Uzbekistan promises better conditions for investors

By bne IntelliNews April 12, 2012

Clare Nuttall in Almaty -

Foreign investors in Uzbekistan are to receive additional tax breaks and a promise that the government will refrain from interfering in their businesses, under a new presidential decree.

The edict "On additional measures to stimulate foreign direct investments" was signed by President Islam Karimov on April 10, and published on the government's website on April 11. It appears to be an attempt by the Uzbek government to reverse some of the damage done to the country's reputation as an investor destination in recent years.

While some enterprises - notably US-Uzbek joint venture GM Uzbekistan - have proved notable successes, other investors have withdrawn after struggling to deal with state bureaucracy, acquisitive tax officials and other bureaucrats, and the long-standing problem of currency convertibility. Oxus Gold left last year complaining that it was being forced out by JV partners Goskomgeology and Navoi Mining & Metallurgical Combinat, both of which are owned by the government..

According to government data, Uzbekistan is attracting over $3bn in foreign investments each year - over one quarter of total investment in the country. There are currently around 4,200 Uzbek enterprises that have received foreign investment.

Related Articles

VimpelCom makes $1bn loss as Uzbek corruption case escalates

Jacopo Dettoni in Almaty -   Russian telecom VimpelCom reported a $1bn net loss in the third quarter of 2015 after it made a $900mn provision for alleged wrongdoings in Uzbekistan, the company ... more

Uzbekistan to cut car output amid falling exports, remittances

Olim Abdullayev in Tashkent - Collapsing car sales in major export markets have, to the delight of many Uzbeks, meant a flood of cars unsold abroad coming on to the local market. To prop up car ... more

COMMMENT: Great challenges for Eurasia call for decisive solutions

Juha Kähkönen of the IMF - The Caucasus and Central Asia (CCA) region continues to navigate a wave of external shocks – the slump in global prices of oil and other key commodities, the slowdown ... more

Register here to continue reading this article and 2 more for free or purchase 12 months full website access including the bne Magazine for just $119/year.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

To continue viewing our content you need to complete the registration process.

Please look for an email that was sent to with the subject line "Confirmation bne IntelliNews access". This email will have instructions on how to complete registration process. Please check in your "Junk" folder in case this communication was misdirected in your email system.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

If you have any questions please contact us at sales@intellinews.com

Subscribe to bne IntelliNews website and magazine

Subscribe to bne IntelliNews website and monthly magazine, the leading source of business, economic and financial news and commentary in emerging markets.

Your subscription includes:
  • Full access to the bne content daily news and features on the website
  • Newsletters direct to your mailbox
  • Print and digital subscription to the monthly bne magazine
  • Digital subscription to the weekly bne newspaper

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

bne IntelliNews
$119 per year

All prices are in US dollars net of applicable taxes.

If you have any questions please contact us at sales@intellinews.com

Register for free to read bne IntelliNews Magazine. You'll receive a free digital subscription.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

IntelliNews Pro offers daily news updates delivered to your inbox and in-depth data reports.
Get the emerging markets newswire that financial professionals trust.

"No day starts for my team without IntelliNews Pro" — UBS

Thank-you for requesting an IntelliNews Pro trial. Our team will be in contact with you shortly.

Dismiss