The Uzbek bond market is still relatively small, but its development can become one of the key drivers of growth in the country's stock market. This opinion was expressed by the chairman of the Republican Stock Exchange (RSE) "Toshkent" Georgy Paresishvili at the conference " Capital Market: new investment opportunities".
Paresishvili stressed that the current bond market has a significant undisclosed potential and is significantly inferior to the capabilities of a country with such a level of economic development. Today, the exchange is dominated by bonds with a short maturity of about one year. According to the expert, the issue of perpetual exchange-traded bonds can make this financial instrument more attractive and accessible to a wide audience of investors.
Another important step in the development of the market will be the introduction of a system of individual investment accounts (IIS). Legislative changes to the Tax Code have already been adopted, and the system is currently being finalized jointly with the Central Bank. After the launch of the IC, investors will be able to add up to 127 million soums to their accounts annually with a 12% tax benefit. This innovation is designed to encourage private investment and expand the range of participants in the stock market.
Paresishvili paid special attention to mortgage bonds, which, in his opinion, can become the engine of market development and make a serious contribution to its growth. In addition, in the future, international financial institutions are expected to become more active, which will start placing bonds in the national currency on the Uzbek market, which will increase its liquidity and stability.
In addition to the bond market, the country continues to work on an IPO program. In the near future, a number of large state-owned companies are planned to enter the stock market, including the Navoi Mining and Metallurgical Combine (NMMC). This step should strengthen capitalization and expand the range of investments in the local market.
The Conference where these statements were made included four thematic sessions:
- "How to enter the stock market and attract investors"
- "Where is the investor's focus shifting in Uzbekistan"
- "Uzbek Bond Market: new investment tools"
- "Where money works"
Key speakers included: Mansurjon Rasulev, Director of the Agency for Attracting Foreign Investment; Tolibjon Mirzakulov, founder of Jett; Vyacheslav Pak, First Deputy Director of the National Agency for Advanced Projects; and Giorgi Paresishvili, Chairman of the Management Board of RSE Toshkent. The event was supported by TVS Bank, Payme, the National Association of Investment Institutions and Universal Bank.
Thus, the development of the bond market and the launch of new investment instruments create favorable conditions for expanding and diversifying the stock market, stimulating economic growth and increasing the country's investment attractiveness.
