Tashkent, Uzbekistan (UzDaily.com) -- With the adoption of the Decree of the President of the Republic of Uzbekistan from 14 January 2019 No. UP-5630 and Resolution No. PP-4112, the state assets management system has been radically reformed.

As noted in the document, recently there was a lack of flexibility and susceptibility of enterprises with state participation to market trends, their excessive dependence on tax and customs benefits, including individual ones, the lack of a system of strategic planning, analysis and risk management, which caused their low investment attractiveness.

However, according to the documents adopted by the Head of State, the main directions of the state policy on managing state assets are determined:

- development of market mechanisms for the management of enterprises with state participation;

- introduction of modern corporate governance methods in them, increasing the responsibility of their governing bodies for the effectiveness of the activities of these enterprises;

- gradual reduction of the state’s share in the authorized capital of state-owned enterprises to ensure effective and transparent privatization involving international institutions and companies.

The broad powers of the Agency for Management of State Assets for efficient and efficient disposal of state property and state-owned stakes have been granted. Also, the tasks and responsibilities of the Agency are clearly defined.

In particular, along with all state assets, shareholdings in the authorized capital of commercial banks and insurance companies that were previously owned by the Ministry of Finance were transferred to the Agency. Currently, in the authorized capital of 13 commercial banks out of 29 banks operating in the country there are state-owned shares. In order to effectively manage these assets, a Department of Financial Asset Management has been established within the Agency’s structure.

Today, financial institutions in our republic enjoy great interest from investors, especially foreign and international financial institutions.

The Agency will strive to fulfill primarily the tasks set by the President of the Republic of Uzbekistan to further develop the banking and financial sector, including by actively implementing the advice and recommendations of international organizations, consulting companies, and also by disseminating the successful experience of domestic companies.

All actions, as well as the final recommendations of today’s seminar, are aimed at improving the performance of financial sector institutions, increasing their competitiveness and expanding the range of services they provide for the benefit of the people and entrepreneurs.