INFORMATION DIGEST OF PRESS OF UZBEKISTAN # 108 June 2, 2016

posted 18 Jun 2016, 12:44 by Webmaster Ambasciata
POLITICS
The President of Uzbekistan has signed the resolution on worthy holding of the Ramadan month

ECONOMY
Uzbekistan has launched Ustyurt Gas Chemical Complex

BUSINESS CLIMATE
In the third quarter of 2016, Uzbekistan is planning to launch a Unified Software and Hardware Complex for the Stock Market

INTERNATIONAL COOPERATION
Meeting with the delegation of OIC
Meeting with US experts

POLItiCs

The President of Uzbekistan has signed the resolution on worthy holding of the Ramadan month

Holy month of Ramadan will start in Uzbekistan on 6 June 2016, the resolution of the President of Uzbekistan on worthy holding of the Ramadan month said.

The resolution said that the first day of Ramadan month falls to 6 June 2016 in Uzbekistan in line with information of the Uzbekistan Muslims Board.

The Uzbek leader entrusted local administration in cooperation with Nuroniy and Mahalla Foundations, as well as other public organizations to hold Ramadan in line with national traditions and values.

The special attention should be paid to charity, support of people, who need help, improvement of holy places, strengthening atmosphere of kindness and consent in families and mahallas.

Fasting is fardh (obligatory) for adult Muslims, except those who are ill, travelling, pregnant, diabetic or going through menstrual bleeding.

(Source: UzDaily.com)

economy

Uzbekistan has launched Ustyurt Gas Chemical Complex

Uzbekistan has launched one of Central Asia’s and world’s most advanced industrial facilities - Ustyurt Gas Chemical Complex (UGCC). Its construction has exemplified the successful cooperation with leading South Korean companies.

The current global economy is constantly posing new challenges for the industry. It is fairly difficult to predict prices for products, raw materials, energy resources, the demand and other factors in the conditions of volatility. This suggests the only possible solution - reducing costs and optimizing production through the construction of modern industrial facilities involving energy saving technologies and innovative equipment by leading manufacturers.

Speaking about the unique model of economic development of Uzbekistan, it is appropriate to point out to a fundamental fact: the government initially concentrated on overall modernization of industry, privatization and deregulation, foreign investment and innovation. As a result of socio-economic reforms and privatization of state property, a considerable share of the industry was transferred in the ownership of private domestic and foreign companies. This allowed completely re-equipping technologically the leading industries in a short time, and generally making the economy less energy-intensive, and therefore more competitive and efficient.

Foreign investors have noticed the ongoing processes: in view of effective economic model of Uzbekistan, they have been actively investing in big projects like Ustyurt Gas Chemical Complex.

The Complex was built in the framework of the program of large-scale modernization of the industry, approved by the President of Uzbekistan. This is the first scale project in Uzbekistan and the entire territory of the CIS, based on long-term financing in the petrochemical sector.

The UGCC was highly estimated by prestigious international editions. For instance, the Project Finance International magazine recognized the agreement on UGCC project financing as the best in oil and gas and chemical sector in 2012. The project was awarded the international award ‘The Best Deal of 2012’ by Trade Finance Magazine and Global Trade Review.

On March 13, 2014, another reputable international publication - Infrastructure Journal - awarded the UGCC construction project the prestigious award ‘Oil and Gas Deal of the Year’.

The project worth $4 billion makes it possible to annually process 4.5 billion cubic meters of natural gas, and thereby produce 3.7 billion cubic meters of commercial gas, 387,000 tons of polyethylene, 83,000 tons of polypropylene, 102,000 tons of pyrolysis distillate, and other valuable products.

It is worth noting that the investors and contractors paid attention to not just the major production equipment, but also provided its appropriate protection. Hyundai Engineering Company has applied the most advanced and highly reliable solutions for its safety and security. The company applied electronic equipment by the globally known German Bosch combined with modern fences and security systems of the Russian Atomprom.

Local manufacturers were involved in the construction too: modern powerful anti-collision barriers and watchtowers effectively protect the UGCC boundaries. The territory is efficiently illuminated by domestically produced innovative LED lamps, which were developed by scientists of the Academy of Sciences of Uzbekistan.

Thereby, the Korean contractors expressed their recognition of the high technical level of local products, as well as skills and proficiency of local subcontractors. It was a very useful and new experience for domestic experts too: teamed up with the headmost international construction companies on complicated technical projects, they have not just adopted the advanced construction technologies, but have also applied their knowledge and experience from previous projects.

“We are pleased and proud to have contributed to the construction of such a large complex. Uzbekistan is a country with high intellectual potential. President Islam Karimov pays special attention to full support of the youth, and training of highly qualified staff. That was once again proved by the young Uzbek professionals, who worked on the construction sites. We intend to further develop cooperation and expand joint projects,” said the project manager on the construction of the Ustyurt Gas Chemical Complex, a spokesman for Hyundai Engineering Kim Wan Su.

The project will serve as an example of successful international cooperation between local manufacturers and contractors and foremost construction companies and manufacturers of world-class products, providing high quality and the ability to quickly address the most challenging and unconventional tasks.

The Ustyurt Gas Chemical Complex, the construction of which was started in 2012, has incorporated five gas, ethylene, polyethylene and polypropylene separation plants, energy and modern infrastructure facilities. All of them are equipped with modern high technologies and advanced equipment. The complex employs nearly 1,300 professionals, including more than three hundred college graduates.

(Source: «Uzbekistan Today» newspaper)

BUSINESS CLIMATE

In the third quarter of 2016, Uzbekistan is planning to launch a Unified Software and Hardware Complex for the Stock Market

The work is carried out under the resolution and general agreement on the modernization of the securities market, which was concluded between the State Committee on Privatization, Demonopolization and Development of Competition of the Republic of Uzbekistan and the Korea Exchange as one of the leading exchanges in the world. The Korean partners have committed to the supply and turnkey installation of the complex. From the Uzbek side, the project is coordinated by the Center for Coordination and Development of Securities Market at the State Committee on Privatization, Demonopolization and Development of Competition.

The project envisaged to streamline the regulatory and legal acts on the introduction of modern mechanisms and technologies of securities trading in line with world standards. In particular, over the past two years, Uzbekistan has adopted a new version of the law on joint-stock companies and protection of shareholders’ rights, and on the securities market, and the law on investment and mutual funds.

“To date, the Korea Exchange completed the supply and installation of modern server and telecommunication equipment in the building of the National Exchange Center. The development of specialized software is currently in progress to proceed with the pilot launch of the new complex and training local experts the stock market infrastructure. The Center for Coordination and Development of Securities Market founded the Information and Resource Center last December on the basis of the unified complex, supplied by the Korean side. Its main mission comes to ensuring the smooth functioning of the complex,” said Deputy Director General of the Center for Coordination and Development of Securities Market Farhod Karimov.

According to experts, the launch of the complex would optimally simplify the operations with securities, which in turn will make the securities market more attractive to investors.

(Source: «Uzbekistan Today» newspaper)

International cooperation

Meeting with the delegation of OIC

On 30-31 May, 2016, the Ministry of Foreign Affairs of the Republic of Uzbekistan hosted meetings with the delegation of the Organization of Islamic Cooperation, which includes the heads of departments of the OIC Tariq Bakhit and Mohamed Amine Jerrari.

The sides discussed the practical issues of preparation and holding of the next meeting of the Council of the Foreign Ministers of the OIC Member States in the framework of Uzbekistan’s presidency in the organization.

(Source: Press Service of the MFA of the Republic of Uzbekistan)

Meeting with US experts

On June 1, 2016, the Ministry of Foreign Affairs of the Republic of Uzbekistan held a meeting with the representatives the Pacific Council on International Policy.

The sides exchanged views on various aspects of the Uzbek-American cooperation and individual issues of international and regional problems.

(Source: Press Service of the MFA of the Republic of Uzbekistan)

 

Reference to the source is a must in reproducing materials


Comments