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July 1, 2016


uzbek_digestPOLItiCs. 1

Islam Karimov received credentials from foreign ambassadors. 1

Investment.. 2

It’s All About Investment 2




Islam Karimov received credentials from foreign ambassadors

On 29 June at the Oqsaroy, President of the Republic of Uzbekistan Islam Karimov received credentials from the newly-appointed Ambassadors Extraordinary and Plenipotentiary to the Republic of Uzbekistan of the Republic of Poland Petr Ivashkevich, of Hungary Peter Santo, of the Republic of Kazakhstan Erik Utembayev, the Republic of Tajikistan Sodiq Imomi, of the Republic of Korean Kwon Yong Woo, of the Republic of Afghanistan Sayid Shahobuddin Temuriy.

The head of our state, greeting the heads of diplomatic missions from Europe and Asia, underlined that Uzbekistan attaches a great significance to developing cooperation with the countries, represented by them, and wishes successes in their responsible and honorable mission.

During the meeting with the Ambassador of Poland it was noted that in 24 years after establishing diplomatic relations between our countries a multifaceted and fruitful dialogue has been instituted, a significant positive experience of interacting in political, economic and cultural-humanitarian spheres have been accumulated, a solid legal base of cooperation, including nearly 50 documents, has been formed.

Petr Ivashkevich stressed that the Uzbek people have a special place in the hearts of the Polish people. Poland cherishes the memory of support, provided to its citizens, who came to Uzbekistan during the difficult years of World War II, and this gives a special warmth to bilateral relations.

In a conversation with the Hungarian Ambassador, Islam Karimov underscored that Hungary is considered in our country as a traditional and important partner in Eastern Europe and the European Union.

During mutual visits on the high levels, a solid basis of bilateral relations has been established, prospective areas of cooperation for the future have been determined. Peter Santo, who is the first Hungarian Ambassador to Uzbekistan with a residence in Tashkent, underlined that he sees his mission to Uzbekistan, first of all, as an opportunity to contribute to implementation of existing potential of the Uzbek-Hungarian cooperation in different spheres.

As was noted in a conversation with Erik Utembayev, in 25 years after acquiring independence Uzbekistan and Kazakhstan have achieved principally new level of cooperation, founded on the common long-term interests of our countries and peoples.

The Uzbek-Kazakh negotiations on the highest level, that took place on 14-15 April 2016, have had a significant place in bilateral relations, allowing exchange of views on a wide array of issues on the agenda, including on regional problems and priority aspects of developing bilateral relations. In 2015 the mutual trade exceeded 3 billion US dollars, positive trends can be seen in cooperation in the sphere of transport, communications and transit.

The Ambassador of Kazakhstan assured that the issues of preserving and improving mutually beneficial relations, contributing to the solution of practical problems in the interests of both countries and peoples will be at the center of his diplomatic mission in Uzbekistan.

The fates of the Uzbek and Tajik peoples are closely bound by a common history, spiritual values and traditions, it was noted at the meeting with the Ambassador of Tajikistan. The sides emphasized that a meeting between the heads of Uzbekistan and Tajikistan, that took place during the SCO summit in Tashkent, and reached agreements during the meeting will contribute to the further development of Uzbek-Tajik relations.

Sodiq Imomi underlined that he, as a newly-appointed Ambassador, will do his best to further deepen mutual cooperation.

As noted in a conversation with the Ambassador of the Republic of Korea, the recent visit of Prime Minister of South Korea Hwang Kyo-ahn to Uzbekistan and the ceremony for the completion of construction and official opening of the large-scale joint project – Ustyurt Gas Chemical Complex became another clear indication of steady and dynamic strengthening of the expanding partnership between our countries.

Conveying greetings and respect from the President of the Republic of Korea Park Geun-hye to President of the Republic of Uzbekistan Islam Karimov, the South Korean Ambassador stressed the readiness of his country’s leadership to further strengthen and improve the long-term and mutually beneficial relations with Uzbekistan and his intention to make every effort to achieve these goals.

As noted during the meeting with the Ambassador of Afghanistan, centuries-old traditions of good neighborliness and mutual support are a solid basis of the Uzbek-Afghan dialogue in all fields of mutual interest.

Uzbekistan plays an important role in the socio-economic revival of Afghanistan. The country’s only railway line linking Afghanistan with the outside world – Termez- Mazar-i-Sharif has been built and operated with the participation of Uzbek specialists, other infrastructure projects have been implemented. Uzbekistan provides a stable supply of electricity to Afghanistan, including to Kabul.

The people of Afghanistan take practical assistance of Uzbekistan in socio-economic revival of Afghanistan with deep gratitude, said Sayid Shahobuddin Temuriy.

In the course of our country’s President talks with foreign ambassadors, topical issues of regional and international politics were also discussed.

(Source: Press-service of the President of the Republic of Uzbekistan)


It’s All About Investment

Uzbekistan has set itself an ambitious goal of at least doubling its gross domestic product by 2030. Accomplishing the goal will largely depend on the success of the investment policy in key sectors of the economy.

Plans for the future

Investment flows in today’s global economy are a fairly unstable phenomenon. Today, the country can hit the top in foreign investment, and be challenged by a serious outflow of investment in a couple of days. This financial game, for it can not be called differently, has led many countries to serious economic glut and even stagnation. That is why Uzbekistan has gone the other way. The country did not bet on attracting speculative investments, but offered foreign partners a different model of developing relations – the establishment of joint projects and initiatives in which the government provides all the support to foreign funds.

The key task for the near future comes to holding tangible structural transformations and achievement of advanced growth of the industry, bringing its share in the GDP to 40% against 33.5% in 2015, while reducing the share of agriculture from 16.6 to 10.8%. However, the goal would be virtually unfeasible without foreign investment, expertise and technologies. This year alone, $17.3 billion in investments is channeled into the development, modernization and structural changes with 9.3-percent growth, including more than $4 billion of foreign investments with 20.8 percent increase against 2015.

This is just the beginning. In the coming years, Uzbekistan will work out strategic development programs that will shape a radically new integrated approach to the development of various industries. For example, it is envisaged to build a clear development strategy for each promising kind of raw and semi-finished materials with high-potential, develop a specific program of deep processing for the next five, ten and fifteen years.

The light industry of Uzbekistan can be truly ranked among major achievements of national independence. The country, which supplied the entire former Union with cotton 25 years ago, but almost did not manufacture finished textile products, is now exporting them to 55 countries of the world. The first export shipments date back in 1994. At that time, exports did not exceed $8 million. Last year, the cost of supplied goods to other countries exceeded $1 billion, the number of exporting companies – 250, which accounted for almost 90% of the total number of companies under O’zbekyengilsanoat.

Russia, Turkey, China, Kazakhstan and certain EU countries are the biggest importers of light industry of Uzbekistan.

Besides, the industry has exemplified a successful partnership with the world’s leading foreign companies and brands. It established direct business contacts with textile associations and headmost companies in Belgium, France, Germany, India, Italy, Malaysia, Singapore, USA, Switzerland, South Korea and other countries. Light industry has been among the country’s leaders in channeling investment, allowing the opening of new joint ventures and expanding the existing manufactures. Last year alone, the light industry of Uzbekistan attracted $187.3 million of investments. The indicator rose by 2.7% against the previous year.

(Source: «Business» newspaper) 

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