June 25, 2015
Uzkimyosanoat’s enterprises sign agreements for 1.7bn soums at industrial fair 2
S & P Noted the Positive Changes in Uzbekistan Banking Sector 2
Construction of high voltage line for US$87m to be completed in Uzbekistan. 3
10th Sharq Taronalari International Music Festival.. 3
The Music Forum on the Way to Consolidate Friendship and Cultural Bonds among Peoples. 3
Д.Хакимов
А.Каипбергенов
О.Алимов
economy
Uzkimyosanoat’s enterprises sign agreements for 1.7bn soums at industrial fair
Enterprises of Uzkimyosanoat (Uzbek Chemical Industry) signed agreements for 1.7 billion soums on purchase of local products within industrial fair of complex on geology, fuel-energy, chemical, petrochemical and metallurgy industry, information system and telecommunication (currency rates of CB RU from 25.06.2015 1$= 2550.85 soums).
The fair was held in Tashkent on 10-12 June 2015. The event was the first stage of International industrial fair and Cooperation exchange.
At the fair, Uzkimyosanoat presented products of its enterprises, which are offered for realization in external and internal markets, new products, production of which were launched.
The enterprises also presented products, which they need in their activities, and production of which should be launched in Uzbekistan.
(Source: UzDaily.com)
finance
S & P Noted the Positive Changes in Uzbekistan Banking Sector
The consistent measures spearheaded under the leadership of President Islam Karimov to reform the banking system serve as a robust backbone for uplifting the economic might of our country, consolidating the financial stability of commercial banks, perfecting their activities at the level of international standards. Uzbekistan’s achievements in this sphere have been receiving recognition of prominent international financial institutions.
That was the topic of discussion at the conference organized by the Central Bank of the Republic of Uzbekistan in cooperation with the international rating agency Standard & Poor’s, informs Uzbekistan National News Agency. The event aimed at deliberating on issues related to granting international ratings to the commercial banks of Uzbekistan. The occasion was attended by heads of Central and commercial banks, representatives of international and local companies specializing in auditing credit organizations.
During the conference, Standard & Poor’s experts organized a presentation outlining the analysis of the criteria in grating the rating, the assessment of creditworthiness, experience, recommendations for the introduction of standards of the Basel Committee on banking oversight, Basel III, and their influence on the rating of banks.
“President Islam Karimov’s Resolution on Measures to Further Elevate the Financial Sustainability of Commercial Banks and the Promote Their Resource Base, signed 6 May 2015, plays an important role in the introduction of Basel III standards,” says Anastasia Turdieva, deputy director for financial institutions of the international rating agency Standard & Poor’s. “We have always evaluated the capitalization of Uzbekistan’s banking system as stable, because the growth in assets that boost the incomes of commercial banks has been rather high. In addition, major investment projects undertaken by the state with the participation of banks have a positive impact on the capitalization.”
In conditions when notable decline in economic growth rates are evident in some countries, and the reduction of ratings of some advanced nations and major financial institutions, the banking system of Uzbekistan is estimated as “stable”. This is another result of the reforms carried out in the field.
The constant support displayed in our country to the banking system, the expertise garnered by the Central Bank of Uzbekistan in the exchange of credit information and the conduct of transactions in collaterals promote growth in rating assessments. In particular, specific practical measures aimed at bolstering the financial stability of the system have ensured the growth in the banks’ capital more than twofold in the last five years and by 25 percent over the last year. Today, the capital adequacy ratio is 24 percent, three times the international standards.
The event served to exchange views on issues such as consistent reforms conducted by the Central Bank and maintenance of effective banking supervision, asset quality, diversification of the credit portfolio, ongoing monitoring of indicators of capital adequacy and liquidity.
(Source: IA «Uzbekistan Today»)
ENERGETICS
Construction of high voltage line for US$87m to be completed in Uzbekistan
Uzbekistan is completing construction of a high voltage line 500 kilovolt Syrdarya thermal power station – Novo-Angren thermal power station with the length of 123.2 km.
Total cost of the project exceeds US$87 million, of which US$33 million were issued by Chinese Eximbank. Other part of the project is financed due to own resources of Uzbekenergo.
The construction-assembly works were conducted in difficult weather conditions from 2013 to 2014 and passed by river of Syrdarya, Jahon news agency reported. Large number of piles were installed during construction of high voltage line.
Construction of new line will ensure reliable electricity supply to consumers of Ferghana energy knot. After commissioning of the line, it will help to save 75million KWH of electricity due to decreasing loss at transportation of electricity.
In future, the saving of electricity will reach 180-185 million KWH a year when electricity capacity will increase.
(Source: UzDaily.com)
10th Sharq Taronalari International Music Festival
The Music Forum on the Way to Consolidate Friendship and Cultural Bonds among Peoples
This year, the Sharq Taronalari International Music Festival is going to be held for the tenth time. The forum organized at the initiative of President Islam Karimov serves for the development of arts and culture as well as for the cohesion by means of arts of representatives of diverse nations and ethnic groups, cementing peace and friendship among peoples. The spirit and prestige of the festival inspire its participants and facilitates the promotion of creativity.
UzA reporters have inquired into the opinions of some foreign participants of previous festivals.
Talike Jelle, Madagascar:
“Sharq Taronalari International Music Festival is a colorful and distinct forum of arts. I am infinitely happy to have had an opportunity to take part in it and present my creativity at the festival in 2011 and 2013.
“I made a lot of friends at the event. I exchanged experience with them, got scores of interesting information and discovered new things for myself. I feel very glad that I had a chance during the festival to get representatives of various people familiar with the national arts of Madagascar. The spectators listened and watched our melodies and songs with great delight. It was a great pleasure and honor for me to perform at the prestigious festival, when the melodies of my country aired around the magnificent Registan Square.
“Sharq Taronalari Festival provides with a unique opportunity, which allows for talented musicians from diverse nations of the world to get together at one stage, establish dialogue and secure international and interethnic harmony and cohesion. By means of developing mutual cultural and friendship ties among peoples, the festival facilitates the consolidation of peace and stability on our planet.
I have taken part in many other music festivals. I used to present my program at them and return home at once. But it was not the case with Samarkand, because no one wanted to leave the ancient city once the festival was over. At the Afrosiyob Hotel, we – all the participants of the music forum – sang and played melodies till the midnight. I will not forget those beautiful and charming moments. They afforded me strength, inspiration, and I reflected my emotions and impressions in my songs. The festival served as a great impetus for my creative research and for numerous new songs.
“I admired the attention that President Islam Karimov pays to the promotion of the sphere of arts and his care for the creative people. All walks of life have been advancing in Uzbekistan dynamically, including arts and culture. The distinctive art of this people are the melodies and songs bewitching the soul, the exciting dances are suggestive of the high level of Uzbek culture.
“I was deeply touched by the nobleness, generosity, hospitality and sincerity of the Uzbek people. Boundless love for the Motherland and pride for her are reflected in the faces and eyes of your compatriots like in the mirror.
“Uzbekistan is a country with rich culture. The unique historic monuments and architectural complexes are a symbol of immeasurable potential and talent of your great ancestors. I recall very often this wonderful country, the legendary Samarkand, look through the photos made in Uzbekistan over and over again.
I dream of becoming again a participant of the world-renowned international music festival Sharq Taronalari and thus see the splendid Uzbekistan one more time.”
Mahide Lein, chief of the agency Ahoi Аrtists and Еvents, Germany:
“I work as manager of musicians, dancers and artists. In Germany, I specialize in the organization of music festivals.
“It would hardly be an exaggeration to say that the international music festival Sharq Taronalari has become part of my life, the essence of creativity. I take part in it along with artists from different countries. At the festival in 2013 we participated with the youth group Lanaya from North Africa and Brazil. Our ensemble won the first place at the 9th International Music Festival Sharq Taronalari.
“The festival’s distinctive feature is that it provides for an opportunity for a period of week to get familiar with the arts and culture of various countries of the world, to exchange views and experience with hundreds of musicians and specialists of the sphere. The seminars and trainings organized within it facilitate the elevation of professional mastery.
“I have attended festivals like this held in many countries. But I have never seen such a magnificent and inimitable stage like that at the Sharq Taronalari in Samarkand, such hospitality, respect and reverence. Special emphasis is placed on the design of the stage with decorations of the festival, on the use of state-of-the-art lightening devices, which gives a festive spirit and environment. Also, I paid attention to the high aesthetic taste of spectators and aficionados of the Sharq Taronalari Music Festival.
“The Uzbek melodies that embody the beauty and clarity of the human soul, the exciting and electrifying national dances are designated a special place in the world music art. This traditional festival that calls on people to beauty, kindness and humanism, serves the propaganda, popularization and development of the musical heritage of the peoples of the world. Year after year, the number of participants of the festival has been rising, indicating the growth in its eminence and prestige around the globe.
“There are myriads of music directions throughout the world that need to be preserved. Thus we seek to synthesize the national melodies with modern musical trends.
“There few cities like those in Uzbekistan, where the ancient history and modernity are combined harmonically. Everyone is fascinated by the unique architecture of the Registan Square in Samarkand, by inscriptions on madrassa walls, which embody a whole mysterious world.”
(Source: UzA)
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