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Implementation of International Legal Standards in The Investment Legislation of Uzbekistan Essay Example

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Implementation of International Legal Standards in The Investment Legislation of Uzbekistan

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Implementation of International Legal Standards in The Investment Legislation of Uzbekistan. 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 joint venture, acquisition of government controlled assets, application for tax incentives and raw material importation rights. This gives a clear indication of how the government is reluctant to speed economic privatisation. In addition, foreign investment negotiations deals with asset valuation of national partners based on GKI formula that fails to take into account the depreciation of assets or principles of market.

This is a contentious problematic issue affecting foreign investors and points out at how control of profile and direction of foreign investment is carried out by Uzbek government. Therefore, policies for foreign investment are not controlled by principles of market economy. Many strategic government enterprises have not been privatized including utilities and production of hydrocarbon and major minerals. The government is therefore interested in joint-venture promotion where state enterprises partner with foreign investors who provide technology and the required capital.Law for foreign investment provides impartial treatment rights assurances, and guaranteed protections on issues which include repatriation of profit and expropriation which are important to any foreign investor. Protections assure investors that legislation which negatively affects the status of foreign are not implemented for a period of ten years from the time investment is set. In addition foreign investors are given a chance to select favourable terms in the future subsequent legislations .Law for foreign investment have provisions that are exclusive for foreign investment enterprises in regard to export and import rights and arrangements for foreign currencies. There is only one instance where the law for foreign investment is unfavourable. This is where it stipulates that in instances where chartered fund is not constituted within a year, the company in question will be deemed insolvent. In addition, provisions in the previous legislation which allowed national shareholders to acquire shares of foreign investors at the current market price in situation where they are disposed have been removed.Conversion of Som to hard currency is not easily and is rationed by. Implementation of International Legal Standards in The Investment Legislation of Uzbekistan.

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Work cited

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United Nation. United nation conference on trade and development: investment policicy review of uzbekistan.Newyork and Geneva, 1999:2-65.

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preview essay on Implementation of International Legal Standards in The Investment Legislation of Uzbekistan
  • Pages: 10 (2500 words)
  • Document Type: Assignment
  • Subject: Law
  • Level: Undergraduate
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