Legal Alerts
New rules for foreign trade
Since the middle of 2017, the Uzbek government has made a number of decisive steps towards relaxation of foreign trade controls and simplification of procedures for concluding export and import contracts. Although nothing can surpass in importance the long-awaited liberalization of foreign exchange policy that…
Monday, 26 March 2018
Restructurization of Pharmaceutical Industry
The previous month brought significant changes into Uzbek pharmaceutical regulations, having re-established some fundamental patterns of the respective market’s operation. Aiming to spur development of the local market and to ensure satisfaction of the increasing demand for cheap medicines, the Government tries to optimize the…
Wednesday, 27 December 2017
State Committee for Investments initiates development of Investment Code
On November 2, 2017, the Uzbek State Committee for Investments released its draft Proposal for a new Investment Code that is intended to significantly improve the investment environment within Uzbekistan and to replace three main investment laws along with the large amount of ancillary laws…
Wednesday, 08 November 2017
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
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
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
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
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
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
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