The First Meeting of Heads of Privatization Administration of the ECO Member States

  5 July 2004 ECO Secretariat

 

PRESS RELEASE

 

 

1.         The First Meeting of Heads of Privatization Administration of the ECO Member States which was proceeded by a two days meeting of relevant experts form the member states was held on 5 July, 2004 in Tehran. The Meeting was inaugurated by H.E. Sayed Safdar Hoseini, Minister of Economic Affairs and Finance of the Islamic republic of Iran and H.E. Askhat Orazbay, the ECO Secretary General. 

 

2.         One major objective of the meeting was to consider possible measures for increasing cross country investments in the process of privatization.

 

3.         During the meeting, the Heads of Privatization Administrations and Delegates from all ECO member countries deliberated on the possible ways and means of enhancing regional cooperation in the ECO region in the fields of privatization and private sector development. The Meeting has adopted the Plan of Action on ECO Cooperation in the Field of Privatization which will be effective after approval by the ECO Ministerial Meeting on Industry.

 

4.         Privatization is defined shortly as transfer of productive assets from public to private ownership. An efficient privatization is an important policy option for industrial restructuring, shifting towards market economy and increasing competition and competitiveness.

 

5.         The Plan Action aims at the expansion of economic interactions among the member countries, Promotion of Foreign Direct Investment (FDIs) and cross country investment in the privatization process, strengthening privatization organizations, improving legal and regulatory framework for privatization, establishing a policy dialogue and review platform with a view to contribute to the efficiency of their privatization policies and programmes.

 

6.         In order to facilitate the exchange of information and experiences among the member states on privatization and private sector development, the member states will establish an ECO Pool of Consultants on Privatization and Private Sector, exchange experts (short/long term) and organize joint ECO training programmes in areas especially where bottlenecks and problems in privatization have been faced in the member countries, will communicate and advertise their privatization tenders in other member countries, and try to extend required guarantees and facilities.

 

7.         The meeting agreed to establish ECO website on privatization in the ECO Secretariat. The website will include portfolio of companies to be privatised, upcoming transactions, opportunities for investors, privatization processes, rules/regulations, privatization policies and programs of member states, status of privatisation programmes, bidding procedures, relevant legislation and regulations, contact information of the focal points and other information with a view to increase cross country investment in privatization process in the region.

 

8.         With reference to the decision of the 1st Meeting of ECO Ministers on Industry held in January 2004 in Tehran; the participants agreed to establish a High Level Expert Group (HLEG) on Privatization and Industrial Development comprising experts of each member country within the approved time table. The HLEG will meet once a year or whenever necessary in accordance with ECO rules and procedures. The HLEG shall assist privatization administrations of member states in their privatization efforts. Under ECO umbrella member countries have also initiated some bilateral contacts and arrangements.

   

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