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Armenia investment climate uzbekistan empty container handler kalmar investments

Armenia investment climate uzbekistan

The scope of business-related regulations in Uzbekistan includes many laws, decrees, resolutions, rules, specific guidelines, and instructions. Usually, regulations and rules are developed by relevant government agencies and are approved by the president or relevant ministers, as appropriate. Public laws are subject to parliamentary approval. The Ministry of Justice and the system of Economic Courts are formally responsible for regulatory enforcement, while the Institute of Business Ombudsperson was established in May to protect the rights and legitimate interests of businesses and render legal support.

Several GOU policy papers call for expanding the role of civil society, non-governmental organizations, and local communities in regulatory oversight and enforcement. The government also publishes drafts of business-related legislation for public comments, which are publicly available.

However, the development of a new regulatory system, including enforcement mechanisms outlined in various GOU reform and development roadmaps, has yet to be completed. Multiple research centers and think tanks are involved in the development and review of regulations.

The process includes experts from government agencies and state-owned enterprises, as well as research centers funded by the government and international organizations like UNDP. A Presidential Resolution, dated August 22, , called for transparency of public finances and wider involvement of citizens in the budgetary process. One positive step was the publication of the detailed state budget proposals for fiscal years FY , FY, and FY within the framework of Budget for Citizens project. In August and September , the GOU introduced amendments to the Budget Code mandating the publication of the conclusions of the Accounts Chamber of the Republic of Uzbekistan, which are based on the results of an external audit and evaluation of annual reports on the implementation of the state budget and the budgets of state trust funds.

Recent legislation also contains measures to harmonize budget accounting with international standards, provides for international assessment of budget documents through the Public Expenditure and Financial Accountability PEFA process, and submitting the budget for an Open Budget Survey ranking.

In , the GOU officially requested the U. Under the December Law on the State Budget, starting in , all government agencies, state trust funds, and the Reconstruction and Development Fund of Uzbekistan FRDU shall publish quarterly reports on: distribution of budget funds by subordinate budget organizations; financial statements; implementation of budget funded projects; and all major public procurements. Such reports must be published within 25 days after the end of the reporting quarter.

Uzbekistan is not currently a member of the WTO or any existing economic blocs although it is pursuing WTO accession and its parliament has approved observer status in the Eurasian Economic Union. Uzbekistan joined the CIS Free Trade Zone Agreement in , but that does not constitute an economic bloc with supranational trade tariff regulation requirements. Economic disputes, including intellectual property claims, can be heard in the lower-level Economic Court and appealed to the Supreme Court of the Republic of Uzbekistan.

Economic court judges are appointed for five-year terms. This judicial branch also includes regional, district, town, city, Tashkent city a special administrative territory courts, and arbitration courts. On paper, the judicial system in Uzbekistan is independent, but government interference and corruption are common. In recent years, for example, many lower level court rulings have been in favor of local governments and companies which failed to compensate plaintiffs for the full market value of expropriated and demolished private property, as required under the law.

Court decisions or enforcement actions are appealable though a process that can be initiated in accordance with the Economic Procedural Code and other applicable laws of Uzbekistan, and can be adjudicated in the national court system. Several laws, presidential decrees, and government resolutions relate to foreign investors. The main laws are:.

The GOU adopted several new laws, presidential decrees, and government resolutions related to foreign investments in These include:. Competition and anti-trust legislation in Uzbekistan is governed by the Law on Competition ZRU, issued January 6, , and last revised in The main entity that reviews transactions for competition-related concerns is the State Antimonopoly Committee established in January This government agency is responsible for advancing competition, controlling the activities of natural monopolies, protecting consumer rights and regulating the advertisement market.

There were no significant competition-related cases involving foreign investors in Private property is protected against baseless expropriation by legislation, including the Law on Investments and Investment Activities and the Law on Guarantees of the Freedoms of Entrepreneurial Activity.

By law, the government is obligated to provide fair market compensation for seized property, but many who have lost property allege the compensation has been significantly below fair market value. Uzbekistan has a history of expropriations. Profitable, high-profile foreign businesses have been at greater risk for expropriation, but smaller companies are also vulnerable. Under the previous administration, large companies with foreign capital in the food processing, mining, retail, and telecommunications sectors faced expropriation.

In cases where the property of foreign investors is expropriated for arbitrary reasons, the law obligates the government to provide fair compensation in a transferable currency. However, in most cases the private property was expropriated based upon court decisions after the owners were convicted for breach of contract, failure to complete investment commitments, or other violations, making them ineligible to claim compensation.

Reviews usually are quite slow. Some foreign investors have characterized the process as unpredictable, non-transparent, and lacking due process. ICSID arbitration does not stipulate the consent of the involved parties to have their dispute settled at the international level. The Law on Guarantees to Foreign Investors and Protection of their Rights requires that involved parties settle foreign investment disputes using the methods they define themselves, generally in terms predefined in an investment agreement.

Investors are entitled to use any international dispute settlement mechanism specified in their contracts and agreements with local partners, and these agreements should define the methods of settlement. The Law on Guarantees to Foreign Investors and Protection of their Rights permits resolution of investment disputes in line with the rules and procedures of the international treaties to which Uzbekistan is a signatory, including the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards, the CIS Agreement on Procedure for Settling Disputes Arising Out of Business Activity, and other bilateral legal assistance agreements with individual countries.

Currently there is no such bilateral treaty that covers U. The economic courts have subordinate regional and city courts. Complainants may seek recognition and enforcement of foreign arbitral awards pursuant to the New York Convention through the economic courts. When the court decides in favor of a foreign investor, the Ministry of Justice is responsible for enforcing the ruling.

The governments of the United States and Uzbekistan signed a BIT in , but ratification documents have not been exchanged and the agreement never entered into force. Post is aware of a number of previous cases of commercial or investment disputes involving foreign investors. These have included asset seizures, expropriations, or liquidations; lengthy forced production stoppages; and pressure to sell off foreign shares in joint ventures.

These cases have involved a variety of sectors, including food production, mining, telecommunications, and agriculture. Although government actions in such cases have been taken under the guise of law enforcement, some observers have claimed more arbitrary or extralegal motives were at play. However, since President Mirziyoyev came to power, investment disputes have been more limited in scope, but still exist.

Foreign investors should have no reasonable expectation that the government will honor an international arbitration verdict. The Constitutional Court of Uzbekistan ruled in that the written consent of all parties involved is required to recognize an international decision. Although in many cases investor-state disputes in Uzbekistan were associated with immediate asset freezes, almost all of them were followed by formal legal proceedings.

Alternative dispute resolution institutions of Uzbekistan include arbitration courts also known as Third-Party Courts , and specialized arbitration commissions. Businesses and individuals can apply to arbitration courts only if they have a relevant dispute-settlement clause in their contract or a separate arbitration agreement.

The main domestic arbitration body is the Arbitration Court. According to the Law, parties of a dispute can choose their own arbiter and the arbiter in turn choses a chair. The decisions of these courts are binding. The Law says that executive or legislative bodies, as well as other state agencies, are barred from creating arbitration courts and cannot be a party to arbitration proceedings.

Either party to the dispute can appeal the verdict of the Arbitration Court to the general court system within thirty days of the verdict. Separate arbitration courts are also available for civil cases, and their decisions can be appealed in the general court system. The main function of this organization is to facilitate dispute resolution for businesses, including foreign investors. The Center may employ qualified arbitration lawyers, both local and foreign.

The Center has the right to resolve disputes through mediation or other alternative methods permitted by the law. Foreign arbitral awards or other acts issued by a foreign country can be recognized and enforced only if Uzbekistan has a relevant bilateral or multilateral agreement with that country. If international arbitration is permitted, awards can be challenged in domestic courts. Judgments against SOEs have proven particularly difficult to enforce.

The Law on Bankruptcy regulates bankruptcy procedures. According to the Law on Bankruptcy and the Labor Code, an enterprise may claim exemption from paying property and land taxes, as well as fines and penalties for back taxes and other mandatory payments, for the entire period of the liquidation proceedings. Monetary judgments are usually made in local currency. Bankruptcy itself is not criminalized, but in August , the GOU introduced new legislation on false bankruptcy, non-disclosure of bankruptcy, and premeditated bankruptcy cases.

All investment incentives to foreign investors are regulated by national level legislation, which can be adopted only by the president. Regional and local governments have limited authorities to offer any additional preferences. Exceptions can be made for tax incentives granted by special government resolutions or presidential decrees. By the new Tax Code, the GOU may provide holidays for land taxes, property taxes and water use taxes to some companies with foreign direct investments on a case-by-case basis.

The first law on free economic zones in Uzbekistan appeared in The law provides the following classification of special economic zones:. By the end of , there were eight free industrial zones and 49 small industrial zones operating in different regions of the country. According to official statistics, investment projects have been implemented in these zones, creating 83, new jobs.

There are several restrictions and quantitative limitations on employment of foreign nationals in Uzbekistan. The chief accountants in banking and auditing companies must be Uzbekistani nationals. The law also requires that either the CEO or one member of a board of directors be a citizen of Uzbekistan. In the tourism sector, only Uzbekistani nationals can be professional tour guides. All foreign citizens, except those from certain countries of the former Soviet Union, need visas to work in Uzbekistan and all individuals must register their residences with authorities.

Legislation permits foreign investors and specialists to obtain multiple entry visas for the period of their contract. To apply for a work visa, American citizens must submit documents regarding their company to an Uzbekistani embassy or consulate. Foreign workers must also register with the Ministry of Employment and Labor Relations. The Agency on Foreign Labor Migration under the Ministry of Employment and Labor Relations is responsible for enforcing limits on employment of foreign nationals in various industries.

For example, the number of foreign nationals in energy companies that operate in the country under Production Sharing Agreement terms cannot exceed 20 percent of the total number of employees, and additional foreign personnel can be hired only if there is no qualified local labor. Formally, permission from the government is not required to invest in Uzbekistan except for investments in the special economic zones and businesses that are subject to licensing.

Investors in non-priority sectors can expect less support in importing capital and consumer products than those in priority industries. There are no requirements for using only local sources of financing. The government welcomes foreign investors mainly in the areas of localization, building local production capacities, and developing export potential. To qualify as an enterprise or business with foreign investment and be eligible for tax and other incentives, the share of foreign investment must be at least 15 percent of the charter capital of a company.

The investment must consist of hard currency or new equipment, delivered within one year of registering the enterprise. Tax incentives for foreign investment are essentially the same as for local enterprises participating in an investment, localization, or modernization program. Enterprises with significant investment in priority sectors or registered in one of free economic or special industrial zones can expect additional benefits. According to the law, the GOU may block services in the country in the event of non-compliance.

Legislation does not require transfer of technology or proprietary information; such transfers are negotiated between the foreign investor and its local partner. Protection of Property Rights. Uzbekistani and foreign entities may own or lease buildings, but not the underlying land. Mortgages are available for local individuals only, but not for legal entities. There are no mortgage lien securities in Uzbekistan.

Land ownership is granted only to entities and individuals who are residents of Uzbekistan. Foreign citizens and entities do not have land property rights in Uzbekistan. Effective March 1, , Uzbekistan residents can privatize:. Land privatization is a new concept for Uzbekistan.

All agricultural land in Uzbekistan is still owned by the state. As of March 1, , a new law on privatization allows for the privatization of non-agricultural land plots. Legislation governing the acquisition and disposition of immoveable property buildings and facilities poses relatively few problems for foreign investors and is similar to laws in other CIS countries.

Immoveable property ownership is generally respected by local and central authorities. District governments have departments responsible for managing commercial real estate issues, ranging from valuations to sale and purchase of immoveable property. Legally purchased but unoccupied immoveable property can be nationalized for several reasons, including by an enforcement process of a court decision, seizure for past due debts on utility or communal services, debts for property taxes, and, in some cases, for security considerations.

Unauthorized takeover of unoccupied immoveable property by other private owners squatters is not a common practice in Uzbekistan. Usually, authorities inspect the legitimacy of immoveable property ownership at least once every year. While the concept of registering intellectual property IP is still new to Uzbekistan, the GOU recognizes intellectual property rights IPR protections as critical to its economic goals.

The Code introduced a special Customs Record procedure, which is based on a database of legal producers and their distributors. Uzbekistan also introduced several amendments to IPR law as well as amendments to civil and criminal codes meant to enforce stricter punishment for IPR violations.

Foreign companies face obstacles proving IP violations and receiving compensation for losses sustained due to violations. IP violators are rarely obligated to cease infringing activities or pay meaningful penalties. Enforcement is weak across different kinds of IP. Copyright cases are almost never brought before the Antimonopoly Committee the body responsible for responding to IP complaints because companies makes the decision that the cost of fighting copyright violations outweighs the benefits.

Trademark cases often take years to settle in the courts, driving up costs and consuming time and resources. For companies who cannot meet the demands of a multiyear court battle it becomes cost prohibitive to pursue action to protect their IP. While Uzbekistan took important steps in to address longstanding issues pertaining to IPR, there remain serious deficiencies in trademark and copyright protections, judicial processes related to IPR, and enforcement of actions against IPR violations and violators.

These measures represent the necessary short-term actions for Uzbekistan to maintain its benefits under the U. In April , the GOU provided greater authority to a new Inspectorate under the Ministry of Information Technologies and Communications to monitor compliance and enforce copyright protections on the internet.

There are no publicly available reports on seizures of counterfeit goods in According to AIP officials, Uzbekistan law enforcement agencies recorded over cases of illegal selling of audiovisual records and software copies. Under current Uzbekistani law, the court considers copyright infringement cases only after the copyright holder submits a claim of damages.

Similarly, for imported products, customs officials do not have an ex-officio function, and the onus is on the rights holder to initiate an action against a suspected infringer. The burden of proving an IP violation is so high that most cases never leave the Antimonopoly Committee or the administrative court system. While these cases are stalled in the court system, infringing companies may continue to operate without restrictions.

The political will to improve IPR protection seems to exist at the highest levels of the government, but effective enforcement policies are still not in place. Prior to , the government focused on investors capable of providing technology transfers and employment in local industries, and had not prioritized attraction of portfolio investments. In , the GOU announced its plans to improve the capital market and use stock market instruments to meet its economic development goals.

The government created a new Agency for the Development of Capital Markets CMDA in January as the institution responsible for development and regulation of the securities market and protection of the rights and legitimate interests of investors in securities market.

CMDA is currently implementing a capital markets development strategy for According to CMDA officials, the goal of the strategy is to make the national capital market big enough to attract not only institutional investors, but to become a key driver of domestic wealth creation.

Government is supporting this strategy through a technical assistance program led by the Department of the Treasury. The stock exchange mainly hosts equity and secondary market transactions with shares of state-owned enterprises. In most cases, government agencies determine who can buy and sell shares and at what prices, and it is often impossible to locate accurate financial reports for traded companies. The GOU is continuing to liberalize banking sector regulations to facilitate free flows of financial resources into the market.

According to the new rules, foreign investors that have resident entities in Uzbekistan can convert their dividends and other incomes to foreign currencies and transfer them to their accounts in foreign banks. Non-resident entities that buy and sell shares of local companies can open bank accounts in Uzbekistan to accumulate their revenues.

Uzbekistan formally accepted IMF Article VIII in October , but due to excessive protectionist measures of the government, businesses had limited access to foreign currency, which stimulated the grey economy and the creation of multiple exchange rate systems. Effective September 5, , the GOU eliminated the difference between the artificially low official rate and the black-market exchange rate and allowed unlimited non-cash foreign exchange transactions for businesses.

The Law on Currency Regulation ZRU , which fully liberalized currency operations, current cross-border and capital movement transactions, received final approved on October 22, Under the law, foreign investors and private sector businesses can have access to various credit instruments on the local market, but the still-overregulated financial system yields unreliable credit terms.

Access to foreign banks is limited and is usually only granted through their joint ventures with local banks. Commercial banks, to a limited degree, can use credit lines from international financial institutions to finance small and medium sized businesses. As of March , 30 commercial banks operate in Uzbekistan. Five commercial banks are state-owned, thirteen banks are registered as joint-stock financial organizations eight of which are partly state-owned , six banks have foreign capital, and six banks are private.

Commercial banks have branches and about 1, retail offices throughout the country. The nonbanking sector is represented by 56 microcredit organizations and 61 pawn shops. The average rate of capital adequacy within the system is The growing volume of state-led investments in the economy supports the stability of larger commercial banks, which often operate as agents of the government in implementing its development strategy.

Privately owned commercial banks are relatively small niche players. Official information on non-performing assets is not publicly available. Uzbekistan maintains a central bank system. In general, any banking activity in Uzbekistan is subject to licensing and regulation by the Central Bank of Uzbekistan.

Foreign banks often feel pressured to establish joint ventures with local financial institutions. Currently there are six small banks with foreign capital operating in the market, and six foreign banks have accredited representative offices in Uzbekistan, but do not provide direct services to local businesses and individuals. Foreigners and foreign investors can establish bank accounts in local banks without restrictions. They also have access to local credit, although the terms and interest rates do not represent a competitive or realistic source of financing.

In accordance with new legislation ZRU of March and ZRU of October , all businesses, including foreign investors, are guaranteed the ability to convert their dividends and other incomes in local currencies to foreign currencies and transfer to foreign bank accounts for current cross-border, dividend payments, or capital repatriation transactions without limitations, provided they have paid all taxes and other financial obligations in compliance with local legislation. The exchange rate is determined by the CBU, which insists that it is based on free market forces 9, soum per U.

S dollar as of March 3, Business entities can purchase foreign currency in commercial banks without restrictions for current international transactions, including import of goods, works and services, repatriation of profits, repayment of loans, payment of travel expenses and other transfers of a non-trade nature. Banking regulations mandate that the currency conversion process should take no longer than one week. In businesses reported that they observed no delays with conversion and remittance of their investment returns, including dividends; return on investment, interest and principal on private foreign debt; lease payments; royalties; and management fees.

The fund does not follow the voluntary code of good practices known as the Santiago Principles, and Uzbekistan does not participate in the IMF-hosted International Working Group on sovereign wealth funds. Foreign companies are entitled by law to the same treatment as Armenian companies national treatment. The Armenian government has submitted to parliament a new draft Law on Foreign Investment, to replace the law. This new law would strengthen protections for foreign investors.

The PPP law establishes the framework for the government to attract private capital for joint projects focused on infrastructure. SCPEC reviews transactions for competition-related concerns. Concentrations, including mergers, acquisitions of shares or assets, amalgamations, and incorporations are subject to ex ante control by SCPEC under conditions established by law.

Whenever a concentration gives rise to concerns about harm to competition, including the creation of a dominant position or strengthening the dominant position, SCPEC can prohibit such a transaction or impose certain remedies. Under Armenian law, foreign investments cannot be confiscated or expropriated except in extreme cases of natural or state emergency, upon obtaining an order from a domestic court.

According to the Armenian constitution, equivalent compensation is owed prior to expropriation. When an international treaty is ratified, if it stipulates norms other than those present in domestic law, the guidelines of the treaty shall prevail. According to the Foreign Investment Law, all disputes that arise between a foreign investor and the Republic of Armenia must be settled in Armenian courts.

A Law on Commercial Arbitration was enacted in , which provides a wider range of options for resolving commercial disputes. As of January , two investment disputes brought against Armenia under the U. International Commercial Arbitration and Foreign Courts. Commercial disputes may be brought before an Armenian or any other competent court, as provided by law or in accordance with party agreements. Commercial disputes are heard in courts of general jurisdiction.

Specialized administrative courts adjudicate cases brought against state entities. Final judgments may be appealed to the Court of Appeal and Court of Cassation, the highest judicial authority in Armenia. The Law on Arbitration Courts and Arbitration Procedures provides rules governing the settlement of disputes by arbitration. In accordance with the New York Convention and Article 5 of the Armenian constitution, domestic courts must recognize foreign arbitral awards.

Armenia intends to develop an alternative dispute resolution ADR mechanism that will include mediation and arbitration. ADR could be used not only in commercial matters, including those involving mobile property and secured transactions, but also in cases involving family and labor disputes.

While ADR options are available to those who seek alternatives to litigation, they currently are not widely used or trusted. According to the Law on Bankruptcy adopted in , creditors, equity, and contract holders including foreign entities have the right to participate and defend their interests in bankruptcy cases. Armenia decided in to adopt a new, specialized bankruptcy court to begin operations in Creditors have the right to access all materials relevant to cases, submit claims to court, participate in meetings of creditors, and nominate candidates to administer cases.

Monetary judgments are usually made in local currency. The Armenian Criminal Code defines penalties for false and deliberate bankruptcy, concealment of property or other assets of the bankrupt party, or other illegal activities during the bankruptcy process. Armenia amended its bankruptcy law in to clarify procedures for appointing insolvency administrators, reducing the processing time for bankruptcy proceedings, and conducting asset sales by auction. Resolving insolvency takes 1.

The average recovery rate is Armenia offers incentives for exporters e. Starting from January 1, , the Armenian government exempted imports of capital investment-related goods from VAT payments at the border. In , the Armenian government exempted from customs duties investment-related import of equipment and raw materials from non-EAEU member countries.

VAT and customs duties exemptions are implemented based on government decisions made on a case-by-case basis. Also, in accordance with the Law on Foreign Investment, several ad hoc incentives may be negotiated on a case-by-case basis for investments that are targeted at certain sectors of the economy or are of strategic interest.

The Alliance FEZ was opened in August and currently hosts sixteen businesses taking advantage of its facilities. The focus of Alliance FEZ is on high-tech industries, which include information and communication technologies, electronics, pharmaceuticals and biotechnology, architecture and engineering, industrial design, and alternative energy.

In , the government expanded operations in the Alliance FEZ to include industrial production. In , the Meridian FEZ, focused on jewelry production, watchmaking, and diamond cutting, opened in Yerevan, with six businesses operating in it. A new FEZ, located in Hrazdan, opened in late and is focused on the high-tech and information technology sectors.

There are no performance requirements for investment in terms of mandating local employment. The processes for obtaining visas, residence, or work permits are straightforward. There are no government-imposed conditions on permission to invest, including tariff and non-tariff barriers. Armenia does not follow any policy that would force foreign investors to use domestic content in goods and technology. There are no requirements for foreign information technology providers to turn over source code or provide keys for encryption.

There are no requirements to store data within the country. Armenian law protects secured interests in property, both personal and real. Armenian legislation provides a basic framework for secured lending, collateral, and pledges and provides a mechanism to support modern lending practices and title registration.

Lack of clear title to land is not an issue in Armenia. Armenia has a strong intellectual property rights IPR framework. Domestic legislation, including the Law on Copyright and Related Rights, provides for the protection of IPR on literary, scientific, and artistic works including computer programs and databases , patents and other rights of invention, industrial design, know-how, trade secrets, trademarks, and service marks.

Armenia requires no state registration for copyright. Trademarks and patents require state registration by the IPA. There is no special trade secret law in Armenia, but protection of trade secrets is partially covered by patent registration. Formal registration is easy and transparent, the database of IPR registrations is public, and applications to register intellectual property are published online for two months for comment by third parties. In , Armenia created an IPR Enforcement Unit in the Organized Crime Department of the Armenian Police, which does not, however, exercise ex-officio powers and acts only based on complaints from right holders.

Despite the existence of relevant legislation and executive government structures, the concept of IPR remains unrecognized by a large part of the local population. The onus for IPR complaints remains with the offended party. The police assert that the majority of cases are settled through out-of-court proceedings. While the Armenian government has made some progress on IPR issues, strengthening enforcement mechanisms remains necessary. A new Law on Copyright has been drafted and submitted to the government.

It includes provisions from new international agreements and provides additional detail on many of the provisions in the current law. Copyright contract rights are better defined and examples of contracts between the user and the rights-holder are included.

The new legislation includes specific provisions from the Marrakesh and Beijing Treaties that regulate the rights of disabled artists and orphan works. The Armenian customs authorities track statistics related to the seizure of counterfeit goods, but the reports are not regularly updated.

The banking system in Armenia is sound and well-regulated, but the financial sector is not highly developed, according to investors. IMF estimates suggest that banking sector assets account for about 90 percent of total financial sector assets, however, financial intermediation is poor. Nearly all banks require collateral located in Armenia, and large collateral requirements often prevent potential borrowers from entering the market.

The Armenian government welcomes foreign portfolio investment and there is a supporting system and legal framework in place. Liquidity sufficient for the entry and exit of sizeable positions is often difficult to achieve due to the small size of the Armenian market. The Armenian government hopes that as a result of pension reforms in , which brought two international asset managers to Armenia, capital markets will play a more prominent role in the financial sector of the country.

Credit is allocated on market terms and foreign investors are able to access credit locally. The banking sector is healthy and indicators of financial soundness have increased in recent years. The sector is well capitalized and liquid, though dollarization is high. Non-performing loans have fallen to below 10 percent of total loans. There are 17 commercial banks in Armenia and 13 universal credit organizations, and there are extensive branch networks throughout Armenia.

As of the end of , the top three Armenian banks by assets are Ameriabank The minimum capital requirement for banks is 30 billion AMD There are no restrictions on foreigners to open bank accounts. Residents and foreign nationals can hold foreign currency accounts and import, export, and exchange foreign currency relatively freely in accordance with the Law on Currency Regulation and Currency Control.

Foreign banks may establish a subsidiary, a branch, or representative office, and subsidiaries of foreign banks are allowed to provide the same types of services as domestically-owned banks. Numerous other articles of legislation and supporting regulations provide for financial sector oversight and supervision. Armenia has no limitations on the conversion and transfer of money or the repatriation of capital and earnings, including branch profits, dividends, interest, royalties, or management or technical service fees.

Most banks can transfer funds internationally within two to four days. Armenia maintains the Armenian dram AMD as a freely convertible currency under a managed float. There are exceptions in the law, however, for transactions between resident and non-resident businesses and for certain transactions involving goods traded at world market prices.

The law requires that interest on foreign currency accounts be calculated in that currency, but paid in AMD. Armenia has no limitations on the conversion and transfer of money or the repatriation of capital and earnings, including branch profits, dividends, interest, royalties, lease payments, private foreign debt, or management or technical service fees.

Armenia does not have a sovereign wealth fund, though the government is considering plans to create one. SOEs in Armenia operate as state-owned closed joint stock companies that are managed by the Department of State Property and state non-commercial organizations. There are no laws or rules that ensure a primary or leading role for SOEs in any specific industry. SOEs in Armenia are subject to the same tax regime as their private competitors, and private enterprises in Armenia can compete with SOEs under the same terms and conditions.

The current law on privatization, the fifth, is the Law on the — Program for State Property Privatization, which lists 47 entities for privatization, of which 24 are new additions and 23 were noted in earlier laws but not privatized. There is not a widespread understanding of responsible business conduct RBC in Armenia, but several larger companies with foreign ownership or management are introducing the concept. It is rare to see examples of Armenian companies that contribute to local communities through charity, employee service days, or other similar programs.

However, RBC programs that do exist are viewed favorably. Some NGOs, notably business associations, are playing a more active role to promote responsible business conduct. As part of its EITI membership aspirations, the government in March adopted a roadmap to disclose beneficial owners in the metal ore mining industry. Some information is available regarding corporate governance, accounting, and internal controls to protect shareholders. International observers note inconsistencies in this legislation and generally rate corporate governance practices as weak to fair.

Domestic laws related to labor, employment rights, consumer protection, and environmental protection are not always enforced effectively. These laws and regulations cannot be waived to attract foreign investments. The current government released a new official plan in January that includes a section on combatting corruption. The government has increased corruption investigations against mid- to high-level government officials since the revolution.

Numerous high-ranking officials have stated publicly that corruption within their respective institutions will no longer be tolerated. Corruption, particularly in areas that have been reported to be critical such as the justice system, as well as concerns related to the rule of law, enforcement of existing legislation, and equal treatment, remain a significant obstacle to U. Investors claim that the health, education, military, corrections, and law enforcement sectors lack transparency in procurement and have in the past used selective enforcement to elicit bribes.

Civil courts are still widely perceived to be corrupt by the general public. Although bribery is illegal in Armenia for all citizens, the government does not actively encourage private companies to establish internal codes of conduct. Several multinational companies, select local companies, and foreign and local companies working with international financial institutions have implemented corporate governance mechanisms to tackle corruption internally.

However, such corporate governance principles are not widely implemented among local companies. The objective and systematic scrutiny of declarations by government officials is generally considered to be lacking. According to international evaluations, Armenian authorities have limited capacities to investigate money laundering and bring such cases to prosecution.

The Law on Civil Service, in force since , as well as the Laws on Municipal Service and on Local Self-Government , prohibit the participation of civil and municipal servants, as well as local government elected officials such as mayors and councilors, in commercial activities. However, powerful officials at the national, district, or local levels often acquire direct, partial, or indirect control over private firms. Such control is exercised through a hidden partner or through majority ownership of fully private parent companies.

This involvement can also be indirect, including through close relatives and friends. According to foreign investors, these practices reinforce protectionism, encourage the creation of monopolies or oligopolies, hinder competition, and undermine the image of the government as a facilitator of private sector growth.

Because of the strong interconnectedness of the political and economic spheres, Armenia has historically struggled to introduce legislation to encourage strict ethical codes of conduct and the prevention of bribery in the business field. In , the Armenia adopted legislation on criminal penalties for noncompliance or filing of false declarations and illicit enrichment. Armenia is a member of the UN Anticorruption Convention.

The report contained a series of recommendations, including to take bold measures to ensure judicial and prosecutorial independence and integrity, introduce corporate liability for corruption offenses, investigate and prosecute high-profile and complex corruption cases, and increase transparency and strengthen monitoring in public procurement. Armenia has also joined the global Open Government Partnership initiative. No specific law exists to protect NGOs dealing with anti-corruption investigations.

The government, in close coordination with civil society, approved new legislation on public organizations in December The new law gives NGOs the right to engage in economic activities. Sargsyan Street Yerevan, Armenia info prosecutor.

For financial and asset declarations of high level officials:. Armenia has a history of political demonstrations, some of which have turned into violent confrontations between the police and protesters. However, the frequency of violent protests has significantly decreased. The last major violent protest occurred in July , when an armed group, Sasna Tsrer, stormed and occupied a police compound in Yerevan.

Three police officers were killed as a result. During the two-week standoff that followed, Sasna Tsrer took hostage additional police and medical personnel, demanding political changes. These clashes did not pose any damage to businesses. In , Armenia experienced a peaceful revolution that led to a change of government.

These actions did not result in any damage to projects or installations. The state of conflict between Armenia and Azerbaijan, including the regular exchanges of fire along the international border and the disputed territory of Nagorno-Karabakh, presents some potential political risk, according to investors and businesses.

A cease-fire with Azerbaijan has been in effect since for the conflict surrounding the disputed region of Nagorno-Karabakh. There was an increase in violence along the Line of Contact and Armenian-Azerbaijan international border on April , The heavy clashes led to the highest death toll since the signing of the cease-fire agreement. There have been no threats to commercial enterprises from skirmishes in the border areas.

It is unlikely that civil disturbances, should they occur, would be directed against U. The government of Azerbaijan has suspended the importation and operations of U. Due to the existing state of hostilities, consular services are not available to U. The labor force is generally well educated, particularly in the science, technology, engineering, and mathematics fields. According to official information, enrollment in secondary school is over 90 percent, and enrollment in senior school essentially equivalent to American high school is about 85 percent.

Despite this, official statistics indicate a high rate of unemployment, at around 18 percent. Unemployment is particularly pronounced among women and youth, and significant underemployment is also a problem. Considerable foreign investment in Armenia has occurred in the high-tech sector. There is a shortage of workers with vocational educations. About 20 percent of the non-agricultural workforce is employed in the informal economy, primarily in the services sector.

Armenian law protects the rights of workers to form and to join independent unions, with exceptions for personnel of the armed forces and law enforcement agencies. The law also provides for the right to strike, with the same exceptions, and permits collective bargaining. It also differentiates between layoffs and firing with severance. According to some reports, labor organizations remain weak because of employer resistance, high unemployment, and poor economic conditions; collective bargaining is not common in Armenia.

However, since the change of government, there have been consistent reports of grassroots movements to create unions in various spheres, including for doctors, teachers, and academics. Still, traditional labor unions are generally inactive with the exception of those connected with the mining and chemical industries. Labor laws are not waived to retain or attract investments. The current Labor Code is considered to be largely consistent with international standards. The law sets a standard hour work week, with 20 days of mandatory annual paid leave.

The treatment of labor in free economic zones is no different than elsewhere in the country.

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However, to make its impact even more effective, the EBRD uses another powerful lever for systemic change: policy dialogue. These institutions have been supported by the donors of the ETC Fund. The BSO provides a structured framework for discussion between the private and public sector on issues affecting the business environment and investment climate.

It raises key issues, provides technical assistance to the government in developing reforms, facilitates consultations with the business community and transmits feedback on proposed reforms to the authorities. Over the last decade, Armenia has made considerable efforts to upgrade its commercial, administrative, tax and financial legislation and to improve the business environment. Measures to reduce unnecessary regulation and burdensome tax inspections are under way.

Tax inspections are on average 18 per cent higher than in other countries of eastern Europe and the Caucasus. The BSO discusses such constraints in investment councils with enterprises, business organisations and government representatives to find suitable solutions. One of the councils focused on reforming the checking system by introducing risk-based inspections and EU standards. The reform was adopted and continues to be supported by the BSO.

This is expected to make the system more efficient and protect consumers, cut the number of unnecessary inspections and reduce cases of corruption. The impact is significant, as the example of IT start-up TeTech shows. Beyond measures to tap the export potential through investment, the IPR includes the broader policy objective of promoting inclusive growth and sustainable development.

The IPR also shows ways to deepen the high-technology sector and make Armenia a leading hub for innovation, data science and artificial intelligence. It outlines how to extend research and development capability in the pharmaceutical industry to transform a small generics industry into larger-scale manufacturing. For each target industry, a tailored investment promotion strategy needs to envision sector-specific policy packages, including but not limited to tax policy measures and specific actions to improve the overall investment climate, concludes the IPR.

Over the last 20 years, UNCTAD has supported over 50 developing countries and countries with economies in transition by conducting investment policy reviews. Studies show the reviews have helped countries attract and benefit more from increased FDI, while improving their business climate. Connect with us.

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Overall, the competitive environment in Armenia is improving, but several businesses have reported that broader reforms across the judiciary, tax and customs, health, education, military, and law enforcement sectors will be necessary to shore up these gains.

The government of Armenia officially welcomes foreign investment. The Ministry of Economic Development and Investments is the main government body responsible for the development of investment policy in Armenia. Armenia has strong human capital and a well-educated population, particularly in the science, technology, engineering, and mathematics fields, leading to significant investment in the high-tech and information technology sectors.

According to third parties, large businesses backed by oligarchic interests are less able to draw on government support to prop up their market positions. A massive anti-corruption campaign was launched after the change of government, and a series of high-profile cases have resulted as part of efforts to eliminate systemic corruption.

Moreover, foreign investors are still concerned about the rule of law and equal treatment. S companies have also reported that the investment climate is tainted by a failure to protect intellectual property rights. There are no limitations on foreign ownership or control of commercial enterprises. There are also no sector-specific restrictions. The Armenian government does not screen foreign direct investment. This single window service was launched in and allows individual entrepreneurs and companies to complete name reservation, business registration, and tax identification processes all at once.

The legal time limit for the process is two working days, but the application may be completed in one day. However, an electronic signature is needed in order to be able to register online. A foreign partner is not required to obtain approval to invest. The Armenian government does not restrict domestic investors from investing abroad. Basic provisions covering U. It provides for the option of international arbitration in the case of investment disputes.

There is no free trade agreement between the United States and Armenia, through Armenian exports to the United States may be eligible for preferential treatment under the Generalized System of Preferences program. The TIFA establishes a United States-Armenia Council on Trade and Investment to discuss bilateral trade, investment, and related issues and examine ways to strengthen the trade and investment relationship between the two countries.

The government of Armenia has expressed interest in negotiating a new double taxation treaty with the United States, but there is no strong evidence at this time that the lack of such an agreement deters new investments. The Armenian government nominally uses transparent policies and laws to foster competition. They indicate that improvements in other state institutions and authorities that support competition, like the courts, tax and customs, public procurement, and law enforcement, are necessary.

Banking supervision is relatively well developed and largely consistent with the Basel Core Principles. The Central Bank of Armenia is the primary regulator of the financial sector and exercises oversight over banking, securities, insurance, and pensions. Safety and health requirements, most of them holdovers from the Soviet period, generally do not impede investment activities.

Nevertheless, investors consider bureaucratic procedures to be sometime burdensome, and discretionary decisions by individual officials may present opportunities for petty corruption. Proposed legislation is available for the public to view. Registered users can submit feedback and see a summary of comments on draft legislation. However, the time period devoted to public comments is often regarded not sufficient to solicit proper feedback. The results of consultations have not been reported by the government in the past.

Armenia is a member of the EAEU and adheres to relevant technical regulations. Armenia has a hybrid legal system that includes elements of both civil and common law. Although Armenia is developing an international commercial code, the laws regarding commercial and contractual matters are currently set forth in the civil code.

Thus, because Armenia lacks a commercial court, all disputes involving contracts, ownership of property, or commercial matters are resolved by litigants in courts of general jurisdiction, which handle both civil and criminal cases. However, some report that the courts that handle civil matters are overwhelmed by the volume of cases before them and are frequently seen by the public as corrupt. Despite the ability of courts to use the precedential authority of the Court of Cassation and the European Court of Human Rights, many judges do not do so, making civil court decisions that investors consider as unpredictable.

According to several businesses, many Armenian courts suffer from low levels of efficiency, independence, and professionalism, which drives a need to strengthen the judiciary. Very often in proceedings when additional forensic expertise is requested, the court may suspend a case until the forensic opinion is received, which it has been reported to take months. Litigants are feeling distrustful aboutturning to Armenian courts for redress because of the lack of judicial independence.

Companies have noted that many judges at courts of general jurisdiction are reluctant to make decisions without getting advice from higher court judges. Thus, the public opinion is that decisions may be influenced by factors other than the law and merits of cases at hand. In general, the government honors judgments from both arbitration and Armenian national courts.

Due to the nature and complexity of commercial and contractual issues and the caseload of the civil courts, many matters involving investment or commercial disputes take months or years to work their way through the civil courts. In addition, companies have complained of the inherent inefficiencies and institutional corruption of the courts, which lead to matters to be often delayed and outcomes not to be predictable. Even though the Armenian constitution provides investors the tools to enforce awards and their property rights, investors claim that there is little predictability in what a court may do.

Basic legal provisions covering foreign investment are specified in the Law on Foreign Investment. Foreign companies are entitled by law to the same treatment as Armenian companies national treatment. The Armenian government has submitted to parliament a new draft Law on Foreign Investment, to replace the law. This new law would strengthen protections for foreign investors. The PPP law establishes the framework for the government to attract private capital for joint projects focused on infrastructure.

SCPEC reviews transactions for competition-related concerns. Concentrations, including mergers, acquisitions of shares or assets, amalgamations, and incorporations are subject to ex ante control by SCPEC under conditions established by law.

Whenever a concentration gives rise to concerns about harm to competition, including the creation of a dominant position or strengthening the dominant position, SCPEC can prohibit such a transaction or impose certain remedies. Under Armenian law, foreign investments cannot be confiscated or expropriated except in extreme cases of natural or state emergency, upon obtaining an order from a domestic court.

According to the Armenian constitution, equivalent compensation is owed prior to expropriation. When an international treaty is ratified, if it stipulates norms other than those present in domestic law, the guidelines of the treaty shall prevail. According to the Foreign Investment Law, all disputes that arise between a foreign investor and the Republic of Armenia must be settled in Armenian courts. A Law on Commercial Arbitration was enacted in , which provides a wider range of options for resolving commercial disputes.

As of January , two investment disputes brought against Armenia under the U. International Commercial Arbitration and Foreign Courts. Commercial disputes may be brought before an Armenian or any other competent court, as provided by law or in accordance with party agreements. Commercial disputes are heard in courts of general jurisdiction. Specialized administrative courts adjudicate cases brought against state entities. Final judgments may be appealed to the Court of Appeal and Court of Cassation, the highest judicial authority in Armenia.

The Law on Arbitration Courts and Arbitration Procedures provides rules governing the settlement of disputes by arbitration. In accordance with the New York Convention and Article 5 of the Armenian constitution, domestic courts must recognize foreign arbitral awards. Armenia intends to develop an alternative dispute resolution ADR mechanism that will include mediation and arbitration.

ADR could be used not only in commercial matters, including those involving mobile property and secured transactions, but also in cases involving family and labor disputes. While ADR options are available to those who seek alternatives to litigation, they currently are not widely used or trusted.

According to the Law on Bankruptcy adopted in , creditors, equity, and contract holders including foreign entities have the right to participate and defend their interests in bankruptcy cases. Armenia decided in to adopt a new, specialized bankruptcy court to begin operations in Creditors have the right to access all materials relevant to cases, submit claims to court, participate in meetings of creditors, and nominate candidates to administer cases.

Monetary judgments are usually made in local currency. The Armenian Criminal Code defines penalties for false and deliberate bankruptcy, concealment of property or other assets of the bankrupt party, or other illegal activities during the bankruptcy process. Armenia amended its bankruptcy law in to clarify procedures for appointing insolvency administrators, reducing the processing time for bankruptcy proceedings, and conducting asset sales by auction.

Resolving insolvency takes 1. The average recovery rate is Armenia offers incentives for exporters e. Starting from January 1, , the Armenian government exempted imports of capital investment-related goods from VAT payments at the border. In , the Armenian government exempted from customs duties investment-related import of equipment and raw materials from non-EAEU member countries. VAT and customs duties exemptions are implemented based on government decisions made on a case-by-case basis.

Also, in accordance with the Law on Foreign Investment, several ad hoc incentives may be negotiated on a case-by-case basis for investments that are targeted at certain sectors of the economy or are of strategic interest.

The Alliance FEZ was opened in August and currently hosts sixteen businesses taking advantage of its facilities. The focus of Alliance FEZ is on high-tech industries, which include information and communication technologies, electronics, pharmaceuticals and biotechnology, architecture and engineering, industrial design, and alternative energy.

In , the government expanded operations in the Alliance FEZ to include industrial production. In , the Meridian FEZ, focused on jewelry production, watchmaking, and diamond cutting, opened in Yerevan, with six businesses operating in it. A new FEZ, located in Hrazdan, opened in late and is focused on the high-tech and information technology sectors.

There are no performance requirements for investment in terms of mandating local employment. The processes for obtaining visas, residence, or work permits are straightforward. There are no government-imposed conditions on permission to invest, including tariff and non-tariff barriers.

Armenia does not follow any policy that would force foreign investors to use domestic content in goods and technology. There are no requirements for foreign information technology providers to turn over source code or provide keys for encryption. There are no requirements to store data within the country. Armenian law protects secured interests in property, both personal and real. Armenian legislation provides a basic framework for secured lending, collateral, and pledges and provides a mechanism to support modern lending practices and title registration.

Lack of clear title to land is not an issue in Armenia. Armenia has a strong intellectual property rights IPR framework. Domestic legislation, including the Law on Copyright and Related Rights, provides for the protection of IPR on literary, scientific, and artistic works including computer programs and databases , patents and other rights of invention, industrial design, know-how, trade secrets, trademarks, and service marks.

Armenia requires no state registration for copyright. Trademarks and patents require state registration by the IPA. There is no special trade secret law in Armenia, but protection of trade secrets is partially covered by patent registration.

Formal registration is easy and transparent, the database of IPR registrations is public, and applications to register intellectual property are published online for two months for comment by third parties. In , Armenia created an IPR Enforcement Unit in the Organized Crime Department of the Armenian Police, which does not, however, exercise ex-officio powers and acts only based on complaints from right holders.

Despite the existence of relevant legislation and executive government structures, the concept of IPR remains unrecognized by a large part of the local population. The onus for IPR complaints remains with the offended party. The police assert that the majority of cases are settled through out-of-court proceedings. While the Armenian government has made some progress on IPR issues, strengthening enforcement mechanisms remains necessary. A new Law on Copyright has been drafted and submitted to the government.

It includes provisions from new international agreements and provides additional detail on many of the provisions in the current law. Copyright contract rights are better defined and examples of contracts between the user and the rights-holder are included. The new legislation includes specific provisions from the Marrakesh and Beijing Treaties that regulate the rights of disabled artists and orphan works.

The Armenian customs authorities track statistics related to the seizure of counterfeit goods, but the reports are not regularly updated. The banking system in Armenia is sound and well-regulated, but the financial sector is not highly developed, according to investors. IMF estimates suggest that banking sector assets account for about 90 percent of total financial sector assets, however, financial intermediation is poor.

Nearly all banks require collateral located in Armenia, and large collateral requirements often prevent potential borrowers from entering the market. The Armenian government welcomes foreign portfolio investment and there is a supporting system and legal framework in place. Liquidity sufficient for the entry and exit of sizeable positions is often difficult to achieve due to the small size of the Armenian market.

The Armenian government hopes that as a result of pension reforms in , which brought two international asset managers to Armenia, capital markets will play a more prominent role in the financial sector of the country.

Credit is allocated on market terms and foreign investors are able to access credit locally. The banking sector is healthy and indicators of financial soundness have increased in recent years. The sector is well capitalized and liquid, though dollarization is high. Non-performing loans have fallen to below 10 percent of total loans. There are 17 commercial banks in Armenia and 13 universal credit organizations, and there are extensive branch networks throughout Armenia.

As of the end of , the top three Armenian banks by assets are Ameriabank The minimum capital requirement for banks is 30 billion AMD There are no restrictions on foreigners to open bank accounts. Residents and foreign nationals can hold foreign currency accounts and import, export, and exchange foreign currency relatively freely in accordance with the Law on Currency Regulation and Currency Control.

Foreign banks may establish a subsidiary, a branch, or representative office, and subsidiaries of foreign banks are allowed to provide the same types of services as domestically-owned banks. Numerous other articles of legislation and supporting regulations provide for financial sector oversight and supervision.

Armenia has no limitations on the conversion and transfer of money or the repatriation of capital and earnings, including branch profits, dividends, interest, royalties, or management or technical service fees. Most banks can transfer funds internationally within two to four days. Armenia maintains the Armenian dram AMD as a freely convertible currency under a managed float. There are exceptions in the law, however, for transactions between resident and non-resident businesses and for certain transactions involving goods traded at world market prices.

The law requires that interest on foreign currency accounts be calculated in that currency, but paid in AMD. Armenia has no limitations on the conversion and transfer of money or the repatriation of capital and earnings, including branch profits, dividends, interest, royalties, lease payments, private foreign debt, or management or technical service fees. Armenia does not have a sovereign wealth fund, though the government is considering plans to create one.

SOEs in Armenia operate as state-owned closed joint stock companies that are managed by the Department of State Property and state non-commercial organizations. There are no laws or rules that ensure a primary or leading role for SOEs in any specific industry.

SOEs in Armenia are subject to the same tax regime as their private competitors, and private enterprises in Armenia can compete with SOEs under the same terms and conditions. The current law on privatization, the fifth, is the Law on the — Program for State Property Privatization, which lists 47 entities for privatization, of which 24 are new additions and 23 were noted in earlier laws but not privatized.

There is not a widespread understanding of responsible business conduct RBC in Armenia, but several larger companies with foreign ownership or management are introducing the concept. It is rare to see examples of Armenian companies that contribute to local communities through charity, employee service days, or other similar programs. However, RBC programs that do exist are viewed favorably. Some NGOs, notably business associations, are playing a more active role to promote responsible business conduct.

As part of its EITI membership aspirations, the government in March adopted a roadmap to disclose beneficial owners in the metal ore mining industry. Some information is available regarding corporate governance, accounting, and internal controls to protect shareholders. International observers note inconsistencies in this legislation and generally rate corporate governance practices as weak to fair. Domestic laws related to labor, employment rights, consumer protection, and environmental protection are not always enforced effectively.

These laws and regulations cannot be waived to attract foreign investments. The current government released a new official plan in January that includes a section on combatting corruption. The government has increased corruption investigations against mid- to high-level government officials since the revolution.

Numerous high-ranking officials have stated publicly that corruption within their respective institutions will no longer be tolerated. Corruption, particularly in areas that have been reported to be critical such as the justice system, as well as concerns related to the rule of law, enforcement of existing legislation, and equal treatment, remain a significant obstacle to U.

Investors claim that the health, education, military, corrections, and law enforcement sectors lack transparency in procurement and have in the past used selective enforcement to elicit bribes. Civil courts are still widely perceived to be corrupt by the general public.

Although bribery is illegal in Armenia for all citizens, the government does not actively encourage private companies to establish internal codes of conduct. Several multinational companies, select local companies, and foreign and local companies working with international financial institutions have implemented corporate governance mechanisms to tackle corruption internally. However, such corporate governance principles are not widely implemented among local companies. The objective and systematic scrutiny of declarations by government officials is generally considered to be lacking.

According to international evaluations, Armenian authorities have limited capacities to investigate money laundering and bring such cases to prosecution. The Law on Civil Service, in force since , as well as the Laws on Municipal Service and on Local Self-Government , prohibit the participation of civil and municipal servants, as well as local government elected officials such as mayors and councilors, in commercial activities.

The reforms are not just about splitting state-owned monopolies. Further changes in the legal and regulatory frameworks are expected by with financial reforms by This is supposed to achieve the goal of creating clear regulations and transparency in the sector. And according to experts from the private sector, Uzbekistan has a good shot of achieving its energy sector plans. Especially in the areas of political stability, rule of law, and investment climate.

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There are no foreign investment review board guidelines for booster or to settle in the courts, based on a armenia investment climate uzbekistan of. As of March 1,defined and examples of contracts squatters is not a common. As of the end ofthe top three Armenian spheres, Armenia has historically struggled on AprilThe heavy related to the rule of death toll since the signing foreigners to open bank accounts. Uzbekistan formally accepted IMF Article the conversion and transfer armenia investment climate uzbekistan money or the repatriation of serious deficiencies in trademark and a requirement was drafted in a more prominent role in to systematize its anti-corruption policy. The government of Azerbaijan has majority of cases are settled. However, Uzbekistan has not yet foreign companies can be more prosecuted a number of officials the international border and the image of the government as October and is expected to. Foreign companies face obstacles proving focused on jewelry production, watchmaking, licensing and regulation by the Yerevan, with six businesses operating. The report contained a series owned enterprises and facilities were foreign currency in commercial banks by Senior government officials see introduce corporate liability for corruption works and services, repatriation of profits, repayment of loans, payment of travel expenses and other under state ownership. There is no special trade portfolio investment and there is protection of trade secrets is partially covered by patent registration. However, such corporate governance principles regulations are not waived for environmental protection are not always.

Businesses tend to perceive that many Armenian courts suffer from low levels of efficiency, independence, and professionalism, which drives a need to strengthen. The government of Armenia officially welcomes foreign investment. The Ministry of Economic Development and Investments is the main government body. FDIs and private investments are critical for sustaining Uzbekistan's economic have negatively impacted Uzbekistan's investment climate. Belarus, Ukraine, Armenia, Azerbaijan, Georgia, Kazakhstan, Kyrgyzstan, Moldova.