In September 2016, the KRX (Korea Stock Exchange) will complete modernization of the ‘Tashkent’ Republican Stock Exchange in the capital of Uzbekistan. The press service of the State Committee on de-monopolization, privatization and development of competition announced the news on February 18, adding that the upgrade will take place on the condition that the KRX becomes one of the ‘Tashkent’ shareholders. According to available data from the Committee of the necessary equipment has already arrived in Tashkent for modernization.
“The equipment of the United Software and Hardware Complex will be put into operation in September 2016, which will create a system of interaction between the ‘Tashkent’ Exchange and the Korean Stock Exchange in the Uzbek stock market. These events will determine additional opportunities for the Korean business to participate more actively in Uzbekistan’s economy,” the press release reads.
Worth recalling, in August 2011, the State Property Committee signed a general agreement with the KRX. The document related to modernization of the securities market of Uzbekistan. It envisaged introduction of new exchange products in the republic, organization of exchange markets and development of information technologies. In accordance with this document, the KRX shall become a shareholder of the ‘Tashkent’ Stock Exchange and obtain 25 percent plus one share. For that, the Korea Exchange will deliver and introduce the Unified Complex at the Uzbek Stock Exchange.
According to statistics, the 2015 turnover of the ‘Tashkent’ increased by 1.7 times in comparison with the 2014 results, amounting to UZS161 billion in monetary terms.
