Some of the most notable legal developments in Uzbekistan in July 2023 were the adoption of a new Law “On Competition” and the issuance of a corresponding Presidential Decree, enhancing the operation of the Committee for the Development of Competition and Consumer Protection; measures to enhance the public administration in the sphere of investments and to improve the functioning of the Ministry of Investments, Industry, and Trade; new incentives for businesses creating jobs; and the approval of a plan for the social and economic development of the city of Tashkent till 2030.
On 3 July 2023, a new Law “On Competition” was adopted. It will come into force on 4 October 2023 and will replace the existing Laws “On Competition” No. ZRU-850 of 6 January 2012 and “On Natural Monopolies” No. 398-I of 24 April 1997 (in the new edition). The following novelties are, among other things, brought in by the new Law:
A detailed overview of the above changes is provided in our dedicated legal alert accessible at the links provided below.
Law No. ZRU-850 of 3 July 2023
Following the adoption of the new Law “On Competition”, the President has signed a Decree aimed at enhancing the operation of the Committee for the Development of Competition and Consumer Protection (the "Committee"). It, among other things, provides for the following:
The President has signed a Decree aimed at improvement of the public administration in the area of investments and trade. The Decree, among other things, provides for the following:
Based on Presidential Decree No. UP-93 of 12 June 2023, the Cabinet of Ministers has adopted a Resolution introducing a state program “20,000 Entrepreneurs – 500,000 Qualified Specialists”, in which legal entities intending to create new jobs may participate in exchange for a number of incentives. To qualify for the program, a legal entity must be active for at least 2 years and not be fully or partially owned by the state. A cooperation agreement is concluded between participants and specific state authorities (depending on the number of created jobs) for a term not exceeding 3 years. The following incentives are, among others, provided to business entities participating in the program:
The President has signed a Decree on measures to facilitate the social and economic development of the city of Tashkent by 2030. The following development targets are, among others, intended to be reached by 2030:
The following is further envisaged:
Have a good day!
Kosta Legal Law Firm