RESOLUTION OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of July 24, 2008 No. PP-927

About measures for enhancement of process of attraction and development of foreign investments and the credits

For the purpose of the organization of broad informing foreign investors and the international financial institutions about the favorable investment climate created in Uzbekistan and potential opportunities of investment into national economy, ensuring accurate coordination of activities of bodies of the public and economic board in the course of attraction and development of foreign investments and credits for implementation of upgrade, technical and technological rearmament of the companies:

1. Determine that the leading link in consideration, discussion and decision making on attraction of foreign investments and credits, preparation of annual Investing programs, and also medium-term development programs of industries and regions of the country is the Ministry of Economics of the Republic of Uzbekistan on which responsibility for coordination of activities of all business entities, irrespective of departmental subordination, in the solution of the specified tasks is conferred.

2. Approve:

Regulations on procedure for attraction and development of foreign investments and the credits according to appendix No. 1;

The scheme of interaction of initiators of projects and state bodies in the course of attraction of foreign investments and credits according to appendix No. 2.

3. To the Ministry of Economics, the State committee of the Republic of Uzbekistan on investments, other ministries, departments, bodies of the public and economic board, business entities, irrespective of patterns of ownership and departmental subordination, in case of initiation and consideration of investment projects with attraction of foreign investments and credits it is strict to adhere to the Scheme, according to appendix No. 2.

4. Assign to the State committee of the Republic of Uzbekistan on investments of function on forming of single base of investment offers for attraction of foreign investments and credits, to search of potential foreign investors, bringing to them necessary information on the projects offered to realization, and also rendering assistance to business entities in execution of the reached agreements with foreign investors and creditors.

Monthly to provide to the state committee of the Republic of Uzbekistan on investments into the Cabinet of Ministers information on the course of implementation of the investment offers included in the single database.

5. To the Ministry of Finance of the Republic of Uzbekistan to establish system monitoring of ensuring timely accomplishment by business entities of obligations on guarantees issued of the Republic of Uzbekistan and to quarterly provide the relevant information for decision making in the Cabinet of Ministers.

6. To heads of industry Complexes of the Cabinet of Ministers together with the Ministry of Economics of the Republic of Uzbekistan to establish strict control of execution of the approved network schedules of implementation of investment projects with attraction of foreign investments and credits, timely preparation and examination of the preproject documentation.

7. To the Cabinet of Ministers of the Republic of Uzbekistan (Mirziyoyev Sh.) to consider on regular basis monthly at meetings of Presidium the course of implementation of investment projects with attraction of the foreign investments and credits included in the Investing program.

8. To the Ministry of Justice of the Republic of Uzbekistan together with the interested ministries and departments to make in the Cabinet of Ministers offers on the changes and amendments in the legislation following from this resolution in a month.

9. To impose control of execution of this resolution on the First Deputy Prime Minister of the Republic of Uzbekistan Azimov R. S.

Appendix No. 1

to the Resolution of the President of the Republic of Uzbekistan of July 24, 2008 No. PP-927

Regulations on procedure for attraction and development of foreign investments and credits

I. General provisions

1. This Provision determines procedure for attraction and development of foreign investments and the credits, and also powers and the mechanism of interaction during this process between initiators of investment projects, the Ministry of Economics, the State committee of the Republic of Uzbekistan on investments (further - Goskominvestitsy), the Ministry of Finance of the Republic of Uzbekistan, other interested ministries and departments, the Information analytical departments of the Cabinet of Ministers.

2. In this Provision the following basic concepts are used:

initiators of projects - the ministries, departments, bodies of the public and economic board - on the projects offered to realization by the business entities who are their part and also large enterprises and business entities together with public authorities on places - on the projects offered to realization by the business entities who are not part of the ministries, departments, bodies of the public and economic board;

the investment offer - the offer on project implementation developed by the initiator assuming attraction of foreign investments and credits on form according to  appendices No. 1 and No. 1a to this Provision;

the database - the single information database of perspective investment offers created Goskominvestitsy for attraction of foreign investments and credits on the basis of offers of the Ministry of Economics and Goskomkonkurention Respubliki to Uzbekistan

development programs - the medium-term target development programs, upgrades, to technical and technological rearmament of the companies of industries of economy and complex development of the territories of the republic including also projects on construction and reconstruction of objects of production and social infrastructure and communications, projects on implementation of modern energy efficient and energy-saving technologies, technologies in the field of development of renewable energy resources according to power service agreements;

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