American-Uzbekistan Chamber of Commerce
BUSINESS NEWSLETTER
  
Week in Review:

April 12, 2013 - April 19, 2013
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2013 Marks AUCC 20th Anniversary

Since 1993 the American-Uzbekistan Chamber of Commerce has been at the forefront of advancing trade and business relations between the US and the Republic of Uzbekistan. AUCC prides itself in catering to the needs of our members, providing them with a platform to interact with policy makers in the US and the Republic of Uzbekistan and ensuring that bilateral commercial relations continue to be on the governments' top agenda.   

 

For the last twenty years AUCC has been a vigorous advocate of the views of the business community to ensure that private sector positions are considered during the development of policies that impact American businesses and the future of U.S.-Uzbekistan relations.    

 

We are delighted that today AUCC is a well-known organization that is recognized for its strength and ability to work closely with a great number of partner organizations. AUCC enjoys excellent working relations with the Embassy of the Republic of Uzbekistan in Washington, D.C., the Government of the Republic of Uzbekistan, Uzbek ministries, associations and organizations as well as the executive and legislative branches of the U.S. AUCC also coordinates its efforts with a great number of international financial institutions, business councils and other professional organizations.

If your company is interested in joining AUCC, please contact our office at 202-509-3744 or info@aucconline.com.  We invite you to be part of our organization and participate in our activities and events.   

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In This Issue:
AUCC IN BRIEF
Uzbekistan, Russia deepen bilateral relations
Uzbekistan allocates $30 million for gas fields development
Uzbekistan's economy to grow by 7 percent in 2013: IMF
Growth in Europe and Central Asia Continues, but Slowly and Unevenly

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.

www.azernews.az

 

Talks between Uzbekistan and Russia that took place during Uzbek President Islam Karimov's visit to Russia were held in favourable business environment.

The Uzbek national news agency reported that President Islam Karimov paid an official visit to Russia on April 14-15at the invitation of President Vladimir Putin.

According to the report, the meeting of Karimov and Putin discussed the progress and prospects of bilateral cooperation in political, trade, economic, investment, scientific-technical and humanitarian spheres and exchanged views on topical issues of regional and international character.

The discussed issues also included the development of the situation in Afghanistan, combating the spread of terrorism, extremism, drug trafficking and organized crime, as well as the issues of cooperation within the international organizations like the UN, SCO and CIS.

Speaking at the meeting Karimov voiced the country's intention to deepen the relations between the two countries.

"We see this visit as a sought-after and a consistent continuation of the Uzbek-Russian political dialogue and bilateral meetings at high level to strengthen and deepen bilateral cooperation, practical enriching fundamental agreements on strategic partnership and alliance with a new content," Karimov said.

Following the talks, agreements were signed on encouragement and mutual protection of investments, economic cooperation program for 2013-2017, program of cooperation in the cultural and humanitarian, scientific and technical spheres for 2013-2015, documents were adopted on cooperation between institutions for environmental protection, customs and tax services.

www.azernews.az

 

The Uzbek Fund for Reconstruction and Development (FRDU) has allocated a $30 million loan to Uzbekneftegaz National Holding Company (NHC) for the integrated development of the gas fields in Gazli region.

The loan will be used to fund the construction of related infrastructure, in particular, compressor stations on the Kulbeshkak, Hodzhikazgan, Dayahatyn, Syuzma, Kumli and Chegarakum fields.

Although these fields were discovered in the early 1990's, they have not yet been developed. Confirmed reserves have not been disclosed too.

The development of the field will allow producing up to five billion cubic meters of gas per year by 2018. Along with the FRDU loan, the project will be funded through Uzbekneftegaz's own equity.

Currently, Uzbekistan is implementing a project for the integrated development of the gas fields in the Gazli region worth $914.19 million. The Uzbek president instructed in October 2012 to accelerate the completion of the project in 2018 against the previously planned 2020.

In particular, it was planned to complete the implementation of the project on the further development of the Shurtan field worth $265.3 million by 2013. A project on the further development of the Alan field worth $178.34 million should be completed in 2014.

A project to redevelop the East Berdakh field worth $192.9 million is scheduled to be completed four years ahead of the plan and a similar project in the Samantepe and South Urtabulak fields worth $186 million will be completed two years earlier.

The Gazli gas field which is one of the largest fields in the Bukhara-Khiva region has been operated since 1961. The transportation of gas from the Gazli field is conducted through the Bukhara-Ural and Central Asia - Center pipelines that export gas from Uzbekistan to the Urals and the European part of Russia. The initial gas reserves of the field were estimated about 500 billion cubic meters of gas.

The Uzbek Fund for Reconstruction and Development was established in May 2006 to finance and co-finance major investment projects included in the public investment program. The Fund was founded by the Uzbek government through the Ministry of Finance. The fund's authorized capital amounts to $10 billion.

www.nzweek.com 

 

The International Monetary Fund (IMF) forecasts that Uzbekistan's gross domestic product (GDP) could grow 7 percent this year, local media reported Wednesday.

The IMF said in the April edition of its World Economic Outlook that the inflation rate in Uzbekistan for 2013 could stand at 10.9 percent.

The IMF on Tuesday cut its world economic growth rate forecast to 3.3 percent in 2013, 0.2 percentage point lower than its earlier estimate in January.

In January, the Washington-based World Bank released a baseline economic forecast, predicting that Uzbekistan's economy will grow 7.5 percent in 2013.

Uzbekistan has averaged 8 percent in GDP growth since the mid- 2000s.

www.worldbank.org/ 

 

Most economies in the Europe and Central Asia (ECA) region grew in 2012, with an average growth rate of 2.5 percent, and are expected to grow in 2013 at a slightly higher rate of about 2.9 percent, World Bank officials said at a press briefing during the World Bank/IMF Spring Meetings 2013. Recovery in ECA will continue to be the slowest compared to other regions in the world, and will be multi-speed, with the western part of the region growing at a much slower pace than the eastern part. Protracted recession and slow growth recovery further aggravate the persistent unemployment in some parts of the region, which in turn has long-term implications for the region's competitiveness and social inclusion.
"Since the crisis, we see a multi-speed recovery in the region," said Philippe Le Houérou, World Bank Vice-President for the Europe and Central Asia region. "As a rule of thumb, the closer the countries are to the Euro area, and in particular to Southern Europe, the stronger they feel the impact, as their economies rely more on the Euro area as an export market and the main source of banking flows, foreign direct investments and workers' remittances." Read more here.

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The American-Uzbekistan
Chamber of Commerce
 
1300 I Street, N.W.,
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Washington, DC 20005
 
phone: 202.509.3744
 
info@aucconline.com

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