Improving the investment climate 

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June 7, 2015

Improving the investment climate 

Improving the investment climateThe Banking and Finance Academy of Uzbekistan hosted the “round table” on “The introduction of modern corporate governance practices in the economy – factor in increasing the attractiveness of the investment climate”.

There were considered the tasks defined in the Decree of the President of the Republic of Uzbekistan “On measures for the introduction of modern methods of corporate governance in joint stock companies” dated April 24 of this year.

As the head of our state stressed in report at a meeting of the Cabinet of Ministers dedicated to the socio-economic development in 2014 and important priorities of economic program for 2015, the growth in the development of corporatisation demonstrates many unresolved problems in corporate governance and the distribution of income from the activity joint-stock companies, a number of other areas of the privatization process.

– The share of enterprises with corporate governance in the gross domestic product of almost 30 percent – said the deputy director of the Center for Management of State Assets of the State Committee for privatization, demonopolization and development of competition A.Obidov. – Therefore, the introduction of the new Uzbekistan fully meets the international requirements of the corporate form of management plays an important role in further improving the investment climate.

In accordance with this decree is being created Research and Education Center of Corporate Governance, which has already signed agreements with three higher education institutions in Germany. The center will be engaged in methodical implementation of organizational forms and modern methods of corporate governance, as well as training and development of managerial personnel in this area in accordance with international requirements and standards.

Introduction of modern methods of corporate governance in joint stock companies, the active participation of the banking and financial sector in this process is a priority for the economic development of our country. In this case, issues of increasing the liquidity of banks, increasing their investment activity, participation in modernization, technical and technological renewal of production, creation of new businesses and jobs, as well as the financing of investment projects for the production of export-oriented production, further expansion of foreign investment and domestic resources have a significant importance.

During the conversation, an exchange of experience to enhance the role of microfinance institutions, insurance and leasing companies in the conduct of an active investment policy.