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March 3, 2014


March 3, 2014

economy.. 2

Closely Watching the Developments. 2


Uzbek-South Korean Business Forum.. 2

tourism… 4

UzbekTourism sets tasks for the development of Uzbek tourism sector for 2014. 4



Press-service of MFA of the Republic of Uzbekistan




Closely Watching the Developments

Uzbekistan’s banking system continues to develop dynamically. There were a number of changes in recent years which, according to experts, would play a major role in improving the efficiency of commercial banks and their relationship with the business and population.

The success of the domestic banking system owes much to the fact that the whole financial sector of the country constantly keeps abreast of developments in the world economy, promptly responding to them. The main focus in the development of their work is aimed at expanding role in shaping the business environment and comprehensive support of small business and entrepreneurship. Over the past few years, a number of new legislative documents related to the improvement of infrastructure of the banking system, revised the order of lending to small business in terms of further simplification of these processes and the creation of facilities for entrepreneurs. However, the scope is not in place, continues to seek new forms and ways for development. A workshop held by the Central Bank discussed the challenges facing the banking sector this year and in the future.

Participants discussed the work done over the last few years working to support entrepreneurship, improve the business environment and to provide him greater freedom, and identified priorities for 2014. It was noted that in recent years in the banking system has increased dramatically the amount of financial support to small business and entrepreneurship, improved legal framework, improved quality of services. Only in 2013, small businesses received loans for more than UZS6.9 trillion that is 67 times more than in 2000. A particular focus is on youth. The financial support of graduates of professional colleges in the last three years has increased 5.5-fold and in 2013 exceeded 140 billion soums. For the development of services in the regions commercial banks allocated credits for UZS899.7 billion, which is 1.4-fold than in 2012.

The Central Bank conducts a significant work to improve transparency of the banking system, introduction of new information and communication technologies to improve customer relationships. Appeals by businesses and citizens in the short term are considered by a special working group, “single hotline” operates, established a system of direct appeal to Chairman of the Central Bank through an official website.

These measures to improve the business climate and create an enabling environment for entrepreneurs is also noted by international financial institutions, leading rating agencies. A confirmation is a ranking score “stable” outlook of the international rating agency Moody ‘s, appropriated the Uzbek banking system for the fourth consecutive year. Another rating agency Standard & Poor’s сommends the country’s banking system, as well. The report by the World Bank and the International Finance Corporation, “Doing Business”, introduced in October 2013, the Uzbekistan’s index rating in lending rose by 24 points.

During the workshop, the participants also discussed the prospects of development of female entrepreneurship and expand support the production of export products produced by small businesses. To note, this event has launched another initiative. Since now, meetings with representatives of the expert community, government agencies and entrepreneurs will be held in all regions of the country.

(Source: “Uzbekistan Today” newspaper)



Uzbek-South Korean Business Forum

Business forum of Uzbekistan and the Republic of Korea has taken place in the capital Tashkent.

The event was organized jointly by Uzbekistan’s Ministry of Foreign Economic Relations, Investments and Trade, the Fund for the Support for Small Business and Private Entrepreneurship Entities, as well as the Korea International Trade Association. The two nations’ business circles sought to examine the ways toward intensification of the trade-economic and investment cooperation.

The occasion was attended by heads of ministries and other government agencies, companies and corporations of the two countries dealing with foreign economic ties, trade, investments, construction industry, mechanical engineering, agriculture and water resources management, food industry, healthcare, pharmaceuticals, geology and mineral resources, transport and transport communications, information technologies, electrical engineering, tourism, chemical and light industries, fuel and energy sector.

The Deputy Minister of Foreign Economic Relations, Investments and Trade of the Republic of Uzbekistan Shavkat Tulaganov, Chairman of the Trade and Industry Chamber Alisher Shaikhov, the acting director of the Fund for the Support for Small Business and Private Entrepreneurship Entities Jahongir Mustafaev, Deputy Chairperson of the Korea International Trade Association Ahn Hyunho noted in particular that the cooperation between our two countries has been advancing steadily in all spheres in line with agreements reached during meetings between the two heads of state. President Islam Karimov’s state visit to the Republic of Korea in September 2012 helped enrich the interaction between our two nations with new substance and uplift the cooperation to a qualitatively new level.

The Republic of Korea is a reliable and long-term strategic partner of Uzbekistan. The two countries enjoy the most-favorable-nation regime in trade. The total volume of investments made into the Uzbek economy for cooperation years has exceeded 5 billion US dollars.

Representative offices of 78 South Korean firms and companies are open in Uzbekistan. 418 joint ventures founded with the involvement of investors from that country operate in our nation. Spheres they operate include trade, tourism, mining, machine building, metal reprocessing, healthcare, transport services, textiles and light, chemical and food industries. In 2013, the volume of bilateral trade turnover exceeded 2.1 billion US dollars. The enormous economic potential, modern transport communications, favorable business environment in Uzbekistan, along with many other countries, raise the willingness of business circles of the Republic of Korea for cooperation. A number of projects have been run in our country with an active participation of South Korean businesspeople. Notably, the Ustyurt Gas Chemical Complex is being erected at the Surgil deposit, and a new textile complex is being established in Tashkent region.

“Uzbekistan is one of the leading countries in Central Asia,” Ahn Hyunho says. “The bilateral relations have been developing consistently in such areas as commerce, economy, investments, mechanical engineering, petrochemical and chemical industries, and the volume of mutual trade has been growing persistently. A range of joint projects are in progress among businesspeople of the two countries. In particular, our entrepreneurs have been energetic in the Navoi Free Industrial and Economic Zone, suggesting that the mutual cooperation has been quite steadfast. We advocate further consolidation of partnership with Uzbekistan.”

Entrepreneurs from the Republic of Korea were familiarized in depth at the forum with the socio-economic reforms being undertaken in our country, as well as the attention being paid to the development of small business and private entrepreneurship, the privileges and preferences created in the Navoi Free Industrial and Economic Zone, the special industrial zones in Jizzakh and Angren, and with the activities of South Korean companies successfully operating in Uzbekistan.

The forum was used as a good platform to exchange views with representatives of more than thirty major South Korean companies on boosting the effectiveness in making use of the economic potential and opportunities of the two countries. The two sides discussed issues pertaining to the promotion of cooperation in commerce, economy, investments, construction industry, mechanical engineering, energy sector, electrical engineering and chemical industry, as well as the extensive engagement of companies from the Republic of Korea to the process of privatization spearheaded in our country.

“We fund projects in a variety of economic sectors,” says Gallant Alan, President of the UBI Group, UBI Soft, UBI Capital Group (South Korea). “Uzbekistan is a country conducive for investing. In particular, what is noteworthy is that broad opportunities for the implementation of numerous projects are created in the Angren special industrial zone. We support enthusiastic participation in the establishment of high-tech enterprises and funding major schemes in tourism industry.”

Toward the end of the forum, the Fund for the Support for Small Business and Private Entrepreneurship Entities of the Republic of Uzbekistan and the Korea International Trade Association signed a memorandum on understanding.

Representatives of a range of companies and enterprises of Uzbekistan and the business circles of the Republic of Korea attended a cooperation exchange. The event served to exchange views on the realization of mutually advantageous projects with the involvement of entrepreneurs from the two nations.

As part of the visit, the guests traveled to the Angren special industrial zone. They got familiarized with the activities of Angren Kuvur and Angren Shakar plants, the enterprise EGL-NUR that specializes in the production of light-emitting diode lamps, along with the Angren international logistics center.

(Source: Uzbekistan National News Agency UzA)


UzbekTourism sets tasks for the development of Uzbek tourism sector for 2014

At UzbekTourism was held the meeting of the Board on the results of activities in 2013 and tasks for 2014, aimed at ensuring the fulfillment of the key priorities identified by the country leadership at the Government meeting on 17 January 2014.

In particular, it was noted that in January- December 2013 were fulfilled the forecast figures of ​​basic parameters of tourism development.

During the meeting were discussed the tasks entrusted by the Government in pursuance of the decision of the of the Cabinet of Ministers session, chaired by the President of Uzbekistan I.A. Karimov on 17 January, 2014.

In order to ensure the unconditional implementation of the most important tasks and priorities of social and economic development of the Republic of Uzbekistan in 2014, the expanded Board of UzbekTourism has developed the tasks for tourism sector for 2014, aimed at:

– development of tourism infrastructure, including restoration and conservation of cultural heritage, construction and reconstruction of tourist facilities (hotels, restaurants, etc) and development of transport infrastructure;

– diversification of tourism products, including the development of new tourism trends, products and routes (based on the potential of the regions), development of leisure industry and the industry of souvenirs;

– intensification of activities to attract tourists, including promotion of tourist potential of the regions abroad (production and distribution of promotional materials on tourist potential of each region, their active participation in national and international tourism events);

– improvement of related infrastructure of tourists facilities, including the widespread introduction of ICT in tourism, improving the quality of banking services for tourists and upgrading of engineering and utilities infrastructure of tourism facilities;

– training the tourism sector staff (organization of seminars and trainings, exchange of experience at national and international levels, etc.);

– development and implementation of measures under the State program “Year of a Healthy Child”.

At the meeting, the Chairman of UzbekTourism, Rizaev F.M. criticized shortcomings in executive discipline.

The decision of the Board envisages application of ICT and modern software in sharing information with business entities, workflow and monitoring execution.