Tashkent, Uzbekistan (UzDaily.com) -- The first international economic forum in the history of Uzbekistan ends in Tashkent, creating the basis for the next stage of reforms and a privatization program aimed at transferring more than 50% of the economy to private hands to support sustainable and inclusive growth of the country.

The Uzbek Economic Forum 2021 ended on 30 September 2021, with a flurry of bold commitments, agreements and new partnerships to accelerate the massive reforms and privatization program initiated by President Shavkat Mirziyoyev. More than 1,200 heads of international financial institutions and the private sector from around the world came to the capital to exchange views on the way forward, discuss opportunities ahead and express their support for government reforms.

“Uzbekistan has done in 5 years what many countries take decades to do,” said Anna Bjerde, World Bank Vice President for Europe and Central Asia, after the event, urging the government to double its commitments to improve living standards and create jobs.

Underlining the country’s commitment to sell nearly three-quarters of its state assets over the next five years, the government announced US$600 million in privatization deals, including just over US$250 million for a 57% stake in Coca-Cola Bottlers Uzbekistan (CCBU) from Turkey’s Coca-Cola Icecek ( CCI) and 75% of the shares of the mortgage lender Ipoteka Bank, the country’s 5th largest bank, Hungarian OTP Bank for an undisclosed amount.

Highlighting the irreversibility of reforms, Uzbekistan’s Deputy Prime Minister Jamshid Kuchkarov also announced that the country could sell 10-15% of shares in the Navoi Mining and Metallurgical Plant, one of the world’s largest producers of uranium and gold, through an initial public offering in 2024. In total, 55 agreements were signed in various sectors - from infrastructure and renewable energy to financial services, including US$2.6 billion in public-private partnerships.

Speaking at the latest of more than a dozen panel discussions at the event, Finance Minister Timur Ishmetov reaffirmed the government’s commitment to inclusive growth: "We will continue to build trust among the local population ... and among every family and business." President Mirziyoyev intends to transform Uzbekistan into an upper middle income country by 2030 and halve poverty - an estimated 11% of the population - in the next five years.

On the final day of the Forum, a wide range of commitments from each sector were also unveiled, including:

- Social empowerment and value creation through equal employment and skills development

- Financial services: improving access to finance and providing better financial opportunities for SMEs and society

- Infrastructure, Energy and Utilities: Providing opportunities for international investors to support domestic growth that generates high financial returns.

Government officials said they expect these commitments to create a foundation for even deeper cooperation and make Uzbekistan’s economy and the country’s emerging private sector attractive to international investors.