Dear AUCC Members and Friends: Happy Holidays and best wishes for a prosperous New Year! We would like to express our gratitude to all AUCC members who, through all these years, have proven to be Uzbekistan's true allies and have been nothing but dedicated, reliable, honest and most conscientious business partners inspired to expand the bilateral relationship, business climate and promote development to enhance the lives of the people of Uzbekistan and the US. Our companies recognize that despite the global economic slowdown, Uzbekistan has managed to secure successfully greater macroeconomic stability and growth. We applaud the Government of Uzbekistan for their continuous process to improve the operating business environment that US companies benefit from and fiscal discipline that has enhanced economic growth. We greatly appreciate our own US Government for their continuous dialogue with their Uzbek counterparts on how to use trade and investment engagement as a pillar of the bilateral relations. We stand ready to use our business acumen to facilitate the Uzbek and US Governments' efforts to attract more American companies and helping those who are already here generate even more success stories for the world to hear. We hope for the US and Uzbek Governments' support in helping us multiply our achievements and generate more projects and contracts that will make our nations achieve greater prosperity, stability and higher rates of development. Happy Holidays! May 2015 bring greater prosperity to the American and Uzbek people. Sincerely, Carolyn Lamm, AUCC Chairperson Timothy McGraw, AUCC President 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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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.
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The Central Bank of Uzbekistan has approved the amendments to the regulations on corporate management in commercial banks.
The norm providing a requirement for each bank on the development and introduction of the internal document on effective corporate management has been included in the regulations, according to documents released by local media.
The document also provides for the possibility of creating a committee of minority shareholders in the bank to protect their rights and interests, protect the interests of the bank from the improper or illegal actions of shareholders, bank officials and other persons, the establishment of remuneration, rewards and incentives to employees (including the Board and the Management Board) taking into account the results of the bank's activity, compliance with safety and security requirements in lending to employees and officers of the bank, as well as the giving employees an opportunity to report illegal, unethical or questionable actions of management, ensuring their protection from the negative reaction from the above mentioned persons.
A necessary condition for effective corporate management should become its transparency to shareholders, investors, other stakeholders and market participants, the document said.
Uzbek banks must disclose information on the risk tolerance indexes (without breaking the necessary privacy) with a description of the procedure for their determination and degree of participation of the Board of the bank in this process.
Disclosing information must be accurate, clear and in an understandable way so that shareholders, investors, other stakeholders and market participants could easily take advantage of it. It must be promptly published on the corporate website in the annual and interim financial statements, or by other ways, the document said.
Effective corporate management of the bank also involves the disclosure of information, which includes the management bodies structure (composition, qualifications, experience, powers, duties, supervised field, work schedule and membership in the committees), ownership structure (large shareholders, the share of foreign investors in the share capital), organizational structure, types, conditions and amounts of transactions with affiliates and insiders, the bank's policy in relation to conflicts of interest.
Today, Uzbekistan's banking system has 26 commercial banks, including three state-run banks, 11 joint banks, seven private banks, and five banks operating with the involvement of the foreign capital.
As previously reported, in 2014, the Uzbek banks' total assets increased by 28.3 percent up to 56.2 trillion soums, the total loan portfolio of the banks rose by 31.3 percent up to 34.8 trillion soums, and the total equity bank capital increased over the year by 25.5 percent up to 6.9 trillion soums.
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The Cabinet of Ministers of Uzbekistan approved a regulation on the national commission on energy efficiency and renewable energy development.
The document was adopted pursuant to the presidential decree "On the program of measures to reduce energy consumption, implement energy-saving technologies in the fields of economy and social sphere in 2015-2019" (May 2015). It envisages a cardinal reduction in energy intensity in the country's national economy and the accelerated development of alternative energy sources.
According to the decree, published in the local media, the main objectives of the commission are to implement the measures to reduce the energy intensity of GDP, energy efficient technologies and systems in the fields of economy and social sphere.
The commission is charged with reducing the energy intensity of the output through modernization of existing and establishment of new production facilities on the basis of the energy-efficient and energy-saving technologies. It is also charged with working out and fulfilling of organizational and technical measures to conserve the fuel-energy resources and energy efficiency programs, holding of the energy audit of enterprises and organizations according to the international practice, accelerating of developing and using of renewable energy sources.
The commission aims to ensure interoperability of control bodies in the field of energy, mining, production, processing, storage, transportation and consumption of fuel, energy efficiency and its carriers.
Decisions of the commission made within its competence, are binding ones for bodies of state and economic management and organizations.
The resolution of the government made changes to the position on the ministry of economy - now the ministry is tasked with coordinating the activities of bodies of government and economic management in the field of energy efficiency, the introduction and development of renewable energy sources.
The demand for energy in Uzbekistan until the end of 2030 will increase by 25.5 percent compared to 2013 and will amount to 43.5 million metric tons of oil equivalent in case of maintaining the pace of GDP growth at 7.5 - 8.5 percent per year, according to official data.
Uzbekistan can achieve savings of resources in the amount of 6.85 million metric tons of oil equivalent by 2030 within the framework of measures to improve energy efficiency in the power sector, according to expert estimates. Overall energy savings in the next 15 years could reach 25 percent through energy efficiency program.
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The Uzbek-Korean joint venture Yorgin Chiroglar together with the South Korean Owell commissioned a plant for the production of energy-saving LED lighting products in Uzbekistan, said the message of Uzbekenergo State Joint-Stock Company.
The plant worth $2.5 million was opened in Jizzakh Special Industrial Zone. It is planned to produce annually 120,000 lamps with a capacity of 100 watts, 500,000 lamps of 32 watts, 1.88 million lamps of 7 watts each.
The founders of the joint venture with a share of 49 percent in the share capital from the Uzbek side is "Jizzakh regional electric networks company" (is part of the Uzbekenergo), from the Korean side - Owell Corporation (51 percent).
Uzbekistan, where the total loss of electricity accounts for 20 percent, with an annual production of about 51 billion kilowatt/hours, implements a number of projects on energy efficiency within the framework of measures to reduce energy consumption, introduction of energy saving technologies and systems in the fields of economy and social sphere for 2015-2019.
In particular, since the beginning of 2016 it is planned to ban the sale of incandescent lamps of over 40 watts on the territory of Uzbekistan except in cases where the producers of technological installations, educational, medical and other special equipment introduce special requirements for incandescent lamps used in them.
It was previously reported that the factory of energy-saving LED lamps for industrial use was commissioned in 2014 by EGL-NUR joint venture together with EG Lightings (Korea) and the Uzbek Novo-Angren power plant JSC. The design capacity of the enterprise is 2 million lamps a year.
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2015 U.S.-UZBEKISTAN ANNUAL BUSINESS FORUM
8.30 am - 4.00 pm
Tuesday, October 13, 2015
Pavilion Room
The Ronald Reagan Building and International Trade Center
1300 Pennsylvania Avenue NW
Washington, DC 20004
UZBEKISTAN KEYNOTE SPEAKER:
Mr. Elyor Ganiev, Minister of Foreign Economic Relations, Investments and Trade of the Republic of Uzbekistan (confirmed)
PARTICIPANTS FROM UZBEKISTAN
Uzbekneftegaz (oil and gas industry)
Uzbekimyosanoat (chemical industry)
Uzfarmprom (pharmaceutical industry)
Uzbekenergo (energy)
Uzavtosanoat (automobile industry)
Uzeltechsanoat (electromechanical industry)
Uzstroimateriali (building and construction industry)
Oziq-ovqatsanoat(food industry)
This list is tentative and there might be changes.
US GOVERNMENT SPEAKERS
(as of 7/17/2015):
Mr. Michael Delaney, Assistant US Trade Representative, USTR (confirmed)
Mr. Michael Lally, Executive Deputy Assistant Secretary, Europe, Middle East and Africa, US Department of Commerce (confirmed)
Mr. Raymond Ellis, Vice President & Manager, Global Business Development Division, Export-Import Bank of the United States (confirmed)
Mr. Daniel Rosenblum, Deputy Assistant Secretary for Central Asia, Bureau of South and Central Asian Affairs, US Department of State (confirmed)
The event will be followed by a reception to welcome members of the official Uzbek delegation and the forum's participants
More information about the forum's speakers and agenda to follow.
Organized by the American-Uzbekistan Chamber of Commerce
Sponsored by The Ronald Reagan Building and International Trade Center
For more sponsorship opportunities, please contact AUCC at 202-509-3744 and info@aucconline.com
AUCC would like to invite all interested parties to participate in the 2015 US-Uzbekistan Annual Business Forum and hear the Uzbek Government plans and opportunities for our members' increased trade and investment engagement in the market that can help US become a leading business partner. AUCC members will also share their success stories to encourage more US companies to do business and invest in Uzbekistan.
AGENDA:
The American-Uzbekistan Chamber of Commerce (AUCC) is the only trade association in the United States and Uzbekistan that exclusively represents the business interests of U.S. companies active in the Uzbek market. Established in 1993 and based in Washington, D.C., AUCC is the first bilateral trade organization that successfully promotes trade and investment ties, cultural exchanges and bonds of friendship between the United States and the Republic of Uzbekistan.
In performing its functions, AUCC places primary emphasis on serving the needs and interests of its members, namely:
The Boeing Company, Case New Holland Industrial, The Coca-Cola Company, FMN International, General Electric, General Motors, Harris Corporation, Honeywell, Indsur Stelcor, Inc., Lockheed Martin, Nukem Inc., Rio Tinto, Solar Turbines, Sustainment Solutions, Inc., White & Case LLP and Zeppelin International AG. These companies are united by one common cause: promotion of trade and investment ties, cultural exchanges and bonds of friendship between the United States of America and the Republic of Uzbekistan.
Today, Uzbekistan represents the largest market in the Central Asia region with a population of almost 30 million people, an annual GDP growth of 8% and a well-established and diversified economy. American companies invested more than $500 million in the Uzbek economy during the period 1992 to 2012. In addition, U.S. exports to the Republic of Uzbekistan amounted to more than $3.3 billion. The year 2012 is a good example when US exports to Uzbekistan totaled more than $285 million compared to $100 million in 2011 and $101 million in 2010. In 2013, the trade levels continued to increase reaching a record $386 million. During the first nine months of 2014, the US-Uzbekistan trade turnover amounted to $281 million. While this is good news, the volume of U.S. exports and investments in this largest Central Asian market is lower than those of Uzbekistan's near neighbors, including Russia with its' 2013 exports to Uzbekistan reaching more than $7.1 billion; Сhina - $5.2 billion and Korea - $2.1 billion.
To register and learn more about the forum, please click here. Seating is limited.
Please respond by Monday, October 5, 2015 to confirm your participation.
Admission Fee:
$00.00 - AUCC members ONLY and the US Government offices
$100.00 - All other companies and organizations
Cancellations received within 48 hours of the event are non-refundable.
Click on the link below to register or RSVP.
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For more information about the event, please contact AUCC office at info@aucconline.com or call us at 202-509-3744.
Thank you for your attention and response. We look look forward to seeing you on Tuesday, October 13, 2015.
Sincerely,
The American-Uzbekistan Chamber of Commerce
202-509-3744
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CONTACT INFORMATION:
The American-Uzbekistan
Chamber of Commerce
1300 I Street, N.W.,
Suite 720W
Washington, DC 20005
phone: 202.509.3744
info@aucconline.com
www.aucconline.com
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