ЎЗБЕКИСТОН
ҚОНУНЧИЛИГИ
ТАҲЛИЛИ
♦
UZBEK LAW REVIEW
♦
ОБЗОР
ЗАКОНОДАТЕЛЬСТВА
УЗБЕКИСТАНА
2019
№
2
♦
ЎЗБЕКИСТОН
ҚОНУНЧИЛИГИ
ТАҲЛИЛИ
♦
UZBEK LAW REVIEW
♦
ОБЗОР
ЗАКОНОДАТЕЛЬСТВА
УЗБЕКИСТАНА
37
13.
Ст
.
ст
.370
−
373
Гражданского
Кодекса
Респуб
-
лики
Узбекистан
.
14.
Ч
.4
ст
. 367
Гражданского
Кодекса
Республики
Узбекистан
.
15. «
К
внешнеторговым
сделкам
относятся
договоры
купли
-
продажи
товаров
,
а
также
договоры
подряда
,
комис
-
сии
и
ряд
других
договоров
,
заключаемых
между
организа
-
циями
и
фирмами
различных
государств
.
Наиболее
широко
распространенным
видом
внешнеторговых
сделок
является
договор
внешнеторговой
купли
-
продажи
».
Богуславский
М
.
М
.
−
М
.:
Юристъ
, 2002.
−
С
.222.
16.
Леанович
Е
.
Проблемы
правового
регулирова
-
ния
Интернет
-
отношений
с
иностранным
элементом
.
http://www.russianlaw.net/law/doc/a102.htm
17.
В
вопросе
выбора
юрисдикции
в
странах
англо
-
саксонской
правовой
системы
уже
сформировалась
определенная
судебная
практика
.
См
.:
дела
:
McDonough vs. Fallon McElligott, Benson Restaurant
Corp. vs. King, Compuserve, Inc. vs. Patterson, Minnesota
vs. Granite Gate Resorts, Inc, Digital Equipment Corp. vs.
Altavista Technology, Inc., Maritz, Inc. vs. CyberGold, Inc.
M.A.Berdikulov
“Business Management” course leader
Yeoju Technical Institute in Tashkent
UZBEKISTAN-2019: LARGE SCALE REFORMS IN
BUSINESS
Annotation:
this article is about Uzbekistan’s sure
steps towards strengthening its position in World Bank
“Doing Business” ranking. Economic reforms and adopted
legislation in 2019 have been discussed and analysed.
Keywords:
Business
reports,
World
Bank,
International Finance Corporation, Strategy for Action,
World Trade Organization, Roadmap, Eurobonds.
Аннотация
:
в
этой
статье
раскрыты
уверенные
шаги
Узбекистана
по
укреплению
своей
позиции
в
рейтинге
Всемирного
Банка
«
Ведение
бизнеса
».
Экономические
реформы
и
принятое
законодательство
в
2019
году
были
обсуждены
и
проанализированы
.
Ключевые
слова
:
Бизнес
-
отчеты
,
Всемирный
банк
,
Международная
финансовая
корпорация
,
Стратегия
действий
,
Всемирная
торговая
организация
,
Дорожная
карта
,
Еврооблигации
.
Аннотация
:
ушбу
мақолада
Ўзбекистоннинг
Жаҳон
Банки
«
Бизнес
юритиш
»
рейтингида
мамлакат
мавқеини
янада
мустаҳкамлаш
масалалари
ёритилган
.
2019
йилда
олиб
борилаётган
иқтисодий
ислоҳотлар
ва
қабул
қилинган
норматив
-
ҳуқуқий
хужжатлар
муҳокама
этилиб
қисман
таҳлил
қилинган
.
Калит
сўзлар
:
Бизнес
ҳисоботлар
,
Жаҳон
банки
,
Халқаро
молия
коропорацияси
,
Ҳаракатлар
стратегияси
,
Бутунжаҳон
савдо
ташкилоти
,
Йўл
харитаси
,
евробондлар
.
It is well known that the main priority of any state
economy is to ensure the well-being of the people of that
country.
The recent years’ large-scale economic reforms in
Uzbekistan are aimed at improving the living conditions of
the population, developing entrepreneurial activity,
increasing investment attractiveness.
Over the past few years, measures have been taken to
improve the regulatory framework and regulatory
procedures in the field of entrepreneurial activity, creating
a favorable business environment and a positive image of
the country in the international arena. Thanks to the
measures taken over the past 5 years Uzbekistan has
risen from 146th to 76th place among 190 countries of the
world at the rating of the World Bank’ and International
Finance Corporation’ Doing Business Reports.
In fact, the basis of these successes of the reforms are
the strong legislation framework and regulatory processes
adopted over the past few years in order to improve the
sphere of entrepreneurship activity and to create a
favorable business environment and the positive image of
the country in the international arena.
Basically, we can review some of the normative-legal
documents adopted in 2019 year in this sphere.
In particular, according to the Strategy for Action in five
priority areas of development of the Republic of
Uzbekistan in 2017-2021, 2019 was declared the "Year of
Active Investment and Social Development" and adopted
the State Program which includes the implementation of a
number of measures.
ЎЗБЕКИСТОН
ҚОНУНЧИЛИГИ
ТАҲЛИЛИ
♦
UZBEK LAW REVIEW
♦
ОБЗОР
ЗАКОНОДАТЕЛЬСТВА
УЗБЕКИСТАНА
2019
№
2
♦
ЎЗБЕКИСТОН
ҚОНУНЧИЛИГИ
ТАҲЛИЛИ
♦
UZBEK LAW REVIEW
♦
ОБЗОР
ЗАКОНОДАТЕЛЬСТВА
УЗБЕКИСТАНА
38
One of the main goals of the State Program is to
increase the investment potential of Uzbekistan, to attract
investments to the priority sectors and areas of the
economy, and to ensure that the investment process is
interconnected with the production of competitive export-
oriented products.
In order to improve the international prestige of the
Republic, integrate to the World Trade Organization,
enhance managing system in investment and foreign trade
area the Ministry of Investments and Foreign Trade was
established. The functions of Ministry of Foreign Trade
and the State Committee for Investments were delegated
to the newly established Ministry by the Presidential
Decree No. PF-5643 of 28 January 2019.
Among the main tasks of the Ministry the
implementation of a unified state policy in the field of
foreign trade, assistance to the effective functioning of the
national export support networks, expansion of trade
relations of the Republic of Uzbekistan with foreign
countries, the country's accession to the WTO and
cooperation with other multilateral economic organizations
coordination have been added.
In addition, in order to improve the Rating of the
Republic of Uzbekistan in the Annual Report of the World
Bank and International Finance Corporation "Doing
Business" seperate Resolution of the President No 4160
was adopted on February 5, 2019 by which additional
measures were determined.
In this document it was mentioned that there are still
obstacles and excessive bureaucratic procedures faced by
entrepreneurs in the practice, particularly in obtaining
permits for construction, for property registration and for
foreign trade transactions.
In order to eliminate these issues and for further
improving the rating of the Republic of Uzbekistan in the
"Doing Business" annual reports of the World Bank and
International Financial Corporation, and other international
financial institutions the special "Roadmap" was approved.
According to the “Roadmap” by taking necessary
measures Uzbekistan is aiming to take place in top 20
countries by 2022.
In addition to the newly established Ministry of Foreign
Trade and Investments several other state and economic
governance organs were established or reorganized in
2019 in order to achieve the country’s goals in that
direction. For example, the Ministry of Economy and
Industry of the Republic of Uzbekistan, the Antimonopoly
Committee, the State Property Management Agency,
Consumer Rights Protection Agency, Capital Markets
Development
Agency,
the
Competition
Promotion
Foundation have been organized by legal documents
which were signed by the President Sh.Mirziyoyev.
One of the main priorities of these organizations is the
further development of the business environment in the
country, increase the investment attractiveness, strong
support of entrepreneurial activity, improve the welfare of
the population. Such important issues are detailed in the
draft Conception of Socio-economic development of the
Republic of Uzbekistan until 2030.
As an executive organ of the state, the Cabinet of
Ministers is also performing large-scale activities and
efforts to ensure the implementation of the decrees and
resolutions adopted by the head of the state.
In particular, Cabinet of Ministers adopted Resolution
№
40 on January 16, 2019 “On improvement of
mechanism of use of international financial institutions’
funds”. This document was adopted for the purpose of
attracting foreign investments, including international
financial institutions and foreign financial organizations, for
implementation of projects aimed at increasing investment
projects, first of all, improving people’s living standards
and quality of life in Uzbekistan.
Besides, Uzbekistan is rich in natural resources,
cultural objects and labour forces. Thus, in order to
improve business activity, provide extra jobs (employment)
in regions number of reforms have been started by the
Government in 2019. For instance, by the Resolution of
Cabinet of Ministers of Uzbekistan “Termez” free
economic zone was established in Surkhandarya,
southern region of Uzbekistan, where many firms and
companies started their work with local employees.
Moreover, in Karakalpakistan, north of Uzbekistan,
Muynak town was specially selected for complex
development. Government Resolution
№
37 on 17
January, 2019 considers number of measures in order to
develop Muynak town in economic and social spheres.
At the same time, in order to integrate the country into
international capital markets, to attract additional sources
of external financing and to obtain corporate ratings by
leading banks and large enterprises of Uzbekistan and to
obtain sovereign credit rating of the country, Government
Resolution “On measures for issue and placement of
international bonds of the Republic of Uzbekistan” was
adopted. As a result, on February 13, 2019 Uzbekistan for
the first time in it's history, issued international bonds
(XS1953916290) with a 4.75% for USD 500.0m maturing
in 2024 and
international bonds (XS1953915136) with a
5.375% for USD 500.0m maturing in 2029. All bonds were
sold
at the London Stock Exchange
at a price of 100%
with an initial yield of
4.75% and
5.375% respectively.
Bookrunners are famous international companies such as,
Citigroup, Gazprombank, JP Morgan. Depositories were
Clearstream
Banking
S.A.,
Euroclear
Bank.
(
http://cbonds.com/news/item/1084423)
The most of the 5-year and 10-year eurobonds
purchased by UK investors (39 percent and 32 percent,
respectively), and American investors purchased 23 and
31 percent of the bonds. European investors bought 32
percent and 27 percent, while investors from Asia, the
Middle East and North Africa purchased 6 and 10 percent.
Most of the Eurobonds - 75% and 78% - were
managing funds, 20% and 16% of insurance companies
and pension funds are 5% and 6% respectively.
In conclusion, it should be noted that Uzbekistan's
successful bid for the Eurobond market is a result of the
above-mentioned large-scale reforms carried out in the
country. One should note that it is the first sovereign
bonds of Uzbekistan among the CIS countries in 2019 is
also important factor. At the same time, this is the main
benchmark for the future release of the eurobonds for the
state companies, corporations and other financial
institutions of Uzbekistan.
This will undoubtedly create a solid foundation for
further improvement of the rating of the Republic of
Uzbekistan in the Annual Report of the World Bank and
International Finance Corporation “Doing Business”. And
consequently, as Alan Wolff, Deputy Directors-General of
the World Trade Organization mentioned, Uzbekistan may
join the WTO within two years.
