MPs of Legislative Chamber of Oliy Majlis of Uzbekistan, representatives of Ministry of Finance, Ministry of Economy, Ministry of Justice, Ministry of Interior Affairs, Ministry of Defense, Central Bank and other bodies participated at the event.

Uzbek President Islam Karimov called for further deepening market reforms and liberalization of economy at the joint session of the Legislative Chamber and Senate of Oliy Majlis on 12 November 2010. President Islam Karimov underlined that the law “On denationalization and privatization”, adopted in 1991, required review and adopt in new edition.

In this connection, the draft law “On privatization” in new edition has been developed. The draft law was developed by working group, which included representatives of the State Property Committee, ministries and departments, etc.

The draft law was created based on studying foreign experience and national legislation, as well as peculiarities of privatization process. The working group also studied experience of the CIS and European states in regulation of property relations.

The draft law significantly improves legal regulation of property privatization and includes several novelties. The document eliminates gaps in legislation on privatization and sets rights and liabilities of the participants of the privatization processes and expands privatization tool, etc.

Adoption of the draft law will help to deepen privatization processes, improve its quality parameters and harmonize legislation on state asset management.

Participants were informed about measures, conducted in developing non-state sector of economy and improving legislative base in privatization. They also discussed main clauses of the draft law “On privatization” in new edition.