Business in Uzbekistan is undergoing unprecedented changes both in production and in the capital market thanks to a number of government decisions. The main attention in the implementation of reforms is directed more towards building an economy based on market principles, moving away from controlled processes. Uzbekistan opens up to the world and strengthens its position, attracts capital, becoming a reliable partner in the region. The ongoing reforms are reflected in the capital market, favoring its formation as an important link in the further development of the country's economy.
The Uzbek capital market is greatly underestimated, the high volatility of assets on the stock exchange is explained by the fact that market participants are just beginning to discover promising securities. Now that investors have been given greater access and large-scale privatization projects have been launched, we see that the previously hidden potential of the market is starting to unfold, its attractiveness in the eyes of both local and global investors is increasing. However, we understand that for the further transformation of the stock market and the formation of a strong class of owners, a proper infrastructure of the capital market is necessary, allowing all participants to take advantage of all its opportunities. Already today, a number of legislative reforms have been adopted, modern technological solutions are being introduced, leading experts from all over the world are involved, thereby clearly demonstrating the State's commitment to the process of capital market development.
One of the most significant events in the capital market of Uzbekistan over the past year is the granting of the right to issue corporate bonds to companies in the form of limited liability companies. The long-awaited change in legislation in the medium term can create worthy competition for the traditional bank financing in our country.
In 2021-2023, we expect an increase in trading volume and an inflow of foreign investment in the country's stock market due to a number of large public placements planned for implementation under the privatization program. The first pilot privatization projects through public offers received positive feedback from investors, and also demonstrated the effectiveness of using the capital market as a tool for redistributing free capital.
In addition to the local capital market, which is showing its first steps in significant transformation, the government and major companies are entering the global debt markets. Uzbekistan's low government debt makes its debt instruments more attractive and, in this sense, surpasses only a few emerging economies.
Undoubtedly, the Uzbek capital market has all the necessary foundations for profitable, stable and sustainable growth.