Tashkent, Uzbekistan (UzDaily.com) - A press conference was held at the Agency for Information and Mass Communications on the topic “On Additional Measures for the Effective Use of State Property”, in the framework of which information was presented on the implementation of the presidential decree from 19 February 2019.

The chairman and heads of departments of the State Assets Management Agency of the Republic of Uzbekistan answered questions from journalists.

In particular, media representatives were interested in the procedure for transferring empty state-owned facilities to the ownership of entrepreneurs, what period of time it takes and what investment obligations on the part of the business are envisaged.

“A regular inventory of objects is carried out throughout the republic. Empty and inefficiently used state property objects are identified,” Jamoliddin Kudratov, head of the department for transferring state assets to private property of the Agency, said. “Together with the balance holders of such facilities, a road map is being developed that provides that either the balance holder will increase the efficiency of the premises, or it will be put up for sale, that is, privatized, or leased.”

As explained, in the event of a sale, the property is valued and put up for electronic auction. Also, in the framework of the President’s decree, a list of state property objects has been determined, which will be put up for auction at a starting price of 1 soum, subject to investment obligations. In this case, the state does not pursue the goal of receiving any cash receipts, but creating conditions for attracting investors who can organize competitive production, permanent jobs or implement projects in the service sector.

A representative of the newspaper Gazeta.uz asked about a number of banks and the Kafolat insurance company, in which government shares were also to be put up for auction, but this has not yet happened. What is the reason?

“The implementation of a state share in these organizations is envisaged through an IPO (initial public offering) and SPO (secondary public offering),” said Jamoliddin Kudratov. - These are strategic objects, since they directly participate in the activities of our financial sector, actively finance business, their activities are aimed both at the domestic and foreign markets for export operations. Therefore, negotiations and consultations are underway regarding their privatization with several financial institutions, including the EBRD, ADB, WB, and IFC. ”

The specialist said that a comprehensive study of banks at the time of compliance of their corporate governance with international standards, the introduction of a system of international financial reporting, which will ensure transparency of their activities, is currently underway.

“Here, the main goal is not just to transfer banks to private hands, the main thing is to ensure their further stable, efficient functioning. Therefore, this issue must be approached comprehensively. We are interested not just in attracting outside investors into these organizations, but specifically in professional market participants. For example, if we are talking about Kafolat, we want a player with experience to come to our market work in this area in the CIS countries and abroad, which will help develop the insurance market in the country,” said Mr Kudratov.