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RESOLUTION OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of April 19, 2024 No. PP-162

About additional measures for reducing participation of the state in economy

(as amended on 16-10-2024)

In recent years system reforms on reducing participation of the state in economy, increase in share of private sector due to privatization of state-owned property, to creation of conditions for development of entrepreneurship, liquidation of the inefficient and unpromising companies are performed.

In particular, as a result of privatization in 2020 - 2023 4,5 thousand state assets was created more than 20 thousand new workplaces, tax revenues of the privatized companies increased in time 1,3, and net assets in - time 1,5.

For the purpose of ensuring realization of the purposes of Strategy "Uzbekistan - 2030", cardinal reducing participation of the state in economy industries with the developed private sector, creations of favorable competitive environment for activities of private sector, and also further acceleration of processes of privatization:

1. Determine that one of the main objectives of the first heads republican and local executive bodies, economic societies from shares of the state more than 50 percent (further - the companies with the state participation) are continuous increase in share of private sector, privatization of assets in spheres with the created competitive environment, and also the non-core, inefficiently used and empty assets in the sphere.

To agency on management of the state assets (further - the Agency of state assets) together with the Ministry of Economics and finance, Committee on development of the competition and consumer protection (further - Committee on the competition) till September 1, 2024 to provide approval of methodology of assessment of accomplishment of the tasks provided by this Item and on its basis, since the end of 2024, forming and the publication of rating.

2. Approve:

The list of blocks of shares (shares) exposed on the public biddings according to appendix No. 1 *;

The list of real estate objects of the state and the companies with the state participation exposed on the public biddings according to appendix No. 2 *;

The list of the companies, primary (IPO) and (or) secondary (SPO) public offers of shares of which will be carried out in the local stock market, according to appendix No. 3*.

To Audit Chamber in two-month time to establish control of timely transfer to the Agency of state assets of the assets specified in appendices No. No. 1 and 2 * to this resolution, the ministries, departments and the companies with the state participation, being their asset holders and to make the offer in Administration of the President of the Republic of Uzbekistan on taking measures concerning the first heads who did not execute this order.

* Appendices are given in Uzbek.

3. Determine that in the course of public offer of shares of the companies with the state participation:

based on the accepted requests of the transaction of purchase and sale of shares in case of their realization at the organized biddings shall be registered by investment intermediaries strictly on Tashkent RBF trading floor;

in addition to the methods applied on Tashkent RBF trading floor, requests of local investors are accepted with use of electronic trade platform of "E-AUKSION", including using its mobile application.

At the same time on electronic trade platform of "E-AUKSION" for all investment intermediaries and their clients equal conditions for order taking on a grant basis in real time will be provided, to identification of investors, the conclusions of the relevant contracts with investment intermediaries and opening of the custody account by creation for them personal office.

4. Determine that for the purpose of acceleration of realization of the state assets and increase in share of private sector in economy:

if the state assets were not realized within three months (except for the city of Tashkent and the regional centers), their original cost falls to 10 percent with step-by-step decrease on 10 percent irrespective of their residual (balance sheet) cost or the amount of net assets. At the same time if the state assets will not be sold also after decrease in starting cost within three months, other methods of privatization will be used;

subjects of entrepreneurship are granted the right of direct purchase of object of state-owned property on estimated value which lease term according to the lease agreements signed till January 1, 2024 by means of electronic trade platform of "E-AUKSION" constitutes at least five years, when implementing works on capital repairs, upgrade, improvement of the adjacent territory and to improvement of buildings and constructions in various degree according to the procedure established by the Cabinet of Ministers, timely payment of the rent and also in case of inclusion of this object in the privatization program;

the state blocks of shares can be on sale to foreign investors through the biddings of the RBF Tashkent in foreign currency, and payment for them can be performed in the currency specified in the agreement;

since August 1, 2024 in the course of the held electronic online biddings on sale and lease of the state assets, parcels of land and property of the companies with the state participation with starting cost to the thousandfold size of basic settlement size, the procedure in case of which from the third stage participants need to have on the personal account the amount equal to the size of the actual deposit in relation to their price offer is entered. At the same time these means will be considered as deposit.

5. Approve the offer of the Agency of state assets and the Ministry of Economics and finance on charge of the land tax and property tax it is pro rata to the means paid for object by the buyers who acquired the state real estate objects with payment term of payments by installments.

To the agency of state assets and the Ministry of Economics and finance in two-month time proceeding from this Item to introduce the bill on introduction of amendments to the Tax Code to the Cabinet of Ministers.

6. Establish procedure according to which since May 1, 2024, for the purpose of acceleration of realization of the parcels of land of nonagricultural appointment and stimulation of commissioning on their base of production (service) facilities:

a) the starting cost of the parcels of land (except for the city of Tashkent and the regional centers) exposed on biddings and not realized within three months decreases to 30 percent which are not realized within six months - to 10 percent step by step on 10 percent;

b) on the state assets and the parcels of land acquired on the property right, located in the areas included in the 4th and 5th categories proceeding from specialization and the existing conditions for small business:

the procedure for charge of percent on the main rate of the Central bank on the remained amount in cases is cancelled if the amount of initial payment constitutes less than 35 percent (except for the parcels of land);

the size of initial payment for transfer as proof of the parcels of land of nonagricultural appointment as credit providing decreases from 35 percent to 15 percent;

the possibility of payment of payments by installments within 5 years by equal shares irrespective of their amount is created (except for the parcels of land);

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