With a revenue tally of UZS 36.2bn ($2.9mn), officials from the National Agency for Prospective Projects of Uzbekistan (NAPP) unveiled advancements across diverse economic sectors throughout 2023 in a press conference held at the Agency of Information and Mass Communications under the Administration of the President of Uzbekistan. Key figures including First Deputy Director Vyacheslav Pak and several department heads participated, reflecting on achievements and future plans.
“To address many tasks, especially regarding digitization, the introduction of innovations, and new forms and methods of attracting investments, close interaction between the state and business is necessary, since as we all know, innovations and technologies are often provided by businesses,” Vyacheslav Pak noted.
He highlighted NAPP’s commitment to fostering an open dialogue with entrepreneurs, emphasizing efficiency and innovation over bureaucracy.
One of the major developments highlighted was the expansion of NAPP's responsibilities following presidential decrees. These decrees entrusted NAPP with regulating the capital market and overseeing activities such as securities trading and insurance. Additionally, NAPP inherited tasks related to e-commerce regulation and consumer protection in digital spaces.
The institutional expansion of the national market for crypto-assets was a notable achievement of the past year. NAPP issued nine licenses for service providers in this domain, including exchanges, depositories, and stores, generating significant government revenue totaling UZS 36.2bn ($2.9mn). Moreover, initiatives to strengthen consumer protection and combat digital offenses were emphasized.
In the capital market arena, NAPP facilitated the registration of share issues and bonds worth billions of Uzbekistani som. Notable instances included increasing the authorized capital of Uzbektelecom and EIIC “Uzbekinvest,” as well as conducting Initial Public Offerings (IPOs). Efforts to protect minority shareholders' rights were underscored, with dividend payments totaling UZS 1.2bn ($97,122) in the 4th quarter of 2023 alone.
The insurance sector also witnessed substantial growth and activity. The total authorized capital of insurance organizations saw a significant increase, reaching more than UZS 2.3 trillion ($186mn), with a corresponding rise in investments into the economy exceeding UZS 6.2 trillion ($501mn). The substantial volume of insurance payments made, totaling UZS 2 trillion ($161mn), underscores the sector's vital role in risk mitigation and financial security.
Moreover, NAPP's efforts to safeguard consumer rights in insurance services were commendable, reflected in the resolution of appeals and subsequent compensations totaling UZS 19.7bn ($1.5mn). The agency's dedication to creating favorable conditions for the development of various economic spheres through legislative improvements and technological advancements was reiterated.
NAPP remains dedicated to fostering favorable conditions for advancing various sectors including crypto-asset circulation, the capital market, insurance, e-commerce, and the organization of lotteries and bookmaking activities in Uzbekistan. This commitment involves enhancing national legislation to safeguard the rights and interests of market participants, promoting the adoption and advancement of innovative technologies, and implementing mechanisms to attract investments across these domains.
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