Tashkent, Uzbekistan (UzDaily.com) – About 100 foreign managers will be involved in the management bodies of state-owned enterprises in Uzbekistan. This is one of the tasks set following the implementation of the Strategy for the Management and Reform of Enterprises with State Participation for 2021-2025.

Also among the tasks is to ensure the public offering of shares of 20 state-owned enterprises through an initial (IPO) and secondary (SPO) offer. Among the objects: JSC "Uzmetkombinat", JSC "AGMK", JSC "Uznatsbank", JSC "Uzbekneftegaz", JSC "Narodny Bank", JSC "Uzagrosugurta", JSC "NMMC", JSC "Uzavtosanoat" and others.

This was discussed during the International Privatization Forum, held in Tashkent on 27 May.

According to Akmalkhon Ortikov, Director of the Agency for State Assets Management (AUGA) of the Republic of Uzbekistan, within the framework of this Strategy, adopted by the Government on March 29, 2021, state participation in areas where competition is already developed and the private sector is successfully functioning will be limited.

At the same time, in the absence of justification for the preservation of the state-owned enterprise, it is subject to liquidation, transformation or implementation (according to the principle of "sell or explain").

New state-owned enterprises will not be created by the state without proper justification. At the same time, all existing unitary enterprises will be gradually transformed or liquidated.

Thus, the final stage of the implementation of the state share in the Coca-Cola Ichimligi company is underway; by the end of the year, it is planned to sell the state share in the Uzagroexportbank JSCB and Poytakht Bank JSC, the Fergana Oil Refinery, Quartz, Trest-12 enterprises, insurance company "Kafolat", in wine-vodka and fat-and-oil enterprises.

“I can note that in the shortest possible time you will see the first results of the implementation of the Strategy in terms of the phased reorganization and liquidation of about 600 state-owned enterprises,” said the head of AUGA.

The special right of the state to participate in state-owned enterprises, the so-called "Golden Share", has been canceled. The practice of providing exclusive benefits and preferences, as well as state guarantees for financing investment and other projects of state-owned enterprises, will also be abolished.

Of course, such changes also require updating the legal and regulatory framework. In this regard, a draft law “On state property management” and a new version of the law “On privatization” have been developed.

The development took into account the best international experience, the work was carried out with the assistance of the World Bank, Asian Development Bank, European Bank for Reconstruction and Development.

The international forum "Transformation and privatization of state-owned enterprises in the Republic of Uzbekistan: a new stage of economic reforms" also presented the experience of different countries. The timeliness of its holding was noted at the opening by the Head of the World Bank Office in Uzbekistan, Marko Mantovanneli.

“We are at a critical stage in the reform process in Uzbekistan and this discussion on the transformation and privatization of state-owned enterprises in Uzbekistan is taking place in a very timely manner. We would like to share the experience of other countries that have already gone through this process, talk about the positive aspects, challenges and hope that this will be useful for Uzbekistan. I hope that this event is just the beginning of our discussion, which will be productive and will bear fruit in the future, ”he said at the forum.

We add that the organizer of the High-Level International Forum was the Agency for State Assets Management (AUGA) of the Republic of Uzbekistan together with the World Bank.

The Forum was attended by over 400 online and offline participants from different countries of the world, including representatives of international financial institutions, investment and consulting companies, commercial banks, domestic and international business community.