President Mirziyoyev Briefed on 2024 Privatization Program and Implementation Measures

President Mirziyoyev Briefed on 2024 Privatization Program and Implementation Measures

Tashkent, The Gulf Observer: President Shavkat Mirziyoyev of Uzbekistan was apprised of the comprehensive privatization program for the year 2024 and the strategic measures devised to ensure its effective execution during a recent video conference on economic development.

In a high-level video conference convened on January 16, 2024, President Shavkat Mirziyoyev chaired discussions regarding the trajectory of Uzbekistan’s economic development. Central to the agenda was the imperative to recalibrate the state’s role in the economy through an ambitious privatization initiative.

The Cabinet of Ministers was entrusted with the pivotal task of formulating a new privatization program, a mandate promptly acted upon. The resultant program, meticulously crafted following an exhaustive evaluation of state-held assets, envisages a paradigm shift towards greater private sector involvement in key economic domains.

A salient feature of the program is the delineation of approximately 250 state-owned shares earmarked for public auction, alongside nearly a thousand parcels of state-owned real estate vested in enterprises with state participation. Furthermore, plans were unveiled to facilitate public offerings of shares for 12 select enterprises on local stock exchanges.

Acknowledging the imperative for expeditious execution, the program incorporates provisions aimed at expediting the sale of assets earmarked for privatization. Notably, mechanisms are in place to progressively reduce the value of unsold state assets, incentivizing timely acquisitions by prospective private investors.

Entrepreneurial endeavors are bolstered through streamlined acquisition processes, with lessees of state-owned properties afforded preferential rights to purchase these assets at assessed values. Moreover, flexible payment terms, including extended timelines, aim to foster broader participation in the privatization drive.

Integral to the program is the facilitation of land auctions along international highways for commercial and developmental projects, emblematic of Uzbekistan’s commitment to infrastructural modernization and economic diversification. Simplified procedures ensure swift registration of acquired land, enhancing investor confidence.

A concerted focus was also directed towards the privatization of large state enterprises, with concerted efforts underway to expedite these transformative processes. Measures tailored to the agricultural sector underscore Uzbekistan’s resolve to optimize resource allocation and stimulate rural entrepreneurship.

President Mirziyoyev underscored the pivotal role of the private sector in propelling Uzbekistan’s economic resurgence, emphasizing the imperative for local authorities and industry stakeholders to prioritize the divestment of underutilized assets and foster a conducive environment for enterprise development.

In summation, the unveiling of Uzbekistan’s 2024 privatization program signals a decisive step towards enhancing economic dynamism and bolstering private sector participation, underpinned by robust policy frameworks and strategic imperatives aimed at fostering sustainable growth.