On March 29, 2023, the leadership of the State Assets Management Agency (hereinafter referred to as the State Assets Agency) received a delegation headed by Manraj Sekhon, Director of Templeton Asset Management Ltd, Singapore.

In this regard, important aspects and prospects of cooperation on the introduction of modern mechanisms of corporate governance and implementation of projects at large enterprises in Uzbekistan, in particular, the issue of establishing the National Investment Fund were discussed.

At the beginning of meeting Director of State Assets Agency Akmalkhon Ortikov noted that after state visit of President of the Republic of Uzbekistan Shavkat Mirziyoyev to Singapore on January 17, 2023 Uzbek-Singaporean relations reached a new level, cooperation has been significantly intensified.

At the same time, it is known that on March 24, 2023, a new privatization program was approved by the decree of the head of state, according to which, for the first time in the country, state-owned share in 1001 enterprises and 1046 real estate objects will be privatized, and an average of 2% of the shares of 40 large enterprises and banks is done on the principle of “nation’s IPO”.

In turn, the director of Templeton Asset Management Ltd, Manraj Sekhon, noted that the ongoing reforms to reduce state involvement in the economy, new programs of privatization and introduction of corporate governance are examples of the positive experience of developed countries, which help create their own brand of the country, that further increases the confidence in Uzbekistan from influential international investors.

At the same time, during the meeting, representatives of the State Assets Agency spoke separately about the many years of experience of Templeton Asset Management, stating the importance of their support in the effective implementation of the project "nation’s IPO" and the withdrawal of large public companies to the capital market.

Accordingly, the parties identified further areas of cooperation and agreed on specific measures for their implementation.