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Today, the OECD, EU and ADB, in collaboration with the Government of Uzbekistan, launched the Roadmap for Sustainable Investment Policy Reform (RSIPR) project, funded by the European Union and the Asian Development Bank.
March 6, 2024 The Organization for Economic Co-operation and Development (OECD), the European Union (EU), and the Asian Development Bank (ADB), in collaboration with the Government of Uzbekistan, have launched the Roadmap for Sustainable Investment Policy Reform (RSIPR). EU and ADB funded project. This project provides a comprehensive assessment of the investment framework currently in place in Uzbekistan. This will allow Uzbekistan to benefit from the latest evidence-based analysis and tailored recommendations to improve the investment climate, support reform implementation, and maximize the development impact of foreign direct investment in the long term. becomes possible.
In his opening remarks, Mr. Raziz Kudratov, Minister of Investment, Industry and Trade of Uzbekistan, He thanked the EU and ADB for their financial support and the OECD for sharing its expertise. He emphasized the relevance of this project given the country’s priorities for attracting FDI. He mentioned the creation of an interagency task force as a whole-of-government approach to this work.
Charlotte Adrian, Ambassador of the European Union to Uzbekistan He expressed his enthusiasm for starting the RSIPR with the OECD and ADB. He emphasized that Central Asia has become strategically important for the EU in recent years and is a region that is witnessing positive developments. In Uzbekistan in particular, he praised the government’s resilience and his efforts to advance the reform agenda. He referred to the EU’s Global Gateway Strategy, GSP+ and the EU’s involvement in a wide range of areas within the framework of the WTO. She was looking forward to hosting the first EU-Central Asia Summit in Samarkand in 2024.
Mr. Kanokpan Rao-Alaya, ADB Uzbekistan Country Directorpraised the project as a good example of collaboration both within ADB and with the OECD and the EU. As the bank celebrates its 30th anniversary of cooperation with Uzbekistan next year, ADB will continue to support structural reforms, particularly public sector participation in state-owned enterprises, financial markets, and infrastructure investment reform.
Mr. Stephen Thomsen, Deputy Director-General, OECD Investment Department Highlighted key sustainability elements of the project. He expressed hope that strong government buy-in, a tested methodology and a scope tailored to Uzbekistan will be a winning strategy.
Mr. Fares Al Husami (RSIPR Project Leader and FDI Quality Team Head) OECD, about the scope of the work and how RSIPR will leverage ADB and OECD tools, including the OECD Investment Policy Framework, FDI Restrictions Index, Multinational Enterprise Guidelines, Due Diligence Guidance, and ADB Multi-Regional Input. I explained further. – Output table.
Mr. Golib Khorzigitov, Secretary General of the Council of Foreign Investors, emphasized the independent aspect of the council. He noted the Board’s work with IFC on strengthening the legal framework and the draft of a new investment law currently under public consultation. He emphasized the importance of not rushing the process and involving a wide range of stakeholders in the review.
Timur Abdulazizov, legal expert IFC, thanked the OECD for sharing its comments on the Investment Bill. He explained that the main purpose of the amendments is to address uncertainties regarding the application of the investment regime, in particular to public-private partnerships (PPPs) and production sharing agreements (PSAs). He also presented the main conceptual novelties introduced in the new law, including a uniform classification of investment projects, clarification of the obligations of institutions and a new approach to foreign investor services.
ADB economist Pramila Crivelli said: He emphasized that ADB’s strategic priorities in Uzbekistan aim to address structural challenges in the economy, including the role of the state in the economy, climate change, and human capital shortages. He provided an overview of ADB’s efforts to build synergies between sustainable trade and investment, and more specifically on regional trade agreements (RTAs/FTAs) and bilateral investment treaties (BITs). explained.
Going forward, the OECD and ADB plan to hold an initial task force and fact-finding meeting with governments and other stakeholders in March 2024. The report and its final conclusions are expected to be published at a high level in mid-2025.
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