Tashkent, Uzbekistan (UzDaily.com) — During the latest plenary session of the Senate of the Oliy Majlis, the Law "On Amendments and Additions to Certain Legislative Acts of the Republic of Uzbekistan Regarding the Improvement of the Procedure for Leasing Agricultural Land" was reviewed.

The law introduces changes and additions to the Land Code and several other laws.

One key provision of the law is that lessees of agricultural land are now allowed to transfer their rights and obligations under a lease agreement to another party (sublease), provided that the primary purpose of the land remains unchanged and the transfer occurs within the original lease term.

Additionally, the transfer of rights and obligations to another party (sublease) for land leased directly to legal entities by government decision, without an electronic online auction or open competition, is permitted after five years from the date of the official registration of the lease.

Furthermore, the law enables creditors to auction off lease rights through an online auction, without changing the land’s designated purpose, if the lease right was used as collateral for a loan and the borrower fails to meet their loan obligations.

The law supports the introduction of electronic online auctions based on transparent, market-driven principles for granting agricultural land to individuals and legal entities.

Moreover, allowing the sublease of agricultural land without altering its purpose is expected to turn agricultural land into a more valuable market asset.

The Senate approved the law.