Tashkent, Uzbekistan :Under the leadership of Deputy Prime Minister of the Republic of Uzbekistan Sardor Umurzakov, a videoconference was held on the organization of the practical implementation of the tasks defined in the Decree of the President of the Republic of Uzbekistan “On measures to accelerate the reform of enterprises with the participation of the state and privatization of state assets”.
The meeting was attended by members of the Government Commission for the Development of Export and Investment, heads of ministries, departments, local authorities, industry and economic associations, as well as senior officials of the Cabinet of Ministers of the Republic of Uzbekistan.
In accordance with the Decree, it was instructed to carry out the transformation of 32 large state-owned enterprises and business associations, introduce modern standards of corporate governance and financial audit, as well as improve the operational efficiency of 39 enterprises, and take measures to increase the investment attractiveness of state shares in 62 large systemically important industrial enterprises. for the purpose of their sale to private investors, the sale of state-owned shares in 479 enterprises and the sale to the private sector of 15 state-owned real estate objects.
In addition, according to previously adopted decisions, it is planned to privatize 386 and 560 state assets within the powers of local authorities at the regional level.
During the meeting, responsible persons were identified for the implementation of the tasks outlined in the Decree – the heads of the relevant ministries, departments and local authorities. Objects subject to transformation and privatization were specifically assigned to specific leaders, for whom appropriate methodological manuals will be developed.
Instructions were given to develop and implement targeted programs to increase the investment attractiveness of state assets at the stage of their preparation for implementation by private investors through public tenders.
It was instructed to develop a “Roadmap” for financial and technological audit of 62 large enterprises with a state share, as well as 118 industrial enterprises and facilities of regional significance.
The Roadmap will envisage measures to attract, on a competitive basis, financial, legal, technical and valuation consultants, including from among foreign specialists and experts from international financial institutions, conduct due diligence, create commercials about enterprises, develop financial models, the formation of a virtual database (data room) with an expanded list of enterprises and potential investors, a road-show, as well as a high-quality and transparent organization of the processes of receiving and confirming initial and final purchase offers from potential buyers.
The heads of the relevant ministries and departments were instructed to transform the form of ownership of state unitary enterprises into business entities, as well as to attract foreign experts and consultants together with international financial institutions.
The State Assets Management Agency was instructed to classify the existing 479 objects in the areas of food and textile enterprises, large enterprises put up for public auction in a separate order, enterprises with state shares not exceeding 100 million soums and those in which the state-owned shareholding exceeds 100 million soums or formed separately.
Special attention was paid to the priority tasks of organizing the activities of the “Clinics for the rehabilitation and privatization of enterprises” in the Republic of Karakalpakstan, regions and Tashkent city with branches in districts and cities operating around the clock, and the “Call Center” on privatization, creation and distribution of appropriate methodological manuals in the field.
It was also instructed to develop proposals for the introduction of external management in special economic zones and the privatization of state assets located abroad.
The importance of organizing an effective PR campaign aimed at highlighting ongoing events and attracting potential investors and buyers was noted.
As a result of the meeting, the personal responsibility of the heads of ministries, departments and local authorities was designated for the timely and high-quality execution of the tasks set, the implementation of which will be monitored on an ongoing basis by the General Prosecutor’s Office of the Republic of Uzbekistan.