The document was adopted for further deepening privatization processes of the state property and expanding scale of private property based on foundation of market economy, increase efficiency of antimonopoly registration and formation of real competitive environment, speed up development stock market, especially secondary market, improve corporate management.

The decree said that Uzbekistan conducted wide-scale work on privatization of the state property and over 31,000 state enterprises and objects were privatized in the result.

Currently, over 82.5% of gross domestic product (GDP) of Uzbekistan fell to share of non-governmental sector and over 90% of industrial production and contractor’s work and all agriculture products are produced by non-governmental sector.

The decree said that however there are many issues, which should be solved. The issues are related with domination of natural monopoly, formation of organizational and practical measures on increasing efficiency of anti-monopoly regulation, stimulation of competitiveness of enterprises and markets, etc.

The document said that newly adopted law “On competition” should help to solve these issues, including domination in markets, limiting competition on goods and financial markets.

New committee will be formed on the base of eliminated State Committee of Uzbekistan on Management of State Property and State Committee of Uzbekistan on Demonopolization and Development of Competition.

The main tasks and priority directions of newly created committee are development and implementation of system of measures on deepening privatization processes, realization of state properties to private sector, introduction of new forms and ways of denationalization, ensuring transparency and openness of realization of state property to private proprietors, introduction of monitoring over execution of investment obligations by investors.

The committee also will realize measures on development of stock exchange, especially the secondary marker, due to stimulation of growth of capitalization and profitability of public companies, inform businesses on exchange operations, improvement of market infrastructure, etc.

New committee will work on improvement of system on corporate management directed at further improving role of shareholders and supervisory councils in management of public companies, protection of interests of minorities.

The committee will also work on further improving legislation and development of competitive environment, preventing unfair competition in goods and service markets, first of all in internal markets and advertisement market, protecting interest and rights of consumers.

State Property Committee of Uzbekistan on privatization, demonopolization and development of competition is assignee on rights and liabilities of the State Committee of Uzbekistan on Management of State Property and State Committee of Uzbekistan on Demonopolization and Development of Competition.

The decree added that decisions of new committee, adopted within its jurisdiction, are mandatory for implementation by ministries, departments, local administration, business entities and officials, as well as citizens. Uzbek President exempted new committee from payment of state duties on suits, submitted to courts.