On April 21, 2025, the President of the Republic of Uzbekistan signed Resolution PR-145 “On privatization of large state-owned enterprises on international markets”. According to the document, the government will launch a comprehensive program to privatize major state-owned companies and list them on international stock markets.
Starting from 2025 to 2028, Uzbekistan will publicly place shares of major companies operating in strategic sectors such as energy, transport, metallurgy, aviation, banking, insurance, and telecommunications.
The privatization process will involve international consulting firms and follow two main directions:
• offer government-owned shares in 29 large enterprises to private investors through public auctions.
• shares of 12 enterprises will be listed on international and national capital markets via IPOs and SPOs.
This initiative aims to accelerate the country’s transition to an open and competitive market economy, strengthen Uzbekistan’s investment appeal, and expand the role of the private sector.
The upcoming privatization wave will follow several key principles:
• All procedures will comply with international standards of transparency.
• A tailored approach will be applied to attract strategic investors for each asset.
• State-owned enterprises will undergo gradual modernization and transformation before being brought to markets.