American-Uzbekistan Chamber of Commerce
Week in Review:
December 4, 2015 - December 11, 2015
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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.   


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In This Issue:

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.

Update:  AUCC is pleased to have Greater Richmond Partnership Inc. to help promote the Ambassadorial Business Roundtable in Richmond, VA.  

AUCC is honored to have the World Affairs Council of Richmond and Greater Richmond Partnership Inc. as event partners.  Their reputation and extensive connections increase the meeting's visibility among businesses in Virginia and improve their awareness of Uzbekistan and its economic potential.  

Please refer to the updated agenda for details.  

Organized by: 

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Uzbek Embassy

Hosted by:

10.00 AM - 11.30 AM 
Tuesday, December 15, 2015

Board Room
Room 220
Virginia Department of Agriculture and Consumer Services
102 Governor Street
Richmond, VA 23219

Friday, December 11, 2015

Roundtable Meeting with Uzbek Ambassador Bakhtiyar Gulyamov 

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.     
10:00 am
Networking and Registration
10:30 am
Welcome Remarks by Keith Long, Director, Office of International Marketing, Virginia Department of Agriculture and Consumer Services

10.35 am

Remarks by Charles Donato, Director of Economic Development, Dominion (Fortune 500 Company)
10.40 am
Remarks by Olga Molnar, Business Information Manager, Greater Richmond Partnership Inc.

10.45 am

Introduction by Elena V. Son, Executive Director, The American-Uzbekistan Chamber of Commerce

10.50 am 

Overview of Uzbekistan's Economic and Business Potential by the Diplomatic Delegation
11.00 am 
11.30 am

December 11, 2015

A program to further reform the banking system for 2016-2020 is being developed in Uzbekistan, the country's central bank said Dec.11.
The program will provide for a further increase in the efficiency of the banks and the level of financial mediation in economy, strengthening of financial stability and liquidity of banks in accordance with international standards, improving the quality of bank assets and loan portfolio, further development of the evaluation system of bank risks in accordance with the standards of the Basel Committee on Banking Supervision (BCBS) (Basel III).
Uzbekistan is currently taking steps to gradual implementation of the Basel III standards, in particular to improve the quality of capital with a phased increase in the minimum regulatory capital adequacy ratio from 10 percent to 14.5 percent in view of the capital conservation buffer in the amount of three percent of the risk-weighted assets, according to the central bank.
It is also planned to gradually increase the minimum capital adequacy ratio (CAR) of the first level from 5 percent to 11 percent taking into account the capital conservation buffer in the amount of three percent of the total risk-weighted assets.
Since the beginning of 2016, it is scheduled to introduce the liquidity coverage ratio (LCR) coefficient (ratio of liquid assets of high quality to a net cash outflow for the implementation period of up to 30 days), and since the beginning of 2018 - the coefficient of the net stable funding ratio (NSFR) (ratio of the available amount of stable funding resources to the required amount of stable funding).
The document will also include measures to expand the range and quality of banking services with the widespread introduction of modern ICT, development of private banks and reducing the government stake in the capital of banks.
There are 26 commercial banks in the banking system of Uzbekistan, including three state-owned, five with the participation of foreign capital, seven private and 11 joint-stock ones.
The total assets of commercial banks at the beginning of October 2015 amounted to 62.1 trillion soums (UZS), which is 10.5 percent higher than the final index for 2014, the total loan portfolio of banks of the republic - 39.7 trillion soums (a 14.1 percent increase), the aggregate bank rose to 7.4 trillion soums from 6.9 trillion soums in 2014 (a 7.2 percent increase).
The official exchange rate on December 11 is 2765.20 UZS/$1.
The capital adequacy ratio of the banking system of Uzbekistan amounts to 23.6 percent, which is almost 2.5 times higher than the requirements of current international standards, according to the central bank. The level of current liquidity of banks is 64.5 percent, which is twice higher than the minimum standards adopted in the world practice.

December 11, 2015

The protocol on amendments and additions to the agreement between the governments of the Republic of Uzbekistan and the Republic of Kazakhstan on checkpoints of the Uzbek-Kazakh state border dated September 4, 2006, came into force, the Ministry of Foreign Affairs of the Republic of Uzbekistan said.
This protocol was signed in the city of Astana on September 7, 2012.
The document provides for amendments to the existing list of border checkpoints, including the inclusion of an additional rail checkpoint and optimization of four road checkpoints.
This international agreement will help to improve and strengthen transport links as well as improve the transit potential of both countries, according to the ministry.

December 11, 2015

National railway UTY has signed a €38m contract for Patentes Talgo to supply a further two 250 km/h trainsets in 2017.
The extra trainsets have been ordered as part of the ongoing 25 kV 50 Hz electrification of the 291 km Samarkand - Bukhara line which is scheduled for completion at the end of 2016 at a cost of US$400m.
The agreement was signed by Patentes Talgo CEO Jose Maria Oriol and UTY Chairman Ramatov Ochilboy Jumaniyozovich on November 6, and is expected to be confirmed by the Uzbek regulatory authorities within two months. The purchase is to be financed from UTY's resources and a loan from the Fund for Reconstruction & Development of Uzbekistan.
Two Talgo 250 trainsets were delivered to UTY in 2011 for use on the upgraded Toshkent - Samarkand route under the Afrosiyob brand. The additional trainsets will be two cars longer than the first trainsets, which have two power cars, eight passenger vehicles and a dining car.

The American-Uzbekistan
Chamber of Commerce
1030 15th Street, N.W.,
Suite 555W
Washington, DC 20005
phone: 202.509.3744
[email protected]