The procedure for listing local products on the stock exchange to be simplified
Tashkent, Uzbekistan (UzDaily.com) -- On 17 May, President of Uzbekistan Shavkat Mirziyoyev chaired a videoconference on increasing the volume of trading on the commodity exchange and expanding the participation of local enterprises in them.
The stock exchange is the basis of a market economy. Trading on the stock exchange creates free competition, opens up new markets for entrepreneurs, helps to reduce the "shadow economy" and corruption.
As a result of the reforms, the trade turnover on the country’s commodity exchange has doubled over the past three years, reaching 90 trillion soums, and the volume of goods sold has tripled.
In addition, 20 trading floors of the Republican Commodity and Raw Materials Exchange were created in foreign countries, through which products worth US$170 million were sold in the first four months of this year. At the same time, more than 1,200 foreign companies began to exhibit large volumes of products on the Uzbek stock exchange.
In the past, a large number of intermediaries participated in the auction. Last year, large enterprises earned an additional 8 trillion soums thanks to transparent trading on the stock exchange.
However, there are still shortcomings in the organization of exchange trading, expanding the participation of local entrepreneurs.
For example, 85 percent of exchange trading falls on 45 types of highly liquid goods. The share in exchange trading of textile, silk, leather and cable products, enterprises of Syrdarya, Andijan and Surkhandarya regions remains low.
In this regard, the head of state pointed out the need to intensify the participation of districts in putting local products on the stock exchange.
For example, from 1 July, 500,000 tons of wheat will be placed on the stock exchange. At the meeting, instructions were given on organizing this process, registering farmers and carriers, and creating favorable conditions for them.
In particular, when placing grain on the stock exchange, farmers will not be required to pledge. Payment for the sold goods is made by the exchange on the same day. The exchange guarantees timely and complete receipt of payments to the farmer.
- This is a good opportunity to expand the presence of districts on the exchange, said Shavkat Mirziyoyev.
Today, out of more than 45,000 local industrial enterprises, only 3,600 place their products on the stock exchange. Of course, this is very little.
In this regard, the procedure for listing local products on the stock exchange will be simplified.
In particular, from 1 July, a separate section of promising goods will be created on the exchange, where local entrepreneurs will be able to sell their products without additional documents. Then the best-selling goods will be placed on the main trading floors of the exchange. The procedure for registering entrepreneurs will be introduced simultaneously with state registration.
Another convenience will be the reduction of the exchange commission for the products of local entrepreneurs by 2 times. During the tax control, no additional checks will be carried out on goods sold or purchased by entrepreneurs through the stock exchange.
It was noted that using such opportunities, it is possible to double the turnover on the stock exchange. In particular, they pointed to huge reserves in the chemical, oil and gas, metallurgical, textile and food industries.
Particular attention is paid to increasing the volume of export-import trade on the stock exchange. Measures have been identified to simplify the relevant procedures.
At the meeting, a number of tasks were set to assist entrepreneurs who wish to participate in exchange trading, to train specialists in this area.
Heads of industries and regions reported on plans to expand trading on the stock exchange.