The Perspectives of the Establishment of International Financial Centers in Uzbekistan and the Implementation of English Law

Otabek Narziev, Et Al

doi:10.17762/pae.v58i1.749

Abstract

In this article analyzed main notions of international financial center and its brief history, and the views of several scientists from different countries about international financial centers and its types. Moreover, it is also researched the perspectives of the establishment of international financial centers as one type of free economic zones in Uzbekistan. In addition, in this article researched the main features of common law, its implementation as a special legal regime on regulating international financial centers in Uzbekistan. As result of analyzes, it is illustrates legal, financial and other potential of establishment common law based international financial center as a type of free economic zone in Uzbekistan.

Highlights

Today, Uzbekistan is one of the most developing countries in Central Asia
International financial centers are a new form of free economic zones
The researches ultimate goal is to developing mechanism of establishment international financial centers as s type of free economic zones and implementation of common law into financial center

Summary

Introduction

Uzbekistan is one of the most developing countries in Central Asia. Because Uzbekistan had already chosen its development strategy in the initial years of independence, these strategies have been showing their expected consequences. The high economic growth of Uzbekistan can support this idea. There has been a tendency for the growth of free economic zones in the world, the further development of foreign trade and investment relations, the increasing of foreign direct investment in these regions and the creation of new high-tech industries, as well as significant production of competitive and export-oriented products. The development of entrepreneurial activity in these structures shows the necessity for its legal regulation. There are more than 4300 types of free economic zones in the world. International financial centers are a new form of free economic zones

Results

Discussion

Conclusion