Lessors Association assisting in improvement of leasing legislation
Throughout the history of leasing market development, Uzbekistan has been paying special attention to formation and further improvement of legislative basis. Uzbekistan Lessors Association actively works in this direction.
Oydin Kadirova, Marketing Manager of Uzbek Leasing International A.O, told our correspondent that on 12 January 2011 Oliy Majlis Senate’s Committee for Budgeting and Economic Reforms held a meeting to discuss introduction of amendments into a range of legal documents concerning leasing operations.
The Association’s workgroup meeting was held as a result of this visit to discuss further improvement of leasing legislation and introduction of amendments to Articles 551, 589, 590, 595, 596, 597 of the Civil Code of Uzbekistan, Articles 5, 6, 7, 9, 11, 12, 15, 16, 17, 20, 22 of the Law «On leasing» and other legal acts.
«The participants of the workgroup decided to continue the work in this direction to ratify final reading of Article 589 of the Civil Code of Uzbekistan, Articles 5,7,20 of the Law «On leasing». All proposals will be accumulated, analysed and sent to Committee for Budgeting and Economic Reforms of Oliy Majlis Senate for further consideration,» added Ms. Kadirova.
Thus, further leasing market development is connected with a range of factors such as a favorable legal environment and opportunities to invest into leasing companies.
Moreover, existing need for construction and agricultural products processing equipment, special construction equipment, air transport, especially in the sphere of small business and private entrepreneurship is another incentive to stir up the activity of local leasing companies.