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UzIPA hosts meeting with EBRD representatives

On November 5, UzIPA held meeting with the representatives of the European Bank for Reconstruction and Development (EBRD) and advisory groups of the bank – Nestor Advisors and KPMG. The meeting was held with the participation of the Chairman of the Board of the Latvian State Joint Stock Company Privatization Agency.

UzIPA was represented by Deputy Director Oybek Elmuratov. Having greeted the guests, he briefly introduced the Agency to attract foreign investment, noting the agency’s objectives in creating a favorable investment climate in the country and promoting foreign investors.

During the negotiations, EBRD representatives told about areas of interest in which the international financial institution potentially evaluates the development of long-term and effective cooperation.

In particular, within the framework of the approved new EBRD strategy for Uzbekistan, such a direction has been designated as “Improving competitiveness by strengthening the role of the private sector”, where the EBRD will attract financial and consulting resources to support small and medium-sized businesses, as well as provide assistance for the development of local capital markets and strengthening national financial institutions.

For these purposes, EBRD advisory groups, Nestor Advisors and KPMG were invited to the meeting, who shared their experiences. It was noted that the consulting network of companies is distributed around the world: from Europe, Africa, Asia, South America and the Middle East. The companies worked closely with organizations such as the Basel Committee on Banking Supervision, the Institute of International Finance (IIF), the World Bank, and IFC.

The agenda of the meeting also included the issues of incentives and preferences for investors, the development of private business in Uzbekistan and its support from the state, and the participation of the Ministry of Investment and Foreign Trade of the Republic of Uzbekistan and the UzIPA in the implementation of projects for the privatization of state assets.

UzIPA site informed the guests that interested field is in the competence of the State Asset Management Agency, and organizations such as the State-Owned Agency, Private Partnerships and Capital Market Development Agency can inform a number of important issues in the area of ​​Nestor Advisors and KPMG activities.

 UzIPA also announced the creation of a state electronic auction – “e-auksion”, where anyone can take part in open electronic auctions for the acquisition of property and the creation of a convenient informative portal invest.gov.uz, where potential investment projects worth more than $ 1 billion are posted.

At the end of the meeting, the parties noted the productivity of the meeting and readiness for further cooperation.