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Home News & Information digests In the first nine months of 2016, the Chamber of Commerce and Industry of Uzbekistan has assisted in the establishment of 22 joint ventures with foreign capital

In the first nine months of 2016, the Chamber of Commerce and Industry of Uzbekistan has assisted in the establishment of 22 joint ventures with foreign capital

The Press Club Elections.uz-2016 on coverage of the presidential elections was launched on 30 November 2016 at the International Hotel Tashkent.

The event was attended by members of the parliament, representatives of ministries and agencies, international and public organizations, international observers for the elections, leading experts, local and foreign journalists.

Chairman of the Central Election Commission of Uzbekistan M. Abdusalomov, Chairman of the Committee of the Senate of Oliy Majlis of Uzbekistan on foreign affairs S. Safayev, Chairman of the National Association of electronic mass media F. Abdukholikov and General director of the UzReport news agency R.Juraev and others noted that upcoming 4 December Presidential elections are a mirror of the reforms, carried out in our country, on construction of a legal democratic state and free civil society, radical renovation and modernization of all spheres of life of our country.

The mass media actively take part in informing the population of the country and international community on all phases of preparing for and conducting elections. All conditions for journalists have been created at the Republic press-centre on covering elections and press-centres at the regional election commissions. Representatives of the mass media partake at the meetings of Central and regional elections commissions. Furthermore, commissions have been organizing a series of workshops and conferences to support the mass media in covering elections process, further enhancing knowledge and experience of journalists in this area.

Aiming at the creation of a unique interactive media platform for representatives of domestic and foreign media and formation of objective content about the preparation and conduct of elections, informing international observers and experts about the voting processes, as well as the media community about the achievements of our country, the National Association of electronic mass media of Uzbekistan, Uzreport news agency, Mening Yurtim, UZREPORT TV channels and other organizations established Press Club:Elections.uz-2016.

The platform has united advanced technologies and solutions: modern computers with high-speed Internet, the latest achievements in the field of IT-technologies, design and multimedia. The Press Club has established an online connection with 10 regional non-state television stations across the country, and direct online communication with the press centre of the Central Election Commission.

- Uzbekistan accumulated a huge experience in covering preparation and conducting electing in cooperation with different mass media, - says a reporter from the Xinhua news agency (China) Sha Dati. – This is demonstrated at the current election campaign as well. Online press-conferences and briefings, held by the Central and regional elections commissions, facilitate involvement of voters in all regions, ensuring full-scale covering of this significant political event. Opening of this press-club allows event wider access of journalists to information and effectively report about the election campaign.

A daily program schedule that has been developed for effective operation of the club includes briefings, press conferences and a series of thematic events with the participation of parliamentarians, representatives of political parties, ministries and departments, civil society and international observers.

The organizers also prepared a series of cultural events to introduce traditional art and culture of Uzbekistan to international observers and representatives of mass media.

It was noted at the event that all necessary conditions for effective operation of the mass media, covering the elections have been created and such projects have a significant importance in informing international observers and journalists about the election process as well as the activity of state bodies and civil society institutions.

(Source: UzA)

economy

Uzbekistan expects further liberalization of currency policy

In 2017, Uzbekistan expects further liberalization and improvement of monetary policy, development of domestic foreign exchange market and improvement of its efficiency, improvement of conditions for foreign economic activity of business entities. It follows from the draft Decree of the President of the Republic of Uzbekistan "On priority directions of monetary policy", published on the Portal of SEILA (System of evaluation of impact of legislative acts) for public comment.

According to the draft, the priority directions of liberalization of monetary policy are defined as follow:

- Changes of regulating methods by all state bodies from control and restrictive approach to protective and stimulating one, meaning implementation of the right to dispose its own assets at its discretion and creation of favorable investment climate and business environment;

- Stimulating the growth of the export potential of the country, increasing the competitiveness of domestic producers on foreign and domestic markets;

- Creation of equal conditions for all participants of foreign economic activity for their foreign exchange operations, prohibition of the practice of representation of privileges and preferences to individual companies or sectors;

- Establishment of national currency against foreign currencies solely with the use of market mechanisms;

- Preventing the establishment of legislative norms affecting adversely the stability of the national currency of the Republic of Uzbekistan.

Starting from 2017 it is planned to establish the procedure, according to which:

- Prices of goods and services sold (rendered) on the territory of the Republic of Uzbekistan, as well as minimum requirements for the authorized capital of companies shall be determined only in the national currency;

- Is strictly forbidden to exercise payments for goods and services in foreign currency on the territory of the Republic of Uzbekistan, with the exception of payments by payment cards, while introducing a mechanism of funds transfer to the accounts of companies in the national currency of the Republic of Uzbekistan when making payments through the payment cards in foreign currencies;

- State duties, fees and other mandatory payments in the Republic of Uzbekistan shall be levied in the national currency only, with the exception of customs duties levied in the territory of free customs zones and free warehouses of non-residents of the Republic of Uzbekistan.

In order to ensure full realization of the rights of legal entities and individuals on free disposal of own resources it is provided that:

- It is allowed to pay profits, dividends and other income in foreign currency, in case of having foreign currency earnings and funds on accounts of legal entities, based on decisions of the shareholders (participants);

- It is allowed to transfer foreign currency assets in the territory of the Republic of Uzbekistan between individuals using a bank transfer, postal order or payment systems;

- Individual entrepreneurs should be allowed to pay for imports of goods and services in the established order, through their bank accounts without forming a legal entity;

- Exporters and importers choose freely the form of payment for their foreign trade contracts concluded under the laws of currency regulation at their own discretion;

- Export of foreign cash currency outside the country in the amount equivalent to 10 000 (ten thousand) US dollars is carried out without any restrictions, except for the cases established by Government decisions. At the same time foreign currency in cash in amount equivalent to 2 000 (two thousand) US dollars is not subject to mandatory declaration during its import and export to / from the Republic of Uzbekistan;

- Practice of granting authorization by commercial banks and the Central Bank for the export of foreign cash currency from the Republic of Uzbekistan is abolished;

- Non-residents of the Republic of Uzbekistan (legal entities and individuals) are entitled to open accounts in banks of the Republic of Uzbekistan and to dispose freely the funds on their accounts at their discretion in the manner prescribed by law.

In order to create favorable conditions for export by foreign economic activity participants it is provided to establish that:

- Exporters and importers choose freely the form of payment for their foreign trade contracts concluded under the laws of currency regulation at their own discretion;

- Revenues of exporters in foreign currency regardless of ownership form are not subject to mandatory sale, with the exception of exports of goods and services, the list of which is approved annually by the Cabinet of Ministers of the Republic of Uzbekistan;

- Unify deadlines for receipt of revenues in foreign currency and commodities (services) for export-import operations;

- Grant the right to individual entrepreneurs to acquire foreign currency on domestic foreign exchange market without forming a legal entity, in the manner prescribed for legal entities - residents of the Republic of Uzbekistan.

The draft Decree entrusted the Ministry of Finance together with the Ministry of Economy and the Central Bank of the Republic of Uzbekistan to introduce a draft government decision to the Cabinet of Ministers on approval of regulation on procedure of compulsory sale of foreign exchange earnings from the export of certain goods and services having incorporated in it:

- Criteria for determining the list of goods and services, export revenues of which is subject to compulsory sale, providing for inclusion of

- Mostly primary commodities and low value-added products in the list;

- Norm of obligatory sale;

- Gradual reduction of the size of mandatory sale to its complete abolition with stating specific deadlines.

In addition, the Central Bank of the Republic of Uzbekistan is instructed to:

a) Develop a simplified procedure for purchase and sale of foreign currency by economic entities in the domestic market, providing in it:

- Free purchase and sale of foreign currency for payments for current international transactions;

- Sale of foreign currency by commercial banks to customers through their own resources, including resources purchased from customers while ensuring the safety of funds on accounts and deposits of natural and legal persons and fulfilling the requirements of currency position limits;

b) Develop a procedure for establishment of the national currency against foreign currencies, providing in it:

- Determination of the national currency against foreign currency calculated on the basis of current supply and demand for foreign currency;

- Mechanism of organizing and conducting of inter-bank trading on purchase and sale of foreign currency on the foreign exchange market to determine the supply and demand for foreign currency.

In order to introduce modern principles and mechanisms of regulation, reduce bureaucratic barriers in banking, eradicate and prevent administrative interference in the activities of commercial banks as well as remove non-core functions from them, it is planned to maintain:

- Conditions for issuance and repayment of foreign currency loans by domestic commercial banks are determined on the basis of the credit policy based on the agreement of the parties;

- It is prohibited for commercial banks while providing banking services to customers to limit the rights of free disposal of their assets in foreign currency;

- Practice is abolished of granting licenses to commercial banks to carry out operations in foreign currency with carrying out foreign currency transactions on the basis of the license to carry out banking activities, and for foreign currency exchange to determine the supply and demand for foreign currency.

Based on the analysis of effects of the standards established by this Decree in the first half of 2017 it is planned to introduce a new draft of the Law "On Currency Regulation" to the Cabinet of Ministers, providing:

- all aspects of currency transactions that occur in practice, with a maximum reduction of reference rules practice;

- the Cabinet of Ministers to be the body of currency regulation, along with the Central Bank of the Republic of Uzbekistan with a clear definition of their powers;

- realization of the rights of legal entities and individuals on free disposal of own resources;

- stability of the national currency of the Republic of Uzbekistan;

- issues of funds transfer regulation outside the country for investment purposes, taking into account the country's economic interests.

(Source: UzReport.uz)

investments

In the first nine months of 2016, the Chamber of Commerce and Industry of Uzbekistan has assisted in the establishment of 22 joint ventures with foreign capital

To date, the total authorized fund of joint ventures has exceeded $41 million with the bulk of foreign investments. Of these, four enterprises specialize in the production of building materials, two in textiles, three in food products, and eleven are engaged in other priority areas of the national economy.

According to CCI experts, the Decree ‘On additional measures to ensure the rapid development of business, all-round protection of private property and effective improvement of the business climate’, as approved this October, was a strong incentive for above-mentioned activities. It not just strengthens the guarantees of freedom of entrepreneurial activity in the country, but also serves as an important legal foundation for building an effective business environment, as well as raises economic reforms to a new level.

“The document covers a broad range of issues, and is aimed at liberalization of the economy, provision of more freedom for businesses, and strengthening their protection. An enforcement mechanism is another important factor to mention, since the force of each act directly implies the extent of its implementation. In particular, the document defines the provision of greater freedom to small businesses and private enterprises, radical reduction of government intervention in their operation, provision of early notification, enhancement of preventive efficacy and prevention of offenses as top priorities of the state policy and the primary task of state bodies in the follow-up development of business activities,” the CCI Acting Deputy Chairman Anvar Ikramov said.

Socio-economic development can be hardly imagined without prospects for small business and private entrepreneurship. In Uzbekistan, the activities of representatives of the sector are fully supported, and favorable conditions for doing business are created. These measures are appreciated on an international scale and individually. The recently published World Bank report ‘Doing Business 2017: Quality Control and Evaluation of Effectiveness of Management’ ranked Uzbekistan 87th among 190 countries of the world. The Report points out to a significant growth in the registration of new companies, where Uzbekistan ranks 25th.

(Source: «Uzbekistan Today» newspaper)

International cooperation

Flight to Dushanbe

On November 30, 2016 the National Airline “Uzbekistan Airways” hold a charter flight on Tashkent - Dushanbe - Tashkent direction.

The delegations of Uzbekistan and Tajikistan in Dushanbe held negotiations on legal-organizational and economic aspects of further cooperation in the aviation sphere.


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