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British-Uzbek Society Newsletter British Uzbek Society British-Uzbek Society Newsletter Issue 2 5 January 2009 In this issue: Uzbek economy is not likely to suffer in 2009 Uzbek economy is not 1 The economy of Uz- ous slump in the world nomic outlook to remain likely to suffer in 2009 bekistan is unlikely to suf- economy will tell on the relatively favourable in fer considerably in 2009, republic in 2009 through 2009, with a limited slow- Aral sea in 1970s 2 because it is not inte- cuts in the prices of ex- down in growth and con- grated with the financial change major export com- tinued external and fiscal Membership charges 2 markets of developed modities, weaker demand surpluses. The mission in 2009 countries, under a conclu- for Uzbek that are the sta- recommended against sion contained in a joint ble exports due to lower reacting to the global cri- Planned Events for statement circulated in growth in major trading sis by increasing protec- 2009 Tashkent by the govern- partners. The Uzbek tionist measures and im- ment and Central Bank of economy is not integrated plementing foreign ex- New opportunities for 3 Uzbekistan and by the with the financial markets change restrictions. business in Uzbekistan International Monetary in developed countries The authorities and the Fund. and therefore is not likely mission agreed on the Uzbek-British Trade 3 to suffer significantly from IMF’s mission was to importance of enhancing and Industry Council credit constraints or sharp observe financial and eco- the role of banks in eco- (UBTIC) Meeting in falls in capital flows. Tashkent and it’s re- nomic achievement in nomic activity. The mis- sults 2008 and assess the out- With its strong macro- sion encouraged the au- look for 2009 in light of the economic position, Uz- thorities to further en- Address and Our Con- 4 recent developments in bekistan has considerable hance confidence in the tacts the world economy and resources to finance well- banking system by remov- the authorities' policy in- targeted policies to sup- ing the noncore functions Asian Football Confed- 4 tentions. port growth. The chal- from banks and facilitating eration player of the lenge is to mitigate the the availability of cash, year In accordance with the impact of the global crisis and welcomed the au- statement, Uzbekistan in on economic growth thorities' intention that any 2008 has remained resil- through timely and well- increases in the share and ient to the ongoing inter- targeted policies, while interventions of the gov- national credit crisis and ensuring continued finan- ernment in banking sector the downturn in developed Focus: cial stability and reduc- activities will be temporary economies, with real GDP tions in inflation. The Fund measures. growth of 9 percent (under Uzbek economy in 2009 staff stands ready to as- official statistics), large In the end, IMF wel- sist the authorities as they Results of UBTIC meeting external current account comes the progress made address these challenges. with His Excellency Min- and fiscal surpluses, fur- in improving balance of ister Ganiev and Top ther accumulation of for- Taking into account payments data and the Level British Delegation. eign exchange reserves, the broad range of poli- authorities' commitment to New opportunities for and continued stability in cies envisaged by the au- address issues related to business in Uzbekistan the banking system. The thorities to stimulate do- national income and price AFC player of the year increase in inflation has mestic demand, including statistics. been contained, though its appropriately expansion- level remains high. ary fiscal and cautious By uzdaily.com monetary policies, the At the same time IMF mission expects the eco- officials warn that the seri- Page 2 British-Uzbek Society Newsletter Aral Sea witness The following is an eye height. That is where the These were smoked be- witness account of the Aral origin of the local saying fore they were eaten. Two Sea as it used to be before “you won’t sink, you will fish-factories were operat- it retreated by two thirds. float all the time”. One ing. Mainly they were pro- could lie and rest on the ducing freshwater fish from I came to the Aral seaside water. lakes: pike perch, bream late May of 1976. At that and sometimes barbell time the sea was within The sea was particularly (barbel’s “tyoshka” is a walking distance from the beautiful during sunset, as delicacy). The fish-factory centre of Muynak city, if the sun entered the sea. also processed imported where there was an indus- By contrast even then fish from Baltic counties, trial plant and in which I there were islands of such as horse-mackerel, worked. abandoned ships, skidded hake, and capelin. It also with sand, as if they were Along the coast one could produced canned fish in sunk in the dunes. The see small houses for tour- tomato sauce. Old resi- description “grey-haired ists, who visited on their dents used to tell how big “Aral Sea as it is today” Aral” would match – it was holidays. There were many the port and docks in Muy- so calm as if it was saying tourists at that time. Also in nak had been in the past. good-bye. those days Aral amazed The life was in full swing. me. However far you At that time fishermen Sadly there is little left to- walked into the sea, the were still putting out to sea day. sea came up to knee and used to bring barbells. By Khanipa Umbetova MEMBERSHIP FORM Rates per annum Corporate* £500 Academic (universities & other academic institutions)* £100 UBTIC members discounted rate £300 (for the first year) Individual £ 15 Concessionary (Students, Pensioners, Etc.) £ 10 * Please note that the first two categories allow the relevant organisations to send up to six “Our people to each of the events. membership If you would like to join the Society, please fill out the slip below and return with a charges are very cheque made payable to the British-Uzbek Society to The Administrator, British- Uzbek Society, Stubbs Hill Farm, Besthorpe, Norfolk, NR17 2LS. modest in 2009 Name and good value.“ Company name (if applicable) Address Postcode Tel E-mail Please delete as appropriate: I / we wish to become a corporate / academic / individual / discounted member of the Society. I / we enclose a cheque made payable to the British-Uzbek Society of £500 / £300/ £100 / £15 / £10. If you are a corporate / academic member, please list the names of those people you wish to nominate as members of the Society Planned Events for 2009 28 January Executive Committee meeting Planned Events We are in the process of planning events for 2009 at this time and we are hoping for 2009 that these will include an Uzbek film evening, the opening of the first Uzbek restaurant in London, music and photo exhibition events and the annual Independence Day cele- bration, as well as others. Issue 2 Page 3 New opportunities for business in Uzbekistan A conference “New op- cies and Uzinfoinvest, as economy of Uzbekistan, portunities for business in well as Fund for protection situation in the sphere of ecology, problems of Aral Uzbekistan: sector of envi- of gene pool of area adja- “British businessmen and managing of water ronment, including the cent to Aral shared their resources, favourable con- and specialists Clean Development experiences in Clean De- ditions created for foreign underscored the Mechanism” organised velopment Mechanism in investors, as well as new presence of opportunities for coopera- with the Embassy of Uz- their industries. developed legal tion in implementing the basis, necessary bekistan to the United projects of CDM, chemical, At the beginning of the conditions for Kingdom jointly with com- conference the welcoming electro energy and oil and successful panies of IBC Confer- message of the Prince Mi- gas sectors. cooperation in the ences, British American chael of Kent to the partici- In the end British busi- pants of the forum was sphere in Tobacco, WorleyParsons, nessmen and specialists read out. In his message emphasized the presence Uzbekistan” Oxus Gold and Shell was Prince supported this of developed legal basis held in October 2008. event that was meant to and outlined the success render assistance to the achieved by Uzbekistan in The delegation mem- advancement of British the sphere of environment bers included the repre- business and attract new and implementation of pro- sentatives of National investments to Uzbekistan, jects as a part of CDM, as as well as apply the new Holding Company Uz- well as underscored the methods for bettering envi- leadership of Uzbekistan in bekneftegaz, State Joint- ronment in Central Asia. this sphere not only in the Stock Companies Uzkimy- The participants of the scale of the region but also osanoat and Uzbekenergo, conference learnt about all CIS area. Uzkommunhizmat agen- current development of By www.mfa.uz The Uzbek-British Trade and Investment Council’s (UBTIC) results in Tashkent “new opportunities for Tashkent Trade Coun- ing Shell and Mott Mac- Financial Times, a number cooperation in imple- cil Success. Donald Ltd were two of the of prospects and new work menting the projects of large companies. of British industry were Clean Development There were seventeen described by British com- Uzbek Ministers lead by The Royal Bank of panies. Minister for Foreign Eco- Scotland representative nomic Relations, Trade had to drop out at the last Mott MacDonald’s and Industry, His Excel- minute. achievement with the lency Mr. Elyor Ganiev and World Bank in the West of Mr James McGrory the British delegation was Uzbekistan was praised gave an outstanding leaded by Dr. Hartley and British American To- speech and Dr Elena Po- Booth and joined by his bacco reported good re- tayenko made a very ef- “Uzbekistan Deputy Chairman Richard sults.
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