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Uzbek Senate Approves Law to Protect Investors' Rights in Special Economic Zones

15 December 2019

Uzbek Senate has approved a new law that guarantees legal protection of investors' rights in the Special Economic Zones (SEZ), Trend reports citing Xinhua.

The law strengthens the protection of the rights of investors, including from unreasonable interference by the state and other bodies or officials in their activities, the press service of the Senate said Saturday.

According to the document, the SEZ is created under the decision of the country's president for a period of 30 years, and it can be of five types -- free economic zone, special scientific and technological zone, tourist and recreational zone, free trade zone, and special industrial zone.

The law will come into force after it is signed by the Uzbek president.

Uzbekistan provides a range of privileges to investors in the SEZ, including tax and customs exemptions. Some 20 free economic zones have been established across the country so far.

Uzbekistan has been carrying out economic reforms in the last two years to attract foreign investment. President Shavkat Mirziyoyev has tasked the government with increasing foreign direct investment up to 4.2 billion U.S. dollars in 2019.