The Ministry of Foreign Affairs of the Republic of Uzbekistan reported that the intergovernmental Agreement on mutual promotion and protection of investments entered into force on July 9th. The document was signed during the visit of the President of the Republic of Uzbekistan to the Republic of Turkey on October 25th, 2017. It will replace the previous intergovernmental Agreement dated to April 28th, 1992 and aims primarily at protecting investments in the light of modern realities.
The publication says:
“According to the provisions of this document, the most favored nation treatment is applied to investments made by investors of the two countries. The agreement defines the legal framework for protecting investors’ rights, facilitate the flow of capital and technology, and free money transfers.”
It is expected that the agreement will create a solid basis for the inflow of mutual investment in the economy of the two states, as well as increase the investment attractiveness of Turkey and Uzbekistan for potential foreign investors.”
The full text of the agreement is available on the website www.lex.uz.