The State Assets Management Agency of the republic of Uzbekistan

On October 2, 2025, at the initiative of the German Agency for International Cooperation (GIZ), a meeting was held between the leadership of the State Assets Management Agency and a delegation led by Dr. Andreas Kerst, Director of the Department of the Federal Ministry of Finance of Germany.

It should be noted that in recent years, the State Assets Management Agency has been actively and effectively cooperating with GIZ. In particular, with the support of this organization and the participation of German experts, a number of seminars and roundtable discussions have been held, draft legislative acts have been reviewed, and study visits to Germany have been organized for representatives of high-level state bodies and the UzSAMA to exchange experiences.

The meeting was also attended by Mr. Matthias Nemm, Head of Indecon Consulting (Germany), and Mr. Bahodir Atakhanov, who was engaged as an expert with the support of the Asian Development Bank for the development of the project “Strategy for Reforming and Privatizing State-Owned Enterprises for 2026–2030.”

The discussions focused on taking bilateral cooperation to a new level and identifying promising areas of collaboration in the field of state asset management.

During the meeting, a number of important issues were discussed in detail — the effective management of state assets, especially state-owned real estate, accelerating privatization processes, further improving legislation based on international best practices, and introducing modern corporate governance systems in enterprises drawing on Germany’s experience.

The parties emphasized that bilateral cooperation is expanding and gaining new substance year by year. In particular, they noted the active involvement of German partners, including Indecon Consulting, in the development of the new edition of the Law “On Joint-Stock Companies”, as well as joint efforts to prepare the new edition of the “Corporate Governance Code,” which is considered an important step towards building an effective and transparent governance system in the country.

It was also highlighted that the UzSAMA is currently working on the Strategy for Reforming and Privatizing State-Owned Enterprises for 2026–2030. This document will serve as a key roadmap for reducing the number of state-owned enterprises, increasing the share of the private sector in the economy, and fundamentally improving the system of state asset management. Cooperation with German experts will continue consistently throughout this process.

During the meeting, the activities of the Federal Real Estate Agency of Germany (BiMA) were presented in detail, and the transformation of large holding companies was discussed, including the advisability of transferring their subsidiaries and services to the private sector. It was noted that the introduction of this advanced model of managing state-owned real estate, adapted to Uzbekistan’s conditions, and the digitalization of the sector will mark an entirely new stage in the management of state property in the country.

At the end of the discussions, both parties expressed their readiness to further deepen reforms in the field of state asset management, increase the share of the private sector, and, most importantly, implement new joint projects aimed at developing their long-standing partnership to a strategic level.