Foreign investments — consent to arbitrate

Former Soviet republic Uzbekistan is one of the most populated countries in central Asia. Strategically located between Europe and the rest of Asia, it is the world’s fifth-largest producer of cotton and eighth-largest producer of gold and has significant reserves of natural gas, coal, copper, oil, silver and uranium. Unsurprisingly, the country has attracted many foreign investors. However, international investors have been cautious about putting money in Uzbekistan and have sought to ensure that their investments are protected by effective national legislation as well as international treaties.

Facing a multitude of economic challenges upon acquiring independence in 1991, the government realised the importance of making the country attractive to foreign investors and first passed national investment legislation in 1994. This was replaced in 1998 by the current law, which provides the legal framework for international investment in the country…

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