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Discussion Starter · #801 ·
Uzbekistan joins Kyoto Convention


According to the law, Uzbekistan has acceded to this Convention with a reservation (with the exception of the Chapter "Coastal transportation of goods").


President Shavkat Mirziyoyev signed the Law "On the accession of the Republic of Uzbekistan to the International Convention on the simplification and harmonization of customs procedures (Kyoto, May 18, 1973, as amended on June 26, 1999)".


Uzbekistan joins Kyoto Convention
 

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Discussion Starter · #802 ·
DB to channel $509.2mn towards modernization of infrastructure and social facilities in Uzbekistan




The Board of Directors of the Islamic Development Bank (IDB) approved the financing of two large-scale and economically significant projects in Uzbekistan for a total of $509.2mn.


The Board of Directors of the Islamic Development Bank (IDB) approved the financing of two large-scale and economically significant projects in Uzbekistan for a total of $509.2mn.
The first project worth $200mn provides for the modernization of a number of infrastructure and social facilities in the Republic of Karakalpakstan, as well as Khorezm, Bukhara and Navoi regions. The project includes the construction and reconstruction of 1,161 km of water supply systems, 626 km of access and intra-mass roads, 1,154 km of low-voltage power lines, 693 km of irrigation and drainage networks, 155 educational, medical and more than 100 other facilities. The implementation of the project is expected to improve the living conditions of more than 710,000 people.
The second project, for which the bank allocates $80mn, provides for the implementation of the second phase of the program to comprehensively improve the system of providing medical services to patients with cancer by equipping domestic clinics with modern medical equipment.

https://uzreport.news/economy/idb-t...f-infrastructure-and-social-facilities-in-uzb
 

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Discussion Starter · #803 ·
Uzbekistan to raise $7.5bn FDI in 2021, says President Mirziyoyev



Mirziyoyev urged to take specific, targeted measures to attract investments, ensure forecast export indicators, and ramp up the production of import-substituting products.


The Uzbek government is intending to carry out 226 major projects and raise some $7.5 bn worth Foreign Direct Investments (FDI) to deal with the economic uncertainties in 2021. Challenges in the field of investment and foreign trade in the forthcoming year were under scrutiny at a regular meeting chaired by President Shavkat Mirziyoyev on Wednesday.
Mirziyoyev urged to take specific, targeted measures to attract investments, ensure forecast export indicators, and ramp up the production of import-substituting products.
He set the task to implement 69 new promising industrial projects, thereby creating additional reserves for economic growth. Special attention is set to paid to the chemical industry, energy, geology, electrical engineering and light industry as these areas are considered as the main driver of the economy.
The volume of exports in 2021 is expected to reach $17bn. With this in mind, the responsible persons were instructed to conclude export contracts in advance and to establish a system of pre-export financing at the expense of the Export Support Fund from January 1.

Uzbekistan to raise $7.5bn FDI in 2021, says President Mirziyoyev
 

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Discussion Starter · #805 ·
Uzbek banks to finance investment projects worth $11.5bn



Fourteen projects worth $1bn would be implemented in fields including construction materials production, light industry, agriculture, petrochemicals, mechanical engineering, it added.

Uzbek commercial banks plan to implement major investment projects worth $11.5bn in 2021, according to information presented to President Shavkat Mirziyoyev on January 11, his press office reported.

Fourteen projects worth $1bn would be implemented in fields including construction materials production, light industry, agriculture, petrochemicals, mechanical engineering, it added.

Two thousand new jobs were expected to be created by a project for the production of plastic bags and soft containers in Syr Darya region, while one of the largest banks, Uzpromstroybank, plans to implement a $94mn project for the production of nonwoven fabric, according to other released details.

1,277 investment projects worth over $10.5bn are scheduled by 2023, with the share of foreign investments and loans comprising almost $4.9bn. This would create about 86,000 mew jobs.

$4.1bn will be invested in these projects from all sources this year alone.

https://uzreport.news/economy/uzbek-banks-to-finance-investment-projects-worth-115bn
 

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Discussion Starter · #806 ·
Uzbekistan plans to raise its export to $17bn in 2021


The country also plans to involve more than 2,000 new enterprises in this process, the Ministry of investment and foreign trade said on January 14.

Uzbekistan plans to exports goods worth over $17bn in 2021.

The country also plans to involve more than 2,000 new enterprises in this process, the Ministry of investment and foreign trade said on January 14.

It also unveiled the results of last year. Exports from Uzbekistan during 2020 made up $15.1bn.

The volume of foreign investment in fixed assets amounted to $6.6bn. Some 169,000 new jobs were created as part of the investment programs.

According to forecasts, Uzbekistan will see $10.5bn foreign investment this year.

The country's main trading partners are China, Russia, Kazakhstan, South Korea and Turkey.

Uzbekistan plans to raise its export to $17bn in 2021
 

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Discussion Starter · #807 ·
NBUs loan portfolio hits $6.2bn in 2020


The bank`s assets by year-end reached $7.6bn. The loan portfolio amounted to $6.2bn. The total amount of deposits comprised $1.6bn, with deposits of legal entities amounting to $1.2bn.

The National Bank of Uzbekistan (NBU) summed up the results of 2020 and discussed plans for 2021 on January 16.

The bank`s assets by year-end reached $7.6bn. The loan portfolio amounted to $6.2bn. The total amount of deposits comprised $1.6bn, with deposits of legal entities amounting to $1.2bn.

The bank during the reporting period financed 885 projects, including 514 projects under territorial development programs.

In particular, Technopark company in Tashkent launched the production of household appliances (refrigerators, air conditioners, washing machines, water pumps and gas meters).

A large cluster project "Marmarobod" for the extraction and processing of natural stone was launched in the city of Gazgan, Navoi region.

The Shumanai district of Karakalpakstan saw the opening of a large modern spinning company "Shomanay Eco Teks" with an annual capacity of 6800 tons.

The construction of the first stage of the 11.5km Dustlik-2 – Kuyluk metro line initiated by Uzbekistan Railways has finally been completed in the capital city.

The bank allocated some $505mn as part of financial support to business entities. It also extended the debt repayment terms for more than 210,000 customers worth $486mn.

By the end of this year, the bank plans to bring the total assets to $8.7bn, loan portfolio up to $7.3bn.

It also intends to allocate $1.5bn loans to support entrepreneurship and finance new projects.

NBUs loan portfolio hits $6.2bn in 2020
 

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Discussion Starter · #808 ·
Uzbekistan ranked 146th in Corruption Perception Index



Despite the fact that Uzbekistan has managed to improve its position, the country still has the worst performance in Central Asia. More corruption can be observed only in Afghanistan (165th position, 19 points).


Transparency International has updated its corruption perception index.
The index, which ranks 180 countries and territories by their perceived levels of public sector corruption according to experts and businesspeople, uses a scale of 0 to 100, where 0 is highly corrupt and 100 is very clean.
In 2020, Uzbekistan improved its position by ranking 146th (153 in 2019). In addition, the country scored 26 points. The country shares its score with Bangladesh, Central African Republic, Cameroon, Guatemala, Iran, Lebanon, Madagascar, Nigeria and Tajikistan.
Despite the fact that Uzbekistan has managed to improve its position, the country still has the worst performance in Central Asia. More corruption can be observed only in Afghanistan (165th position, 19 points).
The least corrupt country in the region, according to experts, is Kazakhstan (94th place, 38 points). Kyrgyzstan was placed 124th (31), Tajikistan 149th (25).

Uzbekistan ranked 146th in Corruption Perception Index
 

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Discussion Starter · #809 ·
Korea Eximbank to allocate $160mn loan to Uzbekistan



Some $120mn of the amount will be used to build Tashkent General Hospital, with the remaining part to be spent on constructing a chemical R&D center.


The Export-Import Bank of Korea has announced signed a $160mn loan agreement with Uzbekistan's Ministry of finance. Funds are expected to be channeled through the Economic Development Cooperation Fund Program of the Korean government.
Some $120mn of the amount will be used to build Tashkent General Hospital, with the remaining part to be spent on constructing a chemical R&D center.
The loan agreement was signed on the occasion of a Korea-Uzbek high-level summit held through a video conference on the same day. Presidents of both countries have agreed to launch negotiations for a bilateral free trade agreement.

Korea Eximbank to allocate $160mn loan to Uzbekistan
 

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Discussion Starter · #810 ·
NBU allocates $1.2bn worth loans in 2020



Large projects received the lion`s share of loans worth $628mn.


Enterprises in Uzbekistan received $1.2bn worth loans in 2020. This was announced by the head of the press service of the National Bank of Uzbekistan (NBU) Zebo Tukhtayeva at a press briefing on February 9.
$504mn were allocated for the replenishment of working capital, $723mn for the implementation of new investment projects.
Large projects received the lion`s share of loans worth $628mn.
The amount of foreign loans comprised, $706.7mn.
In order to diversify sources, in July last year the bank placed eurobonds worth $300mn on the London Stock Exchange (LSE).
By the end of this year, it plans to increase the level of assets to $8.7bn, up from $7.6bn in 2019, the loan portfolio is to reach $7.3bn.
In addition, the bank is to allocate $1.6bn loans towards the implementation of 540 projects.

NBU allocates $1.2bn worth loans in 2020
 

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Discussion Starter · #811 ·
IMF: COVID-19 pandemic has had short-lived adverse impact on Uzbekistan’s economy


The International Monetary Fund has published a Concluding Statement following an official staff visit from January 25 to February 16, 2021.



“The COVID-19 pandemic has had a marked, but so far relatively short-lived, adverse impact on Uzbekistan’s economy. Although the pandemic hit the economy hard in the first half of 2020 and inflicted considerable hardship, the recession was moderated by strong and timely containment and support measures”, it said. “This strong policy reaction allowed for a sharp rebound in activity in the second half of the year, while the agricultural and construction sectors showed resilience throughout the year. This resulted in Uzbekistan being among the few countries posting positive overall growth in 2020, at a rate of 1.6%, although this was still about 4% points less than the growth rate projected prior to the pandemic”.

The organization has also assessed the authorities’ large support package was timely and well-targeted. “Banks were encouraged to allow firms and households to defer loan payments, providing sizable financial relief. Inflation continued to fall, although higher food prices kept overall inflation in the low double digits, ending the year at just over 11%”.
According to IMF, growth is expected to pick up further in 2021, but the level of uncertainty remains high and the recovery will depend especially on vaccine rollout.
“The recovery will also depend on continued economic policies to protect lives, support growth, and mitigate economic scarring from the pandemic . Should downside risks materialize, additional support would be warranted. As unemployment and poverty have increased due to the pandemic, there is a need to further expand the coverage of the social safety net, while improving its targeting”.
Meanwhile, the higher budget deficit this year can be offset by a gradual fiscal consolidation in subsequent years. Although public and publicly guaranteed debt is still at a relatively moderate level, it reached almost 38% of GDP at end-2020, nearly double the level of a few years ago.
It also commented on banking regulator`s monetary policy, which, according to the fund, remains appropriate. “Monetary policy should continue to focus on further reducing inflation, while allowing exchange rate flexibility, to further build credibility and better anchor inflation expectations. Under current policies, inflation is projected to continue to gradually decline, to just under 10 percent by end-2021”.

IMF: COVID-19 pandemic has had short-lived adverse impact on Uzbekistan’s economy
 

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Discussion Starter · #812 ·
Uzbekistan`s Navoi region to implement $1.8bn investment projects in 2021


The annual volume of industrial production in Navoi to date exceeds $6.1bn. Among the drivers of the regional economy are mining, chemical, construction materials industry and textile production.

Uzbekistan`s one of the most industrialized regions Navoi is to implement over 500 projects worth some $1.8bn by the end of this year according to plans outlined as President Shavkat Mirziyoyev reviewed the projects on February 23.
The annual volume of industrial production in Navoi to date exceeds $6.1bn. Among the drivers of the regional economy are mining, chemical, construction materials industry and textile production.
Some 200 projects are to be implemented in industry, 179 in the service sector, and 197 in agriculture. The amount of new production capacities is to comprise $1.7bn, 16,000 new jobs are to be created. The projects are to deliver $123mn worth import-substituting products, with their exports comprising $125mn.
The region`s construction sector is to see new factories specialized in the production of acrylic stone, basalt panels, wood-fiber boards, floor and wall panels, and glass products.
Around 20 projects are to be implemented in the chemical industry, 28 enterprises are to be commissioned in the textile industry.
Mirziyoyev also touched upon plans to reform the hydropower sector. By the end of this year, the country will implement 16 projects worth $1.42bn.

https://uzreport.news/economy/uzbekistans-navoi-region-to-implement-18bn-investment-projects-in-2021
 

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Discussion Starter · #813 ·
Carrefour plans to double down in CIS



Majid Al Futtaim Retail plans to double down in the CIS markets, Georgia, Armenia and Uzbekistan, according to Arabian Business.


Majid Al Futtaim Retail plans to double down in the CIS markets, Georgia, Armenia and Uzbekistan, according to Arabian Business.
The CEO of the Group, Hani Weiss said the first Carrefour opened in Uganda at the beginning of last year, while the first Uzbekistan location opened in December.
Earlier this month Majid Al Futtaim said it was cooperating with AKFA Group run by Tashkent mayor Jahongir Artikhudjaev, and other owners of commercial real estate in Uzbekistan.
“The cooperation is based on a long — term lease," it said.” Our main goal is to provide consumers in Uzbekistan with retail services that meet the high international standards and best practices of Carrefour retail, create jobs, support local producers and, through this, contribute to the development of the economy of Uzbekistan”.
Weiss has also revealed ambitious plans to open more than 100 Carrefour stores this year across the Middle East, Africa and Eastern Europe.
He said the openings would increase Carrefour operations from 358 to 450 by the end of 2021, with a particular focus on the convenience model, which has proven especially popular over the ongoing pandemic period.
“2020 has been very remarkable in terms of the opening of stores. We have opened more than 51 stores and we are targeting a little bit more than that this year. We are working very actively,” Weiss added.

Carrefour plans to double down in CIS
 

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Discussion Starter · #814 ·
Moody's praises reforms in Uzbekistan, underlines risks



Moody's Investors Service said in its new report that the structural reforms that the Uzbek government has undertaken since 2016 have addressed many inefficiencies in the economy, but the most difficult reforms, which carry significant political and execution risk, are still ahead.


Moody's Investors Service said in its new report that the structural reforms that the Uzbek government has undertaken since 2016 have addressed many inefficiencies in the economy, but the most difficult reforms, which carry significant political and execution risk, are still ahead.
"Uzbekistan's current reform agenda is a source of both positive and negative pressures. By loosening state control, reforming government institutions and reorienting foreign policy, the reforms directly tackle institutional weaknesses that are a key constraint on Uzbekistan's rating, " says Nishad Majmudar, a Moody's Assistant Vice President and Analyst.
"At the same time, opening up the domestic economy to private and international competition could bring economic disruptions, while social stability could be at risk if the distributional effects of market reforms are left unaddressed," adds Majmudar.
“Specifically, the authorities have dismantled price controls, removed restrictions on foreign currency purchases and implemented agricultural and land reforms, and are in the process of restructuring the judiciary”, the report says.
“Longer term, Uzbekistan faces more complex and sensitive reforms, including building effective institutions that tackle corruption and privatizing more than 500 state-owned enterprises (SOEs), which dominate the economy and are often shielded from competition”.
“Uzbekistan's public debt is set to rise moderately through 2023, but remain below the B-rated median. And while greater exchange rate flexibility will allow the local currency to adjust in line with economic fundamentals, it also may pose risks related to Uzbekistan's foreign currency-denominated external debt – currently 90% of total public debt – and to the banking sector, which remains heavily dollarized”, the report concludes.

Moody's praises reforms in Uzbekistan, underlines risks
 

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Discussion Starter · #815 ·
Syrdarya region to implement 737 projects worth $2.4bn



Uzbekistan`s Syrdarya region plans to implement 737 projects worth $2.4bn by the end of 2023, with the share of foreign investment amounting to $900mn. President Shavkat Mirziyoyev reviewed the projects on Monday.



Uzbekistan`s Syrdarya region plans to implement 737 projects worth $2.4bn by the end of 2023, with the share of foreign investment amounting to $900mn. President Shavkat Mirziyoyev reviewed the projects on Monday.
New projects are set to deliver $1bn worth of goods and create almost 36,000 new jobs. The export potential of new businesses is estimated at $326mn, the import-substitution is to comprise $124mn. Most of the projects are to be implemented in the textile industry, the production of building materials, the pharmaceutical and food industries.
One of the most promising projects will be the creation of a $100mn worth Gujarat industrial zone in Mirzaabad district in cooperation with India. A total of eight projects are to be implemented in this zone, including the production of equipment for drip irrigation and greenhouses, agricultural machinery units, mini-equipment, plastic products, knitwear and food products. New facilities are set to annually export goods worth $25mn.

Syrdarya region to implement 737 projects worth $2.4bn
 

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Discussion Starter · #816 ·
Uzbekistan`s transport cargo turnover exceeds 40bn tons



The total volume of cargo passing in Uzbekistan amounted to 1.3bn tons in 2020, 4.6% up y/y, deputy transport minister Jasurbek Choriev told press-conference on March 2. Transport cargo turnover has reached 40.1bn tons.


The total volume of cargo passing in Uzbekistan amounted to 1.3bn tons in 2020, 4.6% up y/y, deputy transport minister Jasurbek Choriev told press-conference on March 2. Transport cargo turnover has reached 40.1bn tons.
Choriev said there were a number of problems in the transport sector of Uzbekistan. According to him, these problems were mainly associated with goods that suffer delays at the border, the presence of weight and size standards with all sorts of differences, limited working hours of checkpoints, low quality of service on routes of international importance.
"Today, 6.4% of Uzbekistan's gross domestic product is accounted for by transport services, 7.4% of total investment and 29.5% of the service sector is accounted for by transport. The volume of cargo passing in Uzbekistan is expected to amount 2.1bn tons by 2030, with the volume of investments in the sphere reaching $1.9bn," said Choriev.

Uzbekistan`s transport cargo turnover exceeds 40bn tons
 

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Discussion Starter · #817 ·
Uzbekistan improves position in Index of Economic Freedom, still lags behind its neighbours


The country`s economic freedom score is 58.3, making its economy the 108th freest in the 2021 Index. Its overall score has increased by 1.1 points, primarily because of an improvement in judicial effectiveness. Uzbekistan is ranked 21st among 40 countries in the Asia–Pacific region, and its overall score is below the regional and world averages.

Uzbekistan has improved its position in the Index of Economic Freedom compiled by the Heritage Foundation Research Institute.

The country`s economic freedom score is 58.3, making its economy the 108th freest in the 2021 Index. Its overall score has increased by 1.1 points, primarily because of an improvement in judicial effectiveness. Uzbekistan is ranked 21st among 40 countries in the Asia–Pacific region, and its overall score is below the regional and world averages.

Kazakhstan has the best indicator among the Central Asian countries (34). According to experts, the economy in Kyrgyzstan is also freer (78).

The Uzbek economy remained mostly unfree this year. In 2020, however, the government announced a new development strategy that includes reforming state institutions, securing the rule of law, reforming the judiciary, strengthening the banking and financial sectors, and other improvements such as reducing state regulation and assuring property rights to attract investment. If it proves successful, Uzbekistan could one day join the ranks of the moderately free.

Analysts note that the judicial system has undergone some improvements, nevertheless, state interference and corruption are still common, and bribery is widespread.

Another area that requires reforms is international trade. According to experts, tariff and non-tariff barriers greatly hinder development, the country is still not a member of the WTO.

Uzbekistan improves position in Index of Economic Freedom, still lags behind its neighbours
 

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Discussion Starter · #818 ·
Uzbekistan to launch production of electric vehicles by 2025



The import of electric vehicles enjoys zero excise taxes and customs duties, while for traditional cars consumers should pay twice of its price.


Uzbekistan plans to launch the production of electric vehicles by 2025, representative of UzAuto Motors, Rustam Kodirov told journalists during a press tour to the plant on March 6.
"Currently, we are only working on creating the concept. According to our forecasts, production can be launched by 2025," he said.
In December last year, the Uzbek government announced its intention to produce electric vehicles. UzAuto Motors was instructed to involve foreign experts and consulting companies in this process and draw up a draft concept by February 1 of this year.
"Some 100mn cars are sold annually in the world, with the share of electric cars currently staying at 2%. Tesla is one of the most popular and demanded electric cars. Its price is around $35,000 (in Uzbekistan it costs more than twice of hits amount). However, there are quite a few people in Uzbekistan who would buy a car for $35,000. 80% of our sales are cars cheaper than $11,000 " - said Kodirov.
“The creation of the necessary infrastructure for charging them should be the primary task”, he added.
General Motors in February announced its intention to make 40% of its cars completely electric by the end of 2025. It plans to exclusively offer electric vehicles by 2035.
Uzbekistan imported $2.9mn worth 131 electric vehicles in 2020, according to the country`s State Statistics Committee. Most of them were imported from China and South Korea.
The import of electric vehicles enjoys zero excise taxes and customs duties, while for traditional cars consumers should pay twice of its price.

Uzbekistan to launch production of electric vehicles by 2025
 

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Discussion Starter · #819 ·
Atabek Nazirov: Large investors can be attracted through stock market


Will the suggested recommendations remain undone? I don`t think so, because depending on the recommendations we will be working closely with the Senate and Oliy Majlis. The strategy has already been developed, it just has to be confirmed. It has certain suggestions how to eradicate the barriers of bringing investors to Uzbekistan and to privatize the best companies in the country. We have to integrate all the stock exchange companies of the country”, said Atabek Nazirov, Director of Capital Market Development Agency of Uzbekistan.

International Conference " The role of the Financial Market in Stimulating Economic Growth. Legal and institutional aspects". Expert opinions:

“To attract foreign investors, from the perspective of capital markets we talk about portfolio investors. These are large funds that are known by many of you. They own hundreds of trillions of dollars. They own and manage shares of the largest companies in the world. We can raise these sources to Uzbekistan through the capital market. To do so we must improve the standards of our exchange management and create liquidity. And we have to get into the indexes. MSCI for example. The requirements of it are not so complicated. We just need to bring two companies with a capitalization of about one billion dollars to our stock exchange. Such companies, to our great joy, are already on our stock exchange. For example, Almalyk Mining and Mettalurgy Combine. It is already listed.

Will the suggested recommendations remain undone? I don`t think so, because depending on the recommendations we will be working closely with the Senate and Oliy Majlis. The strategy has already been developed, it just has to be confirmed. It has certain suggestions how to eradicate the barriers of bringing investors to Uzbekistan and to privatize the best companies in the country. We have to integrate all the stock exchange companies of the country”, said Atabek Nazirov, Director of Capital Market Development Agency of Uzbekistan.

Atabek Nazirov: Large investors can be attracted through stock market
 

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Discussion Starter · #820 ·
UzAuto Motors receives its first ever 'B+' rating from Fitch


According to the report, Fitch views the status, ownership and control linkage of UAM with the state as 'Strong' because there is full state ownership and operational control by the parent over the company's capex and operational strategy.

Fitch Ratings has assigned Uzbekistan`s one and only car maker UzAuto Motors a Long-Term Issuer Default Rating of 'B+' with Stable Outlook. Fitch has applied its 'Government-Related Entities Rating' Criteria and assessed the linkage between UAM and its indirect sole shareholder, the Republic of Uzbekistan, to be moderate-to-strong.
According to the report, Fitch views the status, ownership and control linkage of UAM with the state as 'Strong' because there is full state ownership and operational control by the parent over the company's capex and operational strategy.
“We assess the support track record as 'Strong' due to the established state support in the form of shareholder loans on favourable terms; the absence of large dividends paid to the parent, which we expect to continue at least until the end of the planned large capex programme; and the favourable regulatory environment supported by high import duties for cars, protecting the company's dominant position in its domestic market”, says the rating.
It assessed the financial implications of a UAM default as 'Moderate' and believes the company would have a moderate impact on the availability of financing for the government and other Government-Related Entities (GREs).
Fitch also assessed UAM 's Standalone Credit Profile at 'b'. This reflects the company's business profile, which is weaker than that of other Fitch-rated carmakers, with limited scale, narrow product range and sales concentrated in Uzbekistan.
The share of exports declined to about 5% over 2018-2020 but the company is aiming to increase this to about 16% by 2023 mainly through larger sales in Kazakhstan and Russia.
Fitch also observed a moderate impact of Covid-19. In contrast to other global carmakers, UAM's earnings were less affected by the pandemic in 2020. The company's sales volume in 2020 increased by 5% yoy although revenue deteriorated by single-digits in USD terms amid local currency devaluation.

UzAuto Motors receives its first ever 'B+' rating from Fitch
 
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