LEGAL INSTRUMENTS OF THE PROTECTION OF FOREIGN INVESTMENT IN ACCORDANCE WITH THE PROVISIONS OF THE BILATERAL INVESTMENT AGREEMENT: EXPERIENCE OF THE REPUBLIC OF UZBEKISTAN

Abstract

The author of the article analyzes the current state of bilateral investment agreements on mutual protection and promotion of investments to which the Republic of Uzbekistan is a signatory (previously adopted provisions, innovations, and analytical and scientific works are also mentioned). In particular, the author focused the Legislator’s attention on investment activities, ensuring proper protection of investments, the importance of investments in modern realities, the role of state bodies in regulating investment activities aimed at economic growth, and creating additional opportunities for foreign investors. At the same time, the author indicates that at a time when the procedure for implementing standard investment agreements has already been developed in many countries, such practice in Uzbekistan has not yet acquired so much importance, which is also determined by the lack of a legal and scientific basis, which in turn leads to gaps, ambiguities, and misunderstandings of the importance of legal regulation. Also, the paper reflects the main catalytic aspects of the application of the principles of international investment law and various mechanisms for the protection of foreign investments in order to prevent the further course of a foreign investor in arbitration. The article takes into account the role of international investment agreements, especially bilateral ones, which consist of guaranteeing the stability of the regime for foreign investors, providing them with appropriate incentives, and the common interests of both foreign investors in capital and the countries where investments are made. In order to further develop the direction of developing and implementing modern mechanisms for the protection of foreign investors and the state, the researcher studied foreign experience, scientific papers, and precedents and made appropriate proposals and recommendations on drafting or amending bilateral investment agreements to which the Republic of Uzbekistan is a party.