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Old October 28th, 2019, 08:20 PM   #701
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Invest in Tashkent Region forum concludes with signing $1billion agreements



The forum saw representatives of the World Bank, the European Bank for Reconstruction and Development, the International Finance Corporation, the Asian Development Bank, the Asian Infrastructure Investment Bank, the Japan International Cooperation Agency and other international organizations.

The International Investment Forum "Invest in Tashkent Region" was held on October 25-26 in Nurafshan, Tashkent region. The forum brought together about 300 guests from more than 40 countries, including government delegations, institutional investors and business representatives.

The forum saw representatives of the World Bank, the European Bank for Reconstruction and Development, the International Finance Corporation, the Asian Development Bank, the Asian Infrastructure Investment Bank, the Japan International Cooperation Agency and other international organizations.

Addressing the opening of the forum, khokim of Tashkent region R. Kholmatov, Chairman of the Chamber of Commerce and Industry of Uzbekistan A. Ikramov noted that due to the improvement of the investment climate in the country, direct investments in economic sectors and regions are actively attracted.

Investors attending the forum were able to learn about the investment climate of Uzbekistan, about new guarantees and benefits provided by the state, about the advantages, potential and further directions of development of the region.

In his speech, the head of the Chamber of Commerce and Industry Adham Ikramov noted that special attention has been paid to the existing industrial potential and favorable conditions for business development in the course of reforms and changes in recent years in Uzbekistan.

"The investment forum is designed to demonstrate the unique growth potential that distinguishes the Tashkent region — - said the khokim of the Tashkent region Rustam Kholmatov. — Our priority is to create new jobs for the growing population of the region, and at the same time create a new quality of life."

The program of the event included breakout sessions, as well as the presentation of investment projects of manufacturers operating in the field, unused and ready-to-use industrial buildings.

Agreements worth $1 billion were signed during the event.

https://uzreport.news/economy/invest...ion-agreements
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Old November 7th, 2019, 11:32 AM   #702
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Taxpayers to save 12.8 trillion soums in 2020



Thus, the number of payers of value added tax increased 12 times, payers of income tax-6.5 times. As a result of a significant reduction in the tax burden on wages, the number of income tax payers increased by 700 thousand, and the amount of income from it doubled.



Tax reforms implemented on the initiative of Shavkat Mirziyoyev demonstrate positive results in revenue growth, which is confirmed by international financial institutions.

Thus, the number of payers of value added tax increased 12 times, payers of income tax-6.5 times. As a result of a significant reduction in the tax burden on wages, the number of income tax payers increased by 700 thousand, and the amount of income from it doubled.

In continuation of these reforms, from October 1 this year, the VAT rate was reduced from 20 to 15 percent, a number of benefits were abolished. And from January 1, 2020, the rate of the single social payment levied on enterprises with a state share will decrease from 25 to 12 percent. As a result of these measures, 12.8 trillion soums will remain at the disposal of taxpayers in the coming year.

https://uzreport.news/economy/taxpay...-soums-in-2020
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Old November 17th, 2019, 08:22 PM   #703
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Council of Foreign Investors established under President of Uzbekistan





The Council of Foreign investors was established under the President of the Republic of Uzbekistan. The relevant resolution was signed on November 13.

According to the resolution, the Council is an Advisory Body to the President.

The Council is formed from among the heads and representatives of foreign companies, banks, and other investment structures, international financial and foreign governmental financial institutions, including the European Bank for Reconstruction and Development, engaged in investment and entrepreneurial activity in the Republic of Uzbekistan in the established order, as well as other participants.

The Council operates in the form of plenary and intermediate sessions. Plenary sessions of the Council shall be held once a year and intermediate sessions shall be held at least twice a year.

Coordination of work on the plenary sessions of the Council is carried out by the Administration of the President of the Republic of Uzbekistan, intermediate sessions-the Ministry of Investment and Foreign Trade of the Republic of Uzbekistan.

Expenses related to the stay and participation of members of the Council in its sessions shall be covered at the expense of own funds of members of the Council, charitable donations of legal entities and individuals, grants of international financial institutions and organizations, as well as other sources not prohibited by law.

https://uzreport.news/economy/counci...-of-uzbekistan
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Old November 18th, 2019, 09:01 PM   #704
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Uzbekistan produces more cars, trucks less tractors



Passenger cars production in Uzbekistan reached 218,912 thousand in January-October, an increase by 41.8 % compared to 2018, the State Statistics Committee said.

Production of trucks increased by 31.8%. 3,390 units in 2018, and 4,440 in 2019.

Production of automobile engines topped 165.3 thousand, recording 43.3% increase to the last year when 115.3 thousand engines were produced.

Tractors production in January-October 2019 was at 1,194 units (in 2018 - 2,710).

https://tashkenttimes.uz/economy/462...-less-tractors
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Old November 20th, 2019, 11:06 AM   #705
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Uzbekistan to Improve the Quality of Basic Infrastructure for Rural Residents with Community Participation



Last week, the World Bank’s Board of Executive Directors today approved a US$100 million credit from the International Development Association (IDA) for the Prosperous Villages Project in Uzbekistan. The project will improve the quality of basic infrastructure and communal services. Village residents will collectively decide which priorities to receive funding.

“This is a very exciting project because it will directly help people in rural villages through investments in their communal assets and services,” says Hideki Mori, World Bank Country Manager for Uzbekistan. “Furthermore, it will help strengthen the partnership between the villagers and the Government by ensuring the active participation of villagers—both men and women, old and young—in decision making on matters that have a direct impact on their day-to-day lives.”

Participating rural communities may select small-scale rehabilitation or construction projects of facilities including kindergartens, schools, health clinics, tertiary roads, street lighting, bus terminals and stops, and even antennas for wireless internet. They can also make improvements to water supply and sanitation or solid waste management among others.

Approximately 300 villages in Andijan, Ferghana, Namangan, Jizzakh, and Syrdarya regions of Uzbekistan will receive funding for community-level projects. In each of these villages, community members will collectively decide on the types of projects based on village priorities and resources.

The Government plans to implement this new World Bank-financed project in tandem with its own nation-wide Obod Qishloq (Prosperous Village) Program, that aims to demonstrate the benefits of the community-driven development (CDD) approach, which also strengthens local governance.

The project applies the World Bank’s strict environmental and social safeguards to protect worker’s rights and to protect resident’s property rights.

The Asian Infrastructure Investment Bank (AIIB) is also expected to provide financing to the project through a US$82 million loan to the Government of Uzbekistan.

The World Bank supports Uzbekistan through 23 projects totaling $4.1 billion, and also through a comprehensive program of analytical and advisory services. These activities contribute to the country’s economic growth, through the implementation of market-oriented reforms, improvements in agriculture and water resources management, energy, transport, healthcare, education, social protection, water supply and sanitation services, urban and rural development.

https://uzdaily.uz/en/post/53128
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Old November 24th, 2019, 08:57 PM   #706
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Sports betting could be legalized in proposed regulation



The draft presidential decree, initiated by the Ministry of Sports, proposed to legalize sports betting in Uzbekistan as of January 1, 2021, the Xalq So’zi newspaper said.

According to proposal, foreign experience shows that betting help raise funds for further investment. Also, all interested departments will have to prepare proposals for amendments and amendments to the Criminal and Administrative Codes of Uzbekistan, so that people associated with sports activities are not able to influence the work of sweepstakes, bet on sports events.

The document adds that the Capital Markets Development Agency will deal with issuing betting licensing, with part of the profits to be directed to the development of sports, primarily football.

https://tashkenttimes.uz/national/46...sed-regulation
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Old November 25th, 2019, 08:50 PM   #707
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Invest in Samarkand forum concludes with signing of 146 agreements worth $1.7 billion



As a result of the forum, 146 agreements worth $1.7 billion were signed. Including 52 investment agreements totaling $1 billion and 94 export contracts totaling $300 million.

The first International Investment Forum "Invest in Samarkand" was held in Samarkand on November 22-23 and the national exhibition of regional producers.

Cooperation agreements were signed between the Samarkand regional Khokimiyat and the Spanish Royal football club Real Madrid on the opening of the Real Madrid football Academy in the region.

https://uzreport.news/economy/invest...rth-17-billion
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Old November 27th, 2019, 08:28 PM   #708
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Uzpromstroybank lists international bonds on London Stock Exchange



At 12:25 am, the bond yield was down 0.125 percent and the new rate was announced at 6.375 percent. Investors were pleased with this strategy, and by 13:05 the volume of orders rose to 1 billion dollars, and by 14:00 - to 1.2 billion dollars (with 4-fold coverage of the issue). Due to such high demand, sufficient profitability of the transaction was provided, which was closed at 17:00 London time with a coupon rate of 5.75%.

Uzpromstroybank listed international bonds on the London Stock Exchange. Eurobonds worth $300 million were highly valued by investors, the press service of the Ministry of Finance of Uzbekistan reported.

The listing of corporate Eurobonds was recommended by financial advisers as JP Morgan, Citigroup, Commerzbank, Raiffeisen Bank.

On November 18-22, meetings and talks were held with more than 60 investors in Zurich, Frankfurt and London. They discussed the current banking reforms in the country, including the government's strategy for the capitalization of large commercial banks, the prospects for their privatization, credit policy, further expected changes in assets, including problematic ones, as well as the dynamics of the development of the sphere.

"Major investors have taken into account the bank's transformation process (including preparations for privatization) with the participation of the International Finance Corporation to improve corporate governance. Due to the fact that its business model is aimed at further commercialization and gradual privatization, JSCB is considered by them as a commercial, not a state bank," the Ministry of Finance noted.

On November 25 of this year, the initial yield of the bank on 5-year international bonds was set at 6.50%, and their placement was announced at 08:23 London time. The volume of orders by 10:00 am reached 300 million dollars (fully covering the listing), and by 12:1 0 -800 million dollars (covering the issue 2.5 times).

https://uzreport.news/finance/uzprom...stock-exchange
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Old November 29th, 2019, 08:01 PM   #709
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SamAuto launches production of Isuzu D-Max pickups



Sales will start in January 2020. The price will vary from 270 to 380 million soums.

Samarkand Automobile Plant presented ISUZU D-Max pickups on November 27. The car will be available in 3 modifications:

1. D-MAX SAHAR with a single-row cabin, 2 passenger seats, engine capacity of 2.5 liters and manual transmission;

2. D-MAX OKSUS with double-row cabin, 4 passenger seats, engine capacity of 2.5 liters and manual transmission;

3. D-MAX IRBIS with double-row cabin, 4 passenger seats, engine capacity of 3 liters and automatic transmission.

The load capacity of the pickup is 865-1100 kg.

Sales will start in January 2020. The price will vary from 270 to 380 million soums.

https://uzreport.news/society/samaut...-d-max-pickups
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Old December 2nd, 2019, 05:52 PM   #710
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Mitsubishi localizes production of spare parts for CCGT in Uzbekistan



A total of six CCGTs manufactured by Mitsubishi Corporation are currently installed in Uzbekistan, in connection with which the possibility of creating a service center was discussed at the meeting. The Japanese side also expressed interest in the localization of spare parts for PSU.

Energy Minister Alisher Sultanov held talks with a member of the management of the Japanese company Mitsubishi Corporation Yasayuki Asakura.

The meeting was organized in preparation for the upcoming visit of President Shavkat Mirziyoyev to Japan in December.

The parties noted the success of the partnership in the implementation of projects for the construction of Turakurgan TPP and modernization of Navoi TPP, where the latest generation of combined cycle gas (CCGT) plants produced by Mitsubishi Corporation are set up.

During the visit of the head of state to Japan, it is planned to sign a loan agreement to finance the project for the construction of the third combined-cycle plant at the Navoi Thermal Power Plant with a capacity of at least 600 MW, as well as discuss the partnership for the assembly of the fourth CCGT.

https://uzreport.news/economy/mitsub...-in-uzbekistan
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Old December 4th, 2019, 10:16 AM   #711
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National Bank to be reorganized into joint stock company



The National Bank for Foreign Economic Activity (NBU FEA) will be reformed, pursuant to a presidential decree.



The National Bank for Foreign Economic Activity (NBU FEA) will be reformed, pursuant to a presidential decree.

The Bank will be transformed from a State Unitary Enterprise (SUE) into a joint stock company (JSC). Due to this, in the future it will be possible to attract investors in the development of the Bank, as the State Unitary Enterprises do not have the right to issue shares.

The Ministry of Finance and the Fund for Reconstruction and Development will be the founders of the NBU by the government.

All rights, obligations and agreements of SUE will be transferred to JSC.

The main objectives of NBU JSC are defined:

– providing investment banking services to corporate clients, including the issuance and placement of securities in the domestic and foreign markets;

– lending to large investment projects;

– diversification of funding sources, etc.

https://uzreport.news/finance/nation...-stock-company
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