Week in Review:
April 27, 2012 - May 4, 2012
AUCC in Brief
Established in 1993, the American-Uzbekistan Chamber of Commerce (AUCC) is a private, non-profit trade association representing interests of U.S. businesses ranging in size from small private enterprises to large, multinational corporations conducting business in Uzbekistan.
Our Mission: To advocate the views of the business community to ensure that private sector positions are considered during the development of key policies that impact American businesses and the future of U.S.-Uzbekistan relations.
Our Objective: To serve the needs of its members by strengthening commercial relations between the United States and Uzbekistan.
| Clinton: Trade key to fighting extremism
http://business.blogs.cnn.com of 5/3/2012
The United States aims to promote stability in Central Asia by encouraging trade in the region, U.S. Secretary of State Hilary Clinton told CNN.
The American strategy focuses on bolstering north-south trade, linking India and Pakistan via Afghanistan to the former Soviet republics of Central Asia.
"If people are trading with each other, if they are investing in each other's countries, if they are engaged in commerce of all kinds, there develop relationships and, frankly, stakes in peace and security that are desperately needed," Clinton told CNN's Jill Dougherty.
"Security yes, we have to work on that, but what is really promising is the economic integration of the entire region," she added.
But for many countries in the region, economic integration is seen as secondary to security. Instead of borders opening to trade, many are closing. But Clinton cited increased trade between India and Pakistan and across the Pakistan-Afghanistan border as examples of progress.
She added: "There is an important idea of a pipeline that would carry gas from Turkmenistan through Afghanistan and Pakistan into India; all four countries are in support.
"There are roads and bridges being planned that come from Kazakhstan through Uzbekistan into Afghanistan that go through Turkmenistan to the sea. There's just a lot of ideas."
And she said trade could help combat extremism in the region. "Some countries would like to build a 20-foot wall because they worry about extremists from other places," said Clinton. "That's just not realistic in the 21st century. It's far better to develop your economy to trade with your neighbours to give your young people jobs. That's one of the best arguments against extremism."
Clinton gave Uzbekistan as an example of U.S. investment, where an American automobile manufacturing plant is producing cars for export in the region.
"Each country has unique assets that can be capitalized on but no country alone can maximize their economic potential without opening their borders to more trade and investment," she said. "So while we work bi-laterally with a lot of these countries to help them, we also continue to preach the idea of economic integration."
She added: "We do have to put security at the forefront, and the United States has helped every one of these countries with security. But what is security for? It is to enable people to have a better life and one of those is by raising the stand of living and business, investment, and trade can do that."
| Global Crisis Must Not Disrupt Asia's Continuing Transformation: ADB Report
http://www.adb.org of 5/3/2012
While developing Asia must build a firewall against possible escalation of the global financial crisis, it must not veer from long-term structural reforms already underway to further its economic transformation, delegates at the Governors' Seminar at the 45th Annual Meeting of the Asian Development Bank (ADB) heard today.
"While authorities continue to strengthen macroeconomic resilience to shocks, we also need to reinvigorate focus on the region's long-term development goals," ADB President Haruhiko Kuroda said. "The ultimate challenge is to continue transforming economies in a way that promotes peoples' welfare and reduces poverty."
The region must update its growth model to accommodate a "new normal" - prolonged restructuring in advanced economies - and surmount obstacles to sustained and equitable growth in developing Asia, according to the How Can Asia Respond to Global Economic Crisis and Transformation report presented at the seminar.
Asia can weather a renewed financial crisis and weakened export demand from developed markets, but long-term prosperity hinges on relying more on domestic and regional markets as well as expanding ties with Latin America and Africa, the report says.
Currently, the national focus is on containing crisis risks from potential financial contagion and weaker trade. Regionally, there is need for a strong, effective and adequately resourced financial safety net to complement national and global financial arrangements, the report said.
This year could prove crucial. Financial tensions in Europe could escalate further. And there remains concern over the fledgling economic recovery in the United States.
The report urges policymakers to keep monetary policy flexible to respond to extreme exchange rate volatility and use fiscal stimulus to support domestic demand if needed.
The greatest challenge for policymakers is to manage these near-term issues while maintaining Asia's successful, ongoing economic transformation as a global growth engine. Specifically, growing inequality between rich and poor will eventually threaten the region's growth and stability, the report warns. To counter this, Asia must invest more in human development and social services to better equip its people to benefit from the opportunities of rapid growth. Key medium to long term measures to support this transformation include:
- Rebalancing growth toward domestic sources- consumption and investment;
- Strengthening finance, deepening markets, and fostering financial inclusion;
- Improving the business and investment climate;
- Preparing people for future jobs, upgrading industry, and environmentally sound urban planning;
- Boosting intra-regional trade and expanding "South-South" links;
- Deepening regional cooperation and integration.
The global crisis is a wake-up call for Asia. The region's policymakers not only have to boost Asia's resilience to external shocks in the near-term but also tackle the risks posed by ongoing global rebalancing and overall structural transformation. The report notes that although authorities in the region have begun addressing a number of these challenges, there is no room for complacency and more needs to be done.
|Special thanks to Indsur Stelcor, Inc.: AUCC and 2012 Offshore Technology Conference in Houston, Texas
Sponsored by a new member of AUCC, Indsur Stelcor, Inc., AUCC had an excellent opportunity to participate in one of the largest and most prominent oil and gas exhibitions in the United States, the 2012 Offshore Technology Conference at Reliant Park in Houston, Texas. The 2012 OTC, held from April 29, 2012 through May 4, 2012, was an enriching experience for AUCC to meet U.S. companies with existing investments in Uzbekistan as well speak to those who have interest and are in the process of studying the country's oil and gas potential and resources. AUCC would like to express its special thanks and gratitude to our sponsor, Indsur Stelcor, Inc. and looks forward to continuing such cooperation and participating in similar events that would allow the chamber to increase the U.S. business community's awareness of our organization and the purpose that we serve.
According to the press release
issued by the event organizers, "Attendance at the conference reached a 30-year high of 89,400, the third highest in show history and up 14% from last year.
Attendance surpassed the 2011 total of 78,645, and the sold-out exhibition was the largest in event history at 641,350 ft² with the addition of the outdoor pavilion, up from 603,000 ft² in 2011. The exhibition had 2,500 companies representing 46 countries, including 200 new exhibitors that included exhibitors from Bahrain, Hungary, Israel, Lithuania, New Zealand..."
"OTC 2012 was the most successful event we have had since the early 80s," said Steve Balint, Chairman of OTC. "In terms of strength of the technical sessions and technology on display, OTC reached a record-breaking number of people and offered the most ways to connect, educate, and conduct business. The industry is on the rise and challenges are ahead, making it more important than ever to collaborate and share best practices with colleagues all over the world. OTC is the place to do that."
This year's event featured eight panel sessions, 29 executive keynote presentations at luncheons and breakfasts, and 300 technical papers. Speakers from major, independent, and national operators; global government officials; and academia presented their views on the current challenges and future directions of the industry.
| Uzbekistan's foreign trade turnover grows by 2% in 1Q
http://uzdaily.com/index.htm of 4/30/2012
Foreign trade turnover of Uzbekistan grew by 2% year-on-year and reached US$5.908 billion in January-March 2012, the State Statistics Committee of Uzbekistan said.
At the same time, foreign trade turnover of Uzbekistan with the CIS states made up US$2.49 billion (+19.3%) and other countries - US$3.419 billion (-7.7%).
The committee said that US$3.134 billion from total foreign turnover fell to share of exports (7.4%) and US$2.774 billion - to import operations (+15.3%).
Exports of Uzbekistan to the CIS states grew by 34.9% year-on-year to US$1.415 billion and to other states dropped by 26.4% to US$1.719 billion.
Uzbekistan's imports from the CIS reached US$1.075 billion in the first quarter of 2012, which rose by 3.6% year-on-year. Imports from Uzbekistan to other state grew by 24.2% to US$1.699 billion.
Foreign trade surplus made up US$360.3 million in the first three months of 2012, including with the CIS states - US$340.1 million and other states - US$20.2 million.
The American-Uzbekistan Chamber of Commerce
1300 I Street, N.W., Suite 720W
Washington, DC 20005