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Federation Council ratifies Russian-Uzbek agreement on mutual investments

December 25, 2013, 12:22 UTC+3 MOSCOW
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MOSCOW, December 25. /ITAR-TASS/. The Federation Council has ratified an agreement between the governments of the Russian Federation and the Republic of Uzbekistan to encourage and protect mutual investments.

The agreement envisages granting the most favored nation regime to Russian and Uzbek investors and guaranteeing the protection of their investments. An investor has the right to receive an adequate compensation if damage is caused to his investments. Investors are guaranteed unimpeded transition of payments abroad.

Earlier, Russian Deputy Finance Minister Alexei Likhachev said the ratification of the agreement would help protect legal interests of Russian investors in Uzbekistan.

Uzbekistan is one of Russia’s key partners in the region and in the CIS as a whole, Likhachev said, adding that Russia “traditionally ranks first in investment and foreign trade cooperation with Uzbekistan.

Russia’s investments in the economy of Uzbekistan reach about 650 million dollars while direct investments amount to $550 million, the deputy minister said.

Among key investors, he named such companies as LUKOIL and Gazprom, enterprises of telecommunications and the processing industry.

Russia invested hundreds of millions of dollars to the economy of Uzbekistan, Likhachev said.

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