American-Uzbekistan Chamber of Commerce
Week in Review:

April 19, 2013 - April 26, 2013
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AUCC 20th logo

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 [email protected]  We invite you to be part of our organization and participate in our activities and events.   

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In This Issue:
Uzbekistan and USA discuss situation in Afghanistan
U.S. ready to assist Uzbekistan in WTO accession
ADB becomes shareholder of Uzbek bank
Some $120 bln in investments drawn in Uzbek economy since independence

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.


On Wednesday the President of Uzbekistan Islam Karimov received the Assistant Secretary of State for South and Central Asian Affairs Robert Blake, National News Agency of Uzbekistan (UzA) reports.

During the meeting, the President noted that thanks to the efforts of both sides the Uzbek-American relations have a stable and long-term character, and the fruitful bilateral cooperation between Uzbekistan and the United States at the international level as well as between representatives of business, scientific and educational sectors, and civil society is sequentially developing on the basis of mutual respect and interests.

Robert Blake, in turn, confirmed the intention of the United States to continue working together in order to enhance the multidimensional cooperation in various fields.

The parties exchanged their views on the topical issues of regional and of international policy, first of of all those related to the current situation in Afghanistan.

As reported before, on Wednesday, Foreign Minister of Uzbekistan Abdulaziz Kamilov discussed with the U.S. Assistant Secretary the schedule of the upcoming consultations between the foreign ministries, meetings of representatives of business circles of the two countries and other bilateral contacts at various levels.


The U.S. is ready to render technical assistance to Uzbekistan to facilitate its accession to the World Trade Organization (WTO), the Uzbek media reported today, quoting U.S Assistant Secretary of State for South and Central Asian Affairs Robert O. Blake who spoke on the matter at the University of World Economy and Diplomacy in Tashkent.

Blake said that the U.S supports the country's aspirations to join the WTO, as all are interested in an open and comprehensive trade regime in the region.

He stressed that accession to the WTO is a signal to international business that the whole region is open for investments.

Blake said that the U.S. appreciates Uzbekistan's desire to ensure its competitiveness in the future.

These issues can be resolved by the working group during negotiations, which are an integral part of the accession process.

Uzbekistan made a bid to join the GATT / WTO as a full member in December 1994. Three meetings of the working group on Uzbekistan's accession to the WTO have been held up to now. Preparations for the fourth meeting are underway.


The Asian Development Bank (ADB) bought the Uzbek Ipak Yuli Bank's additional shares worth 6.9 billion soum and became its full shareholder with a 13.56 percent stake in the authorized capital, the press service of the Uzbek bank said.

The Ipak Yuli Bank registered an additional issue of shares with a total volume of 6.9 billion soum in late March, planning to increase its authorized capital to 50.9 billion soum. In total, the issue prospectus included 69 million of ordinary shares with par value of 100 soum each.

The entire volume of the additional issue was intended to one investor, the ADB. The deal amounted to over $3.4 million.

The Ipak Yuli Bank's shares are owned by thousands of shareholders, including legal entities and individuals, the largest of which is the national company of export-import insurance, UzbekInvest (nearly 18 percent).

The non-state bank was established in 1990. The bank has a branched structure of mini-banks, express centers, branch offices in Tashkent and several regions of Uzbekistan.

The ADB has been cooperating with the Ipak Yuli Bank since 2006, providing the bank with loans for small business development projects. To date, Ipak Yuli has spent over $11 million of ADB loan funds, directing them to credit small and private business entities.

The deal was the first investment in the share capital of a commercial bank in Central Asia, concluded by the ADB's Department of Private Sector Operations.

The investment in the authorized capital of the Ipak Yuli Bank will facilitate the implementation of international banking standards and best international practices as well as strengthen the capital adequacy for the rapidly growing financial institution.

Uzbekistan became the member of the ADB in 1995. As of April 2013, the ADB approved allocation to Uzbekistan of about $ 4.5 billion to implement 48 investment projects worth more than $13.5 billion.


More than $ 120 billion of foreign investments were made in the Uzbek economy since independence. Over 50 percent came from foreign direct investments, Uzbek Minister of Foreign Economic Relations, Investments and Trade Elyor Ganiev said at the sixth Tashkent International Investment Financial Forum today.

"The annual growth of foreign investments hits 20-25 percent," he said. "This stipulates a high level of attractiveness of the Uzbek economy and its possibilities."

He said that the total volume of attracted foreign investments hit more than $6 billion in 2012, of which about 80 percent falls to the share of foreign direct investments.

The minister said that large-scale structural institutional reforms have been conducted in Uzbekistan over the last years. As a result, the republic entered a phase of economic growth first among the CIS countries. It restored the pre-reform level of gross domestic product by 2000.

The government's efforts are directed primarily at creating an effective and efficient institutional framework of a market economy, system reforming and liberalization of the economy, further modernization of industries, the development of trade and economic relations with various world countries.

The Uzbek economy has doubled in the past 12 years thanks to the consistent implementation of the Uzbek model of reforms.

A stable macro-economic stability and a balance of internal and external sectors were reached. This was reflected in such areas as balancing the state budget, which has been run with a surplus since 2005, the sustainability of external positions, characterized by stable positive balance of trade and balance of payments and the progressive rise in foreign exchange reserves.

The ongoing structural reforms create conditions for sustained high rates of Uzbek economic growth - more than 8 percent a year for the last seven years. The share of industry in the economy of the country has increased from 17 percent to 26 percent from 2000 to 2012. On average, the level of investments in the economy annually hits at least 20 percent of GDP, the share of small and private business in GDP exceeded 50 percent.

The population's cash income is increasing by 22-24 percent a year, stimulating domestic demand for various types of goods and services.

The high rates of economic growth, the ongoing development of industry, agriculture, the private sector are confirmed by independent experts, including the International Monetary Fund, the World Bank, the Asian Development Bank and other reputable financial institutions. According to their forecasts, the high growth rates of the Uzbek economy will be preserved at the level of 7-8 percent annually for the next 5-10 years.

Uzbekistan's investment capacity is estimated at tens of millions of dollars annually, he added.

"Your participation in the forum demonstrates your willingness to cooperate," the minister said, referring to the foreign participants of the forum.

The American-Uzbekistan
Chamber of Commerce
1300 I Street, N.W.,
Suite 720W
Washington, DC 20005
phone: 202.509.3744
[email protected]