American-Uzbekistan Chamber of Commerce

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Uzbek President Shavkat Mirziyoyev has decreed to appoint Azim Akhmedkhadjaev as chairman of the State Committee for Investments.
Akhmedkhadjaev has previously served as chairman of the board at Uzbekistan's Asaka Bank.
The State Committee for Investments was created by Shavkat Mirziyoyev's decree in late March 2017. The committee is responsible for coordination, formation and implementation of a unified state investment policy and attracting foreign investment.
Reforms to increase productivity on the basis of better innovation, education, and infrastructure can help developing countries in Asia and the Pacific graduate to high-income status, says a new Asian Development Bank (ADB) report.
Transcending developing Asia's middle-income challenge is the subject of the special theme chapter in the Asian Development Outlook (ADO) 2017 report. ADO is ADB's flagship economic publication.
"Past development success in Asia and the Pacific means most citizens in the region now live in a middle-income country," said Yasuyuki Sawada, ADB's Chief Economist, "Policymakers will need to change their approach to reach high income. It is no longer a question of them using more resources to sustain growth, economies must become more productive to clear the final hurdle."
The report notes that in 1991 only 10% of the population in Asia and the Pacific lived in middle-income economies. By 2015, this had increased to over 95% of the region's population, fueled by growth in the region's most populous countries: the People's Republic of China (PRC), India, and Indonesia. 
To raise productivity, countries in developing Asia will need to focus on innovation. Middle-income countries that successfully moved up to high income have more than two and half times as much stock of accumulated research and development as other middle-income countries. 
Innovation requires a skilled workforce, and hence an emphasis on improving education quality. The report estimates that a 20% increase in human capital spending per capita can increase labor productivity by up to 3.1%. Sound educational policies can also promote equity and close the wide education gaps between developing Asia and high-income economies, while encouraging innovation and entrepreneurship.
Infrastructure investment, particularly in energy and information and communications technology, can contribute to innovation and human capital, and thus sustaining growth in middle-income countries. A one-time public investment in infrastructure equal to 1% of gross domestic product can lift a country's output by as much as 1.2% in 7 years. 
Asia's dynamic track record suggests that the journey to high income, while challenging, can be completed. Supportive institutions and policies, underpinned by macroeconomic stability, can strengthen the pillars of productivity growth - innovation, human capital, and infrastructure.
ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, ADB is celebrating 50 years of development partnership in the region. It is owned by 67 members-48 from the region.
Russian and Uzbek Presidents Vladimir Putin and Shavkat Mirziyoyev discussed development of bilateral relations and exchanged views on a number of current international and regional issues at the talks in Moscow on April 5.
The bilateral trade and economic ties between Russia and Uzbekistan have intensified, and in some sectors see a remarkable increase in turnover, President Putin said at the meeting, TASS reported.
Putin noted that the documents prepared for this visit indicate a new step in the development of relations between the two countries.
"We are witnessing our trade and economic ties intensifying, and we have always paid special attention to it. It should be noted that in general we keep the trade turnover at a high level. In some positions it grows in a remarkable manner," the President said.
Putin further said that the countries maintain a constant dialogue at the political level, and develop relations in the sphere of security. "Uzbekistan's position in the region is very important to us, keeping in mind the tensions that somehow affect us from neighboring countries, primarily from Afghanistan," he said.
Shavkat Mirziyoyev also praised the bilateral economic ties. "Our agencies are coordinating our positions on political issues. We have very seriously advanced in terms of trade and economic cooperation. Many of our partners and colleagues are already meeting with each other, and we have now serious results," the President of Uzbekistan noted.
"We have done a lot in the cultural and humanitarian sphere. We came here with our exhibition at the Pushkin Museum of Fine Arts, with the exhibition of our remarkable ethnographer, Igor Savitsky. It says a lot, nothing binds the people, as much as the culture. I think that the fact that we will also visit (the exhibition) means a lot," he said.
Mirziyoyev added that there is a very good mutual understanding between the Governments, ministries and agencies.
The two presidents signed the Joint Statement following the talks. The fight against terrorism, separatism, extremism in all their manifestations, transnational organized crime, illegal production and trafficking of drugs, illegal trade of arms, ammunition and explosive devices, illegal migration will remain one of the priority tasks of cooperation between law enforcement agencies of the two countries, says the statement.
The heads of states also reaffirmed their commitment to strengthening the central coordinating role of the UN in international relations and noted that Russia and Uzbekistan intend to continue to adhere to the universally recognized principles and norms of international law, as well as the purposes and principles of the UN Charter, primarily those related to the maintenance of international peace, security, development of cooperation between states, mutual respect for sovereignty, territorial integrity, inviolability of borders, non-aggression and non-interference in internal affairs.
A package of intergovernmental, inter-agency and corporate agreements, totaling $16 billion, was also signed during the event.
The visit saw the signing of intergovernmental agreements on facilitating interregional cooperation, organized recruitment and employment of Uzbekistani citizens for temporary work in Russia, mutual establishment of offices of the relevant bodies working in the migration sector, and cooperation on healthcare, medical education, science and tourism.
Other agreements signed concern development, production and export of high-tech industrial goods, implementing industrial construction and modernization projects, investment projects in the petrochemicals, mining and metals sectors in Uzbekistan, with participation of Russian companies, purchase and sale of natural gas, oil supplies, joint geological exploration, and organizing engineering and innovation work. Agreements were signed too on cooperation between various agencies in agriculture, medicine, customs, finance and other areas.
Among the contractors who signed deals with Uzbekistan are such Russian giants as Gazprom, Rostec, VEB and LUKoil.
Trade and economic relations play a key role in Uzbek-Russian relations. Russia is one of the leading trade partners of Uzbekistan. In 2016 the trade turnover between the two states, according to the Ministry of Foreign Economic Relations, Investments and Trade of Uzbekistan amounted to $4.2 billion.
The commodity structure of Russian exports to Uzbekistan includes mineral products, machines, equipment and vehicles, metals and products from them, timber and pulp and paper products, chemical products, foodstuffs and agricultural raw materials.
The commodity structure of imports of basic supplies includes such groups of goods as textiles and glassware, shoes, machinery and equipment and vehicles, foodstuffs and agricultural raw materials, chemical products, metals, and products from them.
As many as 961 enterprises with the participation of Russian investments, including 810 joint ventures and 151 enterprises with one hundred percent Russian capital were established in Uzbekistan. The country has accredited representatives of 64 Russian enterprises and companies.
Some 569 enterprises with the participation of residents of Uzbekistan were established on the territory of the Russian Federation.
The American-Uzbekistan
Chamber of Commerce
1030 15th Street, N.W.,
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Washington, DC 20005
phone: 202.509.3744 

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