MOSCOW, July 23. /Dunyo IA/. Uzbekistan is set to enhance its attractiveness to foreign investors through the establishment of the Tashkent International Financial Center (TIFC), according to the leading Russian newspaper Kommersant, reports Dunyo News Agency correspondent.

The relevant Constitutional Law, signed by President Shavkat Mirziyoyev, will enter into force on July 25.

A central component of the TIFC will be the Tashkent International Commercial Court (TICC), which will serve as both a court of first instance and an appellate court with jurisdiction over commercial, corporate, and financial disputes. The court will also support the work of the Tashkent International Arbitration Centre (TIAC).

The TIFC will operate under a special legal regime. In addition to the legislation of Uzbekistan, the laws of England and Wales and the principles of common law will apply within the center. To have legal effect, the center's judicial decisions will be published in English.

According to Kommersant, this institutional framework is expected to become one of the country's principal mechanisms for attracting foreign investment and positioning Uzbekistan as a regional hub for the resolution of international commercial disputes.