During the years of independence Uzbekistan has introduced a broad system of legal guarantees and privileges for foreign investors, developing a holistic system of measures to stimulate the activities of enterprises with foreign investments.
The Government guarantees and protects the rights of foreign investors carrying out investment activities in the Republic of Uzbekistan. The protection of existing investments is guaranteed by stable legislation.
The resolution emphasizes such considerations as attracting foreign investors and managers to corporate governance issues of local firms, offering competitive goods and services, and reducing government’s ownership in the shareholder capital of local firms. Besides, foreign investments in local firms may be granted tax exemptions from their income depending on the volume of their investment, share of the firm they own ranging from 15 to 33 percent of the total shareholder capital.
Presidential Resolution #2454 ‘On additional actions to attract foreign investors to joint-stock companies’ has raised this issue to a new level.
To enhance the attraction of foreign investments into the economy by deepening privatization processes and the implementation of private investors, mainly foreign, and the state share of assets in the authorized capital of state organizations are offered to foreign investors. Particularly, the state share in the amount of 63.1% of the share capital of the JSC "Turonbank" is offered to foreign investors.
JSC "Turonbank" is one of the first commercial banks in Uzbekistan, founded in 1990 by the Ministry of Agriculture and Water Resources of Uzbekistan. Today, the bank has 18 branches and more than 140 additional units in all areas and regions of the country.
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