Sunday, 16, June, 2024

President Shavkat Mirziyoyev reviewed the revised Uzbekistan's 2024 privatization program and measures for its swift implementation, the presidential press service said on Wednesday.

In pursuance the president's instruction at the January 16 government meeting on economic development, the Cabinet of Ministers was tasked with drafting a new privatization plan. This involved analyzing state-owned enterprise shares and real estate assets to devise the program.

To reduce state intervention in the economy, approximately 250 government stakes were put up for public auctions, alongside nearly a thousand real estate and a dozen enterprises slated for public offering on the local stock market.

Challenges arose with the sale of previously listed assets, prompting proposed relaxations. For example, if a state-owned asset remain unsold for three months (excluding Tashkent city and provincial centers), their initial price will gradually decrease to 10%. Businesses with at least five years of rental tenure and fulfilled obligations are offered the opportunity to purchase state property at appraised value.

Flexible payment terms include 15% upfront payment, with the rest payable in ten-year installments.

Land plots identified for doing business, urban planning, and trade and service facilities along international highways are streamlined for sale. Special focus was directed towards the transformation and privatization of large state-owned enterprises, with strategies discussed to expedite the process. Measures pertaining to the privatization of state-owned enterprises serving the agricultural sector were also deliberated.

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