Conditions for purchasing state property and land will be eased

A number of reliefs are being introduced for entrepreneurs in the privatization of state assets and land plots in Uzbekistan. This is stipulated by the President's decree dated August 28.

Accordingly, the advance payment for purchasing a state asset will be reduced from 30 percent to 15 percent. In addition, entrepreneurs who pay the asset value in full within 6 months will receive a 25 percent discount.

Furthermore, buyers who pay half (50 percent) of the asset value will be given the opportunity to pay the remaining part in interest-free installments over 7 years (or pay 35 percent within 3 months and pay the rest in interest-free installments for 5 years).

Land plots will be offered to entrepreneurs in a ready-to-use condition. That is, they will be put up for auction with the necessary construction permits, architectural and planning assignments, and project documentation already prepared. This will save entrepreneurs from spending months gathering documents.

It is also stipulated that the starting price of state property unsold at auction for three months will be gradually reduced down to 10 percent.

The goal of the reforms is to reduce state participation in the economy, transfer inefficiently used assets to the private sector, and create new projects and jobs based on them.