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April 15, 2018

Uzbekistan seeks to reduce state share in economy

Uzbekistan’s Government intends to gradually reduce the state’s presence in the economy to increase the priority role of private sector. This is indicated in the draft resolution of the President of Uzbekistan on measures to further reduce the state’s participation in commercial organizations.

The Economy Ministry, which has developed the document, proposes, particularly, to create companies with state shares and state unitary enterprises solely upon the decision of the President.

The draft document proposes the Accounting Chamber of Uzbekistan, in conjunction with the State Committee for Promotion of Privatized Enterprises and Development of Competition, the Ministry of Finance, the Ministry of Economy, the Chamber of Commerce and Industry, within three months, to: review the activities of economic companies with state shares and state unitary enterprises for compliance with the objectives of their establishment (meeting the social needs of the population and ensuring public order, security and state interests); to define a list of industries and spheres of activity where economic companies with state shares and state unitary enterprises can be created; to develop a comprehensive analysis of management systems of business entities with state share, identify the main factors that impede the development of corporate governance and limit the rights of private shareholders.

In Uzbekistan, the number of enterprises and organizations increased by 3,600 (1.3 percent) in January 2018 and amounted to 289,100 as of February 2018.

Source: Business Central Asia