Uzbekistan to sell stakes in 49 state enterprises on global market

As it was previously reported, President Shavkat Mirziyoyev held a meeting on April 9 to discuss enhancing the country's tourism potential and accelerating investment project implementation.

This year, during state visits to the UAE, Malaysia, Kuwait, and France, agreements were reached on 178 projects totaling $39 billion. Additionally, last week in Samarkand, the European Union announced a €12 billion allocation for Central Asian countries.

In 2025, Uzbekistan aims to attract $42 billion in foreign investment, including $5.3 billion through international financial institutions, launch 81 major projects, implement over 8,000 small and medium-sized initiatives, secure $2 billion in grant funding, and raise $6 billion in financial resources jointly with commercial banks.

In the first quarter alone, Uzbekistan received $8.6 billion in investments, meeting planned targets. However, President Mirziyoyev emphasized that many ministers, sector leaders, and regional governors still hold the outdated belief that "investments will come on their own."

Last week, deputy governors for investment in the Kashkadarya and Khorezm regions were reprimanded, and official warnings were issued to the hokims of Kattakurgan, Navoi, Yangiyul, Jizzakh, Yangiabad, Mirzaabad, Bukin, and Nukus districts.

"Instead of promptly resolving issues faced by investors willing to commit capital, many leaders are entangled in bureaucracy, causing investors to walk away," said the president.

The meeting also revealed that investment inflows from some countries had declined in 2024, with no projects launched this year involving investors from several leading nations. In response, Mirziyoyev highlighted the need to strengthen ties between governors and foreign investors — using the successful models of China, Russia, and Malaysia — through Uzbek embassies abroad.

Following the Uzbekistan Investor Day held in London at the end of March, agreements were reached to attract $2.77 billion. Similar investment promotion events have been ordered in New York, Singapore, Hong Kong, Dubai, Shanghai, Tokyo, and Istanbul.

The president also announced that "important privatization decisions" are expected soon. Specifically, 15 major state-owned enterprises will issue Eurobonds and go public, while state shares in 49 companies will be sold on the international market.

Additionally, international investment forums are planned for April in Jizzakh and for June in Tashkent. Ministers and governors have been instructed to begin preparing comprehensive project portfolios to present to potential investors. Similar forums are also set to be organized in all regions throughout the year.