ORDER OF THE GOVERNMENT OF THE REPUBLIC OF TAJIKISTAN

of December 29, 2012 No. 755

About the Concept of state policy of attraction and protection of investments of the Republic of Tajikistan

According to article 6 of the Law of the Republic of Tajikistan "About the state forecasts, concepts, strategy and programs of social and economic development of the Republic of Tajikistan" and for the purpose of creation of the favorable investment climate. The government of the Republic of Tajikistan decides:

1. Approve the Concept of state policy of attraction and protection of investments of the Republic of Tajikistan it (is applied).

2. To provide to the ministries and departments, local executive bodies of the government accomplishment of the Concept of state policy of attraction and protection of investments of the Republic of Tajikistan.

3. To the state committee on investments and management of state-owned property of the Republic of Tajikistan annually to submit the report on implementation of the Concept of state policy of attraction and protection of investments of the Republic of Tajikistan in the Government of the Republic of Tajikistan.

Approved by the Order of the Government of the Republic of Tajikistan on December 29, 2012 No. 755

Concept of state policy of attraction and protection of investments of the Republic of Tajikistan

1. General provisions

1. State policy of attraction and protection of investments of the Republic of Tajikistan (investment policy of the state) is aimed at the social and economic development of the state and achievement of all-useful effect in the investment sphere, includes direct participation of the state in socially significant investing activities, and also stimulation of investing activities performed by private sector.

The state investment policy shall be aimed at creation of the favorable investment climate and overcoming legislative and institutional restrictions to growth of investments into production, strengthening of their social orientation, liberation of initiative of private sector of economy, counteraction to the threats of destabilization of economic life which arose after the global financial crisis in the country in connection with extreme physical wear of occupational sector.

2. The basic principles of state policy on attraction and protection of investments of the Republic of Tajikistan are:

- ensuring the balanced and sustainable development of national economy;

- establishment and legislative fixing of accurate "rules of the game" in the sphere of investing activities, taking into account strategic interests of the country and priorities of its development which reflect the clear and consistent policy of the state oriented to long-term outlook of investment attraction and preserving investor confidence;

- openness and availability of information in the sphere of investing activities;

- providing equal conditions in access to investment resources (equal access for investors, both domestic, and external, to information, investing programs, tenders of projects for inclusion in investing programs and participations in investment tenders);

- coordination of basic provisions of policy of investment attraction in all branches of the power at the national and regional level, and also in entrepreneurial circles;

- compliance of declarations and real actions, lack of tactical political changes, clarity of the specific program of actions of authorities of the different levels providing improvement of the investment climate in the country.

3. Priorities of the state investment policy shall be concentrated on the following aspects:

- industry priorities: encouragement and stimulation of types of activity, important for national economy, including export of competitive products and import of new technologies, investment attraction to priority industries which list shall be reviewed on regular basis;

- priorities concerning the companies: along with stimulation of investments of the large companies it is necessary to pay attention to investment attraction of the small and medium-sized foreign companies which much more need enhancement of the general legislation of stimulation of investments and provision of guarantees for stability of conditions of investing activities at all levels;

- priorities of territorial development: along with practice of creation of especially favorable conditions for investing activities in certain free economic zones, use of initiative and resource potential of the territories taking into account the development of infrastructure and administrative institutes necessary for target involvement of perspective investors is necessary;

- regional and country priorities: activization of process of investment attraction in national economy requires diversification of country sources of inflow of investments as at the expense of economically developed countries, and the countries with dynamically emerging markets, taking into account requirements and tendencies of development of all It is central the Asian region.

2. Terms

4. The main terms and concepts used in the Concept the Investment climate - are represented by set of the factors specific to the country and the companies determining opportunity to expansion of activities on the basis of implementation of productive investments. The state shall make considerable impact; on forming of the attractive investment climate, from the point of view of providing guarantees of the property rights, legal regulation and the effective taxation of business, operating conditions of the financial market and the labor market, creation of market infrastructure, and also the solution of such problems, as corruption, crime and ensuring political stability.

Investment potential - set of the characteristic properties or conditions promoting investment attraction. The investment potential of the country includes resource and raw, intelligently labor, consumer and household, production, innovative, institutional, economical and geographical, demographic and financial potentials.

The investment legislation - set of the regulatory legal acts governing the investment relations.

Measures of investment policy of the state - the actions directed to forming and realization of investment policy, establishment of structure and scales of investments, the directions of their use and sources of obtaining in spheres and industries of economy.

Investment priorities - determined by the state based on special criteria of industry (sphere), the direction and the projects having strategic importance for development of the country and/or requiring paramount investment attraction for the purpose of further development.

Stimulation of investments - the system of measures of the state directed to attraction and protection of investments.

Investment infrastructure - the most important industries of economy which are providing and directly serving process of implementation of investments.

Investment image of the country - complex reflection of various aspects of the investment climate in representations of investors.

Investment appeal - availability of certain conditions which influence preferences of the investor in the choice of investment object. Investment risk - reflection of feasibility of implementation of capital investments in this territory, probability of loss of investments or the income from them.

3. Need of adoption of the Concept of state policy of attraction and protection of investments of the Republic of Tajikistan

5. Private sector development and investment attraction is national long-term priority of development according to the National strategy of development for the Republic of Tajikistan. Over the past few years, at the initiative of the President and the Government of the Republic of Tajikistan, number of the large reforms in the sphere of business directed to reducing administrative barriers and intervention of state bodies in economic activity of subjects of entrepreneurship among which it is possible to call reform of permit and authorization system, regulation of checks and introduction of the principles of "Single window" in case of registration of legal entities and individual entrepreneurs were carried out. Acceptance of number of the new laws and modification and amendments in the existing regulatory legal acts in the sphere of regulation of the investment and entrepreneurial circle allowed to improve considerably country indicators in the annual report of the World Bank of "Doing Business". In 2010 and 2011 Tajikistan was included into ten the countries of reformers of the report.

In the Message the President of the Republic of Tajikistan of Emomalii Rahmon to Parliament of the country on April 20, 2012, it was once again underlined that in the conditions of the increasing global challenges and threats which exert the impact on economic spheres of the country important role is played by the increasing investment attraction to various spheres of economy. As realization of practical measures it was specified: "For the purpose of acceleration of diversification of economy, bigger improvement of the investment climate of the country, providing the rights, guarantees and privileges of internal and foreign investors, implementations of the mechanism of promotion of single investment policy it is entrusted to prepare and submit to the State committee on investments and management of state-owned property of the Republic of Tajikistan together with the ministries and departments until the end of the current year for consideration of the Government of the country the Concept of state policy of attraction and protection of investments".

Tajikistan has the potential for ensuring sustainable economic development. For this purpose it is necessary to provide effective continuation of structural reforms, including strengthening of the financial sector, completion of privatization of large state-owned companies, upgrade of the main sectors of economy and physical infrastructure.

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