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Abstract

Corporate governance reforms have become a central element in the transformation of state-owned enterprises (SOEs), particularly in transition and emerging economies seeking to enhance efficiency, transparency, and competitiveness. In recent years, Uzbekistan has initiated comprehensive economic reforms aimed at restructuring its SOE sector, improving state asset management, and aligning governance practices with international standards. This paper examines the role of corporate governance reforms in the transformation of SOEs in Uzbekistan, with a focus on achieved outcomes, existing challenges, and emerging development trends. The research is based on a qualitative and comparative analysis of corporate governance reforms implemented in Uzbekistan’s SOE sector. The study draws on national legal and regulatory frameworks, including relevant laws, presidential decrees, and policy documents governing state asset management and corporate governance. In addition, secondary sources such as analytical reports of international organizations (including the World Bank and OECD), as well as publicly available company-level data, are used to assess reform outcomes. The paper also applies institutional and trend analysis to identify key patterns and trajectories in the ongoing transformation process. The paper argues that corporate governance reforms have played a significant role in advancing the transformation of SOEs in Uzbekistan by introducing modern governance mechanisms, strengthening accountability, and promoting performance-oriented management. The findings demonstrate that notable progress has been achieved, particularly in enhancing the role of supervisory boards, improving transparency and disclosure practices, and initiating privatization processes. However, several institutional and operational challenges persist, including limited board independence, gaps in the practical implementation of international governance standards, and inconsistencies across sectors. Furthermore, the study identifies emerging development trends, such as the growing integration of ESG principles, digitalization of state asset management systems, and a gradual shift toward market-based governance models. The relevance of this study lies in its contribution to the broader literature on corporate governance and SOE reform in transition economies. By providing empirical and institutional insights from Uzbekistan, the paper enhances understanding of how governance reforms can support enterprise transformation in emerging markets. The findings also offer policy-relevant recommendations for strengthening governance frameworks and ensuring the sustainable and competitive development of SOEs in line with international best practices.

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Abstract

This study assesses Uzbekistan’s renewable energy targets, resource potential, and deployment capacity to evaluate prospects for closing persistent electricity shortages and supporting the country’s green economy transition. Uzbekistan, the most populous Central Asian state, faces limited non renewable reserves and seasonal power deficits that disrupt homes, hospitals, and businesses. Renewables, particularly solar, wind, and hydropower offer cost effective, low carbon pathways to enhance supply reliability and reduce dependence on fossil fuels, while creating jobs and stimulating local industry. The study examines how supply side measures and coordinated investment can help Uzbekistan’s renewable energy resources cost effectively reduce seasonal electricity shortages and improve reliability.

We conduct a three stage framework analyses: (1) Target analysis, reviewing national and international commitments and policy goals for renewable deployment; (2) Potential analysis, comparing solar, wind, and hydro resource endowments; and (3) Capacity analysis, documenting existing installed capacity, recent project pipelines, and grid integration constraints. Material includes datasets and visualizations drawn from IRENA, the IEA, the World Bank, and official national and multilateral sources, combined with recent project reports and policy statements to ground the findings in current practice.

Uzbekistan has strong solar potential, selective wind resources, and seasonally variable hydropower, each requiring specific integration. Small scale solar can quickly expand rural access, while large projects and storage are essential for stable urban supply. Key barriers include grid limits, financing gaps, weak regulation, and institutional constraints, alongside social and environmental factors such as land, water, and community engagement. Yet policy reforms, investment in transmission and storage, international financing, and stronger public private partnerships with clear permitting can accelerate deployment and reduce blackouts.

The paper offers prioritized policy recommendations to align national targets with feasible investment pathways and grid upgrades, including pilot programs, tariff reforms, and capacity building for regulators. We also highlight the need for further research on cost optimal project sequencing, resilience to climate variability, and socio environmental impacts to ensure an equitable transition. By connecting technical analysis with practical policy steps, our findings aim to inform policymakers, investors, local communities, and researchers working to advance Uzbekistan’s renewable energy transition and improve everyday energy security.

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Abstract

The purpose of the study is to review the state policies of the EAEU countries aimed at improving the financial literacy of the population in order to identify the prerequisites for creating unified approaches to the implementation of state policies in the field of improving financial literacy.

Methodology. The research methods used were content analysis aimed at studying state policy in the field of financial literacy. A systemic and comparative analysis of documents and legislative acts in the field of state policy to improve the financial literacy of the country's population was used.

Originality / value of the study. In 2025, it is planned to complete the process of creating a single financial market of the EAEU. The creation of a single market for financial services entails the need to ensure not only equal access for EAEU members, but also the protection of the rights of consumers of financial services and their adaptation to the new rules. The convergence of financial policies and the creation of a single financial market of the EAEU countries, the expansion of the range of financial services, the use of new technologies, the growth of financial fraudulent transactions necessitate the protection of the interests of consumers. To solve these problems, it is necessary not only to use the experience of the EAEU countries in improving the financial literacy of the population, but also to strengthen cooperation and coordination of information exchange at the intercountry level. In this regard, a review of financial literacy policies in the EAEU countries was conducted. General trends were identified and the prerequisites for creating unified approaches to the implementation of state policies to improve financial literacy were considered. A comparative analysis of state policies in the EAEU countries has not been extensively analyzed, which makes this study relevant.

Research results. Based on the results of the study, the authors analyzed state policies in the field of financial literacy of the population of the EAEU countries, conducted a comparative analysis of the models for managing financial literacy programs in the EAEU countries, and identified the advantages and disadvantages of each model. A comparison of the indicators of the level of financial literacy in the EAEU countries was carried out, and the prerequisites for creating unified approaches to the implementation of state policies in the EAEU countries were considered.