Senate Approves Law to Improve the Privatization of State Assets

Tashkent, Uzbekistan (UzDaily.com) — The Senate of the Oliy Majlis of Uzbekistan, at its plenary session, reviewed and approved the Law “On Amendments and Additions to Certain Legislative Acts of the Republic of Uzbekistan in Connection with the Improvement of the Privatization of State Property.”

Senators noted that in recent years, Uzbekistan has been implementing systemic reforms aimed at reducing state participation in the economy, expanding private ownership, and creating a favorable investment climate. Particular attention is being paid to transferring idle and inefficiently used facilities — including non-core assets of state-owned enterprises — to the private sector, simplifying the privatization process, and removing legislative barriers in this area.

The Law introduces amendments and additions to 13 existing laws, as well as to the Land and Tax Codes of the Republic of Uzbekistan. These changes aim to streamline procedures for the privatization and leasing of state assets, create favorable conditions for entrepreneurs, and accelerate the transfer of facilities into private ownership. Among the key provisions are: lifting restrictions on registered state-owned land plots related to the debts of district and city hokimiyats; simplifying registration procedures for new owners; and calculating land and property taxes proportionally to the amount paid when purchasing assets through installment plans.

In addition, the amended Land Code establishes that the change of land category will be carried out by a resolution of the Cabinet of Ministers based on a presidential decision to auction off vacant plots via online electronic platforms. These plots may be used for the construction of modern service complexes, commercial facilities, entertainment centers, and accommodation infrastructure along international highways.

Senators emphasized that the adoption of this Law will open new opportunities to accelerate the privatization process, expand the share of private ownership in the economy, and enhance the regulatory framework governing state property management.

The Law was approved by the Senate.