The National Investment Fund of the Republic of Uzbekistan was established in accordance with the Resolution of the President of the Republic of Uzbekistan “On the Establishment of the National Investment Fund of the Republic of Uzbekistan” dated August 27, 2024, and began operating based on 10 large joint-stock companies in the republic. It had been tasked with placing shares on the Tashkent Stock Exchange and international exchanges, including the London Stock Exchange, by the end of this year. This important initiative was successfully completed much earlier than expected — in less than six months — with the initial public offering (IPO) simultaneously launched on the London and Tashkent stock exchanges.

Notably, the fundʼs shares showed steady growth from the very first days of trading, rising from the initial offering price of $25 to $27.25 within three days. Such growth during a debut placement has not previously been observed and is certainly worthy of recognition.

According to major financiers, international experts, and analysts monitoring the process, this is not merely a financial transaction, but a significant step demonstrating Uzbekistanʼs transition to a new development model — an economy that is open, competitive, and aligned with international standards. It would also be fair to describe this as a milestone in the countryʼs economic growth and development.

Recognition on the international stage, especially in the United Kingdom, does not come automatically, regardless of the scale of the achievement. The country must be able to clearly explain the scope and substance of the reforms being implemented. The Chief Executive Officer of the London Stock Exchange, regarded as one of the worldʼs leading platforms for business and investment, would not speak positively unless he recognized the potential of the shares and believed in the prospects of the offering. Yet he did acknowledge it, and similar satisfaction could also be seen among other foreign financial experts. This is a noteworthy development. Therefore, everyone involved in this important initiative deserves gratitude. In fact, every achievement abroad — whether in science, the economy, sports, or other fields — is the result of the strong attention being paid by Uzbekistanʼs leadership to raising young people as patriotic individuals with independent views and opinions.

Integration into the global trading system envisages deeper integration into the world economy. At the same time, the international financial market does not recognize weakness; instead, it relies on financial strength and intellectual potential. An international IPO is an important indicator of how understandable and acceptable a countryʼs economy has become for global business. Today, Uzbekistan is consistently reducing administrative barriers for business, simplifying regulation, and reforming its tax and financial systems. In the past year alone, a total of 68 regulatory and legal acts in the country were aligned with international standards. Several restrictions were abolished, while technical and bureaucratic barriers to entrepreneurship were removed. International investors pay close attention to precisely such changes — they assess how prepared a country is to operate based onx transparent and understandable rules and continuously evaluate this aspect.

Uzbekistanʼs compliance with international standards in corporate governance and financial transparency is ensuring the success of the IPO.

Zhang Lingzhi,

Professor at the School of Economics and Management,

Qingjiang Institute of Engineering, China