Uzbekistan and the Energy Charter Secretariat discuss new ways of interaction

Tashkent, Uzbekistan (UzDaily.com) -- First Deputy Minister of Energy of Uzbekistan J. Mirzamakhmudov and Secretary General of the Energy Charter U. Rusnak held a webinar on issues of bilateral cooperation, Dunyo news agency reports.

The event was organized with the support of the Embassy of Uzbekistan in the Benelux countries, which is in constant cooperation with the Secretariat of the Energy Charter (CEC).

During the event, it was noted that recommendations prepared for the Uzbekistan were prepared in the SEH "Guidelines for Investment Promotion Policies". The document is expected to help identify legal barriers to investment in the energy sector based on best practices.

Providing investors with effective and transparent legal procedures to minimize potential barriers to investing, as well as providing predictable administrative regulations, were identified as key principles for promoting investment.

The main recommendations for foreign investment in the energy sector included such measures as ensuring compliance of domestic investment legislation with the country's international legal obligations under its bilateral, regional and multilateral investment agreements, providing investors with incentives and improving the judicial system with an appeal mechanism for reviewing decisions of the first instance.

As a result, the parties agreed to continue joint work on cooperation, including on improving energy efficiency

On 4 May, at a meeting chaired by the President of Uzbekistan Shavkat Mirziyoyev on improving efficiency in the fuel and energy sector and optimizing energy consumption, measures were identified to provide financial support and increase working capital of the fuel and energy complex. The task is to develop a program of measures to improve energy efficiency in the context of spheres and industries.

In this regard, the webinar held and the agreements reached based on its results will contribute to the solution of the tasks set by the head of state.