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April 22, 2015


April 22, 2015

economy: Karakalpakstan.. 2

Outcomes of Acceleration. 2


UZSE turnover exceeds 19bn in March. 2

banks. 3

People’s Bank of Uzbekistan intends to increase its authorized capital by 185 billion soums and bring it to 385 billion soums in 2015-2017. 3

Legislative Chamber of Oliy Majlis of republic of Uzbekistan.. 3

“Bloc of democratic forces” discussed the program of practical actions. 3


Uzbekistan’s Pilot Solar Power Plant 5

sport.. 6

ASBC Asian Junior Continental Championships to be held in Tashkent 6




economy: Karakalpakstan

Outcomes of Acceleration

The growing rural welfare is deemed, perhaps, as the most important criterion for the development of any economy. We have repeatedly reported on Karakalpakstan, one of the most northern regions of Uzbekistan, which is currently undergoing huge reformations. Meanwhile, this is just the beginning. A few days ago the Minister of Economy of the Republic of Karakalpakstan announced several long-term plans that would rank the region among the leading industrial centers of the country.

Karakalpakstan has been pursuing program-based policies on the modernization of enterprises in chemical, light and food industries, and upgrade of the power sector. That allows creating new jobs, increasing production volumes and ultimately brings to the main objective of raising the living standards of the population.

In the coming years, the bulk of works will be held in the heart of the region’s generating capacity – in Takhiatash Thermal Power Plant. It is expected to commission two gas turbines with a capacity of 230-280 MW through channeling $695.3 million of investments by 2020. After the launch the power station capacity is expected to increase from 730 MWt to 930 MWt, the amount of electric power generation – from 3.1 billion KWt/h to 5.4 billion KWt/h. The annual savings of natural gas are expected to amount to 488.6 million cubic meters.

There are some interesting projects in the food industry. For instance, the Turon Khojeyli Company has commissioned a production line of distilled butyric acid, as well as installed equipment for condensate disposal worth $25,200. Another large enterprise – Beruniy Yoggar, has completed the installation of equipment on clean up oil extraction with the capacity of ten tons per day.

Localization and import substitution have been actively developed across the country. Two projects were completed last year on the production of batteries by Nurbek Oq Oltin private company of Khojeyli district and vermiculite concentrate at Karakalpak Vermi Invest of Karauzyak district. The first company has already produced its first batch – 1,000 batteries worth 100 million soums, and the second one produced 420 tons of vermiculite concentrate to the amount of 710 million soums (currency rates of CB RU from 22.04.2015   1$= 2507.40 soums).

These achievements have entailed the inclusion of three more projects in the localization program for 2015-2019. They come to the production of different sizes of glass at Karakalpaksteklotara, briquettes of vermiculite concentrate at Elrosi Nur, and detergents at Tidy Vita.

(Source: «Uzbekistan Today» newspaper)



UZSE turnover exceeds 19bn in March

Turnover with the securities of Uzbekistan Stock Exchange (UZSE) made up 19.9 billion soums in March 2015, which rose 14 times compared to March 2013 (1.4 billion soums).

The exchange said that 281 deals with 43.6 million securities of 17 issuers were recorded in March 2015 (currency rates of CB RU from 22.04.2015   1$= 2507.40 soums).

The secondary market accounted deals for 14.1 billion soums or 71% in March. The turnover of the IPO market was 5.7 billion soums or 29%.

According to the company, the average volume of the exchange deal in March made up 70.7 million soums (21.1 million soums in March 2014).

The average daily volume of the deals with the securities market made up 904.1 million soums in March 2015 against 87.1 million soums in March 2014. The average price of realized one security reached 456.1 soums (314.5 soums in March 2014).

The largest deal was recorded on 16 March 2015 with the shares of Ipoteka Bank. Within the deal, some 2.7 million shares of the bank for 7.5 billion soums were realized.

In the reporting period, about 95.1% or 18.9 billion soums from total deals were conducted with shares of the banks, 0.13% or 0.03 billion soums – insurance companies and 0.09% or 0.02 billion soums – leasing companies, 0.24% or 0.05 billion soums – construction companies. Share of other industries is less than 0.4%.

(Source: )


People’s Bank of Uzbekistan intends to increase its authorized capital by 185 billion soums and bring it to 385 billion soums in 2015-2017

The dynamic development of the domestic banking system has been in progress. Targeted reforms help protecting the country from the negative effects and consequences of the ongoing global financial and economic crisis, as well as streamlining the activity of banks, expanding the loaning of the real economy, and drastic improvement of quality of banking and financial services.

The increased level of capitalization of banks deserves special mention. Over the past 13 years the total capital of banks has grown more than 43 times, and more than 4.4 times over the last six years. Today, the capital adequacy ratio of the banking system makes up 23.8%, which is three times higher than required by the Basel Committee on Banking Supervision (8%). As of January 1, 2015, this indicator has exceeded 6.9 trillion soums (currency rates of CB RU from 22.04.2015   1$= 2507.40 soums).

The People’s Bank, with the most extensive network of branches in all the regions of the country, has been a front line player in the domestic banking system. As of March 31, 2015, the bank has 32 mini-banks and 1,332 additional offices in remote and inaccessible areas. The bank’s assets exceed 3 trillion soums, the deposit base – 2.42 trillion soums, and the credit portfolio – 1.65 trillion soums.

The bank’s shares are distributed among shareholders in proportion to their shares, i.e. the Ministry of Finance – 51%, and the Central Bank – 49%. The bank’s authorized capital is built by the bank’s own profit, tax benefits, state budget, as well as part of the profit and equity of the Central Bank.

According to experts, such a policy ensures reliable and guaranteed protection of household deposits through the increase in the level of capitalization in line with universally accepted international norms and standards. The increase in the capital would also provide an opportunity to expand loaning to the real economy, small businesses and individuals.

(Source: «Uzbekistan Today» newspaper)

Legislative Chamber of Oliy Majlis of republic of Uzbekistan

“Bloc of democratic forces” discussed the program of practical actions

A meeting of the “Block of democratic forces” in the Legislative Chamber of the Oliy Majlis of the Republic of Uzbekistan dedicated to discussion of tasks arising from the speech of Islam Karimov at the ceremony of inauguration of the President of the Republic of Uzbekistan on the joint session of the Oliy Majlis was held.

According to the participants of the meeting, at this ceremony, which will leave an indelible mark in the history of independent development of our country, the head of our country gave an objective and truthful evaluation to large-scale creative work carried out in achieving considerable success, high goals on the way of political, economic, social, spiritual and educational development of our homeland on the basis of five well-known principles, recognized worldwide as the “Uzbek model” of development.

It was also noted that in the context of the ongoing global financial and economic crisis that is becoming more stringent competition and confrontation and growing challenges and threats, such as radicalism, terrorism and extremism, further cohesion is needed and we should not stop at achieving progress, not indulge carelessness and euphoria, but even more should mobilize our forces and capabilities for finding ways to ensure a worthy place of our country among the developed democracies, raising processes of modernization and democratization to a new level, building a prosperous and happy life.

At the meeting it was emphasized that for timely and successful resolution of these tasks, accelerating democratic reforms cardinally changing our lives, improving their efficiency requires even greater mobilization of our efforts, in this regard introduction of appropriate amendments and additions to the Program of practical actions of the “Bloc of democratic forces” in 2015 was suggested.

In this case, particular attention was paid first of all to issues directly related to the legislative activity of parliament. The need to ensure compliance of legislation in social, political, economic and humanitarian spheres, needs of development and further accelerating reforms was noted.

It was emphasized that the order of the day is to initiate a number of draft laws aimed at deepening market reforms and liberalization of the economy, strengthening the rights and protection of private property, elimination of obstacles and barriers to entrepreneurship, as well as discussion and further development of considered documents in Parliament with direct participation of voters, specialists of the sphere, representatives of civil society institutions by the Democratic bloc.

In particular, it was planned to organize training and improvement of a number of draft laws such as “On introducing amendments and addenda to certain legislative acts of the Republic of Uzbekistan in connection with ensuring freedom of economic activity, private ownership and private entrepreneurship”, “On introducing amendments and addenda to the Law of the Republic Uzbekistan “On Accounting”, “On introducing amendments and addenda to the Law of the Republic of Uzbekistan “On farming”, “On parliamentary control”, “On public control in the Republic of Uzbekistan”, “On economic foundations of the mass media activities” and others.

Participants of the event noted that the provision in the last 10 years of steady rates of GDP growth, attraction of foreign investments into the country are the process taking place not by themselves, that the basis of this success embodies the practical results of successive reforms carried out under the leadership of Islam Karimov.

It was emphasized that issues of structural changes in the economy, diversification of industry, continuation of technical and technological modernization of production, elimination of all barriers and constraints to the development of private property and private entrepreneurship outlined in the speech of our President are an important task in ensuring competitiveness of our economy and country.

The Democratic Bloc scheduled the hearing of information of the Minister of Economy of the Republic of Uzbekistan on the status and prospects of localization of production of modern building materials, as well as the information of the chairman of the State Committee on de-monopolization and competition development of the Republic of Uzbekistan – on the state of compliance with the requirements of the Law “On protection of private property and guarantees of the rights of owners”.

It was also emphasized that current demand of time is the consistent continuation of system measures on establishment of effective parliamentary, deputy and public control over the activities of ensuring favorable business environment for small and family business, private entrepreneurship, increasing investment attractiveness of the regions.

At the same time it is envisaged to develop and implement programs aimed at promoting attraction of investment in the economy of the country. It is proposed to organize hearing of information of representatives of the executive authority of Tashkent, Djizzakh, Syrdarya and Navoi regions, as well as Tashkent city on the state of affairs, conducted in 2015-2016 on production of competitive products attracting foreign investment. Proposals on development of legislation of the sphere, in particular, improvement of legislation on international arbitration will be developed.

Deputies noted the need of raising awareness among population, especially the electorate of the party and youth of the essence and meaning of the speech of Islam Karimov at the inauguration ceremony of the President of the Republic of Uzbekistan at the joint session of the Oliy Majlis chambers. However, it is assumed to implement a number of projects, conduct conferences, seminars and “round tables”. For, as noted the head of our state, the basis of our success embodies deepening of political consciousness and culture, ideology of our courageous and brave people that has seen a lot in their lifetime and most importantly – commitment and enthusiasm of our independently and a new thinking younger generation that enters into life today as a decisive force, mastered modern knowledge and professions, able to take responsibility for the future of our motherland.

At the end of the meeting, decision of the “Bloc of democratic forces” on the discussed issue was taken.

(Source: Information Service of the Legislative Chamber of the Oliy Majlis of the Republic of Uzbekistan


Uzbekistan’s Pilot Solar Power Plant

Uzbek and South Korean specialists have commissioned the country’s first commercial pilot solar power plant.

Uzbekenergo has been taking integrated measures to diversify sources of generation and develop alternative energy. In the coming years it is planning to launch Central Asia’s first and largest 100 MW solar power plant in Pastdargom district of Samarkand region. The project is funded by a concessional loan of the Asian Development Bank and the Fund for Reconstruction and Development of Uzbekistan. In the next five years the company is projecting the construction of another two 100 MW heliostations in Namangan and Surkhandarya regions. The construction of each facility will cost approximately $210 million.

The geographical location and climatic conditions of the republic suggest exclusive opportunities when it comes to the potential and prospects of development of solar energy in Uzbekistan. Uzbekistan boasts over 320 sunny days a year, surpassing many regions of the world. According to estimates of the Asian Development Bank and World Bank, the gross capacity of solar energy in Uzbekistan exceeds 51 billion tons of oil equivalent. Experts estimate that such resources might generate electricity 40 times more than the annual consumption of the republic in 2014.

Commissioned in the Pap district of Namangan region, the pilot 130 kW photovoltaic power plant is expected to be a pass for Uzbekistan to the world of solar generation, as it is meant to be a testing platform for different types of solar panels and modules, specification of their technical and economic parameters in the climatic conditions of Uzbekistan for subsequent selection of the most effective solutions that provide high performance factor.

The project was funded by a South Korean government grant totaling $700,000, and the equipment was delivered by Korean companies Hanhwa, JSPV, S-Energy and TopSun. The station will generate 500-600 kW/h daily.

(Source: «Uzbekistan Today» newspaper)


ASBC Asian Junior Continental Championships to be held in Tashkent

The ASBC Asian Confederation Junior Continental Championships will be held in the capital city of Uzbekistan in Tashkent from 7 June to 14 June 2015.

The corresponding decision was adopted at the session of the General Assembly of the Asian Boxing Confederation in Almaty (Kazakhstan).

It is expected that a record number of competitors will take part in the competition. Boxers who were born in 1999 and 2000 will be eligible to compete in the ASBC Asian Junior Continental Championships in Tashkent.

Uzbekistan’s currently best junior boxer Profsor Rorimsha also will be there in the ASBC Asian Junior Continental Championships in Tashkent while Asadbek Avazov (48 kg), Bilolbek Mirzarakhimov (54 kg), Dilshod Ruzmetov (66 kg), Kosimkhon Kosimov (75 kg) and Abboskhon Mirzaabdullayev (+80 kg) are all gold medal contenders from the host nation’s squad in the event.


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