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January 21, 2016


uzbek_digesteconomy.. 1

Light industry enterprises of Uzbekistan produce goods worth 15.3 trillion soums in 2015. 1

Made in Uzbekistan.. 1

Ecopure Means Safe. 1


Uzbekistan produces 55.5 bn KWH of electricity. 2


Uzbekistan Climbs to 42nd Position in IFC and World Bank’s Rankings. 3

International cooperation.. 5

Washington hosts Uzbek-US political consultations. 5

sport.. 5

Uzbek Athlete Davlat Abraev is the Best Kurash Wrestler of the Year 5




Light industry enterprises of Uzbekistan produce goods worth 15.3 trillion soums in 2015

Implemented measures for a technical and technological renovation of existing production facilities, expanding the range and improve the competitiveness of products contribute to the dynamic development of light industry enterprises, which in January-December of 2015 produced goods worth 15.3 trillion soums, or 116.6% to the corresponding period last year. (currency rates of CB RU from 21.01.2016, 1$= 2826.48 soums)

The share of industry in total industrial production reached 16.7%, against 15.5% in 2014, according to the information service of the State Statistics Committee of the Republic of Uzbekistan.

During the reporting period, the textile enterprises of the Republic produced goods worth 8.9 trillion soums, which amounted to 112.1% to January-December of 2014, while the growth in the silk industry made 110.4%, cotton ginning – 107.0%, knitwear – 113.5%.

At the same time, growth can be observed in the garment industry – 18.9%, leather and footwear industry at 22%.

The largest volume of consumer goods was produced by enterprises in Tashkent (14.1% of the national volume of production in the sector), Andijan (11.7%), Fergana (11.7%), Samarkand (9.1%) regions.

Currently, in the Republic there are 8904 enterprises of light industry, of which 3476 – enterprises of textiles, 4684 – the garment industry, 712 – leather and footwear industry.


Made in Uzbekistan

Ecopure Means Safe

The government of Uzbekistan has published a draft resolution on the procedure of environmental impact assessment and labeling of goods in the domestic market.

According to experts, the introduction of the Uzbek environmental seal would have a positive impact on increasing the demand for the products that create the least burden on the environment.

The global demand for environmentally friendly goods and services has been constantly growing. This fact is confirmed by market research, marking a steady increase in the number of registered eco-friendly trade marks. An analysis of global trends shows that two of the top ten consumer trends are environmentally oriented. They imply the increasing environmental awareness of consumers and the growing popularity of healthy lifestyle.

Many countries have already introduced an eco-labeling system for products and services. The US, European Union, Russia and South-East Asia – China, South Korea, Japan and others are distinguished players in this context. Uzbekistan has not yet defined clear criteria for this kind of assessment, various images representing the authoritative recognition of the properties or quality of the goods like ‘eco-friendly, ‘eco…’, ‘bio…’ and their derivatives.

The relevance of protecting consumers from penetration of substandard and counterfeit products into the market has entailed the need for an act that would regulate the introduction of an official label of environmental safety, as well as the need for enhancing the appeal of products by means of relevant information about their properties, and providing consumers with credible information about the environmental aspects of the products manufactured in Uzbekistan.

The global market has been broadly marked by various types of eco-labels, like ‘European Flower’ (EU), ‘Blue Angel’ (Germany), ‘Nordic Swan’ (Scandinavian countries), ‘Green Mark’ (USA), ‘Leaf of Life’ (Russia ), ‘Ecolabel’ (Japan), as well as environmental labes of Australia, China, Korea and other countries, which demonstrate the compliance of products with enhanced safety level for the environment and human health.

The Uzbek eco-label will be represented by a graphical representation of Humo bird with green wings, stylized as leaves, symbolizing the origin of life and nature.

Labeling and expertise of products will be carried out solely on a voluntary basis and at the initiative of a manufacturer or distributor. The inspected products are supposed to be divided into three main categories. The ecolabel will be assigned to the first group of products upon environmental certification in Uzbekistan. The second group will be labeled on the basis of the declaration of conformity with the requirements of ecological safety presented by an applicant, and the third group will be labeled on the basis of information on environmental characteristics of the stages of the product life cycle.

A manufacturer will be certified for the period of up to 60 days. It will be valid for 2-3 years, depending on the category.

Experts of the State Committee for Nature protection emphasize that the introduction of its own eco-labeling will allow Uzbekistan to join The Global Ecolabelling Network, which incorporates 45 world’s most developed countries. Besides, it would improve the quality, attractiveness and competitiveness of domestic products in foreign markets, create additional incentives for the introduction of environmentally friendly technologies, improve health of the population and ensure environmental friendliness of products.

(Source: «Uzbekistan Today» newspaper)


Uzbekistan produces 55.5 bn KWH of electricity

Enterprises of Uzbekenergo produced about 55.5 billion KWH of electricity in 2015, the press service of the company said.

According to Uzbekenergo, the growth rate of electricity production made up 4.2% year-on-year in 2015.

The enterprises shipped 8.2 million Gcal of heating energy. The forecast on export of goods and services was fulfilled with 0.1% surplus.

* * *

Commissioning and assembly works have been started within the project “Construction of a combined-cycle plant on Tashkent thermal power plant of 370 MW”.

According to Uzbekenergo, within the project installation of main equipment was completed and currently commissioning and assembly works are underway.

General Electric of the United States supplied equipment for construction combined-cycle plant (CCP) at the Tashkent Thermal Power Station (TPP).

In March 2012, international consortium, which included Slovakia’s Synecta a.s. and Istroenergo Group, and Poland’s SNC Lavalin Polska started to modernize Tashkent thermal power station with the cost of US$512 million.

The project is financed due to loan of the State Development Bank of China at the size of US$220 million, own resources of Uzbekenergo – US$117.7 million, loan of Fund for Reconstruction and Development of Uzbekistan – US$76.2 million, consortium funds – US$68.9 million, loans of the Uzbek banks – US$26.9 million, and loan of Japan International Cooperation Agency (JICA) – US$2 million.

Currently, general construction works are underway within the project. It is expected that the construction of CCP will be completed in the fourth quarter of 2015.

The installed capacity of Tashkent thermal power station is 1,860 megawatt. The first block was launched in 1963 and last, 12th, – in 1971.

* * *

Japan’s TEPSCO (Tokyo Electric Power Services Co.) signed a contract with Uzbekenergo for rendering consulting services on construction of Turakurgan thermal power station in Namangan region, according to Uzbekenergo’s press service.

Within the project, it is planned that Japanese company will supervise over realization and designing of the thermal power plant with focus to technical, financial and production spheres.

Uzbekenergo underlined that currently works on preparation of infrastructure and communication is underway at the construction site.

The project envisages construction of the Turakurgan thermal power station with the capacity of 900 megawatts. The project implementation started in August 2015.

The project cost is US$1.1 billion. The project will be financed due to loan of Japan International Cooperation Agency (JICA) for US$704 million and loan of the Fund for Reconstruction and Development of Uzbekistan – US$300 million, as well as own resources of Uzbekenergo.

First phase of the project on construction of Turakurgan thermal power station (TPS) will be commissioned in 2017.

In the first stage, in 2017, it is planned to commission two modern combined cycle power facilities with a capacity of 450 MW each. In the second stage, in 2020, it is planned to launch two more such facilities.

Construction of the plant will allow to produce 6.8 billion KWH of electricity, which will help to meet growing demand of Ferghana Valley in electricity, including to realize new projects in textile, food, pharmaceutical, construction materials, small and private businesses sector.



Uzbekistan Climbs to 42nd Position in IFC and World Bank’s Rankings

Uzbekistan has landed in the 42nd position in terms of crediting in a Doing Business ranking report of the International Finance Corporation and the World Bank for 2016. Uzbekistan previously ranked 105th among 189 countries.

Presently, Uzbekistan’s financial and banking system provides speedy and guaranteed services for clients. In 2015, the total capital of financial institutions in Uzbekistan rose by 24.8% as compared with the previous year. Exports point out that a crucial factor in this growth has been consistent fulfillment of tasks put forth under the November 26, 2010 Presidential Resolution “On Priorities of Further Reforms and Boosting the Stability of the Republic’s Financial and Banking System in 2011–2015 and Achievement of High International Ratings”.

Positive change in the banking area contributes to the country’s global prestige. Global organizations for index-based concepts, data and research such as Standard and Poor’s, Fitch Ratings and Moody’s Investors Service annually give a stable outlook to the banks’ performance. According to rankings provided by Global Finance, the Central Bank of Uzbekistan has climbed several positions in comparison with central banks throughout the world.

Expert Viewpoints

Lee Sang Hak, international auditor, South Korea:

“As the world is grappling with a financial crisis, Uzbekistan in 2008–2014 provided over 28 trillion soums in loans for entrepreneurs. It made available a total of 29 trillion soums in credits for investment purposes. It is remarkable that these funds are not based on foreign debt, but rather on internal sources. (currency rates of CB RU from 21.01.2016, 1$= 2826.48 soums)

Consistent reforms carried out in Uzbekistan’s banking sphere have not only provided a reliable shield from the negative impact of the financial crisis, but also increase the scope of loans for the real economic sector and drastically improve the quality of services offered.

We have closely watched Uzbek banks’ performance and we are convinced that the total capital of financial institutions has grown by 24.3%. This is three times as big as the universally accepted international standards. This sort of positive indices have become possible thanks to the measures taken: special sections were set up in banks to monitor the credit portfolio and optimize risks, to boost solvency, reliability and the resource base; strong ties have been forged with international finance institutions; the network of services is being expanded in a consistent manner; in providing loans, clients’ interests are prioritized. The Central Bank sets a refinance rate at a level that is acceptable for businesses, which provides big opportunities for entrepreneurs.

In CIS countries, in spite of the relatively low refinance, the growth rate of credit provisions fluctuates between 3 and 10%. In Uzbekistan, this indicator has made up 30% on average over the past decade. The refinance rate in the country is set at the most optimal level to provide economic sectors with credits. Therefore, entrepreneurs do not have any difficulty securing loans from banks and achieve good results. In addition, the establishment of additional branches by banks, a large number of cashier desks and information tables, attraction of clients, use of advanced technologies and products give banks an opportunity to boost their role and share in the market of retail services.

Banks’ stable performance depends largely on personnel’s professionalism. In this sense, I should highlight that Uzbekistan has put in place a proper personnel policy and it is governed by the Central Bank in accordance with international standards. All these efforts help to maintain stable solvency. Short-term training courses organized by the Higher School of Business at the Cabinet of Ministers, the Banking Academy, the Association of Banks, the regional banking training center and other institutions play an essential role in the enhancement of personnel credentials.

On the whole, we highly evaluate reforms carried out in Uzbekistan’s banking area. Global economic downturn has once again demonstrated that the Central Bank’s policies are on the right track. Your country’s banking system is reliable, stable and guaranteed.”

Sergei Popov, analyst, Fitch Ratings:

“Before trying to set up cooperation with another country, any investor weighs its economic potential, focusing on and exploring the performance of its banks. I can state with certainty that the Uzbek banking system has stable and effective activities and lives up to clients’ trust and expectations because our company has given it a high rating for several years now. In particular, last year’s analysis reveals that the system has taken the necessary measures to strengthen the credit portfolio. It also boasts well-organized efforts to determine and analyze risks and manage them. All risk-related operations are carried out within established norms and limitations. No resource deficit. Crediting and interest policies have been developed at a level acceptable for businesses that enjoy increasingly conducive conditions. Stable performance is based first of all on effective management. A solid concept of management has been developed, which makes it possible to expand its resource basis, improve assets, and store people’s deposits in full volume.

Another important indicator is loan availability. Uzbekistan has done a large amount of work to run agreements on exchanging credit information and deposit ensurance. Therefore, the rating given by the International Finance Corporation and World Bank is considerably higher than the indices of member states of the Organization for Economic Cooperation and Development. This comes as yet more proof that the country has succeeded in creating a favorable environment for investors and entrepreneurs.”

(Source: «Uzbekistan Today» newspaper)

International cooperation

Washington hosts Uzbek-US political consultations

The Sixth round of the Uzbek-American political consultations was held in Washington on 19 January 2016.

A delegation of Uzbekistan led by Foreign Minister Abdulaziz Kamilov participated in the sixth round of the Uzbek-American political consultations.

According to the Uzbekistan’s Foreign Ministry, Abdulaziz Kamilov met with US Assistant Secretary of State for South and Central Asia Nisha Desai Biswal and the sides exchanged views on topical issues of bilateral agenda.

The sides discussed the results of cooperation for period after the fifth round of political consultations in December 2014 in Tashkent, and state and prospects of cooperation in political, trade-economic, cultural, humanitarian and other spheres.

While discussing international issues, special attention was paid to development of situation in Afghanistan and regional issues.



Uzbek Athlete Davlat Abraev is the Best Kurash Wrestler of the Year

The website of the International Kurash Association on results of 2015 year announced the Best Kurash Wrestlers in various categories.

Today, Kurash Federation functions in more than 120 countries. A high-level Championship of the World and the Continent, International Tournaments of Kurash carried out by International Kurash Association and its members – Kurash Confederation of Asia, Europe, Panameriki, Africa and Oceania.

The best event of the last year the International Kurash Association called the official inclusion of Kurash in the upcoming program in 2018 in Indonesia XVIII Summer Asian Games on the General Assembly of the Olympic Council of Asia held in Ashgabat, Turkmenistan. Now Kurash took place in the program of these three prestigious competitions as the Asian Beach Games in Vietnam in 2016, Asian Indoor Games and Martial Arts in Turkmenistan in 2017, and the summer Asian Games in Indonesia, in 2018.

The X World Kurash Senior Championship held in Iran recognized as the “Best Championship”. More than 200 athletes from more than 50 countries competed in this prestigious competition for the victory. Uzbek kurash wrestlers won 5 gold, 4 silver and 2 bronze medals, placed first in the team event.

Davlat Abraev, kurash wrestler in weight category up to 73 kg, was acclaimed as the Best Kurash Wrestler of the Year, the head coach of Uzbekistan Murod Dusimbetov as the Best Coach of the Year.

(Source: UzA)


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