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Uzbekistan aims to develop competitive business environment

Business Materials 10 July 2020 09:37
Uzbekistan aims to develop competitive business environment

BAKU, Azerbaijan, July 10

By Ilkin Seyfaddini - Trend:

The government of Uzbekistan has approved a strategy to develop competition on commodity and financial markets in the period from 2020 through 2024, Trend reports citing the Ministry of Justice of Uzbekistan.

President Shavkat Mirziyoyev signed a decree on additional measures to further develop the competitive environment and reduce state participation in the economy of Uzbekistan.

In accordance with the decree, starting from October 1, 2020, the creation of economic entities with the participation of the state and their affiliates, as well as government agencies authorized to conduct business activities in areas in which five or more private entrepreneurs are already operating in the same commodity market will be prohibited.

In addition, the creation of business entities by government agencies in those areas in which they are authorized to license, register, accredit and issue permits also will be prohibited.

The decree defines regulatory and legal acts, which are adopted subject to the conclusion of the Ministry of Economic Development and Poverty Reduction, the Ministry of Justice and the Antimonopoly Committee of Uzbekistan.

A strategy for the development of competition on commodity and financial markets in the period from 2020 through 2024 was also approved.

A single draft law will be developed by combining laws on competition and natural monopolies until November 1, 2020.

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