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Farukh Karabaev.
Photo: OKA
Farukh Karabaev, deputy chairman of the competition committee, called for opening up the domestic market by removing barriers to entry for new players. He said worse monopolies could emerge when shares of inefficient state-owned enterprises were bought by private companies.
Farukh Karabaev, deputy chairman of the Committee for Competition Development and Consumer Protection, noted that Uzbekistan’s state monopoly is at risk of transforming into a private monopoly due to corporate non-compliance and lack of transparency in management. He spoke to Spot on June 12 as part of the Digital Uzbekistan PLAS forum. In the interview spoke
“We need to open up the domestic market and remove barriers to entry for new players. Then, inefficient state-owned enterprises will exit the market due to competition. However, if their shares are later granted to private companies without ensuring transparent corporate management and proper compliance, this could lead to an even worse monopoly image,” said the Vice Chairman of the Competition Commission.
Farukh Karabayev said that the number of state-owned enterprises has been reduced by half in the past three years and will continue to decrease in the future. In addition, the share of dominant private enterprises is expected to increase.
Over time, state-owned enterprises exit the market either through privatization or on their own accord. Farrukh Karabayev calls this a natural process.
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