Uzbekistan’s rating got upgraded to ‘B+’; Industrial goods for 130.5 trln. soums; Uzbekistan receives US delegation; Uzcard’s money holding service; Turkish company to invest $6mln; The first digital bank in Uzbekistan
Rating-Agentur Expert RA upgrades Uzbekistan’s rating to ‘B+’
The rating agency Rating-Agentur Expert RA confirmed the sovereign government credit rating (SGC) of Uzbekistan at ‘B+’ (moderately low level of creditworthiness of the government) in national currency and upgraded it from ‘B’ (moderately low level of creditworthiness of the government) to ‘B+’ (Moderately low level of creditworthiness of the government) in foreign currency.
The rating outlook is positive which means that in the mid-term perspective there is a high probability of upgrading the rating score.
Uzbekistan produces industrial goods for 130.5 trln. soums in Jan-Aug
Enterprises of Uzbekistan produced industrial products worth 130.5 trillion soums in January-August 2018, which grew by 10.6% year-on-year
The main growth factor in total volume of industrial production was the growth in manufacturing in the manufacturing industry by 7.7%, mining and quarrying – by 30.1%, electricity, gas, steam and air conditioning – by 1.3%, water supply , sewerage, waste collection and disposal – by 34.8%.
The volume of products, produced by mining and quarrying enterprises in January-August 2018 amounted to 21.6 trillion soums, or 16.6% of the total industry. Compared with the same period of last year, there was an increase in mining of crushed stone by 1.5 times, kaolin by 1.6 times, gas condensate by 14.3%, natural gas by 6.8%. At the same time, there is a decrease in oil production by 9.9% and coal – by 10.2%
Uzbek Deputy Prime Minister receives US delegation
Deputy Prime Minister of the Republic of Uzbekistan, Minister of Finance Jamshid Kuchkarov received a delegation led by Brian McFeeters, the Principal Deputy Assistant Secretary for Economic and Business Affairs of the U.S. Department of State.
The sides noted that they greatly appreciate the desire to continue constructive dialogue. Views were exchanged on issues of bilateral trade, economic and investment cooperation.
At the meeting with the Minister for Foreign Trade Jamshid Khodjayev, issues of resumption of the negotiation process on Uzbekistan’s accession to the WTO, the prospects for regional economic cooperation in Central Asia, as well as the preparations for the American Business Week in Uzbekistan, on October 15-19, 2018, were discussed.
Uzcard launches money holding service
The new service of Uzcard will allow the holder of a bankcard to “freeze” funds before receiving a product or service.
The service protects the users from purchasing of goods with defect and return back the money if there are any problems.
The funds are not withdrawn from the card, they remain in the account until the moment the user acquires or refuses the order. Having refused the goods, the cardholder does not lose the money, but only removes it from the holding and it stays on the balance of the card.
Turkish company to invest $6mln to create paid parking in Tashkent
The Turkish side will develop a business plan, a financial model and estimates, and supply equipment. The cost of the project is about $ 6 million.
A memorandum of understanding was signed in the capital city administration between the administration and the Turkish company “Senkron teknolojı A.S.” The document considers the creation of automated paid parking areas along the road in Tashkent. The Turkish side provides together with the Uzbek side the development of the business plan for the project, the financial model of the project, design estimates and equipment supply.
The first digital bank in Uzbekistan can be launched in the next 12 months
The first digital bank in Uzbekistan might appear in the next 4-5 months. The Belarusian IT company LWO plans to implement projects in Uzbekistan for a seven-figure sum, – writes BelTA with reference to the Deputy Director for Commercial Affairs of LWO Sergey Slesarev.
Among the products that the company is offering to Uzbek customers is the complex automation of the banking sector.
LWO, a resident of the High-Tech Park, is not only targeting the domestic market. Particular attention is paid to working with foreign clients. Now, for example, the company is working on several projects in the countries of Central Asia.