Tashkent, Uzbekistan (UzDaily.com) -- The Ministry of Justice and the General Prosecutor’s Office of Uzbekistan developed a draft presidential decree aimed at dramatically improving the investment climate in Uzbekistan.

The document is designed to further improve the investment climate in the country, encourage the attraction of direct investment, and strengthen investor confidence in the succession of government policies in this direction.

The project envisages mechanisms for protecting investors and business entities from unlawful administrative acts of the state bodies.

In order to ensure legality and predictability in removal of land, the project identifies specific cases in which the exclusion of land for state and public needs is permitted. It is established that the demolition of residential and industrial premises is permitted only after payment of the market value of immovable property and losses of the owner.

In addition, new mechanisms have been developed to provide land for investment activities, in particular by providing a land plot for long-term lease for up to 50 years.

Also, it is proposed to introduce a simplified procedure for obtaining a residence permit and multiple visas for foreign citizens and stateless persons who have invested at least US$200,000 in Uzbekistan.

Foreigners, who have made significant investments in priority areas of the country’s economy, will be able to receive the status of “Honorary Citizen”.

The draft decree also envisages simplifying the procedure for registration of enterprises with foreign capital.

In particular, the decree proposes to abolish the requirements for the mandatory participation of a foreign legal entity as a participant in an enterprise with foreign investment. The requirement to have a foreign investor’s share in the authorized capital of the joint stock company will be canceled.

The document envisages reduction in the requirements for minimum amounts of the statutory fund of joint-stock companies and enterprises with foreign investments. The amount of the state duty for registration of enterprises with foreign investments will be reduced by three times.