III International Conference «Capital market of the Republic of Uzbekistan» has taken place on September 9, 2021, in Tashkent

The conference was hosted by Cbonds and supported by the partners such as the National Bank of Uzbekistan, Gazprombank, Sovcombank, Halyk Bank of Kazakhstan, etc.

The event agenda covered such topics as the financial market of Uzbekistan, the opportunities for local companies to enter global markets and attract investments to the country, as well as plans and prospects for the domestic securities market.

The conference was opened by the Deputy Minister of Finance of the Republic of Uzbekistan Mr. Isakov O. In his opening speech Odilbek Rustamovich underlined the importance of encouraging the privatization of enterprises with state participation through a public offering on the domestic stock exchange, increasing the number of issuers, new financial products and improving corporate governance.

“Starting from April 2021 “The Capital Market Development Program in 2021-2023” has been launched under the President of the Republic of Uzbekistan Decree No. PD-6207 "On measures to further develop the capital market". The program covers improvement in several areas, identified as fundamental to the development of Uzbekistan’s capital market. Therefore we consider the development of the capital market and the improvement of the investment climate as our priority challenges.

According to our goals:

- Over the next three years, it is anticipated that 15 companies – 5 SOBs, 3 insurance and financial companies and 7 SOEs operating in metals and mining, and other industries will go for IPOs and SPOs;

- there will be an introduction of new financial instruments such as exchange-traded funds, including Gold ETFs, mortgage-backed securities, and Sukuk bonds;

- we will also go forward towards issuing government securities linked to inflation;

- there will be established a link between the “Uzbek Republican Currency Exchange JSC” and the “Toshkent Republican Stock Exchange”;

- it will be an ability to open brokerage accounts online” – said the Deputy Minister.

In conclusion, Mr. Isakov mentioned that the government officials understand the importance of the creation of an efficient legal framework, taking into account the experience of other countries, and at the moment there is a work on a new “Capital Markets” draft law, based on the principles of the International Organization of Securities Commissions (IOSCO).

Source: Ministry of Finance of the Republic of Uzbekistan