The Uzbek Commodity Exchange, the largest trading platform in Central Asia, ranks among the most dynamically developing ones in the CIS. Meanwhile, there are still reserves for growth, including the participation of small businesses and private companies in electronic trading.
There are many tools for that, while the maximal introduction of modern information and communication technologies is seen as the most effective. It allows making the process of bidding and procurement transparent, and the competition - fair. Representatives of the business community are well aware of that, as their interest in the modern stock exchange trading has been growing year by year.
The Uzbek Commodity Exchange (UZEX) creates a solid background for the dynamic development of a new model of e-commerce in Uzbekistan. The increase in the number of businesses involved in electronic trading was the most important outcome of its last year’s performance. Their share in total sales increased from 67% to 81% against 2014. They purchased raw materials at 5.1 trillion soums, and sold commodity resources at almost 2 trillion soums, which is 20% higher than similar figures from 2014.
Apart from that, businessmen created over 77 marketplaces in various regions of the country last year. There are now more than 200 platforms in addition to regional offices throughout the country, which provide equal conditions for participation in the electronic trading.
Small businesses have been successfully using the mechanism of guaranteed execution of transactions, which is seen as one of the main advantages of stock trading. Owing to the mechanism, UZEX clearing and settlement house registered 6,500 new customers in 2015, 95% of which are small businesses. The level of performance of obligations under exchange contracts exceeded 97%.
The significant increase in sales of the products manufactured by business entities has been also observed on other trading platforms. For instance, their share reached 99% in the public procurement system, and 100% in the new trading platform Electronic Catalogue.
The total number of active small businesses in the D-xarid electronic system grew from 5,000 to 38,000 in 2011-2015. The healthy and competitive environment has contributed to the increase in the number of counter proposals of suppliers from two to nine electronic applications in recent years.
The provision of additional conveniences for UZEX customers through the introduction of advanced methods of information and communication technologies is the pivotal condition to ensure the continuous growth of electronic trading with the involvement of small businesses. In this context, UZEX continues expanding the functionality of the information exchange portal, introducing new online services and software products. The list of innovations includes the interactive service Cash Back, Legal Advice, the audio feedback of user actions on a web site, the function of Calculator in the personal account of the customer and government procurement.
A separate website for entrepreneurs (b2b.uzex.uz) regularly posts relevant information and reference stuff, and the Entrepreneurship Section in the Single Portal of Interactive Public Services has introduced a service for businesses to subscribe to relevant applications of budgetary organizations for participation in public procurement.
Since the beginning of the current year, UZEX has established close cooperation with the Single Window centers in all regions of the country in order to attract businesses to e-commerce. UZEX regional branches regularly hold open days and business forums for entrepreneurs, which result in practical recommendations.
UZEX specialists have also developed and introduced several local software products, including automated electronic modules for arbitration, disciplinary and listing commissions, as well as database exchange programs for UZEX interaction with the State Committee for Demonopolization and Development of Competition, Treasury Office, Chamber for Commerce and Trade, Uzstandard Agency, Uzbek State Inspection for Oil and Gas Control, and local authorities. Alltogether, the software products have ensured effective cooperation between UZEX and its customers, reduced operating costs for businesses and simplified their participation in electronic trading.
The further streamlining of electronic trading platforms and information exchange systems, expansion of interactive services for customers, as well as the completion of the modernization of the IT infrastructure rank among the long-term plans of UZEX.