BAKU, Azerbaijan, Oct. 31
By Klavdiya Romakayeva - Trend:
Uzbekistan will attract reputable international consulting organizations on a competitive basis with the aim of transforming large state-owned enterprises and economic associations, Trend reports referring to the presidential decree "On measures to accelerate the reform of enterprises with the participation of the state and the privatization of state assets".
As follows from the decree, 32 large state-owned enterprises and economic associations are subject to transformation in Uzbekistan.
The joint-stock companies Navoi MMC, Uzbekneftegaz, Uztransgaz, Khududgaztaminot, the four largest companies of the Ministry of Energy - National Electric Grids of Uzbekistan JSC, Regional Electric Networks, Thermal Power Plants, Uzbekgidroenergo are under the pressure of transformation.
The enterprises of the chemical industry such as Uzkimyosanoat JSC and Navoiazot, Uzbektelekom, Uzagrosugurta insurance company, Uzavtosanoat JSC, railway, and airlines will also be transformed.
The transformation is aimed at accelerating the introduction of modern consumer-oriented management methods, open, transparent, and market principles in enterprises with state participation, increasing income by reducing costs, creating more opportunities for private capital to participate in the reform process.
Benchmarks have been determined for the transformed enterprises.
Strategies for financial recovery, improving operational efficiency, as well as medium and long-term development should be developed for each enterprise with the involvement of reputable international consulting organizations on a competitive basis by April 1, 2021.
It is planned to introduce a modern corporate governance system until July 1, 2021. The system will provide for an audit of procurement and management systems, as well as the formation of services for a compliance system and anti-corruption.
The composition of the supervisory boards will be staffed by at least 30 percent qualified international specialists until July 1, 2021.
The measures approved by the decree will affect more than 2,000 state assets. Of these, it is planned to put up for auction 479 enterprises and 15 real estate objects, prepare 62 enterprises for privatization, improve the activity of 507 markets.
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