Securities Market Participants and Government Officials Discussed Implementation of the Roadmap for the Development of Capital Market in Uzbekistan

Republican Stock Exchange Toshkent Posted

Securities market participants and government officials discussed implementation of the roadmap for the development of capital market in Uzbekistan.

On 1 March 2023 the Republican Stock Exchange “Toshkent” George Paresishvili hosted a meeting with the representatives of the President’s Administration, the Ministry of Economy and Finance, other ministries and state agencies, the Central Bank, the Republican Currency Exchange, the Central Securities Depository and brokerage companies. The meeting was chaired by the Deputy Advisor to the President Mr. Timur Ishmetov, who reviewed the progress made so far with implementation of the Presidential Decree dated April 13, 2021 No. PD-6207 “On measures for further development of the capital market”.

Participants of the meeting discussed various issues and challenges related to the development of securities market in Uzbekistan. Mr. Ishmetov stressed that cooperation among all stakeholders representing the private sector and the state is essential for successful implementation of capital market reforms, including setting up links with International Central Securities Depositories and Global Custodians to enable foreign investors’ access to local securities market, improving financial literacy in the country, also ensuring orderly transformation and privatization of state-owned companies and banks. Professional securities market participants expressed their views on how to best attract foreign and domestic investors to upcoming IPOs of state-owned companies on the Republican Stock Exchange “Toshkent”, have sound regulations and rule of law that are enforced and applied to everyone in order to protect interests of minority shareholders, as well as how to increase the supply of quality issuers to the market through improved corporate governance, transparency, tax and other incentives.