Uzmetkombinat to implement projects for US$474.5 million until 2023; The Dutch company told about the creation of an agricultural cluster in Uzbekistan; Uzbekistan to attract investments to create hemodialysis centers; Trade mission of Uzbekistan opens in Incheon; Uzbekistan is trying to attract foreign specialists; Aloqabank and UnionPay launched the first co-branded cards;
Uzmetkombinat to implement projects for US$474.5 million until 2023
Uzmetkombinat plans to implement 13 projects with a total value of US$474.5 million in 2018-2022. The Government of Uzbekistan issued a resolution “On measures for the implementation of investment projects and the effective use of facilities of Uzmetkombinat”.
In particular, the company intends to build a casting and rolling complex with a total value of US$377.5 million. The volume of direct investments and loans will exceed US$339.8 million. The project capacity is 1 million tons. The project will be implemented in 2018-2020.
By 2020, Uzmetkombinat JSC will send US$30 million to upgrade and modernize metallurgical equipment.
The Dutch company told about the creation of an agricultural cluster in Uzbekistan
In Uzbekistan, there is a representative delegation of well-known Dutch companies Lely and TST-Agr, which participate in the agricultural exhibition Agro Expo Uzbekistan / Agrotech Expo in Tashkent.
On November 8, the delegation has talks at the Ministry of Agriculture of Uzbekistan and the Chamber of Commerce and Industry, and on November 9 leaves for Namangan region. It is reported that these companies are planning to enter the Uzbek market.
A pre-designed project with an estimated cost of 10 million euros implies the creation of an agricultural cluster with full localization of production in Uzbekistan. It provides for the introduction of advanced Dutch technologies for the cultivation of land, the development of animal husbandry, the production of finished dairy products, recycling and storage of agricultural products.
Uzbekistan to attract investments to create hemodialysis centers
A meeting of the leadership of the Ministry of Finance, the Ministry of Health and representatives of the International Finance Corporation (IFC) was held on 6 November 2018 to discuss implementation of a project to attract private investment to finance the creation of centers of hemodialysis in of Uzbekistan and the provision of hemodialysis services.
IFC provides loans, equity investments, offers structured financing and risk management products, and provides advisory services to boost private sector growth in developing countries.
During this meeting, the agreements reached on previous meetings and discussions were discussed, the results of which between the Ministry of Finance, the Ministry of Health and the International Finance Corporation signed an Agreement on the provision of financial advisory services. The IFC will analyze and help to prepare necessary documents for holding a tender and in process of determining and selecting a private partner for the implementation of the Project.
Trade mission of Uzbekistan opens in Incheon
In the South Korean city of Incheon, on the territory of the Songdo Free Economic Zone, a trade mission of Uzbekistan has been established. The office, located in the Posco tower, is staffed by three government officials and two diplomats sent from Uzbekistan. The trade mission will serve for economic exchanges with South Korea.
Earlier, the Embassy of Uzbekistan in Seoul signed the memorandum of understanding and cooperation with the Office of the Incheon Free Economic Zone. The Bukhara and Fergana regions also separately signed letters of intent on cooperation with the authorities of Incheon earlier this year.
It is reported that Uzbekistan considers Incheon as an example for creating its own free economic zones and that is why Uzbekistan became the first country to place its sales representative here, and not in Seoul.
Uzbekistan is trying to attract foreign specialists
The Agency for External Labor Migration under the Ministry of Employment and Labor Relations was assigned new tasks. Now the agency will closely cooperate with other countries in attracting specialists, identify those areas where they are most needed. An electronic database of such frames will be formed.
In addition, the list of required papers will be reduced so that foreigners can legally work in the country. From December 1, the permit to employ foreign labor will be canceled and only one procedure will remain – confirmation of the right to work.
The fee for registration and issuance of confirmations is reduced – from the payment of 10 to 1-2 minimum wages. Every year, foreign specialists had to travel outside the country, since the period was for one year. Now it becomes three years, and members of their families can receive a residence permit for the duration of the contract. Moreover, those foreigners who buy shares of companies in the amount equal to 8,500 minimum wages, including the creation of a joint venture, can generally work in any position in this company without obtaining any permits.
Aloqabank and UnionPay launched the first co-branded cards
This is a joint card of two UzCard and UnionPay payment systems, intended for use in the infrastructures of both payment systems. That is, in Uzbekistan, co-branded cards are accepted for payment as a regular soum card, and abroad as a currency card.
When paying by a co-branded card abroad, there is an instant conversion of soums into the currency of the country where the purchase is made using the cross-selling rate of US dollars. With such a card, you do not need to buy foreign currency in advance when going abroad and open another conversion card.
A co-branded card of a bank is accepted for payment both in Uzbekistan and in 170 countries and regions in the UnionPay infrastructure.