American-Uzbekistan Chamber of Commerce
Week in Review:

September 27, 2013 - October 4, 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 [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:
ADB keeps forecast of Uzbekistan's economic growth in 2013 at level of 7.5 per cent
China Development Bank gives US $ 100 mln to NBU
Central Asian countries cite instability in Afghanistan as serious threat
Uzbekistan establishes int'l solar institute
Conference on Border Security in Central Asia starts in Ashgabat

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.  


October 2, 2013


Asian Development Bank (ADP) kept the forecast of Uzbekistan's GDP growth in 2013 at the level of 7.5 per cent, the updated report of Asian Development Outlook-2013, issued by the bank on Wednesday said.

The ADB reduced its forecast for Uzbekistan's economic growth in 2013 from 7.9 per cent that was forecasted in October 2012 to 7.5 per cent in April of his year.

According to the report, the ADB also kept the forecast for Uzbekistan's economic growth for 2014 at the level of 8 per cent. The country's economic growth in 2012 amounted to 8.2 per cent and in the first six months of 2013, to 8 per cent.

"The growth was achieved mainly through increasing the industrial production by 8.2 per cent and the volume of rendered services by 11 per cent, as well as the investments in the energy sector," the bank's experts stressed.

The ADB also kept the forecast for the inflation growth which according to the bank's calculations will amount to 9.5 per cent in 2013 and 9 per cent in 2014. The balance of account of the current transactions remains at the level of 4.3 per cent of GDP in 2013 and 3.2 per cent in 2014.

According to official statistics, Uzbekistan's GDP increased by 8.2 per cent in 2012 compared to the figures of 2011, and the inflation amounted to seven per cent compared to 7.6 per cent in 2011.

The country's foreign trade turnover in 2012 increased by 0.9 per cent compared to 2011, and amounted to $26.287 billion, at the same time export decreased by 5.1 per cent and amounted to $14,259 billion, and import increased by nine per cent and amounted to $12,028 billion. Uzbekistan's trade surplus decreased by half - from $4.517 to $ 2.231.

In 2013, the government plans to ensure GDP growth at the level of eight per cent, industrial production - 8.4 per cent, agricultural production - six per cent, increase in the volume of capital investments - 9.3 percent. Inflation is planned to be kept within the seven - nine per cent.

Uzbekistan has been an ADB member since 1995 and today is the largest recipient of loans of from this financial institution in Central Asia. The total amount of loans given by the bank for the implementation of totally $13.5 billion worth of 50 investment projects, amounts to nearly $5 billion for today.  


October 3, 2013

National Bank for Foreign Economic Activity of Uzbekistan (NBU) plans to attract a credit line of China Development Bank (CDB) in the amount of $100 million to finance investment projects in the sphere of small business and private entrepreneurship, RIA Novosti reports.  

According to agency's interlocutor, a memorandum was signed between the banks during Chinese President Xi Jinping's visit to the country in September 2013. The representative of National Bank for Foreign Economic Activity of Uzbekistan said that it will be the fourth credit line, attracted from the CDB to support small business. 

In May 2006, the Bank attracted CDB's credit line for trade financing in the amount of $20 million for a period of nine years, with a two-year grace period at an annual interest rate based on LIBOR plus 1.5 percent. 

In August 2007, the CDB opened a credit line of $60 million for the National Bank for Foreign Development to finance projects in the sphere of small business and private entrepreneurship for 12 years, including a grace period of 2.5 years on LIBOR plus 1.2 percent per annum.

In June 2010, the CDB and the National Bank of Uzbekistan signed a loan agreement to open a credit line in the amount of $75 million. 

The credit line was opened without state guarantees and without insurance on the part of the export-import agencies. In total 162 projects worth $74.99 million have been financed with the funds of this credit line, the National Bank of Uzbekistan said. 

National Bank for Foreign Economic Activity has funded projects in the area of small business, using funds from credit lines of Export-Import Bank of China, China Development Bank, Export-Import Bank of Korea, National Bank of Pakistan, Asian Development Bank, International Finance Corporation, German Development Bank (KfW), OPEC Fund, Islamic Development Bank, Malaysian, Egyptian and German banks. 

National Bank for Foreign Economic Activity of Uzbekistan is the largest bank in the country, established in September 1991 as a government agent in international financial markets. Currently the bank acts as a universal commercial bank. The bank's only shareholder is the Cabinet of Ministers of Uzbekistan. 

The bank has 14 regional offices, 92 branch, and Asia-Invest Bank subsidiary bank in Moscow. The bank serves about three million individuals and legal entities. Correspondent relations have been established with 650 foreign banks. 

In 2012, the bank's assets, calculated by the International Financial Reporting Standards (IFRS) rose by 19.9 percent compared to the same period in 2011 - up to 9.443 trillion soums, credit portfolio rose by 17.6 percent up to 5.512 trillion soums, own capital increased by 13.4 percent, up to 875.049 billion soums.  


September 27, 2013


The war in Afghanistan remains one of the serious threats to regional and global security, two Central Asian officials today told the United Nations General Assembly, urging a political solution to the conflict that could very well escalate in 2014, stirring up terrorism, extremism, drug trafficking and illegal migration.

Addressing the Assembly's 68th high-level debate, Uzbek Minister of Foreign Affairs Abdulaziz Kamilov, stressed the only way to end the Afghan crisis is through a political solution based on negotiations with the main confronting forces and achievement of consensus "regardless of how difficult it might be and given the active assistance on the part of the international community and the United Nations."

Mr. Kamilov noted that as the International Security Assistance Force (ISAF) draws down next year, the conditions could lead to an escalation of the confrontation in the country which could have a negative impact on Central Asia and neighbouring regions.

Uzbekistan, the Foreign Minister noted, will continue to adhere to an "open and clear" policy with respect to Afghanistan based on principles of good neighbourliness and non-interference in its internal affairs.

In his statement, Mr. Kamilov also stressed the importance of water resource management, and particularly the problem of the drying up of the Aral Sea.

Meanwhile, the Minister of Foreign Affairs of Kazakhstan, Erlan Idrissov, stressed his country's commitment to sustainable and stable development of Afghanistan, in keeping with the Istanbul progress and the Almaty forum.

"The Asian continent is transforming itself into a global power house for the 21st century, with its production of more than 57 per cent of global GDP - and this trend is expected to increase," Mr. Idrissov said. "However, this growth could be jeopardized by an aggravation of existing conflicts, illegal migration, drug trafficking, territorial claims, separatism, religious extremism and terrorism."

To counter these, the Foreign Minister called for a regional security architecture to more effectively make joint decisions related to security and cooperation in Asia.

Mr. Idrissov also urged nuclear abolition, noting that when the Semipalatinsk nuclear site closed shortly after the country's independence in 1991 and renounced the fourth largest nuclear arsenal in the world, Kazakhstan "made a unique contribution in the multilateral effort to achieve a world free of nuclear weapons."  


October 1, 2013


Uzbekistan established the International Solar Energy Institute, Kyrgyz Telegraph Agency reported on September 30.

The institute was founded by the Uzbek Academy of Sciences and the Uzbekenergo State Joint-Stock Company, in accordance with the decree "On the measures on establishment of the International Solar Energy Institute" issued by the Uzbek Cabinet of Ministers on September 30.

Under the decree, the Academy of Sciences will hold a 51 percent in the statutory fund of the institute, which was established in the form of a limited liability company, and Uzbekenergo will retain the rest 49 percent.

The foundation staff of the institute may include international organizations, foreign government agencies, financial institutions, foundations, academic and research centers, investors, enterprises and other interested entities, the document said.

The Asian Development Bank (ADB) has provided the Uzbek government with a $3 million grant to establish the International Solar Energy Institute.

The institute is aimed to implement high-tech developments in the field of industrial application of solar energy, to conduct applied researches, related to the use of solar energy in various sectors of economy and to coordinate the development of documentation for major projects in the field of solar energy.

In early 2013 Uzbekistan developed a set of measures for development of alternative sources of energy.

In particular, it is planned to establish an enterprise for production of photovoltaic panels with capacity of 100 MW and the construction of a solar photovoltaic power plant with capacity of 100 MW in the Samarqand region of the country.

According to local experts, with the current tendencies and volumes of resource consumption, the natural gas and coal reserves in Uzbekistan will last only for the next 20-30 years, while oil reserves are almost depleted.

Presently 97 percent in Uzbekistan's structure of primary fuel and energy resources accounts for oil and gas, 2.3 percent for coal and 0.7 percent for hydropower while the share of renewable energy in Uzbekistan does not exceed one percent.

The potential of solar energy in the country with 300 sunny days per year constitutes about 51 billion tons of oil equivalent.  


October 2, 2013

A two-day (October 2-3) conference of the Central Asia Border Security Initiative (CABSI) started in Ashgabat on Wednesday, a source close to the negotiations reported.

CABSI was formed in 2003 by the Federal Ministry of Internal Affairs of Austria for the coordination of programme activities and strategic objectives of the Border Management Programme in Central Asia (BOMCA) funded by the European Union.

The agenda includes improving the border security level and facilitating trade and the movement of people across the border as one of the methods of economic development.
Participants from the Central Asian countries, EU member states and international concerned organisations are invited to the CABSI meeting.

The EU website says the border infrastructure, equipment and procedures have been modernised over the last decade in the region thanks to the efforts of Central Asian countries in close cooperation with bilateral, regional and international donors.

At this stage, one of the key issues discussed within CABSI are the possible consequences of reducing the international forces in Afghanistan and for the situation in the field of border security and managing the northern border of Afghanistan.

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