National Agency of prospective projects of the Republic of Uzbekistan

The VII International Conference “Capital Market of the Republic of Uzbekistan” was held in Tashkent, organized by Cbonds-Congress with the support of the National Agency of Perspective Projects (NAPP) and the National Association of Investment Institutions (NAII).

The conference served as a unique platform for dialogue between regulators, investors, and issuers, facilitating discussions on current trends and regulatory changes, the exchange of international experience, and the development of strategies for advancing the financial sector.

The conference panel sessions discussed key changes in 2025, stock market trading dynamics, and liberalization measures for foreign investors. Participants focused on IPOs and SPOs of national companies, prospects for international placements, the development of the domestic securities market, and cooperation with foreign platforms. Separate discussions were devoted to the introduction of Islamic financial instruments, market digitalization, and the prospects for fintech.

First Deputy Director of NAPP, Vyacheslav Pak, in his opening remarks, emphasized the need for more decisive actions in the development of the capital market:

"In order to reach a new level of capital market development, Uzbekistan needs to move from gradual progress to more radical changes. We are trying to respond in a timely manner to existing problems related to digitalization, software, infrastructure and other aspects. It is necessary to accelerate the privatization process, when issuers themselves will be interested in attracting investors not by obtaining loans and borrowings, but, for example, through equity issuance, IPOs.

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The fact that there has been a certain shift and growth in the corporate bond market indicates that certain banks and players have recognized the attractiveness of this instrument. The growth and increase in the share of corporate bonds shows that we are on the right track".

The event brought together more than 250 representatives of the financial and business community, including representatives of government agencies, leading financial institutions, banks, investment companies and brokers, as well as international experts.