Volume 04 Issue 12-2024
64
International Journal Of Law And Criminology
(ISSN
–
2771-2214)
VOLUME
04
ISSUE
12
P
AGES
:
64-67
OCLC
–
1121105677
Publisher:
Oscar Publishing Services
Servi
ABSTRACT
This article analyzes the international practices and unique aspects of national legislation in the field of business law
and investments. It discusses the specific features of legislation in the field of business law and international practices
in the investment sector. The bases for encouraging investments and related legal frameworks in various countries'
legislation are analyzed. Additionally, the development trends of the investment sector in Uzbekistan are examined.
Effective methods for applying international experiences in entrepreneurship support through the development of
investment policy to national legislation are proposed.
KEYWORDS
Investment activity, international currency fund, investment agencies, tax rate, legislative initiative, financial
incentives, major investment projects.
INTRODUCTION
Developing
effective
legislative
projects
in
entrepreneurship and investment activities serves to
foster the development of the state economy and
engage various societal layers in socio-economic
activities. Currently, states are promoting legislative
initiatives that facilitate investment attractiveness to
further expand the entrepreneurial environment.
Internationally, there are diverse approaches to
supporting the fields of entrepreneurship and
investments. Many developed countries, including the
Research Article
BUSINESS LAW AND INVESTMENTS: INTERNATIONAL EXPERIENCE AND
UNIQUE ASPECTS IN UZBEK LEGISLATION
Submission Date:
December 15, 2024,
Accepted Date:
December 20, 2024,
Published Date:
December 25, 2024
Crossref doi:
https://doi.org/10.37547/ijlc/Volume04Issue12-11
Djadigerov Timur Maxsetovich
Trainee-teacher at the department of Civil and Business law of Faculty of Law, Karakalpak State University,
Uzbekistan
Journal
Website:
https://theusajournals.
com/index.php/ijlc
Copyright:
Original
content from this work
may be used under the
terms of the creative
commons
attributes
4.0 licence.
Volume 04 Issue 12-2024
65
International Journal Of Law And Criminology
(ISSN
–
2771-2214)
VOLUME
04
ISSUE
12
P
AGES
:
64-67
OCLC
–
1121105677
Publisher:
Oscar Publishing Services
Servi
United States, Germany, and Japan, employ systematic
and effective legal measures to attract investments
and improve the entrepreneurial environment. These
countries
have
tax
incentives,
financial
encouragements, and additional support programs for
entrepreneurs aimed at enhancing the investment
climate.
Countries like India and Brazil are also significantly
focusing on refining their legislation to attract
international investments. These nations have
implemented
crucial
reforms
in
protecting
investments,
simplifying
entrepreneurship,
and
combating corruption.
International organizations and financial institutions,
including the World Bank and the International
Monetary Fund, strive to support entrepreneurship
and investment at a global level. They assist developing
countries by providing technical support and financial
resources to modernize economies and improve the
entrepreneurial climate.
In Uzbekistan, the «Law on Investment and Equity
Funds» adopted in 2015 became one of the legal
foundations regulating investment activities in the
state. According to this law, investment funds are
divided into two types:
−
an investment fund obligated to repurchase its
issued shares;
−
an investment fund not obligated to repurchase its
issued shares.
Furthermore, it was stipulated that «state governing
bodies shall revise and annul their normative legal acts
that contradict this Law.
”
Also in Uzbekistan, reflecting the analysis of
international practices, the "Law on Investments and
Investment Activities" was adopted on December 25,
2019. The purpose of this law is to regulate relations in
the field of investments and investment activities
conducted by foreign and local investors.
Article 15 of the law states that "the state guarantees
the rights of subjects of investment activity." It is also
specified that state bodies and their officials are not
entitled to interfere with the activities of investment
subjects carried out in accordance with legislation. This
establishes the following conditions for the
development of entrepreneurship:
−
it allows entrepreneurs to conduct their activities
independently
and
legally
without
state
interference;
−
it helps to develop transparent and fair
relationships
between
entrepreneurs
and
investment agencies;
−
it makes the country more attractive to foreign
investors, which in turn, facilitates the attraction of
investments that contribute to economic growth
and modernization.
Although this law includes provisions for encouraging
investments through investment credits and financing,
these norms have not been reflected in the tax
legislation. Consequently, the use of this financial
resource to increase investment volumes is limited.
However, the effectiveness of this practice is known
from foreign experiences. The growth of investment
resources contributes positively to increasing the
production capacities of regions and provides a
positive solution to the issue of employment.
Volume 04 Issue 12-2024
66
International Journal Of Law And Criminology
(ISSN
–
2771-2214)
VOLUME
04
ISSUE
12
P
AGES
:
64-67
OCLC
–
1121105677
Publisher:
Oscar Publishing Services
Servi
The effective implementation of legislation impacts
the performance in this sector. For instance, the
indicators of major investment projects carried out in
our republic are as follows:
The major investment projects implemented in our republic
№
Time of launch of major
investment projects
Number of large
investment projects
launched
Volume of launched large
investment projects, US
dollars.
1
2015
158
7,4 billion.
2
2016
164
5,0 billion.
3
2017
161
2,4 billion.
4
2018
353
9,8 billion.
5
2019
179
20,5 billion.
6
2020
43
13,9 billion.
7
2021
236
28,9 billion.
8
2022
262
38,8 billion.
9
2023
287
49,5 billion.
Source: Prepared by the author based on data from
Based on the analysis of the information provided
above, the growth trend in Uzbekistan's major
investment projects reveals several critical aspects.
Specifically, the Presidential Decree PF-60 dated
January 28, 2022, “On the Development Strategy of
New Uzbekistan for 2022-
2026,” includes proposals to
increase investment in projects in regions categorized
as 4th and 5th level by applying a 1% tax rate on
turnover for newly established entrepreneurial entities
in areas with challenging conditions. This strategy aims
to attract more funds to investment projects in the
republic's districts and cities, facilitating growth and
development in these underdeveloped areas.
The high growth rates observed in 2018 and the
consistent growth in subsequent years are practical
results of reforms aimed at stabilizing Uzbekistan's
economy and enhancing its competitiveness on an
international scale. While the decline in 2020 reflected
the impact of global economic conditions, the high
growth rates from 2021 to 2023 confirm the post-
pandemic recovery of the country's economy and the
improvement of the investment environment.
The reforms being implemented in Uzbekistan,
particularly those aimed at attracting investments,
strengthening the legal base for supporting
entrepreneurial entities, and improving the business
environment based on international standards, are
also noteworthy. However, addressing the challenges
encountered in this process and deepening reforms, as
well as creating real opportunities for entrepreneurs,
require a continuous and systematic approach.
CONCLUSION
In conclusion, studying and analyzing the international
experience in business law and investments and the
unique aspects of national legislation are crucial steps
Volume 04 Issue 12-2024
67
International Journal Of Law And Criminology
(ISSN
–
2771-2214)
VOLUME
04
ISSUE
12
P
AGES
:
64-67
OCLC
–
1121105677
Publisher:
Oscar Publishing Services
Servi
in Uzbekistan's economic development, making the
country more competitive and attractive. This not only
contributes to economic progress but also to social
advancement.
REFERENCES
1.
LEGISLATIVE DOCUMENTS
1.1.
Law of the Republic of Uzbekistan - On
Investment and Equity Funds. Number O'RQ-
392 dated August 25, 2015. https://lex.uz/docs/-
2731863#-2731909
1.2.
Law of the Republic of Uzbekistan - On
Investments
and
Investment
Activities.
Number O'RQ-598 dated December 25, 2019.
https://lex.uz/uz/docs/-4664142
1.3.
Presidential
Decree
PF-60
on
the
"Development Strategy of New Uzbekistan for
2022-2026.". https://lex.uz/ru/docs/-5841063
2.
ARTICLES
2.1.
Ikromov Elyor Ibodulloyevich
–
Tadbirkorlik
faoliyatini davla
t tomonidan qo‘llab
-quvvatlanishi va
sohaga mintaqalar miqyosida investitsiya jalb qilish
samaradorligi.
https://miastoprzyszlosci.com.pl/index.php/mp/article/
view/4877/4569
2.2.
Shagazatov
Oybek
Baxodirovich
–
O‘zbekistonda to‘g‘ridan
-
to‘g‘ri xorijiy inv
estitsiyalar
holati
va
tendentsiyalari
tahlili.
https://finance.tsue.uz/index.php/afa/article/view/362/
381
