Uzbekistan’s securities market capitalization has more than tripled over the past two years, exceeding $25 billion. This was announced on September 17 by the chairman of the National Association of Investment Institutions (NAII) at the VIII International Cbonds Conference “Capital Market of the Republic of Uzbekistan”, Spot correspondent reports.
Uzbekistan’s securities market capitalization has more than tripled over the past two years, exceeding $25 billion. This was announced on September 17 by Anvar Irchaev, Chairman of the National Association of Investment Institutions (NAII), at the VIII International Cbonds Conference “Capital Market of the Republic of Uzbekistan”, Spot correspondent reports.
According to him, the market is undergoing a “large-scale transformation”, driven in part by a new legislative framework, Uzbek issuers' access to international capital markets and growing interest from foreign investors.
“The results already speak for themselves. The capitalization of the securities market has more than tripled over the past two years and, by our modest estimates, exceeds $25 billion. Meanwhile, over-the-counter market turnover has increased more than 40-fold over these past couple of years”, the NAII chairman said.
He separately highlighted the new version of the Law “On the Capital Market”, which contains 16 chapters instead of nine and, according to him, is intended to address longstanding issues faced by market participants and investors. At the same time, new types of securities are being introduced, including Islamic securities and foreign-currency bonds. Access for foreign nominee holders has also been simplified, allowing overseas investors to purchase securities on Uzbekistan’s market through a more streamlined process.
According to the NAII chairman, the inflow of new capital will contribute to the growth of both state-owned companies and private corporations, as well as the professional investment community.
He noted that Uzbek brokers had long operated with limited resources and restricted access to international capital markets. However, a recent trip by industry representatives to Hong Kong, along with planned visits to London and Frankfurt, is expected to help establish ties with major foreign players, build confidence and attract capital.
“We want the members of our association to start earning more so that they can invest in IT infrastructure, analytics, people and staff development”, Irchaev said.
The NAII chairman also spoke about the association’s role in bringing together professional market participants, banks and issuers, as well as introducing common standards and working practices. According to him, the development of the professional community is necessary for the industry to close the gap with international trends and engage more actively with issuers, the government and foreign investors.
The English version of this material was generated with the assistance of AI translation tools and may differ slightly from the original text.
