posted 27 Jul 2017, 09:43 by Webmaster Ambasciata


Strict compliance with the executive discipline is an important factor of dynamic development 1

Economy.. 2

Uzbekistan: Banks - reliable partners to small businesses. 2

Investments. 3

Uzmetkombinat initiates a project on the establishment of production of fasteners for the machine-building industry totaling over 31.5 million. 3



Strict compliance with the executive discipline is an important factor of dynamic development

On July 4, a meeting under the chairmanship of the President of the Republic of Uzbekistan Shavkat Mirziyoyev was held in Tashkent.

At the meeting, reports of the heads of the Complex on the issues of communal service, transport, capital construction and construction industry and the Complex on the issues of economic development, structural reforms, investments, reforming of banking and financial systems, coordination of activities of the free economic and small industrial zones of the Cabinet of Ministers, as well as of the heads of ministries and departments that are members of these complexes on the results of the first half of this year, the existing problems and measures on solving them, actual tasks for the second half of the year were heard and thoroughly discussed.

President of our country Shavkat Mirziyoyev noted that despite the achievement of certain results and success in the spheres included in these complexes in the first half of the year, it is necessary not to indulge in tranquility, but to focus on the analysis of issues pending their solution, to develop measures on full utilization of available reserves and opportunities.

The head of our state drew particular attention to issues of effective establishment of activities of ministries and departments that are newly formed or transformed during the first half of this year, pointed to serious shortcomings admitted in this direction by the heads of the Ministry of housing and communal services, the State committee on investments, the Guarantee fund for development of small business. Heads of ministries and departments are instructed to take all necessary measures on staffing vacancies with highly qualified specialists, ensuring full and qualitative fulfillment of their main tasks and functions determined by the legislative acts.

Shortcomings and omissions made by some departments in the Complex on the issues of communal service, transport, capital construction and construction industry, including the State committee for architecture and construction, the “Uzkurilishmateriallari”, “Uzmontajmakhsuskurilish”, “Uzshakharkurilishinvest” companies, the Republican road fund, “Kishlok kurilish bank” and “Ipoteka-bank” banks while ensuring the execution of instructions of the President of our country during visits to the regions and at meetings, were critically analyzed, leaders of these departments were seriously warned. Discrepancy of the position of the head of the Uzbek agency of automobile and river transport and the need for a fundamental review of the Agency’s activities were noted. Activities of the ministries of Economy and Finance, the State tax committee are unsatisfactorily. Former heads of the economic complex were unable to coordinate activities of the complex, let the departments of the regional, district and city levels run their course.

Attention of participants of the meeting was drawn to the necessity of unconditional compliance with the executive discipline in the activities of state and economic management bodies, timely and qualitative execution of certain tasks, functions and instructions, ensuring strict order and discipline in each sphere. Chairman of “Uzbekozikovkatholding” company O.Rustamov, head of “Uzagroexport” society J.Kholmukhamedov and chairman of “Uzbekcharmpoyabzali” association M.Mansurov were dismissed from their posts last week for serious shortcomings in this direction. It was particularly noted that the heads of all ministries and departments, companies and business associations should draw appropriate conclusions from this.

At the meeting it was emphasized that today’s and tomorrow’s development of our country’s economy largely depends on the quality and results of activities of the ministries included in the Complex of economic development.

It is emphasized that there are still barriers to the development of entrepreneurship despite the numerous resolutions adopted in recent years on stimulating small business.

In this regard, the head of the complex – deputy Prime minister Jamshid Kuchkorov was entrusted to comprehensively analyze all problems in the sphere of entrepreneurship and develop proposals on the basis of international best practice jointly with the Chamber of commerce and industry, the Ministry of economy, the Central bank and other ministries and departments, an implementation of which will give a powerful impetus to the development of small business, private property and entrepreneurship in our country.

At the meeting it was noted with regret that visible results still have not been achieved despite the development and implementation of effective mechanisms, the necessary legal framework on vacant state facilities or previously privatized but now unused buildings and facilities.

It was entrusted to stop the practice of formal, superficial reform of banking and financial system, to turn it into a sphere operating on the basis of modern methods. “The most important, today the commercial banks of our country, providing the most modern services, should have necessary potential in order to be attractive for each client, compete for him/her”, said the head of our state.

Issues of complete and timely implementation by Complexes of the Cabinet of Ministers, ministries and departments, economic associations of target parameters and measures identified for the second half of this year, as well as development of “road maps” for assessing and achieving indicators for the medium and long term, specific instructions were given.

At the meeting, reports of the heads of the Cabinet of Ministers’ complexes, ministries and departments, companies and associations were heard and discussed, tasks of fully utilizing available reserves and opportunities for addressing shortcomings in consistent development of the economy and ensuring dynamic growth rates were defined.

(Source: UzA)


Uzbekistan: Banks - reliable partners to small businesses

Small businesses and private enterprises have been holding a leading position in ensuring consistent economic growth and social stability. The support of this sector by commercial banks is particularly important in this context.

Lending has been playing an important role in the implementation of promising business projects as one of the main directions of the mortgage commercial bank Ipoteka Bank. Streamlining of mechanisms and instruments for financial support of small business, expansion of the range of banking services, growth of lending volumes is achieved through mutually beneficial cooperation with entrepreneurs.

As noted by bank specialists, they provide detailed consulting on document processing to their clients, offer standard credit programs and take every effort to issue loans in the shortest possible time. The loans are provided for the purchase of raw materials for production, strengthening of logistical capacity of farms and small economies, purchase of up-to-date equipment, production on the basis of local feedstock, and development of various types of consumer services.

Currently, more than 78,000 of our compatriots take advantage of Ipoteka Bank universal services in various regions of Uzbekistan. The Bank is constantly monitoring the loans provided, properly analyses the views and proposals of entrepreneurs.

“Over the past period of 2017, as part of integrated measures, Ipoteka-Bank has provided a total of 586.3 billion soums (currency rates of CB RU from 05.07.2017, 1$= 3986.55 soums) of loans to small businesses and private entrepreneurs. Of these, microcredits for individual sectors of small business and private entrepreneurship amounted to more than 125.3 billion soums. 70.6 billion soums was allocated for the establishment and development of women's entrepreneurship," said Farhod Inoyatov, Deputy Head of the Ipoteka Bank Lending Department.

As of June 1, 2017, 14.7 billion soums of loan funds were allocated for the implementation of business projects of graduates of vocational colleges, and more than 7.4 billion soums of microcredits were allocated for young families for the establishment of private business. Along with that, 139.7 billion soums was allocated for the development of industrial and non-food consumer goods production.

(Source: «Uzbekistan Today» newspaper)


Uzmetkombinat initiates a project on the establishment of production of fasteners for the machine-building industry totaling over 31.5 million

It is estimated that the new facilities will produce about 5,000 tons of products annually. Uzmetkombinat’s hot rolled round bars will be the major raw material for the manufacture of fasteners.

The company has already signed contracts with the leading European manufacturers of specialized equipment - the Italian INOXIHP Spa, Swiss Sytco A.G. and the British Berkshire Establishment LLP. The latter will supply a technological line for the production of fasteners: screw bolts, nuts and washers for a total cost of $14.8 million.

$9.42 million of company's own funds will be the sources of the project funding. In addition, three banks will provide credit support. The German Commerzbank will allocate $6.02 million, the State Development Bank of China - $12.58 million, the local Ipoteka Bank - $3.55 million. New facilities are scheduled for the launch in December 2018.

(Source: «Uzbekistan Today» newspaper)

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