Publication Details
Abstract
This article focuses on the institutional priorities of developing Uzbekistan’s stock market in the context of transforming it into an effective mechanism for long-term economic financing. The study examines the main challenges facing the market, including the fragmentation of the information environment, the low activity of minority shareholders, and the irregularity of IPO and SPO processes. To gain a deeper understanding of the current situation, a comparative analysis with other regional markets Turkey, Kazakhstan, and Azerbaijan is conducted, each of which represents different stages of institutional maturity in capital market development. Based on the findings, the article proposes measures such as the creation of a unified digital ecosystem for investors, the introduction of interactive tools to engage minority shareholders, and the institutionalization of the “Xalq IPO” program as a sustainable mechanism for privatization and capital attraction. The implementation of these measures is expected to enhance transparency, expand the base of long-term investors, and strengthen confidence in the national stock market, which is a necessary condition for ensuring sustainable economic growth in Uzbekistan.