Uzbekistan started restructuring process of NMMC; Uzbekistan plans to liquidate the State Committee on Competition and create three new structures on its basis; Uzbekistan will attract the German Deutsche Bahn to reform “Uzbekistan Temir Yollari”; German companies will be attracted to the creation of gas chemical complexes in Uzbekistan; Uzbekistan will create an electronic platform for freight.
A number of measures will be implemented in Uzbekistan to improve the management system and increase the efficiency of the Navoi Mining and Metallurgical Combine.
In particular, a Project Office will be created at the enterprise with the following tasks assigned to it:
- introduction of modern methods of corporate governance and organization of transformation of Navoi MMC into a joint-stock company;
- implementation of IFRS into the financial reporting process;
- reduction of the cost of production by optimizing and automating business processes;
- improvement of financial and economic activity of the enterprise.
In addition, a new post of first deputy general director will appear at the plant with the following main functions:
- introduction of modern methods of corporate governance and financial management, including the organization of an independent external audit with the publication of financial and other reporting for investors;
- organization of the effective work of the Project Office with the involvement of international and domestic experts with experience in the implementation of large-scale projects;
- expansion and diversification of sources for financing investment projects, including attraction of funds from international financial institutions, as well as preparation for IPO and SPO on domestic and international stock markets.
Uzbekistan plans to liquidate the State Committee on Competition and create three new structures on its basis
Uzbekistan intends to liquidate the State Committee for Assistance to Privatized Enterprises and Development of Competition, and to create three independent structures on its basis.
The Center for the Coordination and Development of the Securities Market and the Center for State Assets Management will also be eliminated.
Instead, it is proposed to create a State Committee for the Protection of Competition (Antimonopoly Committee), the Agency for Management of State Assets, the Agency for the Development of the Capital Market.
«Now we are working with a group of Deutsche Bahn AG, it is the world’s largest carrier in the railway sector. This is a German government owned company. Negotiations are underway to attract German experts and consultants to develop the strategy for the future activities of Uzbekistan Temir Yollari», notes the first deputy chairman of the State Investment Committee Laziz Kudratov.
The experience of the German company in restructuring will be useful for improving and optimizing the activities of Uzbek enterprises, improving their efficiency, and resolving issues with deliveries within Uzbekistan.
First Deputy Chairman of the State Committee on Investments, Laziz Kudratov, called promising sectors of Uzbekistan in terms of attracting foreign investment during the regular session of the International Press Club.
Among them are the food and textile industries, agriculture, construction materials, and petrochemistry, in which there is a huge potential for value-added products.
The President’s visit to Germany is expected soon. According to its results, it is planned to bring leading German companies for the participation in the creation of gas chemical complexes in Uzbekistan. It was also mentioned that the committee is working with UAE companies on the preparation of investment projects in this direction.
Uzbekistan will create an electronic platform of the international transport and logistics center. The decision was made by Inha University in Tashkent, the Ministry for the Development of Information Technologies and Communications of Uzbekistan and the Uzavtotrans agency. The parties signed a memorandum of cooperation.
As noted in the press service of the university, the system will improve the efficiency of transportation and storage during the transport of export-import goods and reduce costs.
Inha University in Tashkent, together with employees of Uzavtotrans, will organize seminars, trainings and master classes on using the platform.