The President of Uzbekistan signed a resolution on additional measures to decrease state involvement in the economy, on April 19, 2024, reports the Agency for State Asset Management (UzSAMA) on April 26.
To expedite the sale of state assets and boost private sector involvement, the resolution introduces measures to incentivize entrepreneurs. If state assets remain unsold for more than three months, except in Tashkent and regional centers, their initial value will gradually decrease to 10%. Entrepreneurs are granted the right to directly acquire state property included in the privatization program at an estimated value, provided they have fulfilled their lease obligations and received a lease before January 1, 2024.
Furthermore, the resolution addresses the sale of non-agricultural land plots, establishing procedures to expedite their sale. The initial cost of such land plots, excluding those in Tashkent and regional centers, will be reduced by 30% if unsold within three months, and by 10% if unsold within six months. Additionally, buyers can opt to pay 15% of the purchase price upfront, with the remainder payable in installments over a period of up to 10 years.
Payments for state property located in areas categorized as 4 and 5, as well as land plots acquired by right of ownership, will be staggered over five years. Moreover, the down payment required to secure acquired land plots is reduced from 35 % to 15%.
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