakalpakstan Republic, regional and Tashkent city local budgets, with respect to municipal objects. Submitting suggestions for the document Listen to audio Get a link to a document element Privileges and preferences are granted to investors investing in the relevant territory taking into account the level of development of the infrastructure of this territory. See previous edition. Submitting suggestions for the document Listen to audio Get a link to a document element [OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.28.00.00 Investments and Attraction of Foreign Funds (also see 07.05.04.00, 09.12.03.00, 10.01.05.00) / 07.28.04.00 Foreign Investments (also see 10.01.05.00)] Submitting suggestions for the document Listen to audio Get a link to a document element Specific features of applying separate tax privileges are envisaged for enterprises specializing in the production of products (provision of services) in economic sectors approved by legislation, organized through the direct attraction of foreign investments. (Part 6 of Article 34 was edited in accordance with Law of the Republic of Uzbekistan No. OZK-683 dated April 21, 2021 — National Database of Legislative Information, 21.04.2021, No. 03/21/683/0375) Submitting suggestions for the document Listen to audio Get a link to a document element Article 35. Investment Tax Credit [OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.09.00.00 Tax Legislation / 07.09.04.00 Specific Features of Taxation of Certain Categories of Taxpayers; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.28.00.00 Investments and Attraction of Foreign Funds (also see 07.05.04.00, 09.12.03.00, 10.01.05.00) / 07.28.01.00 State Regulation of Investment Activity] Submitting suggestions for the document Listen to audio Get a link to a document element For the purpose of supporting investors, they may be granted an investment tax credit, which takes the form of changing the deadline for fulfilling tax obligations, thereby giving the investor who is a taxpayer the opportunity to reduce the tax payments due by this investor within the specified period by paying them in stages in accordance with the Tax Code of the Republic of Uzbekistan after deducting the credit amount and calculated interest. Submitting suggestions for the document Listen to audio Get a link to a document element Article 36. Investment Subsidy [OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.28.00.00 Investments and Attraction of Foreign Funds (also see 07.05.04.00, 09.12.03.00, 10.01.05.00) / 07.28.08.00 Other Issues Related to Investments] Submitting suggestions for the document Listen to audio Get a link to a document element To ensure necessary engineering and communication conditions, as well as to provide privileges, the Government of the Republic of Uzbekistan may provide an investment subsidy as financial assistance presented in the form of an investment preference for implementing an investment project. Submitting suggestions for the document Listen to audio Get a link to a document element An investment subsidy in the form of necessary engineering and communication conditions for the investor is provided by constructing external engineering and communication networks leading to the object of investment activity by the Republic of Uzbekistan. [OKOZ: 1. 10.00.00.00 Foreign Economic Activity. Customs Affairs / 10.02.00.00 Regulation of Tariff Rates / 10.02.07.00 Tariff Privileges and Preferences] Submitting suggestions for the document Listen to audio Get a link to a document element An investment subsidy may also be provided in the form of tax and customs privileges. Submitting suggestions for the document Listen to audio Get a link to a document element The authorized state body in the field of state regulation of investments and investment activity, together with the Ministry of Finance of the Republic of Uzbekistan, considers the investor's application for the provision of an investment subsidy in the manner and time limits established by the Law of the Republic of Uzbekistan "On Appeals of Physical and Legal Persons" and submits proposals to the Government of the Republic of Uzbekistan. Submitting suggestions for the document Listen to audio Get a link to a document element Chapter 7. Decentralized Investments Submitting suggestions for the document Listen to audio Get a link to a document element Article 37. Sources of Decentralized Investments [OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.28.00.00 Investments and Attraction of Foreign Funds (also see 07.05.04.00, 09.12.03.00, 10.01.05.00) / 07.28.04.00 Foreign Investments (also see 10.01.05.00)] Submitting suggestions for the document Listen to audio Get a link to a document element Sources of decentralized investments consist of: Submitting suggestions for the document Listen to audio Get a link to a document element investor's own funds; Submitting suggestions for the document Listen to audio Get a link to a document element bank loans obtained without guarantees of the Republic of Uzbekistan, including those obtained from foreign banks; Submitting suggestions for the document Listen to audio Get a link to a document element direct foreign investments. See previous edition. Submitting suggestions for the document Listen to audio Get a link to a document element Submitting suggestions for the document Listen to audio Get a link to a document element Decentralized investments may also be carried out from other sources not contrary to legislation. (Part 2 of Article 37 was edited in accordance with Law of the Republic of Uzbekistan No. OZK-683 dated April 21, 2021 — National Database of Legislative Information, 21.04.2021, No. 03/21/683/0375) Submitting suggestions for the document Listen to audio Get a link to a document element Management of decentralized investments is carried out independently by the investor. Submitting suggestions for the document Listen to audio Get a link to a document element Article 38. Adoption of Decisions on Implementation of Decentralized Investments [OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.28.00.00 Investments and Attraction of Foreign Funds (also see 07.05.04.00, 09.12.03.00, 10.01.05.00) / 07.28.04.00 Foreign Investments (also see 10.01.05.00)] Submitting suggestions for the document Listen to audio Get a link to a document element A decision on the implementation of decentralized investments is adopted by the investor, commercial bank, including a foreign bank. Submitting suggestions for the document Listen to audio Get a link to a document element Article 39. Expertise of Investment Projects Submitting suggestions for the document Listen to audio Get a link to a document element Investment projects financed from decentralized investments must undergo state expertise regarding compliance with sanitary-hygienic, radiation, ecological, architectural-urban planning requirements and other requirements. Submitting suggestions for the document Listen to audio Get a link to a document element Investment projects financed from bank credit resources of small business entities must undergo expertise by commercial banks regarding the expediency of implementing these investment projects. LexUZ commentary See: Regulation approved by Decision of the President of the Republic of Uzbekistan No. PQ-332 dated July 25, 2022 "On the Procedure for Developing Pre-Investment Documents, Comprehensive Expertise and Approval of Investment and Infrastructure Projects". Submitting suggestions for the document Listen to audio Get a link to a document element Chapter 8. Investment Agreement Concluded with the Government of the Republic of Uzbekistan Submitting suggestions for the document Listen to audio Get a link to a document element Article 40. Procedure for Concluding an Investment Agreement with the Government of the Republic of Uzbekistan [OKOZ: 1. 03.00.00.00 Civil Legislation / 03.10.00.00 Law of Obligations / 03.10.01.00 Concept of Obligation and Parties. Exchange of Persons in Obligation; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.28.00.00 Investments and Attraction of Foreign Funds (also see 07.05.04.00, 09.12.03.00, 10.01.05.00) / 07.28.08.00 Other Issues Related to Investments] Submitting suggestions for the document Listen to audio Get a link to a document element To ensure the fulfillment of obligations by foreign investors, the Government of the Republic of Uzbekistan may conclude an investment agreement providing additional guarantees and support measures (privileges and preferences) based on mutual agreement. Submitting suggestions for the document Listen to audio Get a link to a document element If the Government of the Republic of Uzbekistan provides additional guarantees and support measures (privileges and preferences) within the framework of state support of investments and investment activity to a foreign investor, an investment agreement with the Government of the Republic of Uzbekistan must be concluded compulsorily. Submitting suggestions for the document Listen to audio Get a link to a document element Additional guarantees and support measures (privileges and preferences) for foreign investors are provided in each specific case when investing in: Submitting suggestions for the document Listen to audio Get a link to a document element priority sectors ensuring stable economic growth and advanced technological changes in the country's economy; Submitting suggestions for the document Listen to audio Get a link to a document element priority projects ensuring the strengthening and expansion of the export potential of the Republic of Uzbekistan and its integration into world economic relations. Submitting suggestions for the document Listen to audio Get a link to a document element In this regard, additional privileges on payment of taxes and payments are granted to enterprises with foreign investments organized by foreign investors only for a strictly defined period, and these privileges cannot have an indefinite character. Submitting suggestions for the document Listen to audio Get a link to a document element This article does not restrict in any way the validity of investment agreements concluded between the investor on one side and subjects of investment activity, including state executive bodies and local state authorities, on the other side, which do not require the provision of additional guarantees and support measures (privileges and preferences) by the Government of the Republic of Uzbekistan within the framework of state support of investments and investment activity for the purpose of ensuring the fulfillment of obligations on investment projects. LexUZ commentary See: Chapter IX of the Civil Code of the Republic of Uzbekistan. Submitting suggestions for the document Listen to audio Get a link to a document element Article 41. Parties to an Investment Agreement Concluded with the Government of the Republic of Uzbekistan [OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.28.00.00 Investments and Attraction of Foreign Funds (also see 07.05.04.00, 09.12.03.00, 10.01.05.00) / 07.28.01.00 State Regulation of Investment Activity] Submitting suggestions for the document Listen to audio Get a link to a document element As parties to an investment agreement concluded with the Government of the Republic of Uzbekistan, a foreign investor and the Government of the Republic of Uzbekistan acting through the authorized state body in the field of state regulation of investments and investment activity operate. Submitting suggestions for the document Listen to audio Get a link to a document element Article 42. Terms of an Investment Agreement Concluded with the Government of the Republic of Uzbekistan [OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.28.00.00 Investments and Attraction of Foreign Funds (also see 07.05.04.00, 09.12.03.00, 10.01.05.00) / 07.28.06.00 Investment Programs and Projects / 07.28.06.02 Investment Projects; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.28.00.00 Investments and Attraction of Foreign Funds (also see 07.05.04.00, 09.12.03.00, 10.01.05.00) / 07.28.08.00 Other Issues Related to Investments] Submitting suggestions for the document Listen to audio Get a link to a document element An investment agreement concluded with the Government of the Republic of Uzbekistan must include: Submitting suggestions for the document Listen to audio Get a link to a document element the object and volume of investments, start and completion deadlines of the project; Submitting suggestions for the document Listen to audio Get a link to a document element the term and terms of validity of the investment agreement; Submitting suggestions for the document Listen to audio Get a link to a document element a clause on combating corruption and monopoly; See previous edition. Submitting suggestions for the document Listen to audio Get a link to a document element Submitting suggestions for the document Listen to audio Get a link to a document element the rights and obligations of the foreign investor, including those related to investing, volume of product production, localization, quality of products, volume of exports of goods and services, as well as compliance with norms, rules and standards established by legislation, including legislation on competition, combating corruption, investments and investment activity, labor, urban planning, and environmental protection; (Part 1, paragraph 5 of Article 42 was edited in accordance with Law of the Republic of Uzbekistan No. OZK-683 dated April 21, 2021 — National Database of Legislative Information, 21.04.2021, No. 03/21/683/0375) Submitting suggestions for the document Listen to audio Get a link to a document element obligations of the foreign investor to deliver modern equipment and technologies corresponding to international standards, as well as modern requirements for energy efficiency and ecological norms; See previous edition. Submitting suggestions for the document Listen to audio Get a link to a document element Submitting suggestions for the document Listen to audio Get a link to a document element rights and obligations of the Government of the Republic of Uzbekistan, including those related to providing additional guarantees and support measures (privileges and preferences); (Part 1, paragraph 7 of Article 42 was edited in accordance with Law of the Republic of Uzbekistan No. OZK-683 dated April 21, 2021 — National Database of Legislative Information, 21.04.2021, No. 03/21/683/0375) Submitting suggestions for the document Listen to audio Get a link to a document element information on financing sources of the project, implementation schedules, and the procedure for technical control over the progress of implementing the investment project; Submitting suggestions for the document Listen to audio Get a link to a document element the procedure and deadlines for submitting reports by the foreign investor on the progress of fulfilling their obligations; Submitting suggestions for the document Listen to audio Get a link to a document element liability of the parties for failure to fulfill the terms of the investment agreement, including compensation for damages caused to the foreign investor as a result of unlawful actions (inaction) of officials of state bodies, as well as the right of the Republic of Uzbekistan to unilaterally refuse to fulfill its obligations if the foreign investor fails to comply with or fails to sufficiently comply with its obligations under the investment agreement; Submitting suggestions for the document Listen to audio Get a link to a document element procedure for making amendments; Submitting suggestions for the document Listen to audio Get a link to a document element procedure for termination; Submitting suggestions for the document Listen to a document element procedure, place, and body for resolving disputes arising between the parties to the investment agreement related to the rules of the investment agreement. Submitting suggestions for the document Listen to audio Get a link to a document element An investment agreement with the Government of the Republic of Uzbekistan may contain other terms, including the following, depending on the specific features of the investment project: Submitting suggestions for the document Listen to audio Get a link to a document element mutual obligations of the parties on the development of the industrial and social infrastructure of the territory; Submitting suggestions for the document Listen to audio Get a link to a document element the right of the foreign investor to withdraw products produced and profits (income) owned by it from the Republic of Uzbekistan as a result of fulfilling contract terms; Submitting suggestions for the document Listen to audio Get a link to a document element obligations of the foreign investor to hire and train workers among citizens of the Republic of Uzbekistan, conditions for using technologies, as well as obligations to train employees of the organization established after the completion of the investment project. Submitting suggestions for the document Listen to audio Get a link to a document element It is prohibited to grant absolute rules and rights that place a foreign investor in a dominant position in the market in an investment agreement concluded with the Government of the Republic of Uzbekistan. Submitting suggestions for the document Listen to audio Get a link to a document element Article 43. Initiative for Submitting Proposals for Concluding an Investment Agreement with the Government of the Republic of Uzbekistan Submitting suggestions for the document Listen to audio Get a link to a document element The initiative for submitting proposals for concluding an investment agreement with the Government of the Republic of Uzbekistan is carried out independently by the foreign investor or jointly with state and economic management bodies, local executive authorities, or economic entities. Submitting suggestions for the document Listen to audio Get a link to a document element To conclude an investment agreement with the Government of the Republic of Uzbekistan, a foreign investor independently or jointly with the relevant initiators of the project submits to the authorized state body in the field of state regulation of investments and investment activity or the organization under its jurisdiction in the field of attracting foreign investments the following: Submitting suggestions for the document Listen to audio Get a link to a document element an application indicating the purpose of concluding an investment agreement and investing in the object of investment activity, as well as information on existing experience in implementing investment projects (if any); Submitting suggestions for the document Listen to audio Get a link to a document element draft of the investment agreement; See previous edition. Submitting suggestions for the document Listen to audio Get a link to a document element Submitting suggestions for the document Listen to audio Get a link to a document element a draft business plan prepared on the basis of technically and economically justified calculations (technical and economic feasibility study) that has undergone expertise in authorized bodies in cases established by legislation. (Part 2, paragraph 4 of Article 43 was edited in accordance with Law of the Republic of Uzbekistan No. OZK-683 dated April 21, 2021 — National Database of Legislative Information, 21.04.2021, No. 03/21/683/0375)

See previous edition. Send comments on the document Listen to audio Get a link to the document element [OKAZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.28.00.00 Investments and Attraction of Funds from Abroad (also see 07.05.04.00, 09.12.03.00, 10.01.05.00) / 07.28.01.00 State Regulation of Investment Activity] Send comments on the document Listen to audio Get a link to the document element The authorized state body in the field of state regulation of investments and investment activity, or an organization under its jurisdiction in the field of attracting foreign investments, obtains opinions from state management bodies regarding the legal expertise of the draft investment contract, financial and economic assessment of the investment project, and the part concerning the provision of additional guarantees and support measures (preferences and preferences) to foreign investors and (or) enterprises being established with the participation of investments, in addition to those established by legislation, with the aim of subsequently submitting them to the Government of the Republic of Uzbekistan for consideration. (Paragraph 3 of Article 43 in the edition of Law No. URQ-683 of the Republic of Uzbekistan dated April 21, 2021 — National Database of Legislative Information of the Republic of Uzbekistan, April 21, 2021, No. 03/21/683/0375)

Send comments on the document Listen to audio Get a link to the document element Based on the results of the positive opinion of the Government of the Republic of Uzbekistan, the investment contract is concluded in written form between the foreign investor and the Government of the Republic of Uzbekistan through the authorized state body in the field of state regulation of investments and investment activity. [OKAZ: 1. 02.00.00.00 Fundamentals of State Management / 02.01.00.00 Cabinet of Ministers of the Republic of Uzbekistan (also see 01.11.00.00) / 02.01.02.00 Powers of the Cabinet of Ministers] Send comments on the document Listen to audio Get a link to the document element The investment contract signed with the Government of the Republic of Uzbekistan enters into force from the date of adoption of the decision of the President of the Republic of Uzbekistan or the Government of the Republic of Uzbekistan on approving this contract, unless otherwise provided for in this decision. Send comments on the document Listen to audio Get a link to the document element The authorized state body in the field of state regulation of investments and investment activity carries out monitoring and control over the execution of investment contracts concluded with the Government of the Republic of Uzbekistan. Send comments on the document Listen to audio Get a link to the document element 44. Conditions for terminating an investment contract concluded with the Government of the Republic of Uzbekistan [OKAZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.28.00.00 Investments and Attraction of Funds from Abroad (also see 07.05.04.00, 09.12.03.00, 10.01.05.00) / 07.28.08.00 Other Issues of Investment] Send comments on the document Listen to audio Get a link to the document element The validity of additional guarantees and support measures (preferences and preferences) provided within the framework of state support for investments and investment activity is terminated upon the expiration of the validity period of the investment contract concluded with the Government of the Republic of Uzbekistan, or it may be terminated before the expiration of such period in the manner established by this article. Send comments on the document Listen to audio Get a link to the document element The validity of an investment contract concluded with the Government of the Republic of Uzbekistan may be terminated early in the following cases: Send comments on the document Listen to audio Get a link to the document element based on mutual agreement of the parties; Send comments on the document Listen to audio Get a link to the document element unilaterally. Send comments on the document Listen to audio Get a link to the document element If the obligations under the investment contract concluded with the Government of the Republic of Uzbekistan are not fulfilled or are not fulfilled to the required extent by the foreign investor, the authorized state body in the field of state regulation of investments and investment activity sends a written notice to the foreign investor about the need to submit documents justifying the suspension of the investment project and (or) the possibility of its further implementation for the purpose of introducing amendments to the investment contract concluded with the Government of the Republic of Uzbekistan. [OKAZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.28.00.00 Investments and Attraction of Funds from Abroad (also see 07.05.04.00, 09.12.03.00, 10.01.05.00) / 07.28.04.00 Foreign Investments (also see 10.01.05.00)] Send comments on the document Listen to audio Get a link to the document element If documents justifying the suspension of the investment project and (or) the possibility of its further implementation are not submitted within three months from the moment the foreign investor receives the written notice, the authorized state body in the field of state regulation of investments and investment activity submits a proposal to the Government of the Republic of Uzbekistan about terminating the validity of the investment contract concluded with the Government of the Republic of Uzbekistan early, and after receiving the opinion of the Government of the Republic of Uzbekistan, sends a written notice to the foreign investor about the unilateral termination of the validity of the investment contract concluded with the Government of the Republic of Uzbekistan early. Send comments on the document Listen to audio Get a link to the document element In the event of termination of the investment contract concluded with the Government of the Republic of Uzbekistan, the foreign investor pays the amounts of taxes and payments not paid to the budget due to additional guarantees and support measures (preferences and preferences) provided under the investment contract concluded with the Government of the Republic of Uzbekistan within the framework of state support for investments and investment activity. [OKAZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.09.00.00 Tax Legislation / 07.09.05.00 Preferences and Preferences for Taxes and Fees] Send comments on the document Listen to audio Get a link to the document element In the event that the investment contract concluded with the Government of the Republic of Uzbekistan is terminated unilaterally at the initiative of the foreign investor who concluded the investment contract with the Government of the Republic of Uzbekistan, this foreign investor pays the amounts of taxes and payments not paid to the budget due to additional guarantees and support measures (preferences and preferences) provided under the investment contract concluded with the Government of the Republic of Uzbekistan within the framework of state support for investments and investment activity. Send comments on the document Listen to audio Get a link to the document element In the event that the investment contract concluded with the Government of the Republic of Uzbekistan is terminated early by mutual agreement of the parties, the obligations for further execution are determined by their mutual agreement. LexUZ commentary See: Chapter XXVIII of the Civil Code of the Republic of Uzbekistan. Send comments on the document Listen to audio Get a link to the document element 45. State Obligations on Foreign Investments See previous edition. Send comments on the document Listen to audio Get a link to the document element [OKAZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.28.00.00 Investments and Attraction of Funds from Abroad (also see 07.05.04.00, 09.12.03.00, 10.01.05.00) / 07.28.04.00 Foreign Investments (also see 10.01.05.00); 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.28.00.00 Investments and Attraction of Funds from Abroad (also see 07.05.04.00, 09.12.03.00, 10.01.05.00) / 07.28.08.00 Other Issues of Investment] Send comments on the document Listen to audio Get a link to the document element The State is liable only for obligations undertaken in relevant contracts concluded with foreign investors and signed by persons whose powers are approved in the manner established by legislation. (Paragraph 1 of Article 45 in the edition of Law No. URQ-683 of the Republic of Uzbekistan dated April 21, 2021 — National Database of Legislative Information of the Republic of Uzbekistan, April 21, 2021, No. 03/21/683/0375)

Send comments on the document Listen to audio Get a link to the document element The State is not liable for the obligations of residents of the Republic of Uzbekistan attracting foreign investments, except in cases where such obligations are guaranteed by the State. Send comments on the document Listen to audio Get a link to the document element It is prohibited for state management bodies, local state authority bodies, law enforcement and control bodies, and banks to establish additional requirements and restrictions related to the activities of foreign investors and enterprises with the participation of foreign investments. [OKAZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.28.00.00 Investments and Attraction of Funds from Abroad (also see 07.05.04.00, 09.12.03.00, 10.01.05.00) / 07.28.04.00 Foreign Investments (also see 10.01.05.00)] Send comments on the document Listen to audio Get a link to the document element Chapter 9. Legal Regime of Foreign Investments Send comments on the document Listen to audio Get a link to the document element 46. Legal Regime for Foreign Investors and Their Investments in the Territory of the Republic of Uzbekistan [OKAZ: 1. 19.00.00.00 International Relations. International Law / 19.06.00.00 Law of International Treaties / 19.06.03.00 Application and Interpretation of Compliance with Treaties] Send comments on the document Listen to audio Get a link to the document element A fair and equal legal regime is provided to foreign investors and foreign investments, their full and permanent protection and security are ensured. Such regime may not be less favorable than the regime established in international treaties of the Republic of Uzbekistan. Send comments on the document Listen to audio Get a link to the document element The legal regime for foreign investments may not be less favorable than the relevant regime for investments carried out by legal and natural persons of the Republic of Uzbekistan. See previous edition. Send comments on the document Listen to audio Get a link to the document element Send comments on the document Listen to audio Get a link to the document element The legislation of the Republic of Uzbekistan may include restrictions or prohibitions on the introduction of foreign investments in specified areas to ensure the protection of interests related to the economy and public health, protection of animal and plant life, the environment, as well as the national security of the Republic of Uzbekistan, in accordance with the international treaties of the Republic of Uzbekistan and the generally recognized principles and norms of international law. Send comments on the document Listen to audio Get a link to the document element The restoration of rights and interests of foreign investors guaranteed by the laws of the Republic of Uzbekistan, which have been violated, is regulated by the legislation of the Republic of Uzbekistan and its international treaties. (Paragraphs 3 and 4 of Article 46 in the edition of Law No. URQ-683 of the Republic of Uzbekistan dated April 21, 2021 — National Database of Legislative Information of the Republic of Uzbekistan, April 21, 2021, No. 03/21/683/0375)

Send comments on the document Listen to audio Get a link to the document element 47. Rights of Foreign Investors [OKAZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.28.00.00 Investments and Attraction of Funds from Abroad (also see 07.05.04.00, 09.12.03.00, 10.01.05.00) / 07.28.04.00 Foreign Investments (also see 10.01.05.00); 2. 10.00.00.00 Foreign Economic Activity. Customs Affairs / 10.01.00.00 General Rules in the Field of Foreign Economic Activity / 10.01.06.00 Guarantees for Foreign Investors] Send comments on the document Listen to audio Get a link to the document element In addition to the rights provided for in Article 10 of this Law, the foreign investor has the right to independently decide on the patenting of its own inventions, utility models, and industrial designs obtained as a result of investment activity in the Republic of Uzbekistan, both abroad and in the Republic of Uzbekistan. Send comments on the document Listen to audio Get a link to the document element Foreign investors who are citizens of foreign states, including founders (participants) who have invested in enterprises producing goods and providing services within the territory of the Republic of Uzbekistan, including enterprises with the participation of foreign investments, are issued a residence permit in the Republic of Uzbekistan in a simplified procedure under the conditions provided for in the decisions of the President of the Republic of Uzbekistan. Send comments on the document Listen to audio Get a link to the document element Foreign investors who are founders (participants) of enterprises with the participation of foreign investments have the right to obtain an "investment visa" with the possibility of extending its term without leaving the Republic of Uzbekistan, under the conditions provided for in the decisions of the President of the Republic of Uzbekistan, and their family members (spouse, parents, and children) have the right to obtain a "guest visa" corresponding to the validity period of the "investment visa". [OKAZ: 1. 16.00.00.00 Security and Law Enforcement / 16.02.00.00 Forces Ensuring Security / 16.02.05.00 Internal Affairs Bodies] Send comments on the document Listen to audio Get a link to the document element An "investment visa" type visa is issued to foreign investors located outside the Republic of Uzbekistan by the Ministry of Foreign Affairs of the Republic of Uzbekistan, and to foreign investors located within the territory of the Republic of Uzbekistan by the Ministry of Internal Affairs of the Republic of Uzbekistan. [OKAZ: 1. 01.00.00.00 Constitutional System / 01.11.00.00 Cabinet of Ministers of the Republic of Uzbekistan (also see 02.01.00.00)] Send comments on the document Listen to audio Get a link to the document element The procedure for issuing an "investment visa" type visa and a residence permit in the Republic of Uzbekistan to foreign investors is established by the Cabinet of Ministers of the Republic of Uzbekistan. Send comments on the document Listen to audio Get a link to the document element Foreign investors who have a residence permit or an "investment visa" in the Republic of Uzbekistan, as well as their family members (spouse, parents, and children), have the following rights: Send comments on the document Listen to audio Get a link to the document element Employment within the territory of the Republic of Uzbekistan; Send comments on the document Listen to audio Get a link to the document element Use of medical and educational services on the basis of equal rights provided for citizens of the Republic of Uzbekistan; Send comments on the document Listen to audio Get a link to the document element Receiving secondary and higher education in educational institutions of the Republic of Uzbekistan. Send comments on the document Listen to audio Get a link to the document element 48. Attraction of Foreign Employees [OKAZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.28.00.00 Investments and Attraction of Funds from Abroad (also see 07.05.04.00, 09.12.03.00, 10.01.05.00) / 07.28.04.00 Foreign Investments (also see 10.01.05.00); 2. 10.00.00.00 Foreign Economic Activity. Customs Affairs / 10.01.00.00 General Rules in the Field of Foreign Economic Activity / 10.01.06.00 Guarantees for Foreign Investors] Send comments on the document Listen to audio Get a link to the document element Investors and enterprises with the participation of foreign investments have the right to freely conclude labor contracts with citizens of any foreign state and persons who do not have citizenship and permanently reside outside the Republic of Uzbekistan for the purpose of carrying out investment activity. Such persons have the right to enter and stay within the territory of the Republic of Uzbekistan having obtained the relevant multiple-entry visas for the entire period of validity of the labor contract. Send comments on the document Listen to audio Get a link to the document element Issues of payment for the labor of foreign employees, granting them leave, and providing them with pensions must be resolved in labor contracts concluded with each of these employees. The wages and other legally obtained income of these employees may be transferred to other states without any restrictions by them after payment of taxes and payments established by law. Send comments on the document Listen to audio Get a link to the document element The investor, the enterprise with the participation of foreign investment, may make payments for pension provision for a foreign employee to the relevant funds of the country of the permanent residence of this employee. Send comments on the document Listen to audio Get a link to the document element 49. Freedom of Movement [OKAZ: 1. 10.00.00.00 Foreign Economic Activity. Customs Affairs / 10.01.00.00 General Rules in the Field of Foreign Economic Activity / 10.01.06.00 Guarantees for Foreign Investors] Send comments on the document Listen to audio Get a link to the document element Foreign investors, their representatives, and employees staying in the Republic of Uzbekistan in connection with investment activity have the right to free movement throughout the territory of the Republic of Uzbekistan. Send comments on the document Listen to audio Get a link to the document element Certain restrictions, if such restrictions on freedom of movement are established by law, may be applied only for the purpose of ensuring the national security of the Republic of Uzbekistan. Send comments on the document Listen to audio Get a link to the document element 50. Insurance of Investments [OKAZ: 1. 10.00.00.00 Foreign Economic Activity. Customs Affairs / 10.01.00.00 General Rules in the Field of Foreign Economic Activity / 10.01.06.00 Guarantees for Foreign Investors] Send comments on the document Listen to audio Get a link to the document element Investors have the right to use insurance protection in any insurance organization legally operating within the territory of the Republic of Uzbekistan. Insurance of investments against political and other risks may also be carried out by international organizations, foreign agencies, and other insurance companies. Send comments on the document Listen to audio Get a link to the document element Insurance organizations carrying out insurance of investments are not liable for the obligations of the Republic of Uzbekistan. The State is not liable for the obligations of insurance organizations, except in cases provided for in agreements between the parties. Send comments on the document Listen to audio Get a link to the document element Insurance of investments provides insurance protection and guarantees against political and other risks, including the following: Send comments on the document Listen to audio Get a link to the document element requisition (expropriation) of property, as well as any legislative or administrative measures leading to the taking of property or its transfer to another person, or loss of control over it or the income derived from it; Send comments on the document Listen to audio Get a link to the document element introduction of restrictions on the transfer of foreign currency out of the country; Send comments on the document Listen to audio Get a link to the document element interference of state management bodies, local state authority bodies, and their officials in investors' contractual relations; Send comments on the document Listen to audio Get a link to the document element wars, civil unrest, and other similar events; Send comments on the document Listen to audio Get a link to the document element other types of political and other risks related to investors and foreign investments. LexUZ commentary See: Chapter 52 of the Civil Code of the Republic of Uzbekistan ("Insurance"). Send comments on the document Listen to audio Get a link to the document element Chapter 10. Enterprises with the Participation of Foreign Investments Send comments on the document Listen to audio Get a link to the document element 51. Activities of Enterprises with the Participation of Foreign Investments See previous edition. Send comments on the document Listen to audio Get a link to the document element [OKAZ: 1. 10.00.00.00 Foreign Economic Activity. Customs Affairs / 10.01.00.00 General Rules in the Field of Foreign Economic Activity / 10.01.06.00 Guarantees for Foreign Investors] Send comments on the document Listen to audio Get a link to the document element Foreign investors may establish enterprises with the participation of foreign investments within the territory of the Republic of Uzbekistan and use all rights, guarantees, and preferences granted to them by the legislation of the Republic of Uzbekistan and its international treaties. (Paragraph 1 of Article 51 in the edition of Law No. URQ-683 of the Republic of Uzbekistan dated April 21, 2021 — National Database of Legislative Information of the Republic of Uzbekistan, April 21, 2021, No. 03/21/683/0375)

Companies with foreign investment have the following rights:

Opening, using, and disposing of bank accounts in any currency in any bank within the territory of the Republic of Uzbekistan and abroad;

Obtaining and repaying loans in foreign currency.

Article 52. Branch enterprises, branches, representative offices, and other separate divisions of companies with foreign investment

A company with foreign investment may establish branch enterprises, branches, as well as non-legal entity representative offices and other separate divisions that have the status of a legal entity within the territory of the Republic of Uzbekistan.

Article 53. Economic associations of companies with foreign investment

Companies with foreign investment may, on a voluntary basis, establish associations and other economic associations within the territory of the Republic of Uzbekistan, as well as join existing economic associations as equal members.

Article 54. Economic activity of foreign investors

The economic activity of foreign investors, including the establishment, sale, reorganization, or liquidation of companies with foreign investment, their branch enterprises, branches, and other structures, as well as the formation of funds of companies with foreign investment, and the conclusion of lease agreements and other contracts, is regulated by the legislation of the Republic of Uzbekistan and international treaties.

Companies with foreign investment pay taxes and fees.

All expenses of companies with foreign investment in foreign currency must be covered by their own currency earnings, as well as other sources of obtaining foreign currency permitted by legislation. Their self-financing in foreign currency may also be ensured within the framework of the activities of associations and other organizational structures established by them.

Companies with foreign investment independently carry out export-import operations in compliance with legislative requirements. The export of personal production products is not licensed or quotaed.

Companies with foreign investment have the right to import products for their production needs without a license in accordance with the legislation of the Republic of Uzbekistan. The procedure for identifying personal production products supplied for export and products imported by companies for their own needs is established by the Cabinet of Ministers of the Republic of Uzbekistan.

Customs duties are not levied on property imported for the personal needs of foreign investors, citizens of foreign states, and stateless persons permanently residing outside the territory of the Republic of Uzbekistan who are present within the territory of the Republic of Uzbekistan in accordance with labor contracts concluded with foreign investors.

Patenting of inventions and registration of industrial designs introduced as investments by foreign investors, as well as inventions belonging to companies with foreign investment and the implementation of industrial designs, are carried out in the manner established by legislation.

Companies with foreign investment independently determine the list of enterprise funds, the procedure for their formation, and their use.

Land plots are leased to companies with foreign investment by the Cabinet of Ministers of the Republic of Uzbekistan for a term of up to twenty-five years, but for a term not less than that indicated in the application for the implementation of investment projects.

Companies with foreign investment may use land plots on the basis of a lease right in cases and on conditions provided for by legislation.

When the right of ownership to buildings and structures passes to companies with foreign investment, the right of lease to the land plots associated with these objects passes in the manner and on conditions established by legislation.

Leasing of property to foreign investors is carried out by the lessor on the basis of relevant contracts.

Labor relations of employees of companies with foreign investment are regulated by the Labor Code of the Republic of Uzbekistan.

Pension provision of employees of companies with foreign investment is regulated by legislation.

Article 55. Securing obligations

Companies with foreign investment may use their property and property rights to secure all types of their obligations, including to attract debt funds. Their property rights to buildings, structures, equipment, as well as other proprietary rights may be indicated as security for obligations.

All property and property rights belonging to a foreign investor on the basis of ownership rights may be used by the investor as security for their obligations, regardless of where they are located.

Article 56. Reorganization or liquidation of a company with foreign investment

A company with foreign investment may be reorganized or liquidated in the manner provided for by legislation.

A company with foreign investment that has not been able to form its authorized fund (authorized capital) in the amounts specified in the founding documents within the established term may reduce it to a level not lower than the minimum amount established by legislation, having actually formed it, or convert it into another organizational and legal form.

Taxes are levied on the assets of companies with foreign investment in the event of liquidation of these companies. The remaining part of the assets, unless otherwise provided for in the founding documents, is distributed among the participants of the company with foreign investment in proportion to their share in the property of the company.

A foreign investor who has left the composition of a company with foreign investment or in the event of liquidation of this company has the right to receive back their share in the property of the company in the form of money or goods in accordance with market value.

When a company with foreign investment is reorganized or liquidated, the rights and interests of employees whose labor contracts are terminated are guaranteed.

Chapter 11. Carrying out investment activity outside the Republic of Uzbekistan

Article 57. Investment activity of legal and natural persons outside the Republic of Uzbekistan

Natural and legal persons who are residents of the Republic of Uzbekistan have the right to carry out investment activity outside the Republic of Uzbekistan.

The regulation of the transfer of investments to the territory of foreign states is carried out in accordance with this Law, the legislation of the state where investment activity is carried out, as well as international treaties of the Republic of Uzbekistan.

Article 58. Investment activity outside the Republic of Uzbekistan

State bodies of the Republic of Uzbekistan have the right to carry out investment activity outside the Republic of Uzbekistan. The inclusion of the property of the Republic of Uzbekistan in the authorized funds (authorized capital) of legal entities in the territory of foreign states is carried out with the consent of the owner or the state body of government to whom authority has been granted.

Article 59. Forms of investment activity when transferring investments outside the Republic of Uzbekistan

Investment activity of natural and legal persons who are residents of the Republic of Uzbekistan outside the Republic of Uzbekistan may be carried out in the following forms:

Establishment by natural and legal persons who are residents of the Republic of Uzbekistan of legal entities in which their investments are involved, as well as their branch enterprises, branches, representative offices, and other separate divisions in compliance with the requirements of the legislation of the foreign state;

Acquisition of property or property rights;

Any other forms not contrary to the legislation of foreign states and in accordance with international treaties of the Republic of Uzbekistan.

Chapter 12. Final Provisions

Article 60. Restriction, suspension, or termination of investment activity

Restriction, suspension, or termination of investment activity may be carried out based on the decision of the investor, the decision of the authorized state body, or the decision of the court.

A decision on restriction, suspension, or termination of investment activity may be made in the following cases:

when the investor is declared or recognized bankrupt in the manner established by law;

in the event of emergency situations, epidemics, and other real threats to the life and health of the population;

when obligations established in the investment contract, including the investment contract concluded with the Government of the Republic of Uzbekistan, are not fulfilled and (or) grossly violated;

when situations are identified that may lead to a violation of sanitary and hygienic, radiation, ecological, architectural and urban planning requirements established by legislation, as well as the requirements, rights, and legally protected interests of legal and natural persons.

Submission of comments Listen to audio Get reference from document element Restrictions, suspensions (except for cases of restriction or suspension of investment activity for a period not exceeding ten working days due to emergency situations, epidemics, and other real threats to the life and health of the population), or termination of investment activity that lead to the suspension or restriction of a business entity's activities shall be carried out by court order.

LexUZ commentary See: Chapter 27 of the Economic Procedural Code of the Republic of Uzbekistan ("Proceedings on Cases Concerning the Application of Legal Impact Measures"), Article 42 of the Law of the Republic of Uzbekistan "On Guarantees of Freedom of Entrepreneurial Activity".

Submission of comments Listen to audio Get reference from document element

Article 61. Complaints against decisions of state bodies and actions (inaction) of their officials [OKOZ: 1. 01.00.00.00 Constitutional system / 01.06.00.00 Rights, freedoms and duties of man and citizen / 01.06.07.00 Citizens' appeals to courts, other state bodies and other organizations]

Submission of comments Listen to audio Get reference from document element

Complaints against decisions of state bodies that violate or restrict the rights, freedoms and legitimate interests of investment activity subjects, and against actions (inaction) of their officials, may be filed with a higher body or a court.

LexUZ commentary See: Law of the Republic of Uzbekistan "On Appeals of Physical and Legal Persons".

Submission of comments Listen to audio Get reference from document element

Article 62. Compensation for damages caused to investment activity subjects

Submission of comments Listen to audio Get reference from document element

Compensation for damages caused to an investment activity subject due to restrictions, suspension or termination of investment activity shall be determined by law.

See previous edition.

Submission of comments Listen to audio Get reference from document element

Submission of comments Listen to audio Get reference from document element

Damages caused by the adoption of decisions by state management bodies or local state authority bodies that restrict the rights of investment activity subjects, as well as in cases of illegal interference by these bodies into the economic activity of investment activity subjects, shall be compensated in accordance with the legislation. ( Part two of Article 62 in the edition of Law No. URQ-683 of the Republic of Uzbekistan dated April 21, 2021 — National Database of Legislative Information of Uzbekistan, April 21, 2021, No. 03/21/683/0375)

Submission of comments Listen to audio Get reference from document element

Damages caused to investment activity subjects as a result of the issuance of an illegal administrative act by a state body (official) shall be compensated or reimbursed by the state, primarily from the extrabudgetary funds of the relevant bodies, based on a court decision, and subsequently recovered from the guilty person in the order of regression.

LexUZ commentary See: Articles 15 and 990 of the Civil Code of the Republic of Uzbekistan.

Submission of comments Listen to audio Get reference from document element

Article 63. Dispute Resolution

Submission of comments Listen to audio Get reference from document element

Disputes arising in connection with foreign investments and during the implementation of investment activity by a foreign investor in the territory of the Republic of Uzbekistan (investment disputes) shall be resolved through negotiations. If the parties to the investment dispute are unable to resolve the dispute amicably through negotiations, such disputes shall be regulated through mediation.

LexUZ commentary See: Article 15 of Law No. URQ-482 of the Republic of Uzbekistan "On Mediation".

Submission of comments Listen to audio Get reference from document element

Investment disputes that have not been resolved through negotiations and mediation shall be resolved by the relevant court of the Republic of Uzbekistan.

Submission of comments Listen to audio Get reference from document element

If investment disputes cannot be resolved in the manner provided for in the first and second parts of this Article, and if the relevant and genuine arbitration clause is provided for in an international treaty of the Republic of Uzbekistan and (or) in a contract concluded between the investor and the Republic of Uzbekistan, such disputes may be resolved through international arbitration.

Submission of comments Listen to audio Get reference from document element

Only the signed and effective international treaties of the Republic of Uzbekistan and (or) written consent concluded between the investor and the Republic of Uzbekistan at the time of recourse to international arbitration shall be considered as the Republic of Uzbekistan's consent to resolve investment disputes through arbitration.

Submission of comments Listen to audio Get reference from document element

Article 64. Application of the provisions of this Law to previously implemented investments [OKOZ: 1. 07.00.00.00 Legislation on finance and credit. Banking activity / 07.28.00.00 Investments and attraction of funds from abroad (also see 07.05.04.00, 09.12.03.00, 10.01.05.00) / 07.28.08.00 Other investment issues]

Submission of comments Listen to audio Get reference from document element

This Law shall be applied to investments previously implemented in the Republic of Uzbekistan only in the part that is most favorable to the investor before this Law entered into force.

See previous edition.

Submission of comments Listen to audio Get reference from document element

Submission of comments Listen to audio Get reference from document element

Article 65. Liability for violation of legislation on investments and investment activity [OKOZ: 1. 07.00.00.00 Legislation on finance and credit. Banking activity / 07.28.00.00 Investments and attraction of funds from abroad (also see 07.05.04.00, 09.12.03.00, 10.01.05.00) / 07.28.08.00 Other investment issues]

Submission of comments Listen to audio Get reference from document element

Persons guilty of violating legislation on investments and investment activity shall be held liable in the established manner. (65th Article in the edition of Law No. URQ-683 of the Republic of Uzbekistan dated April 21, 2021 — National Database of Legislative Information of Uzbekistan, April 21, 2021, No. 03/21/683/0375)

[OKOZ: 1. 21.00.00.00 Comprehensive documents on amendments and additions / 21.01.00.00 Laws of the Republic of Uzbekistan]

Submission of comments Listen to audio Get reference from document element

Article 66. Recognition of certain legislative acts of the Republic of Uzbekistan as having lost their force

Submission of comments Listen to audio Get reference from document element

The following are recognized as having lost their force:

Submission of comments Listen to audio Get reference from document element

1. Law No. 609-I of the Republic of Uzbekistan "On Foreign Investments" adopted on April 30, 1998 (Bulletin of the Oliy Majlis of the Republic of Uzbekistan, 1998, No. 5-6, Article 91);

Submission of comments Listen to audio Get reference from document element

2. Law No. 611-I of the Republic of Uzbekistan "On Guarantees of Rights of Foreign Investors and Measures to Protect Them" adopted on April 30, 1998 (Bulletin of the Oliy Majlis of the Republic of Uzbekistan, 1998, No. 5-6, Article 93);

Submission of comments Listen to audio Get reference from document element

3. Law No. 719-I of the Republic of Uzbekistan "On Investment Activity" adopted on December 24, 1998 (in the edition of Law No. URQ-380 of the Republic of Uzbekistan adopted on December 9, 2014) (Bulletin of the Chambers of the Oliy Majlis of the Republic of Uzbekistan, 2014, No. 12, Article 342);

Submission of comments Listen to audio Get reference from document element

4. Part XXIII of Law No. 832-I of the Republic of Uzbekistan "On Amendments and Additions to Certain Legislative Acts of the Republic of Uzbekistan" adopted on August 20, 1999 (Bulletin of the Oliy Majlis of the Republic of Uzbekistan, 1999, No. 9, Article 229);

Submission of comments Listen to audio Get reference from document element

5. Parts XXII and XXIV of Law No. 568-II of the Republic of Uzbekistan "On Amendments and Additions to Certain Legislative Acts of the Republic of Uzbekistan" adopted on December 12, 2003 (Bulletin of the Oliy Majlis of the Republic of Uzbekistan, 2004, No. 1-2, Article 18);

Submission of comments Listen to audio Get reference from document element

6. Law No. URQ-6 of the Republic of Uzbekistan "On Amendments and Additions to the Tax Code of the Republic of Uzbekistan and the Law of the Republic of Uzbekistan 'On Guarantees of Rights of Foreign Investors and Measures to Protect Them'" adopted on September 16, 2005 (Bulletin of the Chambers of the Oliy Majlis of the Republic of Uzbekistan, 2005, No. 9, Article 310);

Submission of comments Listen to audio Get reference from document element

7. Articles 23, 24 and 27 of Law No. URQ-197 of the Republic of Uzbekistan "On Amendments and Additions to Certain Laws of the Republic of Uzbekistan in Connection with the Improvement of Tax Legislation" adopted on December 31, 2008 (Bulletin of the Chambers of the Oliy Majlis of the Republic of Uzbekistan, 2008, No. 12, Article 640);

Submission of comments Listen to audio Get reference from document element

8. Article 3 of Law No. URQ-343 of the Republic of Uzbekistan "On Amendments and Additions to Certain Legislative Acts of the Republic of Uzbekistan in Connection with the Adoption of the Main Directions of Tax and Budget Policy for 2013 and the Reduction of the Periodicity of Submission of Tax Reports" adopted on December 25, 2012 (Bulletin of the Chambers of the Oliy Majlis of the Republic of Uzbekistan, 2012, No. 12, Article 334);

Submission of comments Listen to audio Get reference from document element

9. Articles 16 and 17 of Law No. URQ-365 of the Republic of Uzbekistan "On Amendments and Additions to Certain Legislative Acts of the Republic of Uzbekistan" adopted on January 20, 2014 (Bulletin of the Oliy Majlis of the Republic of Uzbekistan, 2014, No. 1, Article 2);

Submission of comments Listen to audio Get reference from document element

10. Article 7 of Law No. URQ-429 of the Republic of Uzbekistan "On Amendments and Additions to Certain Legislative Acts of the Republic of Uzbekistan" adopted on April 18, 2017 (Bulletin of the Oliy Majlis of the Republic of Uzbekistan, 2017, No. 4, Article 137);

Submission of comments Listen to audio Get reference from document element

11. Article 40 of Law No. URQ-446 of the Republic of Uzbekistan "On Amendments and Additions to Certain Legislative Acts of the Republic of Uzbekistan, as well as on Recognition of Certain Legislative Acts as Having Lost Their Force" adopted on September 14, 2017 (Bulletin of the Oliy Majlis of the Republic of Uzbekistan, 2017, No. 9, Article 510);

Submission of comments Listen to audio Get reference from document element

12. Article 2 of Law No. URQ-488 of the Republic of Uzbekistan "On Amendments and Additions to Certain Legislative Acts of the Republic of Uzbekistan in Connection with the Adoption of Additional Measures to Ensure Rapid Development of the Economy" adopted on July 26, 2018 (Bulletin of the Oliy Majlis of the Republic of Uzbekistan, 2018, No. 7, Article 433).

Submission of comments Listen to audio Get reference from document element

Article 67. Ensuring the execution, dissemination, and explanation of the essence and importance of this Law [OKOZ: 1. 07.00.00.00 Legislation on finance and credit. Banking activity / 07.28.00.00 Investments and attraction of funds from abroad (also see 07.05.04.00, 09.12.03.00, 10.01.05.00) / 07.28.01.00 State regulation of investment activity; 2. 18.00.00.00 Prosecutor's Office. Bar. Notary. Legal Services. Justice Bodies. FHDYO Bodies / 18.05.00.00 Justice Bodies / 18.05.03.00 Other matters related to the activities of Justice Bodies]

Submission of comments Listen to audio Get reference from document element

The Ministry of Investments and Foreign Trade of the Republic of Uzbekistan, the Ministry of Justice of the Republic of Uzbekistan, and other interested organizations shall ensure the execution of this Law, its dissemination to executors, and the explanation of its essence and importance among the population, especially among subjects of investment activity.

Submission of comments Listen to audio Get reference from document element

See previous edition.

Submission of comments Listen to audio Get reference from document element

Submission of comments Listen to audio Get reference from document element

Article 68. Alignment of Legislation with this Law ( Title of Article 68 in the edition of Law No. URQ-683 of the Republic of Uzbekistan dated April 21, 2021 — National Database of Legislative Information of Uzbekistan, April 21, 2021, No. 03/21/683/0375)

[OKOZ: 1. 01.00.00.00 Constitutional system / 01.11.00.00 Cabinet of Ministers of the Republic of Uzbekistan (also see 02.01.00.00)]

Submission of comments Listen to audio Get reference from document element

The Cabinet of Ministers of the Republic of Uzbekistan:

Submission of comments Listen to audio Get reference from document element

shall align government decisions with this Law;

Submission of comments Listen to audio Get reference from document element

shall ensure that state management bodies review and repeal their normative legal acts that contradict this Law.

Submission of comments Listen to audio Get reference from document element

Article 69. Entry into Force of this Law [OKOZ: 1. 01.00.00.00 Constitutional system / 01.14.00.00 Activities of State Bodies in Lawmaking / 01.14.05.00 Publication and Entry into Force of Normative Legal Acts]

Submission of comments Listen to audio Get reference from document element

This Law shall enter into force one month after the day of its official publication.

Submission of comments Listen to audio Get reference from document element

President of the Republic of Uzbekistan Sh. MIRZIYOYEV

Submission of comments Listen to audio Get reference from document element

Tashkent city,

Submission of comments Listen to audio Get reference from document element

December 25, 2019,

Submission of comments Listen to audio Get reference from document element

No. URQ-598 (National Database of Legislative Information, December 26, 2019, No. 03/19/598/4221; National Database of Legislative Information, April 21, 2021, No. 03/21/683/0375, June 7, 2022, No. 03/22/775/0477; December 31, 2022, No. 03/22/812/1145; October 25, 2023, No. 03/23/871/0797; February 22, 2024, No. 03/24/911/0142; March 17, 2026, No. 03/26/1122/0250; July 14, 2026, No. 03/26/1158/0727)