Korean Stock Exchange delegation visits Uzbekistan

On 26 September, the delegation led by director of the Korean Stock Exchange on strategic management Hong-Hee Shin held a meeting with the management of the State Committee of the Republic of Uzbekistan for privatization, demonopolization and development of competition, the Center for coordination and development of security market, Uzbekistan Stock Exchange and Central Depository.

On 27 the Korean delegation participated at the meeting of the working group, which includes representatives of the State Committee of the Republic of Uzbekistan for privatization, demonopolization and development of competition, the Center for coordination and development of security market, Uzbekistan Stock Exchange and others. The sides discussed proposals of the Korean side on attracting foreign investors and population to investment projects, implemented in Uzbekistan. The Korean side underlined that issue and public placement of shares will improve transparency of the enterprises and form effective corporate management.

The Korean side also shared with experience of privatization through issue and placement of “public” shares at the examples of POSCO and KEPCO.

The State Committee of the Republic of Uzbekistan for privatization, demonopolization and development of competition and the Korean Stock Exchanged signed a memorandum of understanding on developing securities market on 28 December 2010 and a general agreement on modernization of security market of Uzbekistan on 23 August 2011.

Within the general agreement, the Korean side will supply and introduce single software-technical complex for the Uzbekistan stock market by the end of 2013, including software, server and telecommunication equipment, etc. The complex will help to launch an online trading system at Uzbekistan Stock Exchange.