Implementation of International Legal Standards in The Investment Assignment

Implementation of International Legal Standards in The Investment Legislation of Uzbekistan - Assignment Example Uzbekistan has freedom and independence in development of industry in line with national goals. In addition, there is also an opportunity for Uzbekistan becomes the main investment location preferred by both regional and foreign investors. There is also an opportunity for Uzbekistan to become a base for production in the regional market. Its central location provides a large market especially the home market. The country has freedom in the utilization of new resources as a result of the development of new export markets and advanced technological progress. Law for in foreign investment Uzbekistan allows investors (foreign) to engage in wide range business opportunities that are not legislatively prohibited. Foreign investors investment in Uzbekistan through legal means that include branch establishment, real property acquisition and buying of shares. There are no legal preconditions stipulating nationals to have interests of ownership in foreign investments except in banking sector. The government encourages joint ventures of local partners and foreign investors. Foreign investors have to register with Justice Ministry to get legal rights as persons. These imply that foreign investment laws in Uzbek have opened the door to all forms of business investors in the available business opportunities. Entry requirements for foreign investors are therefore straight with minimal performance requirements. In Uzbekistan, the right for investors to exit and repatriation of funds are guaranteed. However, in practice, entry requirements for investors especially individual investors are controlled by the government. The investors will have to negotiate with Uzbek government on key issues that relate to joint agreements of a joint venture, acquisition of government-controlled assets, application for tax incentives and raw material importation rights.