Frontier markets

Uzbekistan's privatisation attracts Chinese and Russian bidders

The former Soviet republic’s messy sale of its prize assets will likely drag out, but ultimately Russian and Chinese investment will trickle down to Uzbeks and boost local stock prices.

Walking along the high street in Tashkent, Uzbekistan, Chinese shops, such as low-cost retailer Guangzho-headquartered Minso, are sprouting up between new luxury apartment blocks and shiny shopping malls. A Hilton hotel opened in October and a Radisson is under construction in the city to cater to an influx of international businessmen and Chinese tourists.

More foreigners in the capital are the most visible sign at street level of Uzbekistan’s decision to open up its economy to the outside world after more than two decades of isolation.

Uzbekistan kicked off a privatisation process this year up for grabs are the crown jewels of Uzbekistan’s economy, including...

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