BERLIN, August 5. /Dunyo IA/. German specialized aviation publication “Aviation.Direct” has published an article on the ongoing transformation of the national airline “Uzbekistan Airways”, measures aimed at improving its operational efficiency, and plans to bring the company to international capital markets, reports Dunyo IA correspondent.

Article notes that during a meeting chaired by President of Uzbekistan Shavkat Mirziyoyev, issues related to the further improvement of the airline’s operations in line with international standards and the strengthening of the corporate governance system were considered.

According to the publication, following an analysis conducted by the U.S. investment company “Franklin Templeton”, a number of recommendations were developed aimed at optimizing flight schedules, reducing aircraft ground time, decreasing the number of flight delays, as well as enhancing competition in the areas of in-flight catering and technical maintenance.

It is emphasized that, according to calculations by the Uzbekistan National Investment Fund (UzNIF), managed by “Franklin Templeton”, the full implementation of the planned reforms will allow the market value of “Uzbekistan Airways” to increase from approximately 1.6 billion to 2.3 billion U.S. dollars, representing growth of nearly 40 percent.

According to the publication, prior to the company’s entry into capital markets, it is planned to simplify the public procurement system, accelerate decision-making procedures for aircraft leasing, fully implement International Financial Reporting Standards, remove non-core assets from the company’s structure, and establish transparent mechanisms for financing socially significant domestic air routes.

Publication also notes that the fleet of “Uzbekistan Airways” currently comprises 44 aircraft, while the airline operates flights to 70 destinations in 27 countries around the world.

“Government of Uzbekistan has set the goal of transforming the country into one of the key transit aviation hubs in Central Asia. Achieving this objective requires further strengthening cooperation between “Uzbekistan Airways”, “Uzbekistan Airports” and participants in airport infrastructure development programs”, author of the article, Jan Gruber, concludes.