President Mirziyoyev sets tasks on privatization processes 

“The state participation in the economy is being reduced and the development of private entrepreneurship is being expanded. It is planned to reduce the number of state-owned enterprises by at least three times in 2021-2022. This year, 619 state assets worth 4.5 trillion soums have been sold.

At the inauguration ceremony of the President of the Republic of Uzbekistan, Shavkat Mirziyoyev said that one of the priorities of economic reform will be accelerating the process of transformation and privatization of state-owned enterprises,” the presidential press service said.

During the meeting, the measures to be taken in this regard were discussed.

The head of state stressed that the introduction of new methods of privatization and ensuring transparency at all stages is the most important issue.

It was noted the importance of increasing the financial stability and investment attractiveness of privatized enterprises. To this end, the task was set to develop a strategy for the privatization of large enterprises with the involvement of reputable foreign consultants.

Also, it is necessary to involve internationally qualified managers in the management of strategic enterprises. In the process of selling assets worth more than $ 10 million, bids will be accepted and evaluated by an independent foreign consultant.

There are also many tasks for the coming year in the field. In particular, it is planned to sell 32 large state-owned assets, privatize O’zsanoatqurilishbank, and sell 368 non-sectoral and inefficient assets of state-owned enterprises. 770 assets are ready for sale in the regions. It is planned to provide the budget with about 10 trillion soums. Officials were instructed to speed up work in this regard.

The President stressed the need to attract strategic investors to state-owned enterprises, not only to use existing capacity, but also to expand the activities of enterprises.

For example, a “chemical industry cluster” is being set up on the basis of Navoiazot JSC, with the establishment of three separate enterprises. An experienced private operator will be hired to manage this cluster infrastructure.

The head of state stressed the importance of investors proposing new projects along with investment, bringing modern knowledge and technologies.

With this in mind, officials have been tasked to develop a privatization program for 2022.