Uzbek media reports say President Shakat Mirziyoyev on November 13 signed a decree creating the Council of Foreign Investors under the President of Uzbekistan.

The Council has been created under support of the European Bank for Reconstruction and Development (EBRD) and its activities will be aimed at making specific recommendations for the government on improving the investment climate, providing a favorable, non-discriminatory, transparent business climate to attract foreign investments.

The Council will be chaired by Uzbekistan President Shavkat Mirziyoyev and its members will include representatives of the Uzbek government, the EBRD, and other international financial institutions and development banks.

The Council will carry out activities in the form of plenary and intermediate sessions, which are held, respectively, once a year and at least twice a year.

The council’s main tasks are to:

-           advise the government of Uzbekistan on the most important areas of investment, industrial, technological and innovative development based on the most successful experience and achievements of world practice;

-           directly participate in improving investment climate and effective mechanisms to stimulate domestic and foreign business to invest in Uzbekistan’s economy sectors and provinces, with the aim of setting up of modern production units, as well as promoting investments, primarily foreign direct investment and boosting trade;

-           ensure the effective interaction of state bodies and businesses with foreign companies, banks, investment and other structures, international financial institutions and foreign government financial organizations;

-           identify and analyze key factors preventing the attraction of investments and investor activity, maintaining favorable   business environment and investment climate in Uzbekistan;

-           develop effective proposals aimed at eliminating the factors holding back investment processes by the joint efforts of state bodies, international financial institutions and foreign governmental financial organizations, foreign companies, banks, investment and other structures operating in Uzbekistan;

-           assist with improving export support mechanisms, development of trade infrastructure, e-commerce system, creating favorable conditions for the promotion of home-made goods and services to foreign markets, the formation of efficient transport corridors, modern supply chains;

-           implement best foreign experience in the processes of creating and using modern product quality management systems, consistent implementation of measures to ensure that domestic goods meet international standards and technical regulations, increase their competitiveness, support the use of advanced ITs;

-           prepare proposals and recommendations for further improvement of the legal framework in of investment activity in Uzbekistan;

-           identify priority areas and developing effective measures to improve Uzbekistan's reputation and improve the country ranking in international ratings and indices.