Uzbekistan is considering handing over the controlling stake in the Republican Stock Exchange (UZSE) to Korean partners, the Capital Market Development Agency (CMDA) said.
“Now we are discussing with the Korean Stock Exchange (KSE), which already owns 25% in RSF, the possibility of handing over the controlling stake in the UZSE to KSE so that they can implement new technologies. We are already using their software, but would like to introduce other know-how. For this, we have already established relations with the University of Inha, and are going to attract new talents," said Atabek Nazirov, the director of the CMDA.
“If we want to develop our economy and catch up with neighboring countries, then we must introduce the best available technologies, including in the capital market, to enable market participants to invest in securities in foreign markets, as well as attract foreign capital to the local market,” he added.
“Nowadays the global financial markets are connected with each other. We have the opportunity to connect our market with financial markets in New York, London, Hong Kong and allow foreign investors to come and invest in Uzbekistan, in our securities, in our investment products. We must make use of this opportunity. We must also create new securities instruments and investment products using the best technologies," he stressed.
Also, unfortunately, Nazirov added, now our investors in the stock market do not even have mobile apps to trade in the domestic or world markets via smartphones.
"We do not have people who could develop these apps. We hope that the 1 million coders project launched by the president will help solve such problems and with the higher degree of digitalization we will be able to attract more investment in our economy through the capital market," he noted.
But the biggest obstacle for the development of the Uzbek capital market, he believes, is the weak legal framework.
"Reforming the legal framework is taking too long. I hope that the new parliament will be more focused to simplify the legislative framework in the field of the capital market. We are ready to fruitfully cooperate with the Legislative and the Senate and submit our proposals and projects to accelerate the reform of regulations," concluded Atabek Nazirov.