World experts discuss the future of the capital market in Uzbekistan
Tashkent, Uzbekistan (UzDaily.com) -- An international conference entitled “The role of the capital market in the development of the economy of Uzbekistan” was held in the capital, the purpose of which was to discuss the future development of the capital market in our country.
The conference was organized by the Agency for the Development of the Capital Market in conjunction with the Senate of the Oliy Majlis, the Agency for Information and Mass Communications under the Presidential Administration of the Republic of Uzbekistan and the State Assets Management Agency.
The event became a platform for building fruitful cooperation between leading companies of Uzbekistan and the international investment community, as well as other participants in the capital market. It was attended by representatives of leading international investment companies, financial institutions, well-known experts in the capital market, representatives of government agencies and heads of major companies of the Republic.
During the conference, participants noted that in the conditions of re-lending of the economy of Uzbekistan to the banking sector with an excessively high level of state participation, the development of the capital market is of particular importance to accelerate the pace of economic development.
At the same time, the most pressing tasks for the development of the capital market are bringing the legislation in line with the requirements for frontier markets (markets that are just beginning to develop), creating an ecosystem of the financial market, which includes brokers, pension funds, insurance companies and banks , the creation of a mechanism for attracting funds of the population to the stock market - both by cultivating collective investment institutions, and by providing simple and understandable access to the market individually m investors.
Director of the Capital Market Development Agency Atabek Nazirov said in his speech that today in Uzbekistan, together with the Asian Development Bank and the European Bank for Reconstruction and Development, a strategy is being developed that will look into the future of the capital market for the next five years.
According to him, the strategy will have five directions, aimed at improving the infrastructure, clarifying the legal framework, facilitating regulatory mechanisms and achieving other goals. Its implementation will bring the volume of freely traded securities to 10-15 percent of GDP (now this figure is 0.2 percent of GDP), including increasing the types of securities on the capital market, taking into account world practice.
In turn, the director of the State Assets Management Agency, Sunnatulla Bekenov, expressed readiness to support the capital market of the republic by expanding the IPO practice of shares of state-owned companies, its implementation on the domestic capital market of the republic to actively attract investors, including business entities and the public, to the stock market.
He also spoke about plans to adopt a Management Strategy and the privatization of state-owned enterprises, which provides for the criteria for maintaining state ownership of enterprises and their transformation into effective units that can compete in the domestic and foreign markets.
It was noted at the event that Uzbekistan intends to accelerate the implementation of the pension reform in order to grant the right to pension funds to invest in securities. This implies the creation of private pension funds.