UZBEKISTAN \u00a0\u00b7\u00a0 FOREIGN INVESTMENT<\/p>\n
Bond Stone advises foreign investors on Uzbekistan’s privatisation programme and public-private partnership (PPP) framework \u2014 participation in SOE acquisitions, tender procedures, post-privatisation investment obligations, PPP concession agreements, and BIT protections for investors in state-related transactions.<\/p>\n
Primary authority: Law “On Privatisation of State Property” No. ZRU-200 dated 9 December 2009 (as amended); Presidential Decree No. UP-47 dated 21 April 2025 (29 SOEs for privatisation 2025\u20132026); Law “On Investments and Investment Activity” No. ZRU-598 dated 25 December 2019. Authority: lex.uz<\/a><\/p>\n <\/p>\n Uzbekistan \u2014 Market Context 2025<\/p>\n USD 145B<\/p>\n GDP 2025<\/p>\n<\/div>\n 7.7%<\/p>\n GDP growth 2025<\/p>\n<\/div>\n USD 43B<\/p>\n FDI 2025<\/p>\n<\/div>\n 50+<\/p>\n BITs \u2014 investor protection<\/p>\n<\/div>\n<\/div>\n<\/div>\n Scale of Uzbekistan’s privatisation programme \u2014 2025\u20132026<\/p>\n Presidential Decree No. UP-47 dated 21 April 2025 instructed privatisation of 29 state-owned enterprises in 2025\u20132026 \u2014 with IPOs and secondary public offerings 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 represents the most significant wave of privatisation in Uzbekistan’s history and creates a substantial M&A pipeline for foreign investors.<\/p>\n<\/div>\n Acquisition routes for foreign investors<\/p>\n Foreign investors can participate in Uzbekistan’s privatisation programme through: direct share acquisition via competitive tender or negotiated sale; participation in IPOs and secondary offerings on the Tashkent Stock Exchange (TSE); acquisition of assets from state-owned enterprises through asset sale procedures; and PPP arrangements for state-owned infrastructure assets. Bond Stone advises on the most appropriate route based on the target asset, investor profile, and investment objectives.<\/p>\n<\/div>\n Post-privatisation investment obligations<\/p>\n Purchasers in Uzbek privatisation transactions often assume post-privatisation investment obligations \u2014 minimum capital expenditure commitments, employment preservation requirements, operational continuity conditions, and social infrastructure obligations. These obligations are binding on the acquirer \u2014 failure to fulfil them may result in rescission of the sale or financial penalties. Bond Stone reviews and negotiates post-privatisation obligations before transaction completion and advises on ongoing compliance.<\/p>\n<\/div>\n PPP framework<\/p>\n Uzbekistan’s PPP framework enables foreign investors to participate in infrastructure development through concession agreements and public-private partnership arrangements. Key sectors for PPP investment include: roads and transport infrastructure; energy generation and distribution; water supply; and healthcare. Bond Stone advises on PPP concession agreement structure, risk allocation, government guarantee provisions, and dispute resolution.<\/p>\n<\/div>\n BIT protections for privatisation investors<\/p>\n Foreign investors in Uzbek privatised enterprises and PPP projects are protected by Uzbekistan’s 50+ bilateral investment treaties \u2014 providing guarantees against expropriation without compensation, national treatment, and investor-state arbitration access. Bond Stone advises on structuring privatisation investments and PPP arrangements to maximise available BIT protections and on the interaction between EFI domestic protections and BIT rights.<\/p>\n<\/div>\n<\/div>\n Bond Stone has advised foreign investors on investment structuring in Uzbekistan. Client confidentiality is maintained across all matters.<\/p>\n SOE Acquisition \u2014 Manufacturing<\/p>\n Privatisation \u00b7 Uzbekistan \u00b7 Manufacturing<\/p>\n Advising a foreign investor on acquisition of an Uzbek SOE through the privatisation programme \u2014 tender due diligence, post-privatisation obligations, SPA negotiation, and BIT protection structuring.<\/p>\n<\/div>\n TSE IPO \u2014 Foreign Institutional Investor<\/p>\n Privatisation \u00b7 Uzbekistan \u00b7 Capital Markets<\/p>\n Advising a foreign institutional investor on participation in a Tashkent Stock Exchange IPO of an Uzbek SOE \u2014 investment documentation, shareholder rights, EFI status analysis, and post-acquisition compliance.<\/p>\n<\/div>\n PPP \u2014 Infrastructure Concession<\/p>\n Privatisation \u00b7 Uzbekistan \u00b7 Infrastructure<\/p>\n Advising a foreign investor on a PPP concession agreement for an Uzbek infrastructure asset \u2014 concession term, risk allocation, government guarantee provisions, tariff setting, and TIAC dispute resolution clause.<\/p>\n<\/div>\n Post-privatisation Compliance<\/p>\n Privatisation \u00b7 Uzbekistan \u00b7 Corporate<\/p>\n Advising an acquirer on compliance with post-privatisation investment obligations \u2014 capital expenditure monitoring, employment preservation, social infrastructure fulfilment, and renegotiation with relevant state authority.<\/p>\n<\/div>\n Franklin Templeton NIF \u2014 Investment Advisory<\/p>\n Privatisation \u00b7 Uzbekistan \u00b7 Capital Markets<\/p>\n Advising a foreign investor on acquiring a stake in an NIF-managed Uzbek SOE \u2014 NIF transaction framework, EFI status, BIT protection, and investment agreement advisory.<\/p>\n<\/div>\n Energy PPP \u2014 BIT Protection<\/p>\n Privatisation \u00b7 Uzbekistan \u00b7 Energy<\/p>\n Advising a foreign energy investor on structuring a PPP arrangement in Uzbekistan’s energy sector to maximise BIT protection \u2014 treaty selection, investment vehicle nationality, government guarantee, and dispute resolution.<\/p>\n<\/div>\n<\/div>\n Uzbekistan \u2014 Investment Framework<\/p>\n \u2726 \u00a0100% foreign ownership permitted in most sectors \u2014 Law No. ZRU-598<\/p>\n \u2726 \u00a0EFI status \u2014 additional protections for qualifying foreign investors<\/p>\n \u2726 \u00a028 SEZs, 389 Small Industrial Zones \u2014 tax and customs exemptions<\/p>\n \u2726 \u00a050+ BITs \u2014 investor-state arbitration and free transfer guarantees<\/p>\n<\/div>\n Uzbekistan \u2014 English Common Law Jurisdiction<\/p>\n Tashkent International Financial Centre (TIFC)<\/p>\n Established March 2026 \u2014 English common law investment framework, TFSA regulator, TICC commercial court, tax exemptions until 2076.<\/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 investment authorities<\/p>\n \u2726 \u00a0Ranked Legal 500 EMEA and IFLR1000 \u2014 Tashkent and Almaty offices<\/p>\n<\/div>\n Primary authority: lex.uz<\/a><\/p>\n Contact Bond Stone for a confidential discussion about Privatisation & State Partnership in Uzbekistan.<\/p>\n \ud83d\udce7 info@bondstonelaw.com<\/a> Request a Confidential Consultation<\/a> UZBEKISTAN \u00a0\u00b7\u00a0 FOREIGN INVESTMENT Privatisation and State Partnership in Uzbekistan Bond Stone advises foreign investors on Uzbekistan’s privatisation programme and public-private partnership (PPP) framework \u2014 participation in SOE acquisitions, tender procedures, post-privatisation investment obligations, PPP concession agreements, and BIT protections for investors in state-related transactions. Primary authority: Law “On Privatisation of State Property” No. ZRU-200 […]<\/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-4786","page","type-page","status-publish","hentry"],"translation":{"provider":"WPGlobus","version":"3.0.5","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\/4786","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=4786"}],"version-history":[{"count":2,"href":"https:\/\/bondstonelaw.com\/ru\/wp-json\/wp\/v2\/pages\/4786\/revisions"}],"predecessor-version":[{"id":4788,"href":"https:\/\/bondstonelaw.com\/ru\/wp-json\/wp\/v2\/pages\/4786\/revisions\/4788"}],"wp:attachment":[{"href":"https:\/\/bondstonelaw.com\/ru\/wp-json\/wp\/v2\/media?parent=4786"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nKey Framework<\/h2>\n
\nExperience<\/h2>\n
\nInvesting in Uzbekistan<\/h2>\n
\nDiscuss your Uzbekistan investment<\/h2>\n
\n\ud83d\udcde +7 (701) 729 76 72<\/a><\/p>\n
\n\u2190 Profit Repatriation<\/a>
\n\u2190 Foreign Investment Hub<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"