The State Assets Management Agency of the republic of Uzbekistan

A panel session titled “Sale of State Assets and Capital Market Development: The Experience of Emerging Economies” was held within the framework of the V Tashkent International Investment Forum, which took place on 16–18 June this year. The session was attended by Alisher Miraliyev, Deputy Director of the State Assets Management Agency, as well as representatives of international financial institutions, investment companies, consulting organizations, and the business community.

The panel discussion focused on the privatization of state assets, the development of capital markets, the protection of investors’ rights, and the attraction of international investment. During the discussions, international experts highly praised the economic reforms and privatization processes being implemented in Uzbekistan.

In particular:

• Giovanni Salvetti, CIS Region Head and Partner at Rothschild & Co, acknowledged the open and competitive environment created for investors in the country and emphasized the strong interest that Uzbekistan’s privatization program is generating in international investment markets;

• Tomer Pinkusevich, Partner at Gibson Dunn, noted the steadily growing interest of international investors in the Uzbek market and stressed the importance of maintaining the current pace of economic reforms and consistently pursuing the policy of reducing state participation in the economy;

• Evgeny Gaysev, Executive Director for the Europe, Middle East and Africa (EMEA) region at Morgan Stanley, particularly highlighted the openness of the country’s investment climate and the transparent approach to implementing reforms.

In his remarks, A.Miraliyev provided information on the reforms being implemented in Uzbekistan in the field of state asset privatization, the legal guarantees created for investors, and the results achieved to date.

As highlighted during the session, consistent efforts have been undertaken in recent years to ensure the openness and transparency of privatization processes, create favorable conditions for investors, and reduce the state’s participation in the economy.

In particular, state assets worth USD 5.3 billion were privatized during 2021–2025, of which USD 1.2 billion were sold to foreign investors. During the same period, more than USD 1 billion in investments was attracted through privatized assets, resulting in the creation of 37,000 new jobs.

The panel session served as an important platform for presenting Uzbekistan’s ongoing reforms in state asset management and privatization to the international community, as well as for expanding the exchange of practical experience in this area.