Memorandum of Understanding between the Ministry of Finance and the Korean Financial Control Service for the development of the Securities Market
Tashkent, Uzbekistan (UzDaily.com) -- On 29 April, a memorandum of Understanding between the Ministry of Finance and the Korean Financial Control Service on the development of the mutual securities market was signed by the Deputy Chairman for Foreign Affairs of the Financial Control Service of South Korea Park Junghun and Deputy Finance Minister Odilbek Isakov.
The signed memorandum envisages:
- Organization of training for employees of the Ministry of Finance on capital market regulation. Increasing the knowledge and potential of specialists in the field of capital market through this training;
- Modernization of the unified software and hardware complex of the State Unitary Enterprise "Stock Market Information Resource Center";
- Launch of the software of a single software and hardware complex that allows the Ministry of Finance to carry out its control functions, as well as the exchange of best practices in the use of this software;
- Assistance in establishing interaction between the Korean Securities Depository and the Central Securities Depository of the Republic of Uzbekistan for the purpose of placing shares on the South Korean stock exchange by IPO through public auctions by organizations established by resolutions and decrees of the President of the Republic of Uzbekistan;
- Establishing bilateral ties on the development of the capital market in the Republic of Uzbekistan, the introduction of modern technologies in the industry, and a number of other areas.
Deputy Finance Minister Odilbek Iskakov noted that the implementation of the above goals will contribute not only to an increase in the inflow of foreign capital to the securities market of Uzbekistan but also to an increase in the state internal capital turnover (free float).
For his part, the Deputy Chairman of the South Korean Financial Control Service for Foreign Affairs, Park Junghun, noted:
- Readiness to assist in achieving the above goals, as well as the fact that in the process of assistance there will be a positive experience not only for the development of the securities market of Uzbekistan but also for the securities market of South Korea;
- Specialists of the Financial Control Service of South Korea have experience in cooperation with depositories of the Republic of Vietnam and are also ready to share this experience with the Republic of Uzbekistan, as well as apply it in the securities market of Uzbekistan.
- Expressed readiness to assist in creating demand in the securities market of Uzbekistan among institutional investors, insurance organizations, and pension funds of South Korea in order for organizations of the Republic of Uzbekistan to place shares on the South Korean stock exchange by IPO through public auctions.
At the same time, in order to consistently implement further cooperation, the parties agreed to develop a plan of mutual measures and strengthen cooperation in each direction.