Tashkent, Uzbekistan (UzDaily.com) -- A delegation of Korea Stock Exchange led by its director on strategic management Hong-Hee Shin held negotiations at the State Committee of the Republic of Uzbekistan for privatization, demonopolization and development of competition.
During the meeting, the sides discussed execution of general agreement on modernization of securities market of Uzbekistan in line with the resolution of Uzbek President “On measures on further developing stock exchange” from 19 March 2012, modernization of stock exchange of Uzbekistan.
After the negotiations, the State Committee of the Republic of Uzbekistan for privatization, demonopolization and development of competition and Korea Stock Exchange (KRX) signed additional agreement on introduction of single software complex.
The document envisages introduction of single software complex in Uzbekistan, including supply of software, modern server and telecommunication equipment, raise knowledge of specialists, improve legislation base.
The project cost is US$6 million and it will help to expand cooperation between two stock exchange, attract modern technologies for creation of necessary infrastructure for online securities trade, etc.
In line with the agreement, KRX will become shareholder of Uzbekistan Stock Exchange (UZSE). The Korean side will own 25% minus one share. The Government of Uzbekistan possesses 51% stake. Four more Uzbek banks own stakes in the exchange.