Uzbekistan Unveils Sweeping Privatization of Major State Assets

Tashkent, Uzbekistan (UzDaily.com) — Uzbekistan is putting the finishing touches on its most ambitious privatization program to date, with a significantly expanded list of major state assets set for transfer to private investors pending presidential approval, a senior official said at the Tashkent International Investment Forum.

Alisher Miraliev, Deputy Director of the Agency for the Management of State Assets, told forum participants that the new program is in its final stages and will be enacted once signed off by the president. The asset list marks a substantial broadening of scope compared to previous privatization rounds.

Beyond the energy sector enterprises and power stations that have featured in earlier programs, the new list will encompass road and transport infrastructure, the automotive industry, and the financial sector — including insurance companies and banks. The breadth of the pipeline signals that Tashkent is moving from incremental asset sales toward a structural reshaping of state ownership across the economy.

Miraliev was explicit that revenue maximisation is not the program's primary objective. "The goal is not to obtain a one-time income from asset sales," he said, outlining instead a strategic framework centred on attracting long-term, sector-specialist investors prepared to develop specific industries, expand production capacity at acquired enterprises, and bring new products to market.

The program carries a social dimension alongside its economic targets, with job creation for the local population and the introduction of modern management standards listed among its stated goals.

Perhaps the most forward-looking element of the program is its export orientation. Miraliev noted that certain investors — particularly in the automotive sector — are already exploring the possibility of turning acquired Uzbek enterprises into export hubs supplying neighbouring countries and broader Asian markets. He suggested other major investors focused on long-term industrial modernisation could pursue a similar approach.

The announcement lands as Uzbekistan simultaneously advances talks with global asset managers on SOE reform. Templeton Global Investments held discussions with Deputy Prime Minister Jamshid Kuchkarov this week on privatization acceleration and corporate governance — a meeting that now appears directly relevant to the pipeline Miraliev outlined at the forum.