On March 24, Shavkat Mirziyoyev held a meeting to discuss the implementation of the privatization of state property and plans for this year, his press office informs.

In the last ten years, $87.7mn worth of state assets were sold, and in 2022 this figure hit $991.8mn. That is, 10 times more results have been achieved in the last year than in ten years.

However, the work in this regard did not go smoothly everywhere. For example, 112 objects were sold in the Tashkent region, on the basis of which 150 business entities and more than a thousand new jobs were created.

But in the Republic of Karakalpakstan, Kashkadarya, Namangan, Surkhandarya, and Syrdarya, not even 30 percent of the properties put up for sale last year were sold. In terms of networks, the privatization of properties within the joint-stock company "O‘zdonmahsulot" is slow.

In general, the tour of more than 30,000 state facilities at the beginning of this year showed that there is still a lot of work to be done in this regard. Therefore, the privatization program was approved by the decision of the head of state. Privatization plans are defined in three directions - shares, real estate, and IPO.

Firstly, state share packages in 1,000 enterprises will be put up for sale. Secondly, 1,000 real estate objects will be put up for public auction. They have 600 hectares of land and 1mn square meters of buildings.

In order to accelerate the sale of these objects, the period for preparing properties for sale will be reduced from the current 80 days to 48 days. Objects up to 2,000 square meters are allowed to be put up for direct sale based on the application of entrepreneurs.

Thirdly, the state stake in 40 large enterprises and banks will be sold through a "people's IPO". In particular, for the first time, an average of 2% of shares of such large enterprises as Navoi and Olmaliq Combines, Metallurgical Combine, Uztelecom, Milliy Bank, Sanoatqurilishbank (SQB) will be offered to the population. In this case, the population will have the opportunity to buy shares directly. Companies whose shares have been sold will direct at least 30% of their net profit to pay dividends for five years.

According to estimates, this program will provide $1.1bn of revenue this year, create 3,000 new enterprises and create 50,000 jobs. At the meeting, these tasks were discussed in all regions and sectors. Officials gave a report on the implementation of the program.

The importance of promoting the possibility of privatizing state properties among the population and businessmen, and assisting them in the preparation of documents was emphasized at the meeting. Instructions were given on bringing large state companies to the capital market and increasing the efficiency of investment projects.