On March 24, President Shavkat Mirziyoyev chaired a government meeting to discuss the progress of privatization of state-owned assets and plans for the current year.

11.3 trillion soums (about $989.6 million) worth of state-owned assets were sold in 2022. The sale of the state-owned stake in Ipoteka Bank last year for $324 million and in Coca-Cola Uzbekistan in 2021 for $252 million were also the largest transactions in recent years.

But the process of privatization is not moving dynamically in all provinces and industries, Shavkat Mirziyoyev undescored. For example, 112 facilities were sold in the Tashkent province, where 150 business entities and more than a thousand new jobs were created. However, in Karakalpakstan, Kashkadarya, Namangan, Surkhandarya and Syrdarya provinces, even 30% of the assets put up for sale last year was not sold. By, the privatization of the Uzdonmakhsulot is the slowest.

In general, the inventory check carried out in more than 30,000 state-owned facilities at the beginning of this year showed that much remains to be done in the field of privatization, the president pointed out.

In this regard, Shavkat Mirziyoyev approved a new privatization program on March 24, which defines activities in three areas - the sale of shares, assets and organization of an IPO.

First, state-owned-owned stakes in 1,000 enterprises will be put up for sale.

Secondly, 1,000 assets will be put up for public auction. They include 600 hectares of land and buildings with a total area of 1 million sqm. He said that they were provided with infrastructure and were located near towns.

Thirdly, the state-owned share in 40 large enterprises and banks will be sold through a "people's IPO". In particular, for the first time, the public will be offered about 2% of the shares of such large enterprises as the Navoi and Almalyk mining and smelting enterprises, the Uzbek Metallurgical Plant, Uztelekom, the National Bank, and Uzpromstroybank.

It is estimated that this program will provide 13 trillion soums in revenues in 2023, will help create 3,000 new businesses and 50,000 jobs.

Deputy Prime Minister Jamshid Kuchkarov reported in 2021 that the government did not intend to completely privatize NMMC. “This is the largest company in Uzbekistan with an annual revenue of more than $5 billion. By 2024, we plan to put up for IPO 10-15% of the shares maximum. The final decision will be made by the head of state-owned,” he noted.