In Uzbekistan a new corporate culture has formed

14435015571-300x200Uzbek news agency “Jahon” has published the interview with the members of The Chamber of Commerce Italy Uzbekistan, Roberto Mori  (Tenova), Dario Barducci (Toscana Nastri), and with the Vice President of OICE, Alfredo Ingletti.

According to the program of structural reforms and economic diversification in the 2015-2019 one of the main goals is to ensure reliable protection of private entrepreneurship and small and medium-sized enterprises interests, as well as increase the role of private property and reduce the presence the State in the economy of the country. In this context it is extremely important to introduce modern practices of corporate management to improve the efficiency of joint-stock companies and develop the processes of privatization in Uzbekistan. In this regard, in the interview to the news agency “Jahon” Italian entrepreneurs have highlighted a number of important circumstances.

Roberto Mori, Special Projects Director in Tenova:

– Today in Uzbekistan the implementation of corporate governance principles is based on the best practices that summarize international best practices and that, in my opinion, will soon hasten the strengthening of the entrepreneurial spirit in the market.

We must point out three main aspects of the work on the adoption of corporate governance principles in joint-stock companies:

First, the State support, which made it possible to improve the business management process by the shareholders. The basis of the corporate governance system improvement is the Presidential Decree “The measures for the implementation of modern methods of corporate governance in joint-stock companies”;

Secondly, there is an accurate work on the preparation of industry specialists. It is paid a special attention to this area: there was created a scientific-educational center of business management, in which nearly 160 managers of joint-stock companies and Uzbek enterprises have had an opportunity to take a course in professional training. In this context, moreover, we have to mention the tangible results of the Management Training Program financed by EU and aimed to reveal the potential of Uzbek managers of small and medium-sized enterprises. Within this project, 30% of entrepreneurs selected in Uzbekistan have done internships in Italian companies;

Thirdly, the Corporate Governance Code designed for the development of this process was approved in February 2016 in the Republic of Uzbekistan.

I believe that Uzbekistan, that in a short period of time has made enormous progress in many areas, can expect the implementation of modern management principles in all businesses and significant achievements in the economic development of the country.

Dario Barducci, Manager in Toscana Nastri:

In order to improve well-being of the people and to stimulate the economic growth a lot of work is done in Uzbekistan. The minimum shareholding of foreign investors in the Uzbek joint-stock companies has to amount at least to 15%.

Among them there are the strategic shareholdings of joint-stock companies like “Uzbektelecom” or “Uzbekiston Pochtasi” (Uzbekistan Post). This decision testifies to the gradual integration of the Uzbek economy into the world economic system.

It is important to underline that there are significant tax benefits, including tax exemption, like income tax exemption of foreign investors in the form of dividends on the shares until 2019.

The adoption of the Corporate Governance Code contributes to the implementation of international standards of operation transparency, the increase of managers’ responsibility, and the strengthening of the role of minority shareholders in the management of enterprises. With the new corporate culture, foreign investment in Uzbekistan will only grow.

Our company is one of the main Italian investors in Uzbekistan. We appreciate the measures aimed at further development and update of the country’s economy which are applied in Uzbekistan.

Alfredo Ingletti, OICE Vice President:

– Our association observes attentively foreign markets that can offer ample business opportunities for companies associated with OICE. Considering its geographical position and its economic potential, Uzbekistan is particularly attractive for Italian companies. We are ready to provide support in the implementation of infrastructure projects in the country.

There is no doubt that the measures for the implementation of effective corporate management principles contribute to the attraction of foreign investments and to the further growth of well-being of the people.