Uzbekistan Plans Massive Privatization Move

Uzbekistan's government is planning to fully sell off state shares in over one thousand enterprises and partially in other companies, according to a draft presidential decree announced on Friday

TASHKENT, (APP - UrduPoint / Pakistan Point News - 28th Feb, 2020 ) :Uzbekistan's government is planning to fully sell off state shares in over one thousand enterprises and partially in other companies, according to a draft presidential decree announced on Friday.

The government will sell 49 percent of state shares in Uzbekistan Airways, 24 percent in the Uzbekneftegaz oil and gas company, as well as 10 percent each in Navoi and Almalyk mining and metal companies, according to the document.

Almost all of the country's vegetable oil refineries and alcohol distilleries, where the state holds more than half of the shares, will also be fully privatized.

The document also instructs the Capital Market Development Agency and the State Tender Commission to submit a roadmap for the sale of Primary and secondary shares (IPOs and SPOs) in 25 state-owned enterprises till June 1, 2020 together with international experts.

Since Shavkat Mirziyoyev was elected president in 2016, Uzbekistan has taken a series of measures to promote economic reforms, including the elimination of foreign exchange controls, the reduction of tax burdens, and preferential treatment to foreign investment.