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Economy 14/09/2013 US firms to investment into Uzbekistan
US firms to investment into Uzbekistan
Tashkent, Uzbekistan (UzDaily.com) -- The US-Uzbekistan Annual Business Forum was held in Washington, the United States, Jahon news agency reported. The American-Uzbekistan Chamber of Commerce (AUCC) organized the event.

The event was attended by representatives of the US Government and heads of over 50 large US firms such as Boeing, General Motors, Coca-Cola, Johnson&Johnson, Procter&Gamble and others, Jahon reported.

At the beginning of the event, the congratulation letter of the President of Uzbekistan Islam Karimov on the occasion of the 20th anniversary of the AUCC was read.

The AUCC chairperson Carolyn Lamm expressed gratitude to the leadership of Uzbekistan for support of issues on developing trade-economic cooperation with the United States and activities of the AUCC.

She underlined that Uzbekistan, which possesses rich natural resources and powerful human resources, tries to create favourable conditions for foreign investors, thanks to which today leading the US companies in cooperation with the Uzbek partners are developing investment and trade partners for US$4 billion.

AUCC President Timothy Y. McGraw believes that active cooperation with Uzbekistan helps to strengthen the potential of the AUCC and more and more the US businesses are expressing interest in developing of cooperation with Uzbekistan.

Within the forum, presentation of economic potential of Uzbekistan was presented. During the presentation, investment projects in oil and gas, chemical, pharmaceuticals and automobile industry were also presented.s

Ms. Veronica Bakalu, Deputy Head of Department for Middle East and Central Asia of the IMF, in her speech, said that the organization forecasts positive economic growth in Uzbekistan. She said that Central Asia is an “island of stability” in context of economic problems of the developed countries. She highly rated level of the GDP and internal demand in Uzbekistan, growth of gold and currency reserves, and policy on creation of jobs.

Representative of the United States Department of Agriculture Ch. Rash called the US agriculture machinery producers for more active interaction with Uzbekistan. He said that Uzbekistan has convenient geographic location and can become center for production of food products with high value added cost. He said supply of cattle from the US to Uzbekistan can become perspective direction of cooperation.

Director on business development of the Overseas Private Investment Corporation (OPIC) of the United States Mark Stuckart underlined significant economic potential, rich cultural and unique tourism opportunities of Uzbekistan, thanks to which it is one of dynamically developing countries in the world.

Senior Manager of the US Eximbank Brian San Angelo, underlining high credit rating of Uzbekistan, expressed readiness to provide financial assistance to the US companies, which want to establish business in Uzbekistan. He briefed the participants on financial tools, directed at increasing exports of equipment and technologies from the United States.

The forum participants noted that the event will help to open new perspectives of investment and trade cooperation between business circles of Uzbekistan and the US. Many the US companies expressed readiness to study opportunities on implementation of joint projects with the Uzbek partners.

Cameco Vice-President Ken Seitz said that Uzbekistan’s mining industry has grat potential and the company is interested in implementation of several investment projects in mining natural resources in Uzbekistan.

Director of CNH Industrial in Uzbekistan P. Weikfield said that the company established capacities on production of excavators and tractors and plans to increase localization level in the country to strengthen its position in the market.

Bryan M. Lopp, Director, International Operations of Boeing, informed about the projects of the company with Uzbekistan Havo Yollari (Uzbekistan Airways).

Lopp said that the company considers Uzbekistan as key partner in Central Asia and is planning to deepen business cooperation. He said that it is planned to launch the center of repairing composite airplanes in Tashkent, which will be the only in the region. The center will provide maintenance services to aircrafts of latest generation Boeing-787 Dreamliner.

Regional manager of Coca-Cola Oleg Piletsky said that the company will invest over US$50 million into Uzbekistan to launch capacities on production of juices and ice teas.

Director on business development of Lockheed Martin N. Tomblin highly rated the level of cooperation with the Uzbek businesses, favourable business condition in the country, rich scientific and human potential.

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