The President Mirziyoyev approved the Agreement between the Government of the Republic of Uzbekistan and the Government of the Republic of Korea on Reciprocal Promotion and Protection of Investments, signed by the leaders of the two countries during the official visit of South Korean President Moon Jae-in to Uzbekistan on April 19, 2019 in Tashkent.
Such Agreements, as a rule, provide for comprehensive legal protection of investments of the parties, including ban on their expropriation or nationalization, freedom for repatriation, compensation for damage caused to investors and the procedure for disputes resolution between the state and the investor. Similar agreements, for example, Uzbekistan signed with Russia, Tajikistan, Kazakhstan, China and a number of other states.
The Ministry of Foreign Affairs of Uzbekistan will send to the Korean authorities a relevant notice on the implementation of domestic procedures necessary for the agreement to enter into force and the competent authority responsible for its implementation.
