NOV. 9 2015 (The Conway Bulletin) – Uzbekistan’s Central Bank dropped the value of its sum currency to 2,706 sum/$1, down from 2,635/$1, a drop of 2.6%. On the Black Market, the dollaruz.com website reported that the fall was even greater. Currencies across Central Asia are under increasing pressure from a fall in the value of commodities and a recession in Russia.
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(News report from Issue No. 256, published on Nov. 13 2015)
NOV. 10 2015 (The Conway Bulletin) – Uzbekistan’s railway company placed an order for 38m euros with Spanish train maker Talgo for two high-speed electric trains. The trains are designed for the upgrade of the Samarkand-Bukhara line.
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(News report from Issue No. 256, published on Nov. 13 2015)
NOV. 6 2015 (The Conway Bulletin) – Uzbekistan’s government said it wanted foreign investors to buy stakes in state-owned enterprises, part of a privatisation plan it said was designed to bring expertise into some of its biggest companies.
Deputy PM Rustam Azimov made the statement at an investment forum in Tashkent.
“[The plan is] to attract strategic investors who are able to bring new technology and equipment (and) organise the production of modern and competitive products,” Reuters quoted Mr Azimov as saying.
He cherry-picked three companies, seemingly as a teaser to pique foreign investor interest. These were cement maker Kizilkumcement, chemical producer Ferganaazot and electronics plant Foton.
For foreign investors, though, Uzbekistan has always been a complicated to do business in. It holds a high level of natural resources, mainly gold, gas and cotton, but is riddled through with corruption and intrigue. Western companies have previously had their assets taken by the Uzbek state too.
It remains to be seen if Uzbekistan is serious about opening up to foreign investors — and also whether these investors are Western, Korean, Chinese, Russia or from elsewhere.
The Uzbek government does need to raise funds though to deal with the current economic malaise.
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(News report from Issue No. 256, published on Nov. 13 2015)
NOV. 10 2015 (The Conway Bulletin) — Coca-Cola Ichimligi may have suspended its operations in Uzbekistan, according to a report published by US-funded RFE/RL. Tashkent residents said Coca-Cola products have disappeared from shops. Coca-Cola Ichimligi is reportedly linked to Gulnara Karimova, daughter of Pres. Islam Karimov.
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(News report from Issue No. 256, published on Nov. 13 2015)
NOV. 4 2015 (The Conway Bulletin) – South Korea wants to boost further its investments in Uzbekistan, local media reported quoting government officials. South Korea and Uzbekistan have developed close relations over the past few years. There are thousands of ethnic Koreans living in Uzbekistan.
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(News report from Issue No. 255, published on Nov. 6 2015)
OCT. 29 2015 (The Conway Bulletin) – A journalist documenting forced labour practices in east Uzbekistan said his office had been burnt down in an act of sabotage, media reported. Dmitiry Tikhonov also said that files with data on a number of specific cases appear to have been stolen from his office in Angren.
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(News report from Issue No. 255, published on Nov. 6 2015)
NOV. 5 2015 (The Conway Bulletin) — Police in Norway arrested Jo Lunder, the former CEO of Russian telecoms company VimpelCom, in connection with alleged bribe paying in Uzbekistan, further damaging the reputation of foreign telecoms companies operating in Central Asia.
A few days earlier, Norway’s industry minister, Monica Maeland, sacked Svein Aaser as Telenor’s chairman over the corruption probe. She said that Telenor had been handling an internal investigation into the case badly.
“I no longer have confidence in Telenor’s chairman,” Ms Maeland said in a statement.
VimpelCom is alleged to have paid millions of dollars in bribes to Gulnara Karimova, the eldest daughter of President Islam Karimov, for mobile licences in Uzbekistan. Swedish TeliaSonera is also being investigated for bribe-paying.
In October, Telenor said it wanted to sell its 33% stake in VimpelCom, effectively cutting the company’s operations in Central Asia and the South Caucasus.
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(News report from Issue No. 255, published on Nov. 6 2015)
NOV. 5 2015 (The Conway Bulletin) – Photographs and anecdotal evidence from Uzbekistan showed that queues for petrol at service stations are growing longer and longer. A collapse in the value of the Uzbek sum has hit the Uzbek economy hard. Uzbekistan also has a shortage of refining shortages.
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(News report from Issue No. 255, published on Nov. 6 2015)
NOV. 4 2015 (The Conway Bulletin) – Corruption is still rife in Uzbekistan despite the introduction of the country’s first anti-corruption plan earlier this year and a so called anti-corruption coordination commission, the OECD said in a new report.
In its report, the OECD, the Organisation for Economic Cooperation and Development, said that Uzbekistan needs to criminalise corruption and promote public sector honesty and integrity.
Corruption and bribery are considered deeply embedded in Uzbekistan. The OECD, an intergovernmental organisation, report is evidence that little has changed despite some headline policies.
In effect, the OECD, said that Uzbekistan’s new laws were window dressing.
In its exhaustive 116 page report, the OECD said that Uzbekistan needed to focus on a handful of key policies if it was committed to beating corruption.
These involved conducting anti- corruption surveys regularly and publishing the results; improving the independence and integrity of the law enforcement agencies; developing e- government tools.
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(News report from Issue No. 255, published on Nov. 6 2015)
NOV. 5 2015 (The Conway Bulletin) — Russian oil and gas company Lukoil completed the construction of two electric substations at a major gas field in Uzbekistan. Lukoil is the operating company at the Gissar gas field in the south of the country.
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(News report from Issue No. 255, published on Nov. 6 2015)
