Tashkent International Arbitration Center to be created under Chamber of Commerce and Industry; The Government reviews state budget for 2019; Opportunities for private participation in the aviation market;
Tashkent International Arbitration Center to be created under Chamber of Commerce and Industry
Tashkent International Arbitration Center (TIAC) under the Chamber of Commerce and Industry of the Republic of Uzbekistan is being established in Uzbekistan. President of Uzbekistan Shavkat Mirziyoyev signed a resolution “On establishment of Tashkent International Arbitration Center (TIAC) under the Chamber of Commerce and Industry of the Republic of Uzbekistan”.
The document noted that the Center will have the status of a non-governmental non-profit organization. The Center will resolve disputes, arising from contractual and other civil law relations arising between commercial organizations through international arbitration. The center will also resolve disputes related to investments, intellectual property and blockchain technologies.
Also, the new structure will develop and improve dispute resolution mechanisms through international arbitration and other alternative dispute resolution methods.
The Government reviews state budget for 2019
Cabinet of Ministers of Uzbekistan held a meeting dedicated to discussion on expected results of 2018 and the forecast of key macroeconomic indicators, the concept of tax and budget policy, the draft State Budget of the Republic of Uzbekistan for 2019.
At the end of 2018, revenues of the State budget are expected to increase, including through measures taken to increase the autonomy of local authorities in generating local budget revenues, increasing the taxable base, as well as measures to liberalize the foreign exchange market and reform the agricultural sector.
Exceeding the forecast parameters of the state budget revenues allowed to increase spending, mainly aimed at strengthening the material and technical base and improving the quality of education, medicine, science, culture and other areas, as well as increasing wages, pensions and benefits.
Opportunities for private participation in the aviation market
“Uzbekistan will have to undergo a radical revision of the state regulation system, improvement of the institutional foundations of the passenger air transport market. The functions are planned to be divided among the state regulator, an air carrier and an airport operator,” said Deputy Prime Minister Aziz Abdukhakimov.
What requires development in the first place is a fleet of tourist class buses. There is a shortage of cars designed to serve small groups; it is also necessary to expand the fleet of cars designed for trips to hard-to-reach places. As for air traffic, there are plans to increase the efficiency of the national air carrier’s fleet, as well as to attract foreign airlines to further increase the geography of regular and charter flights.
In order to raise the level of service at airports, the government is considering an option to divide them into separate structures, transferring them to external management to investors on a competitive basis. In addition, the government will consider attracting international financial institutions to co-finance programs for the dynamic development of aviation, railway and road infrastructure, as well as the necessary communications.