Tashkent, Uzbekistan (UzDaily.com) -- On 6 December 2021, virtual signing ceremony of the Memorandum of Understanding (“MoU”) between Ministry of Finance of the Republic of Uzbekistan and TheCityUK took place. The MoU provides basis for bringing the UK experience and best practices to Uzbekistan’s capital market and supporting its development and regulation. 

The memorandum aims to primarily support and stimulate the consistent development of the local capital market of Uzbekistan and ensure that professional services in the financial and capital markets are provided according to international standards. 

Particularly, within the framework of the memorandum, work will be taken forward on the improvement and development of the local capital market infrastructure, enhancement of the regulator`s surveillance and regulatory functions, implementation of international in the legal environment of the capital market, with more emphasis on corporate governance and asset management. 

In addition, the memorandum also intends to exchange best practices in improving financial literacy, developing essential skills and staff training. 

TheCityUK has a strong track record in developing international financial centres in the areas mentioned above.

Achieving these goals will help to make the business environment more attractive for foreign investments as well as support sustainable financing, financial access and macroeconomic growth. 

At the event, CEO of TheCityUK – Miles Selic noted that Uzbekistan has made a significant progress in capacity building to develop local financial and capital market. He also stressed that the UK, as a world leader in the field of finance and capital markets, is well-placed to support the sustainable capital market development and economic growth in Uzbekistan.

In turn, Deputy Finance Minister of the Republic of Uzbekistan – Odilbek Isakov, said that in relatively developed countries, the size of the capital market exceeds the that of the banking sector several times over, so there is a tremendous opportunity, to develop the local capital market and attract foreign investors. According to him, Ministry of Finance has set ambitious initiatives to foster local capital market and the forthcoming cooperation with TheCityUK will help the ministry to take forward its ambitions.