DOCSLIB.ORG

Investors'note

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Investors'note First - and Second-Quarter Reports INVESTORS’ NOTE for Year Ending March 2014 NOV. 2013 No.37 Security code Top Message To Our Shareholders Implementing “New Strategic Direction —Charting a New Path Toward Sustainable Growth” to Maximize Our Value as a Sogo Shosha Ken Kobayashi President and CEO Consolidated Operating Results for the Six Months Ended September 2013 (From April 1 to September 30, 2013) Achieved 62% of Full-Year Net Income Forecast Earnings Higher on a Year-Over-Year Basis I am pleased to address the shareholders In the first six months of the year ending of Mitsubishi Corporation (MC) through March 2014, the U.S. economy continued this newsletter. to experience a modest recovery, and in Let me begin by reporting on our Europe there were signs that the economy consolidated operating results for the six had bottomed out. Meanwhile, emerging months ended September 2013. economies, while also showing signs of 2 3 Top Message To Our Shareholders Dividend bottoming out in some quarters, generally rate of 62% of our full-year net income lacked strength in internal demand, forecast. The highlight of this result is that Two-Staged Dividend Policy Introduced resulting in a continued slowdown in all segments reported higher net income. growth. The Japanese economy, on the In the Machinery Group, automobile- ¥30 Interim Dividend per Share other hand, saw a moderate recovery, with related businesses performed steadily, the government policies underpinning the particularly in Asia, and the Metals Group For the three-year period from the year In accordance with this policy, we plan economy. Internal demand, including saw earnings rebound following the end ending March 2014, we have introduced to pay an annual dividend of at least ¥60 personal consumption, was also robust. of strike action at the Australian resource- a two-staged dividend policy with a per share providing that we achieve our Against this backdrop, net income related subsidiary (coking coal). We will base and a variable portion in order to ¥400 billion full-year net income forecast. for the six months ended September continue to work as one to achieve our provide a stable dividend to shareholders MC has decided to pay an interim dividend 2013 was ¥248.4 billion, up 30% on ¥400 billion full-year net income forecast. regardless of changes in the business of ¥30 per share, as forecasted. a year-over-year basis, achievement environment. Net Income by Business Group Net Income and Dividend per Share (Billion yen) (Amounts less than ¥0.1 billion have been rounded) (Billion yen) (Yen) 450 Global Environmental & Net income (Left scale) Annual ordinary dividend per share (Right scale) Infrastructure Business 700.0 70 400 Industrial Finance, 14 Logistics & Development 60~ 600.0 60 20 Energy Business 65 65 350 Metals 52 500.0 50 Machinery 55 300 132 Chemicals 400.0 38 Forecast 40 Living Essentials 250 7.9 Adjustment and Eliminations 11.2 300.0 30 200 5.4 60 400 9.3 97.5 200.0 20 150 71 * Figures for the six months ended 100.0 10 93.2 22.8 248.4 September 2012 have been stated 100 on the basis of the new organization 190.4 structure following an internal 13.3 50.6 30 corporate reorganization in April 2013. 0 0 50 31.6 19.6 * Global Environmental & Infrastructure Year ended Year ended Year ended Year ended Year ended Year ending 63 Business shows earnings of 13.6 24.7 infrastructure-related businesses. March 2009 March 2010 March 2011 March 2012 March 2013 March 2014 0 23.3 14.1 10 0.7 Interim dividend (yen) 36 17 26 32 25 30 Year-end dividend (yen) 16 21 39 33 30 30 Six months ended Six months ended Year ending Prospective Annual dividend (yen) 52 38 65 65 55 ¥60~ dividend Sept. 2012 Sept. 2013 March 2014 (Forecast) Consolidated dividend payout ratio 23% 23% 23% 24% 25% 25% Consolidated dividend payout ratio is rounded Net income, as used in this INVESTORS' NOTE, refers to net income attributable to MC, excluding non-controlling interests. 4 Also, shareholders’ equity refers to total MC shareholders’ equity, excluding non-controlling interests. 5 Top Message To Our Shareholders Progress With “New Strategic Direction” Maximizing Mitsubishi Corporation’s Value to Achieve Our Circa 2020 Growth Vision In May 2013, we launched the New Among these policies, we have set Strategic Direction, aiming for robust forth a market strategy “Targeting Asia”, growth as a sogo shosha. which aims to developing business The New Strategic Direction marks globally by leveraging our shift towards President Kobayashi explaining the New Strategic Direction for penetration within the company. a shift from a conventional midterm Asian markets. Eyeing fast-growing Asia, management plan approach, one we are building a global supply chain, and centered on a three-year financial target. at the same time developing businesses is to reshape our business portfolio for Under the Midterm Corporate Instead, we have laid out a vision circa in the region with strong local roots. For realizing our circa 2020 vision. Guided by Strategy 2012, the three-year midterm 2020 as a long-term goal, and have example, while continuing to provide a this policy, we will reshuffle our assets, management plan that ended in March adopted a “future pull” approach that will stable supply of resources to Japan, we and at the same time actively invest 2013, our overarching goal was to create lead the path toward our vision. With our will secure and develop supply sources in new businesses. Besides resource sustainable corporate value. We are business models and external business in Australia, the U.S., Russia, West Africa fields such as the LNG business in the continuing this concept under the New environment changing dynamically, we and elsewhere, and also create an Asia- U.S., we have already begun working Strategic Direction—we are pursuing believed we had to formulate strategy based marketing hub. By establishing a on some new initiatives in non-resource the maximization of our value as a sogo from a longer-term perspective. Thus we supply structure that covers the whole fields as well. These include strengthening shosha by striving to create economic formulated the management policies and of Asia and taking other steps, we will our grain procurement ability in Brazil value, societal value and environmental initiatives for the next three years through capture growth in Asia (Please see the and participating in offshore electric value. After announcing the New the year ending March 2016 as the basis Special Feature on pages 14-19). transmission business in Europe (Please Strategic Direction, I have been touring for achieving our long-term objectives. In terms of business strategy, our policy see Business Highlights on pages 10-13). the MC offices in Japan and overseas to explain the concepts and aspirations behind this new policy in my own words. I believe these efforts have penetrated the message of New Strategic Direction company-wide. As always, thank you for your understanding and support. November 2013 Ken Kobayashi President and CEO U.S. LNG business (Photo courtesy of Sempra) Brazilian grain storage and marketing business Offshore electric transmission business in Europe 6 7 Results for the Six Months Ended September 2013 Results for the Six Months Ended September 2013 Operating Transactions Operating Income [¥Trillion] [¥Billion] (Numbers indicate year-on-year changes) 24.0 240.0 20.90 Operating Transactions ¥10,847.1 billion (+12%) 195.0 18.0 180.0 Gross profit ¥544.3 billion (+11%) 12.0 10.85 120.0 Operating income ¥84.3 billion (+51%) 9.65 84.3 6.0 60.0 55.7 Net income ¥248.4 billion (+30%) 0 0 Dividend per share ¥30 +¥5 Six months Six months Forecast for Six months Six months Forecast for ( ) ended ended the year ending ended ended the year ending Sept. 2012 Sept. 2013 Mar. 2014 Sept. 2012 Sept. 2013 Mar. 2014 Other indexes and figures Year Ended Mar. 2013 Six months ended Sept. 2013 Net Income Net Income per Share [¥Billion] [¥] (*) 450.0 300.00 •Net debt-to-equity ratio 1.0 times ⇨ 1.0 times 400.0 242.73 •Net interest-bearing liabilities ¥4,335.8 billion ⇨ ¥4,490.0 billion •Shareholders’ equity ¥4,179.7 billion ⇨ ¥4,451.7 billion 300.0 200.00 248.4 150.77 190.4 115.66 Main reasons for change in shareholders’ equity 150.0 100.00 • Net income (+¥248.4 billion) • Improvement in foreign currency translation adjustments (+¥113.1 billion) • Payment of dividends (△¥49.4 billion) 0 0 Six months Six months Forecast for Six months Six months Forecast for ended ended the year ending ended ended the year ending Sept. 2012 Sept. 2013 Mar. 2014 Sept. 2012 Sept. 2013 Mar. 2014 * Net interest-bearing liabilities = Gross interest-bearing liabilities (bank borrowings, corporate bonds, commercial paper, etc.) that must be repaid with interest, minus cash and cash equivalents. The ratio is in comparison to shareholders' equity and is a measure of financial soundness. Total Assets and Shareholders’ Equity Shareholders’ Equity per Share [¥Trillion] [¥] 18.0 3,200 Total Assets Shareholders’ Equity 15.00 2,701 14.41 14.67 2,538 Year Ending March 2014 Forecasts 13.5 2,400 (Numbers indicate year-on-year changes) 9.0 1,600 Net income ¥400.0 billion (+11%) 4.5 4.18 4.45 4.55 800 Dividend per share ¥60~ +¥5~ ( ) 0 0 Mar. 31, 2013 Sept. 30, 2013 Forecasts for Mar. 31, 2013 Sept. 30, 2013 the year ending Mar. 2014 8 9 Business Highlight ■ Global Environmental & Infrastructure Business Group ■ Living Essentials Group Reaches Agreement for Construction of Strengthen Grain Procurement System New International Airport in Mongolia in Brazil In May 2013, MC and Chiyoda Corporation (Chiyoda) reached Image of the New Ulaanbaatar International Airport In September 2013, MC Brazilian subsidiary Agrex do an agreement with the Civil Aviation Authority of Mongolia Brasil acquired an additional 60% of issued shares in to construct the New Ulaanbaatar International Airport in Ulaanbaatar International Airport will vastly increase the number Los Grobo Ceagro do Brasil S.A.
Load more

Recommended publications
  • Causes and Consequences of the Division of the Territory of Uzbekistan Into Economic Regions (On the Example of 20-70S of the Xx Century)
    European Journal of Molecular & Clinical Medicine ISSN 2515-8260 Volume 07, Issue 07, 2020 Causes And Consequences Of The Division Of The Territory Of Uzbekistan Into Economic Regions (On The Example Of 20-70s Of The Xx Century) Murodilla Khaydarov1, Ruzimat Juraev2, Izzatilla Khaydarov3, Hasan Babajanov4, Fakhriddin Abdulboqiyev5, Otabek Alimardonov6 1Professor, DSc, Department of Uzbekistan History, Faculty of History, National University of Uzbekistan, Tashkent, Uzbekistan. 2Professor, DSc, Faculty of History, Doctor of Political Sciences, Namangan State University, Uzbekistan. 3Doctor of Philosophy, Associate Professor, Tashkent State University of Oriental Studies, Uzbekistan. 4Doctor of Philosophy, Associate Professor, Tashkent Information Technologies named after Muhammad al-Khwarizmi, Tashkent, Uzbekistan 5Doctoral Student, Department of Uzbekistan History, Faculty of History, National University of Uzbekistan, Tashkent, Uzbekistan. 6Doctoral Student, Department of Uzbekistan History, Faculty of History, National University of Uzbekistan, Tashkent, Uzbekistan. Abstract: This article describes the reasons for the division of the territory of Uzbekistan into economic zones and the consequences of these reasons. And also in this article the example of the 20-70s of the XX century is given. The study of the processes of development of society in the modern history of Uzbekistan makes it possible to clearly identify a number of important contradictions that legally led to a crisis. These contradictions are based on the discrepancy between the level of development of productive forces and the nature of existing production relations, which has deepened over time. During the formation and development of a single economic complex of the Soviet Union, the real interests, special conditions and opportunities of Uzbekistan were ignored in Soviet times, when the policy of the Soviet government was a very centralized and command- oriented, monopoly system of the Communist Party.
    [Show full text]
  • Women in Uzbekistan Prepared in 1999 by Dinara Alimdjanova, Former Gender Specialist at ADB’S Uzbekistan Resident Mission
    Country Briefing Paper Women in the Republic of Uzbekistan Prepared by Wendy Mee FEBRUARY 2001 Acknowledgments This Country Briefing Paper on the status of Women in the Republic of Uzbekistan would not have been possible without the assistance and guidance of many people. In particular, I must thank Mekhri Khudayberdiyeva from ADB’s Resident Mission in Uzbekistan. Ms. Khudayberdiyeva proved a valuable research colleague, whose fluency in Russian, Uzbek and English, and organizational skills made the research possible. Furthermore, her good judgment and sense of humor made the research highly enjoyable. The report also benefited from her very helpful feedback on the draft report and her help in the preparation of the two appendices. I also owe a debt of gratitude to all the people in Uzbekistan who gave so generously of their time and experience. In particular, I would like to thank those who allowed me to interview them, observe training days, or participate in other related activities. I would also like to thank the participants of the Gender and Development consultative meeting held at ADB’s Resident Mission in Tashkent on 16 November 2000. I am deeply grateful to the following individuals: Dilbar Gulyamova (Deputy Prime Minister, Republic of Uzbekistan) Dilovar Kabulova (Women’s Committee of the Republic of Uzbekistan) Sayora Khodjaeva (Deputy Hokim, Tashkent Oblast) Nariman Mannapbekov (Cabinet of Ministries) Galina Saidova (Cabinet of Ministries) Gasanov M. and Jurayeva Feruza Tulkunovna (Institute for Monitoring Acting Legislation
    [Show full text]
  • Comparative Analysis of E-Commerce Between China and Uzbekistan
    Comparative Analysis of e-Commerce Between China and Uzbekistan. Kaypnazarov Ubbiniyaz;Prof. Zhang Diping Abstract This research work is devoted for the purpose of showing the diverse opportunities and unravel the growing trends of e-Commerce in terms of trade between China and Uzbekistan. On-line customer research has been carried out mainly for American and European markets by academics and marketers. While e-Commerce is developing more rapidly in China with big companies raking in billions, it is somehow slow in Uzbekistan; a profound understanding of necessitating modalities is a fundamental drive into promoting further growth. This work investigates this intriguing concept in context of e-Commerce involved in inquiring about e-Business and corresponding e-Payment systems in China and Uzbekistan respectively. The article features theoretical segments through which statistical models and correlations were interpolated. The main aim being to establish segmental information and identify influential factors of e-Shopping using e-Payment models developed in the respective countries. The key findings include the geographical influence, demographic statistical analysis and internet technologies being used in the two countries. Keyword: e-Business, e-Commerce, e-Payment, Market, Internet, Survey Published Date: 11/30/2019 Page.570-584 Vol 7 No 11 2019 DOI: https://doi.org/10.31686/ijier.Vol7.Iss11.1911 International Journal for Innovation Education and Research www.ijier.net Vol:-7 No-11, 2019 Comparative Analysis of e-Commerce Between China and Uzbekistan. Kaypnazarov Ubbiniyaz 1, a, Prof. Zhang Diping 1, b * 1School of Science/Shuguang Big Data Science, Zhejiang University of Science and Technology, Hangzhou 310023, China [email protected], [email protected] ∗ Corresponding author.
    [Show full text]
  • Socio-Economic Consequences of Soviet Modernization
    JOURNAL OF CRITICAL REVIEWS ISSN- 2394-5125 VOL 7, ISSUE 13, 2020 UZBEKISTAN IN THE LATE 1980 s AND EARLY 1990 s: SOCIO-ECONOMIC CONSEQUENCES OF SOVIET MODERNIZATION 1RakhmatullaevShavkatjonMuhammadalievich, 2SalimovSherzodYunusovich 1candidate of history, Senior research fellow Of the Institute of history of the Academy of Sciences of the Republic of Uzbekistan. E-mail: [email protected] 2Doctoral student of the Institute of history of the Academy of Sciences of the Republic of Uzbekistan. E-mail: sh- [email protected], +998935372706 Received: 22.04.2020 Revised: 24.05.2020 Accepted: 19.06.2020 Summary. The experience of practical implementation of structural changes in the economy and social sphere gradually implemented in modern Uzbekistan shows that the main trends in the development of the previous (Soviet) stage of socio-economic development significantly influenced the development of the strategy of its own model of reforms. The Soviet model of modernization (the so-called conservative model [1]) implemented in Uzbekistan, largely built to please the Russian Center, caused the main contradictions and shortcomings that had accumulated in the Republic by the early 1990s. The proposed article is an attempt to briefly outline the socio-economic problems of Uzbekistan at the turn of the 80-90 - ies of the XX century. It was at this time that the permanent crisis of Soviet society reached its critical point, and the shortcomings of command and administrative management methods were fully revealed at all levels. The arbitrary practice of building a fundamentally new state based on egalitarian principles and utopian ideas, which had no analogues in history, revealed the inability of the Soviet model of development to function effectively at almost all stages of its development.
    [Show full text]
  • Systematic Transformation Reforms in Uzbekistan and Economic
    The Mongolian Journal of International Affairs Number 5, 1998 SYSTEMATIC TRANSFORMATION REFORMS IN UZBEKISTAN AND ECONOMIC Bakhtior Islamov l. Approach of Uzbekistan to Systematic Transformation From the first day of Independence Uzbek people and its government looked for the model of gradual transition to socially-oriented market economy with a strong democratic state and open peaceful policy. Taking into account the experience of other nations and on the basis of thorough analysis of the peculiarities of its social, economic and human devel- opment, with specific historical background, Uzbekistan has chosen its own approach to a systematic transformation. The five principles of its strategy were formulated by President Islam Karimov very soon after independence were as follows: l. The State is the main power driving economic and political reforms; 2. Economics takes priority over politics, with de-decolonization of both domestic and foreign economic relations; 3. Rule of law and order based on a new legal framework; 4. Social protection, especially the most vulnerable groups of people; 5. Step-by-step approach to systematic transformation.1 The state was not only proclaimed, but has become within this period the main power behind political and economic reforms on the basis of gradualist approach and strategy of transition to the socially oriented market economy. The common sense of the people of Uzbekistan could be expressed as “do not destroy the old house before building a new one”, and they generally supported such strategy. Within all period of independent development special emphasis was made on the principles of gradualism and social protection of the population.
    [Show full text]
  • 2017 Republic of Uzbekistan the CENTRAL ASIA COUNTRY SERIES
    2017 Republic of Uzbekistan THE CENTRAL ASIA COUNTRY SERIES Republic of Uzbekistan November 2017 Acknowledgements: Team Leader: Samir S. Amir Lead Researcher: Mustafa Gul Kaliya Disclaimer: The findings, interpretations and conclusions expressed do not necessarily reflect the views of the Board of Directors and Members of The Pakistan Business Council or the companies they represent. Any conclusions and analysis based on data from ITC, UN Comtrade, World Bank, Doing Business and CIA World Factbook are the responsibility of the author(s) and do not necessarily reflect the opinion of the UN, WTO, World Bank, or CIA. Although every effort has been made to cross-check and verify the authenticity of the data, The Pakistan Business Council, or the author(s), do not guarantee the data included in this work. All data and statistics used are correct as of September 1st, 2017, and may be subject to change. REPUBLIC OF UZBEKISTAN 2017 UZBEKISTAN OF REPUBLIC For any queries or feedback regarding this report, please contact [email protected] or [email protected] ii The Pakistan Business Council: An Overview The Pakistan Business Council (PBC) is a business policy advocacy platform, established in 2005 by 14 (now 62) of Pakistan’s largest private-sector businesses and conglomerates, including multinationals. PBC businesses cover nearly all sectors of the formal economy. It is a professionally-run organization headed by a full-time chief executive officer. The PBC is a not-for-profit entity, registered under Section 42 of the Companies Ordinance 1984. Though it is not required under the law to do so, the PBC follows to the greatest extent possible, the Code of Corporate Governance as applicable to listed companies.
    [Show full text]
  • THE STRATEGIC MANAGEMENT of KOREAN and JAPANESE BIG BUSINESS GROUPS: a Comparison Study Between Korean General Trading Companies and Japanese Sogo Shoshas
    THE STRATEGIC MANAGEMENT OF KOREAN AND JAPANESE BIG BUSINESS GROUPS: A Comparison Study between Korean General Trading Companies and Japanese Sogo Shoshas by IN WOO JUN A thesis submitted to The University of Birmingham for the degree of DOCTOR OF PHILOSOPHY Department of Management The Birmingham Business School The University of Birmingham August, 2009 University of Birmingham Research Archive e-theses repository This unpublished thesis/dissertation is copyright of the author and/or third parties. The intellectual property rights of the author or third parties in respect of this work are as defined by The Copyright Designs and Patents Act 1988 or as modified by any successor legislation. Any use made of information contained in this thesis/dissertation must be in accordance with that legislation and must be properly acknowledged. Further distribution or reproduction in any format is prohibited without the permission of the copyright holder. ABSTRACT This research is an in-depth study of Korean GTCs (General Trading Companies) and Japanese Sogo Shoshas (the Japanese version of General Trading Companies), which are unique big business conglomerates but not well-known in Western countries. It investigates and compares several of their features, such as their history, characteristics, functions, organisational structure, corporate culture, human resource management, their impact on national economic development, strategic management and decision-making process. First, it examines a wide range of literature to show the functions of Korean GTCs and Japanese Sogo Shoshas as transaction intermediaries, information gatherers, project organisers, international marketers, financial providers, etc. With these varied functions, they have played significant roles not only from the macro aspect, but also the micro aspect.
    [Show full text]
  • Enhancing Competitiveness in Central Asia
    Competitiveness and Competitiveness and Private Sector Development Private Sector Development Sector Private Enhancing Competitiveness in Central Asia 2018 Enhancing Competitiveness in Central Asia Competitiveness and Private Sector Development Enhancing Competitiveness in Central Asia This work is published under the responsibility of the Secretary-General of the OECD. The opinions expressed and arguments employed herein do not necessarily reflect the official views of OECD member countries. This document, as well as any data and any map included herein, are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area. Please cite this publication as: OECD (2018), Enhancing Competitiveness in Central Asia, Competitiveness and Private Sector Development, OECD Publishing, Paris. http://dx.doi.org/10.1787/9789264288133-en ISBN 978-92-64-28812-6 (print) ISBN 978-92-64-28813-3 (PDF) Series: Competitiveness and Private Sector Development ISSN 2076-5754 (print) ISSN 2076-5762 (online) The statistical data for Israel are supplied by and under the responsibility of the relevant Israeli authorities. The use of such data by the OECD is without prejudice to the status of the Golan Heights, East Jerusalem and Israeli settlements in the West Bank under the terms of international law. Photo credits: Cover © designed by Renaud Madigner Corrigenda to OECD publications may be found on line at: www.oecd.org/about/publishing/corrigenda.htm. © OECD 2018 You can copy, download or print OECD content for your own use, and you can include excerpts from OECD publications, databases and multimedia products in your own documents, presentations, blogs, websites and teaching materials, provided that suitable acknowledgment of the source and copyright owner(s) is given.
    [Show full text]
  • Uzbekistan's Cotton Sector: Financial Flows and Distribution of Resources
    WORKING PAPER Uzbekistan’s Cotton Sector: Financial Flows and Distribution of Resources Bakhodyr Muradov and Alisher Ilkhamov, Authors Matt Fischer-Daly and Jeff Goldstein, Editors October 2014 Open Society Eurasia Program 224 W. 57th Street, New York, NY 10019, United States | TEL +1-212-548-0600| FAX +1-212-548-4600 WORKING PAPER-UZBEKISTAN’S COTTON SECTOR: FINANCIAL FLOWS AND DISTRIBUTION OF RESOURCES Table of Contents EXECUTIVE SUMMARY ............................................................................................................................. 3 LIST OF TERMS .......................................................................................................................................... 8 LIST OF COMPANY NAMES...................................................................................................................... 8 FOREWORD ................................................................................................................................................. 9 STAGES OF COTTON PRODUCTION AND PROCUREMENT .......................................................... 13 DETERMINATION OF PRODUCTION TARGETS ................................................................................................... 15 CONTRACTING ....................................................................................................................................................... 17 ALLOCATION OF ADVANCES ...............................................................................................................................
    [Show full text]
  • Supporting Uzbekistan's Development Strategy in Key Policy Areas: Industrial Cluster, Cyber Security, S&T, and Insurance
    2015/16 Knowledge Sharing Program with Uzbekistan Sharing Program 2015/16 Knowledge 2015/16 Knowledge Sharing Program with Uzbekistan: Supporting Uzbekistan’s Development Strategy in Key Policy Areas: Special Economic Zone, Industrial Development, Public Budgeting and Postgraduate Education 2015/16 Knowledge Sharing Program with Uzbekistan 2015/16 Knowledge Sharing Program with Uzbekistan Project Title Supporting Uzbekistan’s Development Strategy in Key Policy Areas: Special Economic Zone, Industrial Development, Public Budgeting and Postgraduate Education Prepared by Korea Development Institute (KDI) Supported by Ministry of Strategy and Finance (MOSF), Republic of Korea Prepared for The Government of Uzbekistan In Cooperation with Ministry of Foreign Economic Relations, Investment and Trade of the Republic of Uzbekistan (MFERIT) Ministry of Finance of the Republic of Uzbekistan (MOF) Institute of Forecasting and Macroeconomic Research (IFMR) Program Director Siwook Lee, Executive Director, Center for International Development (CID), KDI Program Officer Nu Ri Leem, Research Associate, Division of Policy Consultation & Evaluation, CID, KDI Senior Advisor Bong Kyun Kang, Former Minister of Ministry of Finance and Economy (MOFE) Authors Chapter 1. Siwook Lee, Executive Director, Center for International Development (CID), KDI Mutalib Hojimurotov, Head of the Coordination of Free Economic Zones Division, Ministry of Foreign Economic Relations, Investment and Trade of the Republic of Uzbekistan (MFERIT) Chapter 2. Changik Jo, Professor, Hallym University Hoon Heo, Research Associate, Center for International Development (CID), KDI Saidjon Kodirov, Chief Economist, Ministry of Finance for the Republic of Uzbekistan (MOF) Otabek Fazilkarimov, Chief Economist, Ministry of Finance for the Republic of Uzbekistan (MOF) Chapter 3. Jong ll Kim, Professor, Dongguk University Zulfiya Asfandiyarov, Senior Researcher, Institute of Forecasting and Macroeconomic Research (IFMR) Sanjar Karimov, Junior Researcher, Institute of Forecasting and Macroeconomic Research (IFMR) Chapter 4.
    [Show full text]
  • Responding to External Shocks Hitting the Economy of Uzbekistan
    ASIAN DEVELOPMENT BANK REGIONAL-CAPACITY DEVELOPMENT TECHNICAL ASSISTANCE (R-CDTA) STRENGTHENING KNOWLEDGE MANAGEMENT IN CENTRAL AND WEST ASIA RESPONDING TO EXTERNAL SHOCKS HITTING THE ECONOMY OF UZBEKISTAN 1 June 2017 This report has been prepared under the Region-wide Study, “Good Jobs for Inclusive Growth in Central and West Asia.” The study is undertaken under R-CDTA-8936, “Strengthening Knowledge Management in Central and West Asia.” This report has been prepared by study consultant Raufhon Salahodjaev. The overall Study task manager is Giovanni Capannelli, Country Director, KARM. Table of Contents List of tables and figures ............................................................................................................... i Executive summary .................................................................................................................... iii Introduction ................................................................................................................................ 1 1. Development policies in Uzbekistan at different stages of reform ........................................ 2 2. The shock ............................................................................................................................. 9 2.1 Trade channel .......................................................................................................... 11 2.2 Remittances channel ................................................................................................. 15 2.3 Financial channel
    [Show full text]
  • Uzbekistan – July 1-31, 2020
    UZBEKISTAN – JULY 1-31, 2020 Uzbekistan – July 1-31, 2020 .......................................................................................................................................................... 1 Top News of the period ..................................................................................................................................................................... 2 Uzbekistan to double electricity exports by 2030. 2 Uzbekistan extends lockdown measures until August 15 2 Politics and law and Finance .......................................................................................................................................................... 3 Protecting Public health and economic stability are top priorities 3 Uzbekistan to accede to the UN Convention on the Privileges and Immunities 4 Uzbekistan-Kyrgyzstan-China railway project expected to be the most important corridor in Belt and Road Initiative 4 Uzbekistan to develop a methodology for calculating the rating of corruption for state bodies and enterprisess 6 Economy and Finance ........................................................................................................................................................................ 7 Uzbekistan’s GDP grows by 0.2% in January-June 9 The total volume of utilized foreign investments reaches US$4.8 billion 9 The excise tax rates for the import of certain vehicles are canceled 10 BUSINESS and Culture .....................................................................................................................................................................
    [Show full text]