November 24, 2014
President of Uzbekistan to Visit Kazakhstan. 2
POLICY
President of Uzbekistan to Visit Kazakhstan
President of the Republic of Uzbekistan Islam Karimov is to pay an official visit to Kazakhstan on November 24-25 at the invitation of President Nursultan Nazarbaev.
The meetings and talks at the highest level are to include discussion of a broad spectrum of issues pertaining to the further advancement of the fruitful bilateral cooperation in the political, trade-economic, cultural-humanitarian and other spheres. The two leaders are also expected to exchange views on current topics in regional and international affairs.
(Source: Press-service of the President of the Republic of Uzbekistan)
economy
Small business entities during the first 9 months of 2014 produced 52.9% of total GDP of Uzbekistan
The amount of goods produced by small business entities in January-September 2014 made up 52.9% of total GDP, which is 1.7% higher than in the corresponding period of last year (51.2%). The share of small enterprises in GDP in January-September 2014 made up 29.2%, compared to 28.6% in January-September 2013.
In addition, small businesses in January-September 2014:
– provided employment to 9803.9 thousands of people or 76.5% of all the employed in the economy, including in the private sector – 7452.4 thousand, in small enterprises – 2351.5 thousand;
– produced industrial products worth 16929.0 billion soums (31.1% of the total industrial production of the Republic) or 118.0% to the level of January-September 2013; (currency rates of CB RU from 24.11.2014 1$= 2396.79 soums)
– realized investments worth 7900.9 billion soums (33.2% of the total volume of investments of the Republic), or 114.4% to the level of January-September 2013;
– implemented construction works worth 10321.7 billion soums (68.7% of the total volume of construction works) or 112.5% to the level of January-September 2013;
– ensured the growth of freight turnover of motor transport by 9.2% (81.7% of the total turnover of the Republic), passenger by 7.6% (87.7% of total passenger turnover);
– formed 45.4% of the total retail trade turnover, which amounted to 18929.3 billion soums (increase by 12.3%), paid services respectively made up 47.0% and 7556.1 billion soums (an increase of 15.1%);
– exported products (goods and services) worth $2668.9 million (24.0% of total exports), imported – $4580.0 million (45.0% of total imports).
The number of employed in the private sector of small business amounted to 9020.5 thousand people or 92.0% of total employment in this sphere.
(Source: UzReport.uz)
FINANCE
Good Deal
In the first nine months of 2014, the volume of loans allocated by domestic commercial banks to support small businesses has increased by 1.3 times YOY and exceeded eight trillion soums. Of these, 1.7 trillion soums went for microcrediting, which is almost 1.4 times more YOY.
Commercial banks of Uzbekistan actively support small businesses. For instance, they do not charge a fee for opening bank accounts in national currency for business entities, and their credit applications are reviewed within three banking days.
All branches of commercial banks now offer ‘businessmen rooms’, where experienced professionals introduce entrepreneurs to the preferences available, changes in legislation, new banking products. They also provide an opportunity to study the literature on entrepreneurial activities. The constantly updated websites and portals expand the informational support.
Moreover, there are regular meetings and workshops with representatives of government agencies, local administrations and public organizations in the regions. They spotlight the issues of businessmen’s concern, listen to their opinions, and clarify the nature and content of the legislative acts.
The volume of funds invested in the development of family business, private entrepreneurship and craftsmanship has exceeded 170 billion soums. Bank loans have empowered the establishment of poultry, fishing, and bee farms, and hence, thousands of new jobs. Banks allocated 180.1 billion soums of micro loans as concessional funding of business projects of graduates of vocational colleges.
(Source: «Uzbekistan Today» newspaper)
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