04/10/2021 - 09:58 3879

Government committed to continue its ‘irreversible’ reforms, put more than half of the economy in private hands in the next five years, inclusive growth and green economy.

• Hungary’s OTP Bank to buy 75% of Ipoteka Bank, one of the country’s largest

• Government Announced plans to IPO stake in State Gold Producer

• Government Forecast GDP growth of 7% in 2021 

• Forum marks the new stage of reforms and the Government’s Privatization Programme

• Human Capital and skills development highlighted as key factor to unlock the growth opportunity

• Uzbekistan emerging strong and powerful from the pandemic, demonstrating gains in the fight against unemployment, climate change and poverty

• Increasing transparency, corporate governance and global cooperation are crucial to implement the bold and innovative solutions needed to drive a robust social and economic development in the country

Tashkent, Uzbekistan, 29 September 2021 - Uzbekistan kicked off its largest ever economic forum where it discussed the country’s reform program and the roadmap for privatization road in which it aims to privatise three quarters of the state’s assets and put more than 50% of the economy into private hands by 2025. The forum marks 5 years since the country kicked off an expansive reform programme under the leadership of President Shavkat Mirziyoyev aimed at building a market-based economy – liberalizing the currency, prices and lowering taxes.

The country’s first ever Economic Forum, which started today, 29 September, also marks a new stage in the government’s reform program.

International financial institutions, businesses, and investors from all over the world descended on the Uzbek capital of Tashkent to discuss the achievements of the last 5 years. They also explored ways to advance and accelerate the building blocks required for the country’s next stage of development – including a larger private sector to unlock higher growth. The need for better collaboration on critical issues such as COVID-19, diversification, and improvement of skills, as well as the fight against poverty and climate change were also high on the agenda.

The Forum’s speakers shared their insights and recommendations from global, regional and industry perspectives on topics such as the transformation of state-owned enterprises and banks, privatization, capital market development, public-private partnership projects and prospects for regional economic cooperation.

Privatization Programme – decisive and inclusive action 

The new stage of reforms in Uzbekistan represents an exciting development in Central Asia. Aimed at liberalising the economy and society, the programme will see ‘decisive and inclusive action’ to accelerate development of the private sector while providing attractive opportunities to international investors. 

A number of agreements and memorandums were signed on the first day of the Forum, including a potential acquisition of Uzbekistan’s fifth largest bank Ipoteka by Hungary's OTP Bank, on the formation of economic cooperation and investment programme, and a 30-year PPP contract with Veolia for operation, maintenance and management of the district heating system of the city of Tashkent, and the successful completion of the privatization of Coca-Cola Bottlers Uzbekistan. 

The second day will see a number of agreements between Uzbekistan and international organizations, setting a new trajectory for global cooperation with a key goal to accelerate the sharing of expertise and solutions and support the country in its sustainable development.

Information Service

Ministry of Economic Development and Poverty Reduction