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26 April 2024

Privatization processes will be accelerated by the decision of the President of the Republic of Uzbekistan (privatization program 2024)

The Decree of the President of the Republic of Uzbekistan dated April 19, 2024 "On additional measures to reduce the state participation in the economy" was signed.

Firstly, the Decree confirms the following:

  1. State blocks of shares (stakes) of 247 enterprises will be put up for public sale;
  2. 1028 real estate objects will be put up for public sale;
  3. Primary (IPO) and (or) secondary (SPO) public offering of state shares of 12 large enterprises will be conducted on the local stock market;

(Uzbektelecom, Uzbekhydroenergo, Almalyk KMK, Uzbekgeologiakidiruv, Uzbekgeofizika - 2 percent each; Commodity Exchange - 2.4 percent; Temiryulkargo, Uztemiryulcontainer - 4 percent each; RFB "Tashkent", Uzbekpochta, UzAuto Motors Powertrain, Electronic Online Auctions Organization- 5 percent).

Secondly, in order to accelerate the sale of state assets and increase the share of the private sector in the economy, the following are defined:

  1. if state assets are not sold within 3 months (except for Tashkent city and centers of regions), their initial value will be gradully reduced to 10 percent;
  2. until January 1, 2024, entrepreneurs who have been leased on the basis of lease agreements for at least 5 years and have fulfilled their obligations will be granted the right to directly purchase state property at the appraised value;
  3. Land and property taxes for purchasers acquiring state-owned real estate on an instalment basis are calculated in proportion to the funds paid for these properties.

Thirdly, in order to accelerate the sale of non-agricultural land plots, the following procedure will be established:

  1. land plots (except for Tashkent city and regional centers) will be reduced to 30 percent of the original cost if they are not sold within 3 months and to 10 percent if they are not sold within 6 months, and an opportunity will be given to pay 15 percent of the payments in 3 months and the rest in installments of up to 10 years.

  2. Payments for government property located in Category 4 and 5 areas and land acquired by title will be paid in equal installments over 5 years. The current initial payment of 35 percent required to pledge purchased land plots is reduced to 15 percent.

     

 

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