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Liberalization of forex policy

Liberalization of forex policy

On September 2, 2017, the President of Uzbekistan adopted a long-awaited decree on liberalization of the forex policy in Uzbekistan, which provides for high-priority measures for “opening” foreign currency conversion and dealing with possible negative consequences of such liberalization. The Decree expressly proclaims that the…

Monday, 04 September 2017
Measures for development of tourism industry

Measures for development of tourism industry

President Mirziyoev issued the Decree on measures that need to be taken to further develop tourism industry in Uzbekistan. The Decree approves the program of high-priority measures for the development of tourism industry in Uzbekistan for 2018 -2019 (the “Program”) and establishes the Coordination Council…

Wednesday, 30 August 2017
Legal developments affecting the pharmaceutical industry

Legal developments affecting the pharmaceutical industry

This legal alert highlights the most important recent legal developments that affect the Uzbek pharmaceutical industry as a whole and activities of foreign pharmaceutical producers and their representative offices in Uzbekistan in particular. UzMedEksport as an Exclusive Importer of pharm Products: Starting from August 1,…

Saturday, 05 August 2017
President transforms the Chamber of Commerce

President transforms the Chamber of Commerce

On June 20, 2017, President Mirziyoev issued the Decree providing for the principal transformation of the Uzbek Chamber of Commerce and Industry – a large state-supported voluntary association of enterprises and organizations that represents and protects interests of businesses within the country. The Decree establishes…

Thursday, 29 June 2017
Legal developments in foreign investment policy

Legal developments in foreign investment policy

A course of the new Uzbek leadership is firmly aimed at improving the country’s economic performance and attraction of foreign investment. Although cooperation with the neighboring countries and Russia seems to be prioritized, the government is keen to develop relationship with major financial institutions (EBRD…

Tuesday, 25 April 2017
Changes to legislation passed by Senate

Changes to legislation passed by Senate

During its 9th regular session on March 28, the Senate of the Oliy Majlis (an upper house of the Uzbek Parliament) approved several major changes in the Constitution and some legislative acts. As the most of the changes were proposed by the country’s President Shavkat…

Monday, 10 April 2017
Liberalization of forex control in Uzbekistan

Liberalization of forex control in Uzbekistan

Systematic problems with respect to foreign exchange and repatriation of profits may still be observed in Uzbekistan. Despite legislative guarantees, it may be difficult for a foreign investor to convert profits generated in Uzbekistan to a freely convertible currency in practice. Realizing that this problem…

Friday, 03 March 2017
Company registration procedures in Uzbekistan

Company registration procedures in Uzbekistan

Since November 2016, the Government of Uzbekistan has been introducing a series of legislative amendments aimed at significant simplification of company registration procedures. It is anticipated that these efforts will further greater inflow of foreign capital, result in proliferation of small and medium sized business…

Monday, 27 February 2017
Uzbekistan: The Anti-Corruption Law comes into force

Uzbekistan: The Anti-Corruption Law comes into force

The law sends a clear message that the government is determined to combat corruption based on international experience, but more specific by-laws are expected to follow. In December last year, newly elected President of Uzbekistan Mr. Shavkat Mirziyoev signed into law the long-awaited Act on…

Friday, 10 February 2017
Update on collection of personal data in Uzbekistan

Update on collection of personal data in Uzbekistan

The Uzbek Parliament has introduced amendments into the Code of Administrative Responsibility and the Criminal Code of the Republic that will have a significant impact on collection of personal data within the country. It is has been determined that collection and dissemination of information about…

Friday, 18 November 2016