PRESIDENTIAL DECREE OF THE REPUBLIC OF UZBEKISTAN

of July 24, 1992 No. UP-445

About measures for stimulation of foreign economic activity, attraction and protection of foreign investments in the Republic of Uzbekistan

For the purpose of creation of necessary conditions for forward social and economic development of the Republic of Uzbekistan, activation of foreign economic activity, saturation of the domestic market by essential goods, attraction of additional capital investments, advanced equipment and experience of management, providing reliable guarantees of protection of the rights of foreign investors, effective use of the export potential of the republic:

1. Since August 1, 1992:

cancel the import taxes of all types of the goods delivered to the republic till January 1, 1994;

exempt till January 1, 1994 from payment of customs duties the import consumer goods delivered to the republic, food, medicines, medical equipment, and also the equipment, components and raw materials for their production.

2. Ceased to be valid

3. To Central Bank to enter since August 15, 1992 in the territory of the republic the foreign exchange rate, single for all types of transactions and transactions, determined on the basis of current rate in the foreign exchange market.

Together with the Ministry of Finance, the Ministry of external commercial relations and National Bank of foreign economic activity of the Republic of Uzbekistan in two weeks to develop drafts of regulations on currency control in the territory of the Republic of Uzbekistan.

4. To the Cabinet of Ministers:

in a month to approve the list of the licensed export and import goods (works, services) and procedure for licensing;

determine sale quotas through the exchanges of the licensed goods for their subsequent export;

in two-month time to develop and publish the investing program of the Republic of Uzbekistan including the list and the technical and economic characteristic of the most important projects on investments in the priority industries of the national economy providing the solution of urgent problems of life activity of the republic.

5. To the ministry of external commercial relations:

enter auction sale of export licenses of quoted goods into practice;

together with the interested organizations of the republic, with involvement of the foreign companies and international financial institutions to work and resolve issue of creation in Uzbekistan of the international cotton exchange;

together with transport organizations of the republic to create transport-forwarding joint stock company for servicing of foreign trade and coordination of activities of the foreign trade transport enterprises.

6. To customs committee together with the Ministry of Justice of the Republic of Uzbekistan till September 1, 1992 to introduce to the Cabinet of Ministers drafts of the laws on the customs code, about customs tariff.

Together with the Ministry of Finance to develop new tiered rates of customs tariffs and procedure for their collection taking into account provisions of this decree, and also the signed intergovernmental agreements with provision on bilateral basis of most favored nation treatment.

7. Provide according to the legislation to foreign investors and their partners in the territory of the Republic of Uzbekistan repurchase right on competitive basis and it is exclusive in the investment purposes of production rooms, buildings, the equipment and housing, and also long-term lease of the parcels of land.

To management committee state-owned property and privatizations together with Council of Ministers of the Republic of Karakalpakstan, khokimiyats of areas and the city of Tashkent in ten-day time to work and make the offer on realization of this Item.

8. Ceased to be valid

9. For providing necessary financial and economic guarantees to foreign investors to form national insurance fund of protection of foreign investments, including by deposition of part of currency values of the Republic of Uzbekistan in foreign banks, opening in the territory of the republic of insurance companies with participation of the foreign capital.

10. To the Cabinet of Ministers in ten-day time to accept the resolution on accomplishment of this decree.

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