OREANDA-NEWS. December 09, 2013. The State Committee of the Republic of Uzbekistan for Privatization, De-Monopolization and the Promotion of Competition has organized a meeting in Tashkent with a delegation of the Republic of Korea made up by representatives of South Korea’s Ministry of Justice, the Korean Stock Exchange (KRX) and the consulting company Yung and Young.

The aim sought by the meeting was the further discussion of the proposals pushed forward by the Ministry of Justice of the Republic of Korea in the perfection of legislation concerning the securities market. The proposals were shaped following a thorough study of the normative legislative base in the Republic of Uzbekistan on the securities market with an eye to the modernization efforts undertaken in the stock market.

Currently, the Uzbek stock market has been undergoing considerable transformation. Achievements have been made in terms of both quantitative and qualitative progress. This includes the growth in turnover, intensification of deals, gradual increase in the share of stock segment in the total volumes of trade, as well as the development of all infrastructure of the stock market and, finally, the perfection of the legislative base.

The Korean Stock Exchange has been an energetic participant in all these processes. The State Committee of the Republic of Uzbekistan for Privatization, De-Monopolization and the Promotion of Competition penned a memorandum on understanding with the KRX on 28 October 2008 designed to promote the securities market. In accordance with the memo, a united working committee was founded that comprised experts from both sides for the examination of state of affairs in the securities market. Cooperation has been established in the organization of training seminars on information technologies essential for a reliable and effective operation of the securities market and the evaluation of the legislative base that regulates this market in Uzbekistan. Another, no less a significant document for fruitful interaction has become the General Agreement on the Modernization of Securities Market in Uzbekistan that was signed by the two bodies on 23 August 2011.

Saifitdin Gafarov, first deputy chairman of the State Committee of the Republic of Uzbekistan for Privatization, De-Monopolization and the Promotion of Competition, and others noted during the meeting that the important factor in the perfection of the securities market in our country and in the enhancement of cooperation with the Korean side has been served by the resolution of President Islam Karimov “On Measures to Bolster the Stock Market” signed 19 March 2012.

The KRX ought to supply and introduce – under turnkey terms – the Integrated Policy and Technical Complex for the stock market of Uzbekistan that includes software, server and telecommunication service, training of local specialists and the provision of guaranteed servicing during a year, as well as the provision of assistance in improving the legislative base. Deriving from this, a special emphasis was placed on the consideration of the bill of the Republic of Uzbekistan “On the Introduction of Amendments and Addenda to the Law of the Republic of Uzbekistan on the Securities Market. In their turn, representatives of the delegation from the Republic of Korea informed about the expertise garnered by their country on this front and the further plans for cooperation.

As it was stressed, comprehensive measures are being taken in Uzbekistan to promote the securities market, which have been yielding remarkable effects. Thus, the KRX Korea Stock Exchange is currently an enthusiastic participant of the process of modernization of this market that has extensive prospects. The mutually advantageous partnership is expected to facilitate the elevation of Uzbekistan’s stock market up to the level of world standards.