On March 31, 2017, President Shavkat Mirziyoyev signed a decree on creation of the State Committee for Investments, a body which will be responsible for coordinating the formation and implementation of a common government investment policy and attracting foreign investment.
The purpose of the new structure is "the most full realization of Uzbekistan’s investment potential, improvement of the investment climate, development of annual quality investment programs, creation of favorable conditions for attracting foreign investment, expanding cooperation with international financial institutions, foreign government financial institutions, leading foreign companies and banks, and to increase the efficiency of darwn foreign investments."
The Committee will become a part of the Cabinet of Ministers’ complex on development of territories and communal sphere, transport, capital construction, building industry, headed by the First Deputy Prime Minister, Achilbay Ramatov.
Uzbekistan’s diplomatic missions abroad shall be obliged on a quarterly basis to submit to the committee the analytical materials, reports on the work performed aimed at attracting foreign direct investment (FDI) and advanced technologies to the basic economy sectors and development of infrastructure, technical assistance grants) soft loans for priority programs and projects, as well as preparing proposals for further strengthening and expanding investment ties with foreign countries.
The new committee has been given the functions of the Ministry of Foreign Economic Relations, Investments and Trade (MFERIT) to accredit representative offices of foreign companies and organizations.
Starting from June 1, 2017, the Investments Committee shall be entrusted with the functions of coordinating, evaluating, coordinating and monitoring the observance of the results of bidding for supply, in the framework of investment projects, of process equipment, components and materials, works (services) exceeding the equivalent of US$ 100 thousand under one contract, financed by loans, attracted by the government of Uzbekistan or under its guarantee, co-financed by Uzbek Reconstruction and Development Fund, or acquired by business entities with a state’s share in the authorized capital of over 50%, through foreign investments (loans) in the framework of projects implemented on a turnkey basis.
In addition, the Committee shall be charged with the functions of MFERIT and UzbekEkspertiza in conducting examination of import contracts in terms of price of equipment, machinery and technologies, components purchased within investment projects in the equivalent of more than US$ 100,000 for one contract, including turnkey projects, as well as registration of import contracts entered into following bidding, within investment projects, in accordance with the current legislation with confirmation that customer obtains a bank guarantee.