New opportunities for investors to be created in Uzbekistan

New opportunities for investors to be created in Uzbekistan

At the Tashkent International Investment Forum, Shavkat Mirziyoyev announced new initiatives to develop the capital market and expand alternative financing mechanisms. The President noted that for the first time, 30 percent of the shares of the National Investment Fund, which unites the assets of 13 strategic enterprises, were placed on the Tashkent and London Stock Exchanges. This IPO was the largest public offering of shares on the London Stock Exchange in the last five years.

It was also announced that preparatory work is underway to list a number of other large companies in IPOs. In order to strengthen the legal framework of the capital market, laws “On the Capital Market” and “On Alternative Investment Funds” will be adopted.

The Head of State also announced the creation of broad opportunities for the activities of international clearing companies and the launch of a sovereign Islamic bond program — sukuk — in order to diversify investment flows.

According to the new program, the reforms being implemented will provide local enterprises with at least $10 billion in additional capital. In addition, within the framework of the privatization program, real estate objects, state shares and land plots worth $6 billion will be auctioned this year alone. The President called on local and foreign investors to actively use the new opportunities being created.