President of Uzbekistan Shavkat Mirziyoyev has signed decree on the establishment of a new government body – the State Committee for Investments.

It is deemed to become an authorized state body responsible for drafting and implementation of a unified state investment policy and channeling of foreign investments.

The function range of the committee includes the further improvement of the investment climate, support for the development of enterprises with foreign capital, development and implementation of measures on further improvement of related regulatory and legal framework.

“The committee will also be entrusted with the development of proposals on building and diversification of investment cooperation of Uzbekistan with other states, international economic and financial institutions, foreign banks, funds, agencies, companies and other entities under international law on a mutually beneficial basis,” the document says.

Other functions include the coordination of state bodies, advisers on trade and economic issues at diplomatic offices and permanent representatives of Uzbekistan in international organizations in terms of identifying and implementing major activities on drawing foreign investments, as well as implementing cooperation with international financial institutions and foreign investors.

The new structure will also be responsible for raising effectiveness of application of foreign investments to the country’s economy through system-based monitoring of the progress of projects, analyzing the performance of enterprises with foreign capital, and observance of fulfillment of obligations by investors. At the same time, it should identify factors that impede the timely and effective implementation of projects involving foreign investment, and take prompt action to address them.

According to the Decree of the state’s leader, trade and economic advisers and permanent representatives of Uzbekistan in international and foreign financial institutions are appointed and dismissed by the decision of the Chairman of the State Committee for Investments.

In addition, the functions of the Ministry of Foreign Economic Relations, Investments and Trade on accreditation of representative offices of foreign companies and organizations were transferred to the Committee.

Another important point implies that as of June 1, 2017, the State Committee for Investments will be entrusted with the functions of coordinating, evaluating, control and monitoring the observance of the results of tenders for the supply of technological equipment, components and materials, as well as performance of works and services in the amounts exceeding $100,000 per one contract.

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