American-Uzbekistan Chamber of Commerce

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EDB says Uzbekistan retains high GDP growth rates
April 8, 2016

Uzbekistan retains high GDP growth rates and balanced public financing against the background of the decline in foreign trade and inflation, the Eurasian Development Bank stated in its CIS Macro-monitoring report.
Uzbekistan's economy was exposed to the negative effects of the deteriorating external economic situation during 2015.
Growing pace of the decline in the world prices for raw materials such as energy, metals, cotton, etc., the deteriorating performance of key trading partners like Russia, China, Europe and complex geopolitical situation had a direct negative impact on the volumes of export and fiscal revenues by the end of the given year, the Bank reported.
As a result, the dynamics of key industries began to slow down in Uzbekistan. A high rate of growth was experienced in construction (17.8 percent), trade (15.1 percent) and agriculture (6.8 per cent) according to the EDB's report.
Due to the critical deterioration of the trade terms during the year and increased pressure on the nominal exchange rate of the national currency as a result of depreciation of currencies of trade partners, the foreign trade turnover decreased.
Another reason for the reduction of foreign trade turnover is related to exports (decline by38 percent).
Furthermore, the high GDP growth rates (eight percent), growth of population income, expansion of the tax base use of reserve funds and consolidation of government spending contributed to preserving balance of public financing despite the shrinking foreign trade and reducing the tax burden.
Uzbekistan has actively used the revenues from exporting energy resources to stimulate capital investment (9.6 percent) in the framework of industrial policy aimed at expanding export routes of energy resources, export diversification, localization of production, import substitution, development of infrastructure and domestic consumption within the framework of social policy aimed at creating jobs and raising incomes, experts of the EDB stressed.
The Asian Development Bank (ADB) earlier forecasted 6.9 percent GDP growth for Uzbekistan this year in its Outlook 2016.
The economic growth of the country can increase to 7.3 percent in 2017, ADB reported.

Arab company builds solar power station in Uzbekistan
April 7, 2016

Enesol Group of the United Arab Emirates has completed construction of the largest mobile solar power plant in the former Soviet Union, in Uzbekistan, the Arab company reported in a statement on April 4.
Thissolar plant is the next step taken in tapping the country's renewable resources. The plant has a capacity of 1.2 megawatt and will power a natural gas field and construction site (Kandym group) located near Bukhara city and owned by Lukoil, Russian Energy Company.
Electricity production at the plant reaches five million kilowatt-hours during daylight 1,000 kilowatt-hours during night time. This volume is enough to provide electricity to the town with a population of 1,500 residents.
The cost of the project was not revealed.
However, the solar project was initially planned to be financed by the Asian Development Bank, the Reconstruction and Development Fund and UzbekEnergo company at early 2010s.
The energy mix of Uzbekistan is dominated by fossil fuel thermal power stations (natural gas, heavy oil and gas).The necessity for expanding the renewables arose after findings about depletion of the traditional energy supplies in next few decades in Uzbekistan.
President Islam Karimov signed a decree "On measures on further development of alternative sources of energy" on March 1, 2013. Solar and biogas are prioritizes among alternative energy sources, according to the decree.
Uzbekistan established International Solar Energy Institute in October 2013. The institute aims to assist research and development works in solar energy sector.
The number of sunny day is more 300 days and the potential of solar energy in the country is about 51 million tons of oil equivalent annually.
Uzbekistan is also very ambitious about increasing wind power.

Uzbekistan, Netherlands discuss co-op within UN
April 4, 2016

The Uzbek Foreign Ministry hosted a meeting Apr.4 with the delegation of the Foreign Ministry of Netherlands led by Special Envoy for UN Affairs Jan-Paul Dirkse, Uzbek Ministry's message said.
The state of bilateral relations in various fields was reviewed during the meeting, according to the message.
"The first round of political discussions between the two foreign ministries held in December 2015 allowed to focus on the most promising areas of cooperation of mutual interest and to expand the Uzbek-Dutch agenda," said the message.
The parties also discussed the practical aspects of preparations for the upcoming contacts at various levels, including the agricultural and other sectors.
Special attention was paid to the issues of cooperation within the UN, where the candidacy of Netherlands has been nominated as the UN Security Council non-permanent member in 2017-2018.

Uzbek FM to attend CIS meeting in Moscow
April 7, 2016

Uzbekistan's Foreign Minister Abdulaziz Kamilov will attend a meeting of the CIS Council of Foreign Ministers in Moscow Apr. 8, said the Uzbek Foreign Ministry in a message Apr. 7.
Earlier, the CIS Executive Committee said the issues of mutual cooperation between the CIS countries in various areas were included to the meeting's agenda.
During the meeting, the CIS foreign ministers will summarize the results of implementation of a multi-level ministerial consultations plan for 2015 and outline a similar plan for 2016.

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

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