On April 21, 2025, President Shavkat Mirziyoyev approved a major privatization program (Decree No. 145). The initiative will see 29 of the country’s largest state-owned enterprises put up for sale and 12 companies prepared for IPOs and SPOs.

Key Highlights:

• 29 major state-owned enterprises — including UzAuto Motors, Uzbekistan GTL, Uzmetkombinat, and Uzbektelecom — will be offered through public tenders;

• 11 companies are expected to conduct IPOs and SPOs on international and local exchanges between 2026 and 2028. The only exception is the Navoi Mining and Metallurgical Combine (NMMC), which is scheduled to launch its IPO in the second half of 2025;

• The program covers assets across strategic sectors, including energy, industry, telecommunications, and transport.