Attracting Investors
On August 15, 2006, a regular meeting of the Club of the National Association of Investment Institutions was held in the capital, in cooperation with the Uzbekistan Chamber of Commerce and Industry.
Participants of the Club discussed involvement of international investors in the securities and real estate markets of our country. As the speakers noted, favorable investment environment was created in Uzbekistan, mostly due to various tax benefits, and many foreign investors show interest to establish their business in our country. In particular, the recently adopted Resolution "On Intensification of Denationalization and Privatization Processes in 2006-2008", gives the local and foreign investors an opportunity to profitably put their money into the enterprises of various strategically important branches of economy of Uzbekistan, including gas and oil, mining, metallurgical, chemical and telecommunication industries.
Representatives of a number of international investment funds, who were participating in the club meeting, marked the great potential of the securities and real estate markets of our country, and informed the audience about their plans of possible investments to the economy of Uzbekistan.
Foreign Investments to Economy of the Country Increase. According to the Ministry of Economics experts, the volume of foreign investments in the economy of Uzbekistan will increase up to USD 1, 22 billion in 2007.
If these forecasted figures are achieved, the share of foreign investment in the total volume of the capital investment will grow up from 21 per cent in the current year to 23 percent, and this will allow to implement in full a number of attractive projects.
On the other hand, as the experts believe, in the nearest future Uzbekistan will be able to bring the total volume of foreign investment up to three billion USD per year; that will be done due to intensifieation of investment aetivities in the basic branches of economy of Uzbekistan.

Market that Provokes Interest
The First International Congress "Securities Market of Uzbekistan and Central Asia Countries. Opportunities for Issuers and Investors" was opened in Tashkent on September 29. The Congress was arranged by the Uzbek Company "Delta Max Capital", in cooperation with their partner "CBonds", the Russian information agency. More than 140 representatives of the banks, stock exchanges, financial centres, investment and commercial banks, investment companies; issuers, institutional investors, representatives of the state authorities on management of securities markets of Uzbekistan, Kazakhstan, Kyrgyzstan, Russia and other countries submitted their applications for participation in the Congress. Opening the forum, Sunatulla Bekenov, Deputy Finance Minister, said that securities market of the Republic is one of the most quick-growing segments of the national economy. According to him, the International Congress on Securities will serve as an efficient tool for the dialogue between the regulators and investors.
Dilshod Musaev, Chairman of the State Property Committee, briefed the audience about the privatization process; he pointed out that the recently taken measures turned to be positive and elTicient. Foreign investors demonstrate their interest to some domestic facilities and offer prices higher than the starting ones. KamoliddinTalipov, General Director of the Securities Market Coordination and Control Centre, informed the audience about the government's plans to adopt a new law on the securities market; the law will embody provisions based on the international and national practices in the sphere of securities markets.

Laws to Simplify Foreigners' Stay in Russia
Vladimir Putin, the President of Russia, signed two federal laws to regulate the stay of foreigners and persons without citizenship in the territory of RF. Thus, the leader of the country approved changes in the federal law "On Legal Status of Foreign Citizens in RF" and confirmed as invalid several provisions of the federal law "On Changes and Additions to Some Acts of Legislation of RF"; also, he approved the law''On Migration Recording of Foreign Citizens and Persons without Citizenship in the Russian Federation". The first document, regulating the legal status of foreigners, extends functions of their migration cards - from now on they will contain information about duration of temporary stay or residence of foreign citizens or persons without citizenship in Russia. Alongside with this, the card will confirm the right of these persons for their temporary stay in Russia. The law will prolong the stay deadline for such persons, in the ease they have applied for a permit to temporarily reside in RF.
In compliance with the law, foreigners and persons without citizenship are obliged to annually execute and present notifications confirming their permanent or temporary residence in the country; such notifications should be submitted to the territorial bodies of the Federal Migration Service (FMS). Also, the law abolishes quotas for the temporary residence permits to be annually issued by the RF government to foreigners arriving in Russia by the visa-free procedure.
Besides this, the State authorities are not allowed to reject applications for the temporary residence permits which are submitted by the citizens arriving in Russia by the visa-free procedure. Foreigners may appeal aeainst such rejection, and their appeals should be sent to the FMS bodies. Obligatory execution of permits allowing employers to use the immigrant labour is abolished. Besides this, the RF government may allow foreigners or persons without citizenship to work outside the RF territorial subject where their permits have been issued.
The second document simplifies the current rules of registration of foreigners and persons without citizenship in the places of their residence and stay in the territory of Russia. According to the law, the migration recording will be of a notifying nature. The current obligatory registration of foreigners and persons without citizenship in the places of their stay will be substituted by recording of mentioned persons. Also, an opportunity to register these categories of citizens both in the living and non-living premises located in the places of their stay will be introduced.
According to the law, regulation of foreigners' opportunities to perform specific actions associated with migration recording is becoming more distinct. Also, their rights and obligations relating to such recording arc defined more explicitly. The document simplifies the procedure by which foreigners or persons without citizenship should notify their arrival to the places of stay in the territory of Russia. In particular, now such persons may inform about their arrival via a receiving entity or by mail.

Uzbekistan Abolished Visas for Byelorussians
"Rosbalt" IA informs that by his special resolution Islam Karimov, the President of the Republic of Uzbekistan, has approved the agreement between the governments of Uzbekistan and Byelorussia on mutual trips of their citizens; the agreement was signed in January 2006. According to the text of the Presidential paper, the citizens of one state have the right for the visa-free entry, exit, stay and transit across the other state's territory, based on the documents confirming their identity and citizenship. The government of Uzbekistan remains in its full right to deny the entry permit or reduce the period of stay to any Byelorussian subject, without any explanation of the grounds. In compliance with the bilateral agreement, both parties reserve the right to partially or entirely suspend the agreement in case of threat to the national security, public order, natural calamities, technogenic catastrophe or in the event of threat to people's health.

Great Britain Resumes Issuance of Visas to Uzbek Citizens
On August 7, Great Britain resumed issuance of visas to the Uzbek citizens; the process was stopped last November due to security reasons.
The Embassy of Great Britain in Uzbekistan resumes the consular services in full (issuance of visas, exchange of passport, and registration of birth and notary services).
New service looks much better, i.e. the citizens of Uzbekistan dot not need to visit the Embassy in order to submit and receive their visa applications.
Now the Uzbek citizens may submit their documents for the British visa via TNT International Company which has undertaken the autosourcing functions (acceptance, initial check and sending of documents). The Company services will add USD 11-22 to the visa cost. The final decision on the visa issuance will be taken by the Embassy which will send the ready passports to people via TNT Depending on the type, the cost of the British visa is from 7to 494 USD.
From Malaysia to Uzbekistan without Delay
Presidential Resolution "On Simplification of Visa Procedure for Citizens of Malaysia (#PR-476, September 27,2006) has been adopted to improve visa procedures for the citizens of Malaysia who arrive in Uzbekistan for business and tourism, and for pilgrimage. The Ministry for Foreign Affairs will issue multiple visas, up to 6 months, for those citizens of Malaysia who visit Uzbekistan for business; such visas will be issued in the foreign offices of the Republic within 2 working days, the day of the documents submission not included. One month multiple visas for tourists and pilgrims will also be issued within 2 working days. The application letters from the inviting legal entity of the Republic of Uzbekistan to IvIFA, as well as presentation oftourist vouchers of Uzbektourism National Company or invitations from the other tourism organizations are abolished.

Material from published articles compiled by Uzbek A. Rustamov, General Representative, interconcepts Inc. Translation to English: Lyubov Belokon