Dear AUCC Members and Friends:
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.
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 [email protected] We invite you to be part of our organization and participate in our activities and events.
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.
10.00 AM - 11.30 AM
Tuesday, December 15, 2015
Virginia Department of Agriculture and Consumer Services
102 Governor Street
Richmond, VA 23219
Friday, December 11, 2015
This event offers excellent opportunity for US companies to develop new foreign market. Located in Central Asia, Uzbekistan is home to almost 30 million people, has rich natural resources base, and enjoys annual GDP growth of 8%. The country's established infrastructure and well-skilled workforce are an attraction to AUCC members, including The Boeing Company, CNH Industrial, The Coca-Cola Company, FMN International, General Electric, General Motors, Honeywell, Indsur Stelcor, Inc., Lockheed Martin, Nukem Inc. (a subsidiary of Cameco Corporation), Rio Tinto, Solar Turbines, Sustainment Solutions, Inc., White & Case LLP and Zeppelin International AG (authorized Caterpillar's distributor), and many others.
Please join our discussion with the Uzbek Ambassador on commercial opportunities and how to make the first step towards doing business in Uzbekistan.
Networking and Registration
Welcome Remarks by Keith Long, Director, Office of International Marketing, Virginia Department of Agriculture and Consumer Services
Introduction by Elena V. Son, AUCC Executive Director
Overview by Rebecca Dash, Desk Officer, Office of Russia, Ukraine and Eurasia, International Trade Administration, Department of Commerce (tbc)
Overview of Uzbekistan's Economic and Business Potential by the Diplomatic Delegation
President of Uzbekistan Islam Karimov signed a resolution "On measures to implement the agreements reached during the International Investment Forum in Tashkent", according to which in 2016-2017 it is planned to start the implementation of new projects with a total value of $16.9 billion.
In total, in the coming two years it is scheduled to begin implementation of 317 investment projects on modernization, technical and technological renewal of production.
In particular, in the energy sector of Uzbekistan it is planned to implement 53 projects worth $10.37 billion. These included the construction of the fourth line of the Uzbek section of the Central Asia-China gas pipeline, a new thermal power plant with a total capacity of 900 MW in the Namangan region, construction of the complex for the production of olefins in the Bukhara region of Uzbekistan.
Project funding is provided by foreign investments and loans worth $8.75 billion, the companies' own funds worth $4.9 billion, loans of the Fund for Reconstruction and Development of Uzbekistan worth $3.1 billion and loans of Uzbek banks worth $2.89 billion.
It was previously reported that the International Investment Forum, the main task of which was the presentation of the leading enterprises of the republic included in the state program of privatization and their sale to strategic foreign investors was held in Tashkent November 4-6.
Following the results of the forum work, as many as 104 agreements and memoranda with foreign investors were signed, which provide for joint work on projects worth $12.4 billion.
Of the total number of signed documents, as many as 35 documents worth $9.4 billion were signed regarding projects and enterprises in the fuel and energy sector - oil and gas, oil and chemical, as well as chemical industries.
The Uzbek finance ministry will allocate 275 billion soums in 2015-2016. These funds will be spend to increase the authorized capital of four major banks in the country, namely, the National Bank for Foreign Economic Activity, joint stock Microcredit bank, Agrobank and Qishloq Qurilish Bank (CCB, Bank of rural construction).
The official exchange rate on Nov.20 is 2721.12 soums/$1.
The allocation is envisaged by Uzbek President Islam Karimov's decree on "Additional measures on further increasing the capitalization of banks and strengthening of their investment activity."
According to the decree, some 100 billion soums will be allocated to increase the authorized capital of Agrobank, 75 billion soums - the National Bank for Foreign Economic Activity, by 50 billion soums - Microcredit bank and Qishloq Qurilish Bank with a relevant increase in the finance ministry's share in the authorized capital.
The sources of financing to capitalize Uzbek National Bank and Kishlok Kurilish Bank will become the funds allocated annually in the form of credit lines within the framework of the housing construction program in the countryside on individual model projects.
The funds on a special off-budget account of the Uzbek ministry of finance, as well as part of income of the Central Bank subject to transfer to the state budget, will be allocated to the capitalization of Agrobank and Microcredit Bank.
Uzbek National Bank, the largest bank of Uzbekistan, established September 1991 as a government agent on international financial markets. Currently it acts as a universal commercial bank. The bank is wholly owned by the state. At the end of 2014, the equity of the Uzbek National Bank amounted to 1.3 trillion soums (including the authorized capital in the amount of 125.9 billion soums).
Agrobank is the largest bank of Uzbekistan, with an extensive network of branches throughout the country. The largest shareholders of the bank are the Ministry of Finance and the Fund for Reconstruction and Development of Uzbekistan. The total share of these structures in the bank's authorized capital exceeds 50 percent. Currently, Agrobank's authorized capital is 267 billion soums.
Qishloq Qurilish Bank was created in March 2009 in accordance with the decree of Uzbekistan's president. Its authorized capital stood at 278 billion soums as of late 2014. The major shareholders of the bank are the Finance Ministry (74.4 percent) and the Fund for Reconstruction and Development (13.1 percent).
Microcredit Bank was founded in May 2006 in accordance with Uzbek president's decree to render banking services for small business entities, private entrepreneurship and farming enterprises. The largest shareholders of the bank are the Ministry of Finance and the Central Bank.
Uzbekistan and the UK have discussed the prospects for developing bilateral trade and economic relations in oil and gas, chemical, pharmaceutical, energy, mining and food industry, the UK embassy in this country said.
The discussions were held during the 22nd meeting of Uzbek-British Trade and Industry Council.
The UK delegation was led by the co-chair of Uzbek-British Trade and Industry Council Dame Barbara Hay, while the Uzbek delegation was led by the country's First Deputy Foreign Minister Zhavlon Vakhabov.
During the meeting, the Uzbek delegation briefed the representatives of around 80 UK companies participating in the meeting about the opportunities for their participation in some investment projects of Uzbekistan.
They were also informed about the efforts of Uzbek government in implementing strategic programs on structural reforms, modernization and diversification of industry, as well as development of infrastructure and privatization.
During the meeting, the UK companies also briefed the Uzbek delegation about the opportunities they can offer for Uzbekistan's market in various industrial spheres, science and education.
Uzbek-British Trade and Industry Council was created in accordance with the intergovernmental agreement in 1994. It is a forum for both countries for strengthening bilateral trade and economic relations.
Pakistan and Uzbekistan have agreed on expanding cooperation to boost trade and investment, besides closer interaction in security and counter terrorism.
A Joint Declaration inked between Uzbekistan and Pakistan at the end of two-day official visit of Prime Minister Nawaz Sharif at the invitation of President of Uzbekistan Islam Karimov, said the two sides also agreed on a sustained dialogue to expand their bilateral ties. The declaration said the two leaders had friendly, substantive and constructive exchange of views during their meeting and reached common understanding on a wide range of issues to enhance relations in various fields of mutual interest.
Keeping in view the importance of adequate and timely response to challenges and threats to national and regional security, the two countries agreed on coordination between their law enforcement and security agencies, under the framework of Intergovernmental Agreement, on cooperation in fight against international terrorism, inked on March 6, 2005.
The two countries also agreed to expand cooperation in transportation and transit traffic and stressed joint actions to promote regional projects for developing efficient and secure transport and transit corridors to provide shortest access to sea routes and world trade markets.
They agreed to hold regular meeting of Joint Commission on trade, economic, scientific and technical cooperation. The Uzbek leadership said cooperation with Pakistan was one of the important pillars of its foreign policy on cooperation with South Asian countries, while Pakistan noted that relations with Uzbekistan were a key element of Islamabad's engagement with Central Asian states.
They agreed to continue bilateral political dialogue and consultations through official visits at to enhance mutual understanding on bilateral, regional and international issues. To boost bilateral trade, it was agreed to take joint measures to increase and diversify range and quantum of mutual trade. The need for developing long-term and mutually beneficial partnership between the business entities through joint business activities and active participation of the companies and enterprises in exhibitions and fairs in Uzbekistan and Pakistan was also stressed.
Pakistan and Uzbekistan reaffirmed interest in expanding and strengthening long-term mutually beneficial bilateral cooperation through sustained dialogue and engagement at all levels. The two sides noted with satisfaction continued cooperation in fields of science and technology, education, information and telecommunications technologies.
Premier Sharif in his talks with the Uzbek leadership agreed to continue dialogue and endorsed to intensify bilateral contacts and practical cooperation in all fields of mutual interest. The two sides also stressed importance of further development of inter-parliamentary relations, enhancement of contacts and cooperation between the Oliy Majlis of Uzbekistan and the Parliament of Pakistan to strengthen people to people contacts. Both sided also agreed on enhanced cooperation between the foreign ministries of the two countries.
Pakistan expressed gratitude for setting up facility for Urdu Language and Literature at Tashkent State Institute of Oriental Studies, which was one of the major institutions in Central Asia
and CIS countries for training specialists in Urdu language.
Pakistan and Uzbekistan noted that common history and culture between the two states for centuries were providing a solid foundation for development of modern Uzbek-Pakistan relations. In this regard, they also noted the activities of Uzbekistan-Pakistan friendship society, which regularly organises cultural and scientific events, promotes exchange of scientific and cultural delegations.
Pakistan and Uzbekistan were unanimous in view that peace and tranquility in Afghanistan was essential to security and stability in the region. Pakistan acknowledged the chairmanship of Uzbekistan in International Fund for Saving the Aral Sea and measures taken to mitigate consequences of Aral Sea disaster. They also underlined the importance of practical realisation of the initiative on formation of a Nuclear Weapon Free Zone in Central Asia, proposed by President of Uzbekistan Islam Karimov in 1993, during the 48th Session of UN General Assembly.
The parties expressed readiness to further strengthen cooperation in the framework of the Shanghai Cooperation Organisation. It was agreed that Pakistan and Uzbekistan, together with the member States of the organisation will undertake efforts to complete at the earliest, the accession process of Pakistan to the SCO as a full member. Pakistan expressed appreciation for Uzbekistan's support in this matter.
Pakistan also welcomed the forthcoming Presidency of Uzbekistan at the Organisation of Islamic Cooperation (OIC), and expressed willingness to assist in every possible way in conducting the 43rd OIC Foreign Ministers meeting in Tashkent during the second half of 2016.
The prime minister expressed gratitude to the Uzbek president and Uzbek people for the warm welcome and gracious hospitality extended during the visit. He also extended invitation to the president of Uzbekistan.
Chamber of Commerce
1030 15th Street, N.W.,
Washington, DC 20005