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5. OTHER RIGHTS
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№
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The content of guarantees,
benefits and rights
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Act legislation
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70
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The
property and property rights of an enterprise with foreign investments can be
used by it as collateral for all types of its obligations, including
attraction of loan means. Property rights over the trade and service
entities, as well as residential premises with the land on which they are
placed, property rights over buildings, constructions, the equipment, as well
as other material rights may be used as collateral of obligations.
All
property and property rights belonging to the foreign investor under the
property rights, irrespective of their location, may be used as a collateral
for the obligations.
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Article
17 of the Law of the Republic
of Uzbekistan "On
foreign investments".
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71
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The
following additional privileges and incentives shall be established for the
manufacturing enterprises with the foreign investments, exporting production
of their own manufacture payable for the hard currency:
- production of own manufacture is exempted from custom export duties;
- the
right to export own production without an advance payment and opening of the
letter of credit, at presence of guarantees by the authorized banks servicing
the buyers, and observance of periods for hard currency proceeds’ arrival,
stipulated by the legislation in force;
- permission to open abroad trading houses and representations offices for
marketing researches of external markets and advertising of manufactured
products with goods’ supply for them on a consignment basis;
- to abolish registration at the Agency for
foreign economic relations of the Republic of Uzbekistan of export contracts
on supply of production of own manufacture (except for export of the licensed
goods) with preservation of the operating order of their registration by the
authorized banks and customs bodies;
- enterprises
independently form contract prices of exported production of own manufacture
on a contractual basis.
In case
of exports on prices lower than those of domestic market the taxable base for
them shall be calculated based on actual price of exported production.
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Clause 1
of the Decree of the President of the Republic of Uzbekistan
as of 26.08.1997
№UP-1831 "On additional measures to stimulate export of goods made by
the enterprises with foreign investments
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72
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Foreign
companies involved for conducting of research and investigation works on oil
and gas, shall be granted a most favored treatment mode, providing:
- the
exclusive right on carrying out in the certain territory of the research and
exploration works with the subsequent development of any deposits discovered
at specified territory by creation of a joint venture or on conditions of a
concession;
- the
priority right to granting of a new territory for continuation of research
and exploration works in a case of not discovering the resources having
industrial value in the territories stipulated in the contract for carrying
out of those works;
- the
property right and unobstructed export of a part of the extracted
hydrocarbons stipulated by constituent documents of a joint venture or a
confessional contract, as well as products of their processing on tolling
basis;
- guarantee on compensation of actual expenses for the search and exploration
works at opening the fields having industrial value, in cases of their
transfer for further development by the National Holding Company
"Uzbekneftegas".
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Clause 3
of the Decree of the President of the Republic of Uzbekistan
as of 28.04.2000
№UP-2598 "On measures to attract direct foreign investments into
investigation and extraction of oil and gas".
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73
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It shall
be determined that:
- the overall duration of research and
exploration works carried out on an exclusive basis by the foreign companies
on agreed territories, may not exceed 5 years.
- in case
of discovering the areas representing interest for the further carrying out
of geology-exploration works, the possibility to continue works within the
limits of those areas is given to the foreign companies for up to 3 years
more;
- foreign
companies shall provide fields’ exploitation in accordance with their
original purpose, completeness of geological survey, rational and complex
usage and security of deposits.
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Clause 6
of the Decree of the President of the Republic of Uzbekistan
as of 28.04.2000г.
№UP-2598 "On measures to attract direct foreign investments into
investigation and extraction of oil and gas".
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74
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The enterprises of SJSC
"Uzbekengilsanoat" for the period till January 1, 2007 may
purchase for the hard currency (with charge of the VAT at zero rate) textile
semi-finished goods (yarn, fabrics, knitted cloth and waste products of
cotton spinning) in a domestic market by the prices not less than the world
market ones, existing by the moment of the conclusion of the contract,
provided that not less than 80 percent of production, made of those semi-finished
items, will be sold for exports.
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Clause 5
of the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan
as of 25.03.2004
№141 "On measures to improve the structure of management of SJSC
Uzbekengilsanoat and to stimulate further development of light industry of
the republic".
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75
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To establish at the structure of the Ministry
of Justice of the Republic
of Uzbekistan a
Department for Legal Protection of Foreign Investments and the Enterprises
with Foreign Investments.
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The
paragraph 1 Clause 2 of the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan as of 2.05.2003 №205 "On
additional measures to strengthen the legal protection of direct foreign
investments".
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76
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To establish that at granting to a foreign
investor by the Government of the Republic of Uzbekistan of the guarantees
and protection measures (privileges and preferences) additional to those
already established by legislation, an Investment Treaty between the
Government of the Republic of Uzbekistan presented by the Ministry of
External Economic Relations, Investments and Trade of the Republic of
Uzbekistan and that foreign investor with further approval of that treaty by
the Cabinet of Ministers, shall be concluded
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The
paragraph 1 Clause 2 of the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan as of 2.08.2005 №180 "On
additional measures to strengthen the legal protection of direct foreign
investments
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Foreign investment 
