Trends and development of legal regulation of foreign investment in the Republic of Uzbekistan

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education should deeply study and implement best scientific and practical
international experience in the field of training advanced personnel for the
law enforcement bodies of the Republic.

References
1.

http://m.xabar.uz/ru/yangiliklar?min=1&load=6100

2.

http://psyfactor.org/lib/vershinin4.htm

3.

http://www.statista.com/statistics/272365/age-distribution-of-

internet-users-worldwide/

4.

http://www.vestifinance.ru/articles/83789

5.

https://psm7.com/security

6.

https://russian.rt.com/inotv/2015-10-20/CNN-YUnie-hakeri-

vzlomali-direktora

7.

https://tass.ru/obschestvo/7080150

8.

https://xakep.ru/2016/07/19/13108/

9.

Выступление Президента Республики Узбекистан Ш.Мирзиёева

на сессии Самаркандского областного Кенгаша народных депутатов от
10 ноября 2017 года (http://press-service.uz/ru/lists/view/1223). 9.
Speech of the President of the Republic of Uzbekistan sh. Mirziyoyev at the
session of the Samarkand regional Kengash of people's deputies on
November 10, 2017

10.

Указ Президента Республики Узбекистан от 29 апреля 2020

года № УП-5987 «О дополнительных мерах по кардинальному
совершенствованию юридического образования и науки в Республике
Узбекистан». Decree of the President of the Republic of Uzbekistan dated
April 29, 2020 № 5987 «On additional measures to radically improve legal
education and science in the Republic of Uzbekistan».

Shukhrat Ruzinazarov, doctor of law, Professor Tashkent state university

of law, Uzbekistan

TRENDS AND DEVELOPMENT OF LEGAL REGULATION OF FOREIGN

INVESTMENT IN THE REPUBLIC OF UZBEKISTAN.

Sh. Ruzinazarov

Abstract: The zone of dynamic development of applied science and

industry is a technology park that creates the most favorable conditions for
business and provides an opportunity to use research, design and
application of new digital technologies. The main goal of creating innovation
centers is to create favorable conditions for the formation and development
of digital technologies. This is based on the effective use of information and
communication technologies, scientific and educational integration and
industrial integration.

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Keywords: investment activities; investments; foreign investments;

domestic and foreign investors; innovative technologies.

It is well known that certain sectors of the economy use certain

investment resources. Today, there is a special legal structure - the right to
invest in entrepreneurship. There is a large legal framework for investment
activities in our country. Law of the Republic of Uzbekistan «On investments
and investment activities» dated December 25, 2019, Law of the Republic of
Uzbekistan «On guarantees and measures to protect the rights of foreign
investors», Decree of the President of the Republic of Uzbekistan «On
measures to radically improve the investment climate in the Republic of
Uzbekistan» dated January 26, 2019, Decree of the President of the Republic
of Uzbekistan «on measures to improve the management system in the areas
of investment and foreign trade» dated January 28, 2019, Resolution of the
Cabinet of Ministers of the Republic of Uzbekistan «on the organization of
activities of the Agency for attracting foreign investment under the Ministry
of investment and foreign trade of the Republic of Uzbekistan» dated July 24,
2019. These laws provide for tangible and intangible benefits and rights in
which they are invested as investments in economic and other activities. An
investor is an investment entity that invests its own funds, borrowed and
attracted funds, property values and rights, as well as intellectual property
rights and objects of investment activity. Innovative investments in types of
investments are unique. Investments included in innovative investments
include the development of a new generation of technical devices and
technologies. Innovative investment resources can be:



a set of intellectual property objects, including technologies,

commerce, and other knowledge created in the form of technical
documentation;



agreements and production experience, know-how necessary for the

organization of the same production.

According to article 3 of the law «On investments and investment

activities», intellectual property rights can be recognized as foreign
investments in the territory of the Republic of Uzbekistan. Foreign investors
can invest in the territory of the Republic of Uzbekistan by investing
intellectual property, including copyrights, patents, trademarks, utility
models, industrial designs, brand names and know-how, as well as business
reputation (goodwill) [1].

Innovative investments differ from the national investment climate and

the favorable investment regime with which they are implemented.

Risk minimization when implementing innovative investments in the

national economy is manifested in the following cases:

First, public authorities decide on decentralized investments in relation

to the country's socio-economic development prospects, scientific, technical

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and large-scale government programs, as well as feasibility studies that
determine the feasibility of these investments.

Secondly, specific innovative investment projects will be subject to

special expertise. Investment projects financed from budgetary and extra-
budgetary funds, as well as foreign investments under the guarantee of the
Government of the Republic of Uzbekistan, are subject to examination.

A commercial Bank should examine small business investment projects

financed by banks' credit resources for the possibility of implementing this
investment project. Risk minimization through insurance against innovative
projects involving foreign investment is peculiar. This is provided for in
article 16 of the law «On investments and investment activities».
Investments and insurance of foreign investors are voluntary.

Foreign investors enjoy the right to any insurance protection that is

legally valid on the territory of the Republic of Uzbekistan on an equal basis
with its investors. Insurance of foreign investments against political and
other risks can also be provided by international organizations, export
credit agencies of foreign countries and other insurance companies.

Insurance organizations that provide insurance for foreign citizens are

not liable for the obligations of the Republic of Uzbekistan. The state
insurance company is not liable for the obligations of insurance
organizations, except in cases stipulated by the agreement of the parties.

Foreign investment insurance covers political and other risks, including:

•

any legislative or administrative measures leading to the

expropriation of property, as well as the loss of control over property or the
transfer of ownership of property;

•

introduction of restrictions on the import of foreign currency from

the country;

•

amendments to legislation on discrimination against certain groups

of investors;

•

interference of state bodies, local authorities and their officials in

relations with investors;

•

wars, civil uprisings, or other similar events;

•

providing insurance protection and guarantees against foreign and

other risks associated with foreign investments.

I.Z. Farkhutdinov, one of the experts in the field of investor protection

research, believes that organizational guarantees will be reflected in the
legal framework to ensure the rights of investors [2]. This guarantee is
usually set out in Chapter 3, entitled «State guarantees of the rights of
investment entities and investment protection» [3]. Although it was
considered a great achievement, it became a declarative norm for the
practice of various interpretations. According to this rule, the Government

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guarantees and protects the rights of foreign investors operating in the
Republic of Uzbekistan.

Legislation, including departmental regulations, does not have the right

to refund if their execution causes damage to a foreign investor or foreign
investment.

Taking into account the following, amendments and additions to the

legislation, as well as the deterioration of investment conditions when
adopting new legislative acts of the Republic of Uzbekistan:

•

increase in the income tax rate on income received as dividends to a

foreign investor;

•

introduction of additional requirements that complicate the

procedure for returning income (profit) of a foreign investor to the territory
of the Republic of Uzbekistan or reducing their size, including the insolvency
or bankruptcy of an enterprise with foreign investment or protection of the
rights of creditors of a foreign investor - in the case of an offence or
administrative offence committed by an individual, or in accordance with a
court or arbitration decision, the suspension of the repatriation by the
competent state authority of the funds of a foreign investor under the
conditions of non-discriminatory use of the law, when there is another need
to suspend their return to the country of origin;

•

introduction of quantitative restrictions on investment volumes and

other additional requirements for investment, including increasing foreign
investment in enterprises with foreign investment;

•

introduction of restrictions on the participation of foreign investors

in the authorized capital (authorized capital) of enterprises;

•

introduction of additional procedures for issuing and extending visas

for foreign investors-individuals, as well as other additional requirements
for foreign investment.

This provision does not apply to the adoption, addition or repeal of

legislative acts that are determined in accordance with generally recognized
principles of international law directly related to the protection of the
national security interests of the Republic of Uzbekistan. If we analyze the
rights, guarantees and opportunities available to domestic and foreign
investors above, they are usually used as legal instruments to implement
and protect investments and business activities in a General sense and to
reduce such risks. However, it can be said that innovation risk in business
can be associated with the successful implementation of investment
projects, if the innovation risk is associated with a number of risks faced by
investors.

A business entity is compensated for material damage caused by the

trust in the legal force of an administrative document adopted by a state
div (official). In the event that the validity of this document was used by

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the owner, used or waived the agreement, or otherwise used, the validity of
this document has lost its validity or is canceled.

The issue of canceling or changing an administrative document of a state

div (official) is considered by the court if it concerns the legitimate
interests of a competent investor and business entity. (Article 1 of the
Decree of the President of the Republic of Uzbekistan dated August 1, 2018
«On measures to radically improve the investment climate in the Republic
of Uzbekistan»), except in cases where its protection threatens public
interests [4].

The application of these rules is seen as an important guarantee for

investors in reducing the risk to investors and in interaction with
government authorities. Today, the most important task is to ensure that
their rights are strictly applied in judicial practice as well.

References
1.

Law of the Republic of Uzbekistan «On investments and investment

activities» dated December 25, 2019

2.

Farkhutdinov I. Z. International investment law: theory and practice

of application. Moscow: volters kluver, 2005. pp. 75-80

3.

Law of the Republic of Uzbekistan «On investments and investment

activities» dated December 25, 2019

4.

Decree of the President of the Republic of Uzbekistan dated August 1,

2018 «On measures to radically improve the investment climate in the
Republic of Uzbekistan»

M.G. Safin, F.Kh. Rakhmonov,

Samarkand Institute of Veterinary Medicine,

Samarkand, Uzbekistan

THEORETICAL BACKGROUND OF THE ENDEMIC

ICTEROGHEMOGLOBINURIA OF THE KARAKUL SHEEP

M.G. Safin, F.Kh. Rakhmonov

It is known that in Uzbekistan there are widespread violations of the

copper metabolism of Karakul sheep associated with both a deficiency and
an excess of this element in their div. Both of these types of impaired
copper metabolism are accompanied by serious pathological deviations,
leading to a decrease in the productivity of Karakul sheep and often to their
death. In Southwestern Kyzilkum, Karakul sheep constantly has a disease
with signs of jaundice and blood urine.