UZBEKISTAN \u00a0\u00b7\u00a0 CORPORATE & COMMERCIAL<\/p>\n
Bond Stone advises international investors on privatisation in uzbekistan \u2014 from initial structuring through documentation, regulatory compliance, and post-transaction management. Bond Stone’s Tashkent office enables direct engagement with Uzbek authorities, registration bodies, and counterparties.<\/p>\n
Primary authority: Law of the Republic of Uzbekistan “On Privatisation of State Property” No. ZRU-200 dated 9 December 2009 (as amended); Law “On Investments and Investment Activity” No. ZRU-598 dated 25 December 2019; Presidential Decree No. UP-47 dated 21 April 2025 (29 SOEs for privatisation 2025\u20132026). Authority: lex.uz<\/a><\/p>\n Uzbekistan \u2014 Market Context 2025<\/p>\n USD 145B<\/p>\n GDP \u2014 Central Asia’s second largest economy<\/p>\n<\/div>\n 7.7%<\/p>\n Real GDP growth \u2014 among the fastest globally in 2025<\/p>\n<\/div>\n USD 43B<\/p>\n Foreign direct investment in 2025 \u2014 up 1.6x year on year<\/p>\n<\/div>\n 17,000+<\/p>\n Foreign-invested enterprises operating in Uzbekistan<\/p>\n<\/div>\n<\/div>\n<\/div>\n Scale of Uzbekistan’s privatisation programme<\/p>\n Presidential Decree of 21 April 2025 instructed privatisation of 29 state-owned enterprises in 2025\u20132026, with IPOs and SPOs of 12 large SOEs on domestic and international stock exchanges. Franklin Templeton was appointed as Trustee and Manager of the National Investment Fund of Uzbekistan \u2014 managing minority stakes in 18 SOEs with an approximate value of USD 1.5 billion. This is the most significant privatisation wave in Uzbekistan’s history.<\/p>\n<\/div>\n Acquisition routes<\/p>\n Foreign investors can participate in Uzbekistan’s privatisation programme through: direct share acquisition via negotiated sale or public tender; participation in IPOs and SPOs on the Tashkent Stock Exchange; acquisition of assets from state-owned enterprises; and PPP arrangements for infrastructure assets. Bond Stone advises on the most appropriate route based on the target asset, investor profile, and investment objectives.<\/p>\n<\/div>\n Due diligence \u2014 privatisation-specific risks<\/p>\n Privatisation transactions in Uzbekistan require specific due diligence beyond standard corporate review \u2014 including confirmation that the original privatisation was lawfully conducted, review of post-privatisation investment obligations that may bind the acquirer, assessment of environmental liabilities from Soviet-era operations, and identification of any state or municipal claims against the target.<\/p>\n<\/div>\n Investment protections<\/p>\n Foreign investors in privatised Uzbek enterprises are protected by the Law on Investments and Investment Activity \u2014 guarantees against expropriation without compensation, unrestricted profit repatriation, and national treatment. Uzbekistan’s bilateral investment treaty network (50+ states) provides additional treaty arbitration access. Bond Stone advises on maximising available investment protections in privatisation transactions.<\/p>\n<\/div>\n<\/div>\n Bond Stone advises foreign investors on participation in Uzbekistan’s privatisation programme \u2014 including due diligence on privatisation targets, acquisition structuring, and investment protection advice. Client confidentiality is maintained across all matters.<\/p>\n SOE Acquisition \u2014 Manufacturing Sector<\/p>\n Privatisation \u00b7 Uzbekistan \u00b7 Manufacturing<\/p>\n Advising a foreign investor on the acquisition of an Uzbek state-owned manufacturing enterprise \u2014 privatisation due diligence, post-privatisation investment obligations, SPA negotiation, and BIT protection analysis.<\/p>\n<\/div>\n Tender Procedure \u2014 Chinese Buyer<\/p>\n Privatisation \u00b7 Uzbekistan \u00b7 China<\/p>\n Advising a Chinese buyer on participation in a competitive tender for an Uzbek state asset \u2014 tender documentation review, bid structuring advice, and post-acquisition regulatory compliance strategy.<\/p>\n<\/div>\n Investment Protection \u2014 Post-privatisation<\/p>\n Advisory \u00b7 Uzbekistan \u00b7 Investment<\/p>\n Advising a foreign investor on available investment protections following acquisition of a privatised Uzbek enterprise \u2014 BIT treaty analysis, stabilisation clause review, and dispute resolution clause structuring for post-acquisition commercial agreements.<\/p>\n<\/div>\n IPO Participation \u2014 Foreign Institutional Investor<\/p>\n Privatisation \u00b7 Uzbekistan \u00b7 Capital Markets<\/p>\n Advising a foreign institutional investor on participation in an IPO of an Uzbek state-owned enterprise on the Tashkent Stock Exchange \u2014 eligibility requirements, investment documentation, and post-acquisition shareholder rights.<\/p>\n<\/div>\n Asset Acquisition \u2014 Industrial Plant<\/p>\n Privatisation \u00b7 Uzbekistan \u00b7 Manufacturing<\/p>\n Advising on the acquisition of an Uzbek state-owned industrial plant through a direct negotiated sale \u2014 asset due diligence, environmental liability assessment, post-privatisation investment obligation analysis, and SPA negotiation.<\/p>\n<\/div>\n BIT Protection Analysis \u2014 Gulf Investor<\/p>\n Advisory \u00b7 Uzbekistan \u00b7 Investment<\/p>\n Advising a Gulf investor on available BIT protections for a planned investment in a privatised Uzbek enterprise \u2014 treaty selection, stabilisation clause negotiation, and structuring of the investment to maximise treaty protection.<\/p>\n<\/div>\n PPP Structure \u2014 Infrastructure Asset<\/p>\n Privatisation \u00b7 Uzbekistan \u00b7 Infrastructure<\/p>\n Advising on a public-private partnership arrangement for an Uzbek infrastructure asset \u2014 PPP agreement structure, concession terms, risk allocation, government guarantee provisions, and dispute resolution under Uzbek law.<\/p>\n<\/div>\n<\/div>\n Uzbekistan \u2014 Investment Framework<\/p>\n \u2726 \u00a0100% foreign ownership permitted in most sectors \u2014 no mandatory local partner requirement<\/p>\n \u2726 \u00a0Enterprise with Foreign Investment (EFI) status confers additional guarantees \u2014 Law on Investments and Investment Activity No. ZRU-598 dated 25 December 2019<\/p>\n \u2726 \u00a028 Special Economic Zones, 389 Small Industrial Zones \u2014 tax and customs duty exemptions for qualifying residents<\/p>\n \u2726 \u00a0Active privatisation programme \u2014 29 SOEs being privatised in 2025\u20132026, IPOs and SPOs of 12 large state enterprises<\/p>\n \u2726 \u00a0Bilateral investment treaty network \u2014 50+ BITs providing treaty arbitration access for qualifying investors<\/p>\n \u2726 \u00a0Top FDI sources \u2014 China (25.6%), Russia (13.4%), Saudi Arabia (7.9%), Turkey (6.4%), UAE (5.8%)<\/p>\n<\/div>\n Uzbekistan \u2014 English Common Law Jurisdiction<\/p>\n Tashkent International Financial Centre (TIFC)<\/p>\n Established by Presidential Decree No. PD-48 on 31 March 2026 \u2014 English common law framework, independent TFSA regulator, Tashkent International Commercial Court, and tax exemptions until 2076. Bond Stone is positioning clients for TIFC entry ahead of the framework becoming fully operational.<\/p>\n Tashkent International Financial Centre \u2014 full guide \u2192<\/a><\/p>\n<\/div>\n Why Bond Stone<\/p>\n \u2726 \u00a0Tashkent office \u2014 direct engagement with Uzbek authorities, registration bodies, and local counterparties<\/p>\n \u2726 \u00a0Active Uzbekistan corporate practice \u2014 joint ventures, M&A, commercial contracts, and restructuring across energy, manufacturing, and trading sectors<\/p>\n \u2726 \u00a0Chinese investor expertise \u2014 Bond Stone advises Chinese investors entering Central Asia through Uzbekistan<\/p>\n \u2726 \u00a0Ranked Legal 500 EMEA and IFLR1000<\/p>\n<\/div>\n Primary authority: lex.uz<\/a><\/p>\n Contact Bond Stone for a confidential discussion about privatisation in uzbekistan in Uzbekistan.<\/p>\n \ud83d\udce7 info@bondstonelaw.com<\/a> Request a Confidential Consultation<\/a> UZBEKISTAN \u00a0\u00b7\u00a0 CORPORATE & COMMERCIAL Privatisation in Uzbekistan Bond Stone advises international investors on privatisation in uzbekistan \u2014 from initial structuring through documentation, regulatory compliance, and post-transaction management. Bond Stone’s Tashkent office enables direct engagement with Uzbek authorities, registration bodies, and counterparties. Primary authority: Law of the Republic of Uzbekistan “On Privatisation of State Property” […]<\/p>\n","protected":false},"author":4,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-4627","page","type-page","status-publish","hentry"],"translation":{"provider":"WPGlobus","version":"3.0.2","language":"ru","enabled_languages":["en","ru"],"languages":{"en":{"title":true,"content":true,"excerpt":false},"ru":{"title":false,"content":false,"excerpt":false}}},"_links":{"self":[{"href":"https:\/\/bondstonelaw.com\/ru\/wp-json\/wp\/v2\/pages\/4627","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bondstonelaw.com\/ru\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/bondstonelaw.com\/ru\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/bondstonelaw.com\/ru\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/bondstonelaw.com\/ru\/wp-json\/wp\/v2\/comments?post=4627"}],"version-history":[{"count":2,"href":"https:\/\/bondstonelaw.com\/ru\/wp-json\/wp\/v2\/pages\/4627\/revisions"}],"predecessor-version":[{"id":4629,"href":"https:\/\/bondstonelaw.com\/ru\/wp-json\/wp\/v2\/pages\/4627\/revisions\/4629"}],"wp:attachment":[{"href":"https:\/\/bondstonelaw.com\/ru\/wp-json\/wp\/v2\/media?parent=4627"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nKey Considerations<\/h2>\n
\nExperience<\/h2>\n
\nInvesting in Uzbekistan<\/h2>\n
\nDiscuss your Uzbekistan matter<\/h2>\n
\n\ud83d\udcde +7 (701) 729 76 72<\/a><\/p>\n
\n\u2190 Corporate Restructuring Uzbekistan<\/a>
\nJoint Ventures Uzbekistan \u2192<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"