MOSCOW — Media in Uzbekistan says the ex-Soviet Central Asian nation's president has approved a law aimed at strengthening property rights as part of efforts to improve conditions for private enterprise.
The 12.uz website Tuesday says interference in a business leading to its seizure will be deemed illegal.
The law comes into force just as Russia’s largest mobile company, MTS, is accusing Uzbekistan of expropriating its local subsidiary and assets worth around $700 million.
After gaining independence, Uzbekistan
defied international advice and pursued rigidly state-centered economic
policies. It has softened its stance in recent years in an apparent bid
to boost international investment and secure flagging monetary
reserves.
The drive to attract investors has been hindered,
however, by several bitter feuds with foreign companies over alleged
asset seizures.
