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SECOND 2015

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CORPORATE ADVERT NIGERIA.pdf 1 02/02/2015 12:46

Dear Members and Friends,

It has been a challenging year and we are proud of AmCham’s achievements and the resilience of our membership. Economic upheavals continue to plague and delay a glob-al recovery that would elevate commodity prices and fos-ter investment—so we must hope that the tide will turn in the New Year and normalcy will prevail. In the meantime we are fortunate to enjoy Uzbekistan’s peace and stability.

This issue of Business Connections is focused on human resources as it is a priority area for all of us as we look to attract, retain and nurture the best people for our respec-tive businesses.

We close the year by wishing you the very best of season-al greetings and the hope that the New Year will bring good tidings and increased prosperity.

The Editorial Board

AMCHAM UZBEKISTAN

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INvItatIONS

EXHIBItIONS IN UzBEkIStaN, 2016

www.afs-research.com

Date Exhibition Organizers Short description

02–04 March Uzexpocentre, Tashkent, Uzbekistan

Aqua-Therm Tashkent—2016

ITE Uzbekistan Aqua-Therm Tashkent, the 5th anniversary internation-al exhibition on heating, ventilation, air conditioning, wa-ter supply, sanitary ware, swimming pools, environmental technology and renewable sources of energy.


MebelExpo Uzbekistan—2016

ITE Uzbekistan MebelExpo Uzbekistan presents progressive solutions for furniture and woodworking production. It provides a platform for business discussions for producers and re-tailers of furniture, suppliers and distributors of modern technological equipment, tools, furniture, and materials, and interior design specialists.


UzComak—2016 ITE Uzbekistan The International UzComak Exhibition is the only spe-cialised event in Uzbekistan that gathers leading inter-national companies that produce and supply construc-tion, road building, utility and excavation machinery, lift-ing machinery and equipment.


UzBuild—2016 ITE Uzbekistan 17th Uzbek International Exhibition "Building and Interiors, Heating and Ventilation"


AgroWorld Uzbekistan—2016

ITE Uzbekistan AgroWorld Uzbekistan, being held alongside WorldFood Uzbekistan is one of the top market international events, which is organized and carried out in cooperation with the Ministry of Agriculture and Water Resources of the Republic of Uzbekistan, Farmer's Council of the Republic of Uzbekistan and other Government Associations and Embassies of foreign countries.

The exhibition’s mission is to provide a platform for effi-cient communication between agrarians and leaders of processing equipment and agricultural machinery sec-tors, as well as related industries experts and govern-ment bodies.


WorldFood Uzbekistan—2016

ITE Uzbekistan WorldFood Uzbekistan is the country’s largest food ex-hibition and an ideal professional meeting place for the 5000 industry figures who visit every year: suppliers, pro-ducers, traders, and big names in the domestic and inter-national food industry.


UzMiningExpo—2016 IEG Uzbekistan The exhibition is organized with the aim to attract the leading international and domestic companies, operat-ing in sphere of production and supplying of industrial equipment and technologies for mining industry.


UzMetalMashExpo—Metallurgy and Machinery

IEG Uzbekistan The purpose of the exhibition is the attraction of the leading international and domestic companies, which work in the field of production and deliveries of industri-al equipment, rolled metal product and metal structures, enterprises of ferrous and nonferrous metallurgy.


UzSpecTechExpo—Special equipment and spare parts

IEG Uzbekistan The Exhibition is organized for the companies operating in the sphere of production and deliveries of construc-tion, highway, municipal engineering and equipment.

Business ConneCtions • 2’20152

AMCHAM UZBEKISTAN

Date Exhibition Organizers Short description


UzChemPlastExpo IEG Uzbekistan International specialized exhibition «UzChemPlastExpo—Chemical industry. Plastics and polymers production. Laboratory and analytics» will take place on March 23–25, 2016.

The exhibition is an important event in Chemical and Plastic Sector of Uzbekistan economics and will give the companies to demonstrate its production, new techno-logies.


UzSecureExpo—2016 IEG Uzbekistan Under present conditions it is impossible to effective-ly perform the tasks of ensuring the national, social and personal security without an integrated approach to solving them. The exhibition «UzSecureExpo—2016» will provide an opportunity to discuss important issues on personal and public safety.


UzAutomationExpo IEG Uzbekistan The exhibition purpose is promoting widespread adop-tion of computer and information technologies in indus-try, demonstration of the latest software and hardware automation, control and communication systems in the industry.

The exhibition is dedicated to all levels of business auto-mation of various industries and is aimed at profession-als—managers, experts in information technology, man-agement, and automation.

19–21 April Uzexpocentre, Tashkent, Uzbekistan

AptekaExpo Central Asia—2016

ITE Uzbekistan com-pany

International Specialised AptekaExpo Central Asia ex-hibition is an effective platform for showcasing finished pharmaceutical products and pharmaceutical produc-tion technologies.


Stomatology Uzbekistan—2016


Dentistry in Uzbekistan is developing at the same level as science and medicine around the world. There are grow-ing capabilities for the provision of highly qualified dental services and the effective treatment of tooth, gum and oral cavity disease.


TIHE—2016 ITE Uzbekistan com-pany

TIHE is the main medical forum for the latest technol-ogies and practical healthcare in Uzbekistan. Over its long history, the exhibition has been a highly effective professional platform and meeting place for repre-sentatives of government bodies, producers of equip-ment and medical products, scientists and practis-ing doctors.

Exhibitors include world leaders of medical produc-tion, developers of new diagnostic and treatment tech-nologies, representatives of pharmaceutical compa-nies and developers of equipment for the pharmaceu-tical industry.

04–06 May Uzexpocentre, Tashkent, Uzbekistan

Textile Expo Uzbekistan—2016


Dentistry in Uzbekistan is developing at the same level as science and medicine around the world. There are grow-ing capabilities for the provision of highly qualified dental services and the effective treatment of tooth, gum and oral cavity disease.


Power Uzbekistan—2016 ITE Uzbekistan com-pany

Power Uzbekistan is firmly in the lead among energy re-lated events in the region, recognised as the largest event in the industry with the greatest number of visitors.

Every year, the exhibition presents visitors with the full range of the most modern equipment, technologies and services for the energy sector of Uzbekistan in fields such as "Energy, Electrical Technology and Alternative Energy".


Oil & Gas Uzbekistan—OGU—2016


20th International Exhibition and Conference

01–03 June Uzexpocentre, Tashkent, Uzbekistan

Uzbekistan Infrastructure—Ferghana Valley 2016


The international Uzbekistan Infrastructure—Ferghana Valley 2016 exhibition will take place in the centre of the densely populated Ferghana Valley region of Uzbekistan.

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INvItatIONS

INtErNatIONal BUyEr PrOgram U.S. traDE SHOw SCHEDUlE fOr 2016

Exhibition Date City Web site

CES® 2016 06–09/01 Las Vegas, NV cesweb.org

The Shooting, Hunting, Outdoor Trade Show and Conference SHOT Show® 19–22/01 Las Vegas, NV shotshow.org

International Production & Processing Expo 26–28/01 Atlanta, GA ippexpo.com

World of Concrete (WOC) 2016 02–05/02 Las Vegas, NV worldofconcrete.com

DistribuTECH® Conference and Exhibition 09–11/02 Orlando, FL distributech.com

Progressive Insurance® Miami International Boat Show® 11–15/02 Miami, FL miamiboatshow.com

Natural Products Expo West/Engredea 2016 10–13/03 Anaheim, CA expowest.com

NAB Show® 2016 18–21/04 Las Vegas, NV nabshow.com

Offshore Technology Conference 02–05/05 Houston, TX otcnet.org

The National Restaurant Association Restaurant, Hotel-Motel Show NRA Show® 2016 21–24/05 Chicago, IL show.restaurant.org

WasteExpo 2016 07–09/06 Las Vegas, NV wasteexpo.com

InfoComm 2016 08–10/06 Las Vegas, NV infocommshow.org

International Franchise Expo 2016 16–18/06 New York, NY ifeinfo.com

Fancy Food Show (Summer) 2016 26–28/06 New York, NY specialtyfood.com

2016 AACC Annual Meeting & Clinical Lab Expo 24–28/07 Atlanta, GA aacc.org

Outdoor Retailer Summer Market 03–06/08 Salt Lake City, UT outdoorretailer.com

International Woodworking Fair 24–27/08 Atlanta, GA iwfatlanta.com

Farm Progress Show 31/08–27/09 Boone, IA farmprogressshow.com

Solar Power International 12–15/09 Las Vegas, NV solarpowerinternational.com

Water Environment Federation Technical Exhibition and Conference WEFTEC® 2015 24–28/09 New Orleans, LA weftec.org

MINExpo International 2016 26–28/09 Las Vegas, NV minexpo.com

International Baking Industry Exposition (IBIE®) 08–11/10 Las Vegas, NV ibie2016.org

Greater New York Dental Meeting (GNYDM) 2016 25–30/11 New York, NY gnydm.com


AMCHAM UZBEKISTAN

Baker Tilly Uzbekistan provides 10%–15% discounts for 2016 on the follow-ing services:

$ Audit in accordance with national and international standards;

$ Financial accounting and prepara-tion of financial reporting in accord-ance with national and international standards;

$ Taxation and business law; $ Corporate management and finance; $ M&A; $ Outsourcing of business processes; $ Due diligence; $ Complex support in investment pro-

jects and business consulting; $ Financial and investment manage-

ment; $ Marketing; $ Business planning

Fraser Avtoyuklovchi Servis is the Official Sales, Service and Maintenance Dealer in Uzbekistan for TOYOTA Industrial Equipment specializing in Fork Lift Trucks. It is also the Authorized Dealer for Hangcha Fork Lift Trucks (#1 industrial equipment producer in China & # 9 in the global fork lift suppliers rat-ing), Hansa Flex hydraulic hoses and fit-tings, Watts super elastic no mark tires and Takeuchi construction machinery.

$ 10% on forklift service/maintenance and repair;

$ 10% on tires and order made hy-draulic hoses/fittings;

$ 5% on the full range of forklifts cur-rently available in Tashkent.

Ramada Tashkent Hotel provides spe-cial offers for 2016 on following venues & services:

$ Dublin Irish Pub ‘new venue’—15%; $ The Park Café Restaurant—15%; $ The Lounge Bar—10%; $ Health Club ‘Revive’—20% from 6 to

1 year membership; $ Accommodation—10% from Best

Available Daily Rates; $ Conferences & meetings—10%.

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OverviewWith a population exceeding 30 million as of 2014 (WB, 2015), Uzbekistan is the most populated country in Central Asia. This is nearly half of the total population of the Central Asia region. The popula-tion is young, with 60.3% under the age of 30 (graph 1). People are endowment of the Republic, but with rapid popula-tion growth, full utilization of the labor force is a difficult goal to attain. With ap-proximately 1.6% population growth an-nually (WB, 2015), labor force growth regularly outpaces job creation, which is among the top priority directions of the socio-economic policy of Uzbekistan.

Over the last 15 years the structure of Uzbekistan’s employment shares in certain sectors of the economy have changed along with the eco-nomic structure. Increases in both services and industry shares have

UzBEkIStaN Hr markEt OvErvIEwby Tatyana Bystrushkina

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resulted in a significant drop in ag-riculture shares in GDP (Graph 2). However, the share of employment in industry has not increased, un-derscoring that industrial sectors in Uzbekistan are relatively capital in-tensive (Graph 3).

Officially, in 2012–13, the unemploy-ment rate stood at 4.9% of the eco-nomically active population (not count-ing labor migrants abroad).It increased to 5.1% in 2014 and rose to 5.2% in the first half of 2015. (WB, 2015)

Today the economy of Uzbekistan is dominated by state or semi-state enterprises. Additionally, the public sector provides at least 40 percent of GDP and 33 percent of employment (Government of Uzbekistan, National Statistics). Private sector companies tend to be small and inward looking. Foreign Direct Investments remain

limited relative to the size of the econ-omy (1% of GDP in per capita terms).

Deterioration of the external envi-ronment due to recession in Russia caused about 200,000 Uzbek work-ers to return home in 2014, and an ad-ditional 150,000 workers in the first eight months of 2015. The number of registered Uzbek workers in Russia has since declined to 2.1 million as of August 2015—representing a 6.6% total decline since December 2014. While Uzbekistan government policies will need to be developed addressing ex-ternal shocks, considering the rapid growth of a young and dynamic pop-ulation, would it be feasible from an economic and social standpoint for Uzbekistan to invest in more labor in-tensive industries?

Methodology—This article is built upon a questionnaire which was dis-seminated throughout the enterprises in manufacturing, consulting and ser-vices, banking, food processing, the hospitality business and telecommu-nication sectors. The purpose of the questionnaire was to evaluate the la-bor market in Uzbekistan, including the qualifications of employees, to find out what professions are in demand, determine the level of university grad-uates and what employers are looking for in potential employees. Companies also shared their views on how to de-velop talent and motivate personnel. We were curious to know how inter-nal company policy can be adjusted to better adapt to a turbulent external en-vironment (expedited devaluation rate) in the sphere of compensation to keep personnel motivated.


Uzbek labor legislationBack in the 1990’s, Uzbekistan was the first former Soviet country to revise la-bor legislation to fall in line with current market requirements. However, the country is still in the process of transi-tioning from the Soviet system. Even vestiges of the past, like “trade union committees”, and “collective agree-ments” remain.

Uzbek labor legislation protects employees rather than employers. However, when it concerns the rights of employees, the role of trade unions is not as crucial, and they do not tend to have the same power as do those in OECD countries. Uzbek labor legislation protects vulnerable members of soci-ety such as university graduates, wom-en, people with disabilities and young people just returning from military ser-vice. At the same time, there are con-tradictions, such as probation periods not applying to graduates, women with children under age of 3 years or young men just returning from military service. Additionally, government labor agency regulations require that companies re-tain a certain percentage of the work-force which can make it difficult for em-ployers to hire the right people.

Overall, current Uzbek labor legisla-tion is designed to comply with inter-national standards. It defends the in-terests of employees and establishes

“clear rules” for employers. However, the last time changes were made was in 2006 when the minimum hiring age was lifted from 14 to 15 years. Still, in or-der to comply with modern business requirements and current internation-al practices, changes in legislation are recommended so as to offer more flexibility to companies given the real-ities of the market.

Another practice inherited from Soviet times is the minimum wage—a benchmark against which all oth-er wages are calculated. However, within the last 6 months we have wit-nessed an accelerated rate of devalu-ation of the Central Bank of Uzbekistan (CBU) exchange rate. Official UZS de-valuation accelerated beginning in October, from the rate of UZS 7 a week

to UZS 14 a week. The Minimum wage benchmark, however, has not changed yet and its increase does not reflect the real situation in the economy. Some investors report that due to the current situation employees are ex-pecting an increase of at least 30% in salary in order to compensate for the devaluation disparity and match their level of income with that of the same period last year when the UZS was sta-ble relative to the USD. Foreign inves-tors, however, find it difficult to justify a local salary increase to their HQ.

labor market trends

trend 1—PErSONNEl tUrNOvErVoluntary turnover or personnel leak-age. Here we need to differentiate leak-age of valuable employees (regrettable losses). The main reason reported for leakage is the departure of employees for jobs abroad. This so called “brain drain” occurs when talented profes-sionals leave for more income, seek ex-perience in more dynamic markets, or simply change permanent residence in order to continue their careers and life outside of the country (in many cases repatriation to Russia). A certain num-ber also leave in order to continue their education abroad.

Companies reported staff turnover has increased an average of 10% within the last two years. A major reason for this is low level of local market salaries compared with the same positions in neighboring markets. A reported 55% of total voluntary staff departures indi-cated that they had found another job in Uzbekistan, mostly with other Uzbek companies. In summary, it is both do-mestic and international demand for talent which is fuelling salary compet-itiveness and employee turnover.

The Hospitality Industry tradition-ally sees a higher turnover of person-nel than in other sectors. High turnover is especially prevalent among newco-mers to the industry. The salary level for workers is low and employees have the opportunity to gain experience working in foreign countries. This is a global ten-

dency for the hospitality business. Also, people who work in hospitality are rela-tively young and over time are eager to gain work experience abroad or con-tinue their education. The current ed-ucation system of Uzbekistan, howev-er, makes it impossible to combine full time education with the shift work re-quired by the industry.

trend 2—Shortage of specialists in certain areasDespite a young and relatively well edu-cated population, companies report a lack of qualified specialists and man-agers. Among those surveyed, the big-gest employee demand not matching supply was in the selection of techni-cal staff, especially those in the fields of engineering and finance manage-ment. Most difficult to find were engi-neers, electronic engineers, software specialists and specialists on automat-ed systems. The problem is especial-ly acute in the rural areas. Companies in those areas report a short supply of plant managers, commercial manag-ers, corporate affairs managers, certi-fied public accountants, commercial managers, process engineers, design and project engineers, etc.

Employers also reported a lack of young specialists with economic or technical backgrounds and knowledge of English, and in many cases Russian, language. This problem is especially acute in the regions outside the capital.

Some hotels also reported high need for qualified hotel executives in F&B (food and beverage), Operations,

AMCHAM UZBEKISTAN

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g r a d u a t e w i t h a n a i m t o d e v e l -op top managers within ten years. Pre- establishment of trainee tal-ent pools, investment in job train-ings, as well as international trainings, are strategies foreign investors use. This often proves to be more advan-tageous for the company in the long-term.

Several companies also repor-t e d t h at t h e y h ave s p e c i a l p re -graduation programs. These com-panies “pre-invest” in the best stu-dents within the selected universi-ties and “in source” potential em-ployees. Special programs give stu-dents opportunity to compare the-ory and practice. Generally, most graduates are easy to attract but hard to retain because they do not have the same perspective on sal-aries as employers and are prone to leakage.

trend 4—middle managers, and in some cases top managers, from multinational companies choose to work for local companies.Based on the latest trends observed, local Uzbek companies, especial-ly in FMCG (fast moving consumer goods), retail business, services and food processing, are growing rapidly. Owners and top managers of most local companies are former employ-ees of multinationals who implement western corporate practices. Local companies, therefore, present se-rious competition to multinationals when it comes to personnel moti-vation, development and training. Uzbek companies are far more flexible in terms of compensation and quick-ly adjust to market changes as they do not have to coordinate with an inter-national headquarters abroad. Some foreign companies reported that they usually they have 18 months plans for salary and compensation and are therefore unable to quickly adjust to market changes.

There also tends to be more so called “freedom and self realiza-tion” in local companies. Absence

About 483,000 students graduated schools in all regions of Uzbekistan in 2015. At present, around 70,000 to 80,000 specialists complete high-er education degrees in Uzbekistan each year. Yet, while the number of students graduating from universi-ties has grown from 49,000 to around 80,000 within the last 20 years, the shares of graduates in different sec-tors have not changed much since independence.

In Tashkent, recent graduates of foreign universities (Westminster, Turin, Singapore etc.) have very high salary expectations, but no experi-ence. Graduates from foreign uni-versities tend to have more practi-cal knowledge and self-confidence compared to graduates of local uni-versities.

This is mainly because western oriented universities require intern-ships, where students work in com-panies gaining practical experience for certain periods of time as part of their curriculum requirement. Employers also noted that the qual-ity level of graduates from local uni-versities has fallen sharply over the past 15 years. Companies also re-ported that a combination of good English and engineering (technical) background is almost impossible to find among young graduates of uni-versities especially in the regions outside of Tashkent.

As a rule, most multinational com-panies prefer to employ young indi-viduals with an overall good educa-tion, good leadership skills and an enthusiasm, rather than people with practical experience. When select-ing candidates, companies consider these so called “talents” passionate lovers of their profession who want to acquire maximum skills based on their back ground who are eager to work.

Lack of work experience is not a problem. Companies usually have internal programs aimed at devel-opment of skilled professionals af-ter graduation from the universi-ties. Companies invest in the fresh

Finance and housekeeping. Most em-ployees have a mid level education-al background in hospitality, but only some university faculties are prepar-ing graduates for careers as specialists in administration, sales and marketing and front office.

It remains diff icult to f ind can-didates for hospitality operations. Hotels report a lack of F&B profes-sionals, professional chefs who are aware of multinational cuisine, House Keeping supervisors and restaurant personnel. It is also difficult to find professional schools with programs offering dual systems (learning by do-ing—theory and practice), better pre-paring graduates for careers in the in-dustry. In conclusion, the hospitality business is experiencing a shortage of managers and super visors who have qualifications in tourism and services with the required developed language skills and relevant work experience. This is because qualified specialists in the hospitality business with language knowledge tend to leave the country in order to work abroad so they can gain valuable international experience and make much higher salaries.

Trend 3—The quality of new university graduates from Uzbek and foreign Universities does not match up with their high ambitions and salary expectations

Currently, there are more than 70 universities in Uzbekistan, and only 60% of them are under the con-trol of the Ministry of Education. The main languages used in the univer-sities of Uzbekistan are Russian and Uzbek, but some lessons are also taught in English. In addition, seven branches of foreign universities, ad-mission quotas of which are defined separately, are operating within the country. They are Westminster International University, branch-es of Lomonosov Moscow State University, Gubkin Russian State University of Oil and Gas, Plekhanov Russian Economic University, The Management Development Institute of Singapore, The Poly technic University of Turin and a represen-tative office of Nagoya University, INHA University.


graph 1. working age population in Uzbekistan

2000 2015 2030 2045 2060 2075 2090

20000

15000

10000

5000

68

64

60

56

520

thousands of individuals %

Source: WB calculations using UN, World Population Prospects, 2012

Working age population Share of working age population in total population

graph 2. Employment by sectors of economy

Source: Government of Uzbekistan and World Bank calculations

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4

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5

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2010

2011

2012

2013

2014

2015

0 %

20 %

40 %

60 %

80 %

12 12 13 14 11 9 10 9 7 8 8 8 8 8 9

14 14 15 17 21 22 24 22 24 24 24 24 24 24 24

30 31 29 27 25 24 22 19 18 18 18 17 18 17 17

6 5 4 5 5 5 5 6 7 6 6 6 6 7 8

37 39 38 38 38 39 39 43 44 44 45 45 44 44 43

Net taxes

Industry

Agriculture

Construction

Services

graph 3. Employment by sectors of economy

Source: Government of Uzbekistan and World Bank calculations

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13 13 13 13 13 13 13 13 13 13 13 13 13 13 13

34 33 32 31 29 28 28 28 26 27 27 27 26 25 25

8 8 8 8 8 8 8 9 9 9 9 9 9 9 9

46 47 47 48 49 50 50 50 52 51 51 51 52 53 53

Industry

Agriculture

Construction

Services

AMCHAM UZBEKISTAN

of multiple bosses, like in multina-tionals, and freedom to introduce innovations without coordination with several layers of top manage-ment, attracts experienced man-agers from multinationals to seek employment with local companies where they are able to apply their ex tensive knowledge and experi-ence and realize their own profes-sional ambitions.

CONClUSIONThe labor market of Uzbekistan is char-acterized by a large excess of labor supply over labor demand. Despite this disparity, the country is experi-encing a shortage of certain catego-ries of professionals like engineers, fi-nancials managers and others. There is also disparity in salary expectations and “real salary” which contributes to leakage of skilled and qualified labor to neighboring markets and migration abroad.

The public sector is Uzbekistan’s m ai n e m p l oye r. T h e p u b l i c s e c -tor is unable to compete with pri-vate sector salaries. Labor force growth is outpacing job creation in Uzbekistan every year. In order to address this challenge, Uzbekistan will need to decide how the private sector can play a larger role in the economy.

This can be achieved by structur-al reforms accelerating labor shed-ding from presently overst af fed enterprises and affect real wages. Large reallocation of labor will have to take place from public to private sectors and from old unproductive to new competitive sectors. This re-quires creation of more favorable conditions for private sector devel-opment and attraction of foreign in-vestors.

Labor legislation is overall satisfac-tory. Still, in order to remain compat-ible with modern business require-ments and international business practices adjustment of labor code legislation is recommended to offer more flexibility to companies given the realities of today’s market. #

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The main goal of many managers today is to find the right ways to motivate their employees. In any case, the success of the organization as a whole, and its im-age among clients and staff, depends on the employee’s work. Our company often receives orders for recruitment with a certain level of motivation. For example, some employers are afraid of candidates who are too motivated in getting a particular job, while others are afraid of the opposite—employees with low levels of motivation to work.

HRC company often receives a re-quests to diagnose employee motiva-tion. For testing this, HRC uses various psychological techniques, structured interviews, and case studies, which simulate a situation of choice, clearly showing what motivates the employee.

Our expertise include understand-ing what it is candidates expect from an employer is to understand what candi-dates expect from an employer, what they aspire to, and what motivates them

to make decisions. However, the subse-quent interest of someone to work in a company, to develop init and together with it, depends on the employer.

There are two categories of employ-ee motivation: tangible and intangible.

The most commonly used type of motivation is the financial incentive; it is generally understood that employ-ees feel it is most important to receive an additional financial reward for good work in order for them to be loyal to the company. This certainly can and does work, but how long will this result last? There is a strong possibility that at some point a person will not suc-cumb to such stimulation and change from one company to another, which may provide less monetary compen-sation, but may provide something else the employee needs. This “some-thing”, refers to intangible incentives.

Intangible incentives consist of: $ flexible working hours—employees

may choose the time and duration of

their work, as long as work is complet-ed on time;

$ additional days off—in addition to the weekends, fixed by law, the em-ployer gives the employee days off for achieving a specific goal, timely imple-mentation of a project, and so on;

$ comfortable team atmosphere—the most popular incentive for work, communication and interaction in a group occupies most of the working hours, so it is important to create a team atmosphere which is favorable;

$ development and promotion poten-tial—allows employees to understand what management sees and appreci-ates in their work and achievements, including higher promotion potential, therefore prompting employees to the constantly develop, and strive to as-cend to greater heights.

By simply being respected and rec-ognized in the workplace as a person, an employee will work harder for the prosperity of the company. When sup-porting the development of an em-ployee, you are supporting the devel-opment of the whole company. Each manager decides what is important: to motivate employees with a tangible fi-nancial incentive—this is an easy way to motivate employees quickly, but it is not sustainable; or intangible—with an orientation to the future, giving the employee time to form loyalty to the employer. Of course, many compa-nies are trying to introduce a system of staff loyalty, but we must first consid-er the system’s compliance with cor-porate culture, rules and regulations. Then the loyalty system will begin to work for the good of the company.

EffICIENt INStrUmENtS of personnel moTivaTion in UzbekisTan

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The question of what kinds of mo-tivation are best will be discussed for a long time in professional circles, but we should definitely consider the pos-sibility of combining both material in-centives and non-material incentives.

Despite the interest of employees to continue to work productively in your company, an important thing which needs to be considered is why a can-didate chooses to work for you, rather than for your competitor, and vice versa.

According to the results of our study we have identified the following factors determining why candidates choose to work for an organization:

figure 1. factors determining choice of employer

29 %

50 %

21 %

Image of the company Work conditions Opportunities for professional growth

1. Working conditions in the organi-zation—the first and most important fac-tor to why employees choose an employ-er—this includes salary, friendly staff, of-fice location, and comfortable workplace;

2.Opportunities for professional growth and development of employ-ees—many candidates are ready to leave their high paying jobs and switch to a company where they have an op-portunity to express themselves, de-velop professionally, and have a high-er promotion potential;

3. The image of the company—a factor which is increasingly popular in why employees choose to work for an organization—this expresses how the company presents itself on the mar-ket, the image of those who work there, and that the company is willing fight to retain valuable employees.

AMCHAM UZBEKISTAN

aBOUt HrC

«HR Capital Consulting» (HRC) es-tablished in 2006 to develop human resources; the main purpose of the company is to attain leading posi-tion providing consulting services in such spheres as recruitment, HR consultancy and business training, assessment of the personnel.

HRC utilizes modern HR method-ology and information technologies in its daily work. The main asset of the company is the trust of our clients—well-known national and internation-al companies, as well as a consider-able database of the best specialists.

Our Company adheres to the principles of client-orientation and confidentiality, concentrating on so-

lution of business problems of our cli-ents rather than simple recruitment.

Our consultants keep tracking of information and changes occurring at the labor market and willingly share this information with the clients.

HRC works to increase compet-itiveness of your company by staff-ing it with highly qualified personnel. Success of your personnel and as a result—of your company—is the main indicator of effectiveness of our work.

Contacts:Address: Tashkent, 100000 1, Niyozbek Yuli Street 3rd floor, office #9URL: www.hrc.uzEmail: [email protected]: +998 (71) 150-4230

Recruitment of Expatriates—In a surprising move the Uzbek authori-ties have announced that foreign professionals will be recruited as se-nior executives in select state-owned enterprises including senior po-sitions in following enterprises:

$ Uzbekneftegas (Uzbek Oil and Gas National Holding Corporation); $ Deputy Chairman of JSC Surhonparmalashishlari; $ Deputy Chairman on geology JSC Kokand neftegazparmalashishlari; $ Deputy Chairman on geology JSC Neftvagazquduqlarnisinash; $ First deputy chairman of JSC Neftvagazquduqlarnisinash; $ Deputy Chairman on geology JSC Qashqadaryoparmalashishlari; $ Deputy Chairman on geology JSC Bukhoroneftegazparmalash; $ Chairman of the board AO ASAKATRANSNEFT; $ Chairman of the Board JSC Tashneftegastroy; $ First deputy chairman of JSC Uzpartamponaj.

Other vacancies are available in: $ Uzkimyosanoat (Uzbek Chemical Association); $ Uzbekengilsanoat (Uzbek Textile Industry); $ Uzagroprommash holding (Uzbek Agro-Industrial Association); $ Uzbekiston Temir Yullari (Uzbek Railways); $ Uzbek Ministry of Agriculture and Water Resources; $ Uzpahtaeg (Uzbek Cotton Export); $ Uzvinprom holding (Uzbek Winery); $ Uzmetcombinat (Uzbek Metallurgy); $ Uzstroymateriali (Uzbek Construction).

Given the significance of this AmCham will follow-up and contact the Uzbek authorities to get further details and information on terms and conditions of employment.

Based on our experience in the la-bor market, we can say that the most popular factor in why employees choose a company are working con-ditions (wages—ranked highest), along

with rapidly growing importance of the company’s image as a factor deter-mining the choice.

Do not forget, “The best people work in the best companies” #

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COmmIttEE NEwS

Members of the AmCham Trade and Investment Committee are primarily private business representatives both with foreign and Uzbek capital. Other than gathering for regularly scheduled meetings, members also meet with vis-iting companies, international organi-zations etc.

In the second half of 2015 mem-bers of the Trade and Investment Com mittee had several interesting and useful meetings including:

Private Sector Consultations with International finance CorporationOver twenty members of AmCham representing manufacturing , agri-

business, tourism, consulting, retail, and the trade and telecommunica-tion sectors met with Mr. Christopher Miller, visiting program Manager on Trade and Competiveness Program, IFC. The objective of the meeting was to get perspective from the private sector on key regulatory and institu-tional constraints affecting domestic and foreign investors in Uzbekistan in order to better assess country devel-opment strategy in the coming years.

Meeting with HSBC Export Finan-ce, Russian Project Finance, Export Fi nan ce Capital Financing and the head of Capital Financing , Global banking and Markets Moscow, Russia, participants exchanged opinions

about the development of the in-vestment climate and banking sector in Uz be ki stan. They also discussed oppor tunities for H S BC in bank-ing and major investment banking products, Export Finance and non-recourse finance. In line with their strategy of optimization of global markets and reduction of complex-ity, HSBC closed their ope ra tions in Kazakhstan and were in the pro cess of selling their Turkish branch in 2015. At the same time, HSBC is loo king for new destinations, including cap tu-ring growth opportunities in Asia; in-cluding China’s Pearl River Delta, in the Association of Southeast Asian Na tions (ASEAN), and in our Asset

traDE aND INvEStmENt COmmIttEE wOrk IN 2015—SECOND Half


AMCHAM UZBEKISTAN

Benjamin (Ben) Schneider is currently the Manager—Major Projects for GM op-erations in Uzbekistan, where GM and joint ven-ture partner UzAvtosanoat manufacture world-class vehicles and powertrains for sale in Uzbekistan, Russia, neighboring CIS countries and other mar-keting regions.

Prior to his current as-signment, Ben worked at GM China as a Regional Program Manager for the Small Gas Engine pro-gram since June 2013, where he was responsible for ensuring the success-ful launch of the SGE en-gine in China. Before mov-ing to China, Schneider was the Program Manager responsible for launch-

ing the Gen 2 B-DOHC engine at GM Powertrain Uzbekistan in Tashkent. Ben has twenty-sev-en years of experience in the automotive indus-try in various functions including Finance, Sales, Marketing, Planning, and Program Management.

Schneider began his career with GM in 1988 on the Finance Staff at the AC Spark Plug Division in Flint Michigan. He sub-sequently held vari-ous positions in GM Component, Vehicle and Powertrain divi-sions, including Assistant Program Manager for the Luxury Vehicle Line Team, Program Administrator for the Global L850 Engine Team and Regional Program Execution and Process Manager for GM Powertrain in Europe.

Schneider holds a Master of Business Administration degree in General Management and Finance from the Fuqua School of Business at Duke University. He also holds a Bachelor of Arts Degree in Political Science from Wayne State University, where he majored in East European studies.

Ma na gement and Insurance busi-nesses. Uz be ki stan, with a popu-lation of 30 million, could be a po-tential market for HSBC expansion. Members of the HSBC team men-tioned that they have no experience working in Uzbekistan and as of this moment have not provided any pri-vate sector loans or general banking services within the country.

JP Morgan Chase Executive Direc-tor, Central Asia, discussed project fi-nance and opening up the Uzbek mar-ket to external long-term (25 years) in-vestment.

Imf article Iv Consultations missionAnd finally, on December 3, 2015, members met with the new mission chief of the International Monetary Fund, Mr. Albert Jaeger, who visit-ed the country with a team in order to conduct Article IV Consultations with the Government of Uzbekistan (GoU). The mission shared obser-vations based on consultations with the GoU. Low commodities pricing for the primary articles of Uzbek export, and deterioration of the external envi-ronment, namely recession in Russia, have caused certain difficulties with-in the economy of Uzbekistan. About 200,000 Uzbek workers were forced to return home in 2014, and an addi-tional 150,000 workers returned in the first eight months of 2015 (World Bank). The number of registered Uzbek workers in Russia has declined to 2.1 million as of August 2015—a 6.6% decline since December 2014. This will inevitably impact the econom-ic growth of the country. The gov-ernment of Uzbekistan is develop-ing policies addressing these exter-nal shocks and is working to provide the private sector with more liberal-ization. Participants discussed stra-tegic projects, localization and import substitution models, including ben-efits and shortcomings, accelerated rate of devaluation of the Uzbek soum and how companies plan to address it, along with the economics of long-term investment, etc. #

BENjamIN SCHNEIDErNEw CO-CHaIrmaN t&I COmmIttEE

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COmmIttEE NEwS

CSr COmmIttEE NEwS“UCEll—tErrItOry Of jOy”—12 children playgroUnds all arOUND tHE COUNtry!

Ucell Company is proud to announce that currently there have been al-ready built and offered to children to enjoy—eight modern and gorgeous playgrounds in the cities of Fergana, Karshi, Bukhara, Samarkand, Jizzah, Urgench, Nukus and Gulistan. Other 4 playgrounds will be gifted in the first decade of new 2016 year.

«Ucell Quvonch Makoni» is a so-cial initiative, which is included in annual social economic suppor t program developed by the compa-ny. The project concept is to con-struct 12 children playgrounds all along Uzbekistan!

The playgrounds have been built in densely populated places thus provide accessibility to be used by

families with children. Construction of playgrounds is performed in each Region in their own way.

This is the reason of special ap-p ro a c h t o t h e t r a d i t i o n s w h i c h is relevant to each Region of the country. From the f irst day of the playground s’ cons truction, re si -dents of all 8 above mentioned cit-ies actively participated in all pre-paring works.

In al l those cit ies , the festive opening ceremonies took place in the presence of Ucell Management, mass media representatives, and honored guests from khokimiyats and most important participants of the event—children from local ma-hallas. Owing to good tradition, main

participants of the festivities were children and their parent s , who came to enjoy festivals.

Comments of Rodica Verbeniuc, Ucell Corporate Communications Director: “The great piece of luck for parents is to see the joyfulness and admiration in the eyes of their children. In this event I saw that chil-dren liked new playground and it will daily bring them good mood. We should educate healthy and harmo-nious generation for the good of our country and strengthening the fam-ily values.

That’s why Company continues its social support. In parallel with mod-ern and accessible communication service rendering, we also make our


AMCHAM UZBEKISTAN

contribution into the development of the society”.

As usual, fairy tales heroes from cartoons who adored by children, contributed magic atmosphere to the day. Children joy fully painted, danced, participated in various con-tests with prizes that were prepared by event planners. Musical acts per-formed by talented kids as well as pupils from music schools, will be definitely memorized by locals and event guests.

«When I first heard that Ucell gift-ed children such sophisticated and bright playgrounds in Fergana and Karshi, I could not even imagine that next playground will be built in my mahalla. And here is the joy! Today our children are playing on territo-ry of joy from Ucell. As a mother of two sons, now I may not worry for them as they will be playing here, not in the neighboring yard, our of my sight, so I feel calm», shared her joy MutabarkhonAlimova, resident of local mahalla in Bukhara.

We would like to note that “Ucell-Quvonchmakoni” project is aimed at support of healthy and cultural education of children and safe and interesting pastime by families. To support healthy and cultural educa-tion of children in regions, our com-pany is planning to build four more children playgrounds in other cit-ies of Uzbekistan. Project is realized owing to general ef for ts and sup-port by local authorities, in particu-lar, regions and cities khokimiyats as well as the Ministry for Development I n fo r m a t i o n Te c h n o l o g i e s a n d Communications of the Republic of Uzbekistan.

U c e l l exp re s s e s it s g r at itu d e fo r t h e s u p p o r t of fe re d by t h e re p re s e nt at i ve s of t h e M i n i s t r y for Development of Information Technologies and Communications of the Republic of Uzbekistan, re-gional and district khokimiyats, as well as people who welcomed our project. Also, Ucell gives special thanks to its construction project partner—Infranet Asia. #

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September monthly meeting

The September Monthly Meeting fea-tured a long awaited presentation by World Bank Country Manager for Uzbekistan Mr. Junghun Cho.

The presentation of Mr. Junghun Cho was entitled “Economic Develop-ment and World Bank Program in Uzbekistan” and covered a number of important factors business need to take into consideration whilst doing business in Uzbekistan.

Key facts from the presentation: $ Uzbek economy’s average growth is

8 percent within the last decade $ public sector contributes at least

40 percent of GDP $ public sector represents 33 percent

of employment $ FDIs comprise 1 percent of GDP and

in per capita terms.Mr. Junghun Cho is a South Korean

national and an expert in public sec-tor management and governance, who has worked throughout Europe and Central Asia, Africa, South Asia

and the Middle East & North Africa. He has worked on fiscal and public sec-tor management, monitoring and eval-uation reforms, e-governance, and in-vestment lending issues, among oth-ers. Mr. Cho graduated from Yonsei University, Seoul, Korea, with BA in Business Administration and holds a MPA in International Development (MPA/ID) from Harvard University, John F. Kennedy School of Government.

Over 60 participants of the event were mainly heads of international companies—members of AmCham

amCHam EvENtS

Tatyana Bystrushkina, AmCham Executive Director

Asal Salikhova, Hotel Wyndham Tashkent, Bekhzod Teshabaev, Ragu Govender, Sasol Middle East and India (PTY) Ltd

Mr. Jinghun Cho, World Bank Country Manager Tõnu Grünberg, Ucell and AmCham Vice-President


AMCHAM UZBEKISTAN

October monthly meeting

Mr. Takeo Konishi, ADB Country Director was the honorable speaker of the AmCham October monthly meeting.

Mr. Konishi is a graduate of Pitts burg University, USA. His vast work experi-ence spans the globe, ranging from USA, Philippines, Japan, Tanzania and different positions within ADB, UNHCR and other organizations.

The presentation provided an overview of the general activities

and operations of ADB within Uzbe-kistan. Mr. Konishi told participants that Uzbekistan has been a member of ADB since 1995 with 0.677 per-cent of shares as of 2014. Since 1995, ADB has provided more loans to Uzbekistan than to any other devel-oping member country in the Central Asia region. As of 31 December 2014, Uzbekistan has received 54 loans to-taling $4.1 billion, including two pri-vate sector loans totaling $225.0 mil-lion, and $61.7 million in technical as-sistance grants.

Key facts about Asian Development Bank:

$ As of 31 December 2014, ADB’s shareholders consist of 48 develop-ing and developed member countries within Asia and the Pacific region, and 19 members from outside the region.

$ ADB members who are also members of OECD hold 64.6 % of total subscribed capital and 58.6 % of total voting rights.

$ The United States is the second big gest shareholder of the Asian Development Bank (ADB) with 15.7% of shares as of December 2014.

Atabek Alimdjanov, Move One Relocation, Umid Khudayberdiev, INGO Uzbekistan, Shiraz Poonja, Sitara International Ltd.

Hugo Minderhoud, AmCham Treasurer

Timothy Bugansky, U.S. Embassy Takeo Konishi, ADB Country Director

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To get a copy of the presentation of Mr. Takeo Konishi, ADB Country Director for Uzbekistan contact AmCham office.

monthly meeting on november 19, 2015

Ambassador Plenipotentiary and Extraordinary of the United States of America to Uzbekistan Ms. Pamela Spratlen addressed AmCham in Uzbekistan members at the November 19th monthly meeting.

Over 75 members of the Chamber gathered in the DOME restaurant of the Hotel Tashkent International to participate in the event.

Donald Nicholson II , AmCham President, in his introductor y re -marks thanked the U. S Embassy headed by Ambassador Spratlen for suppor t and fruit ful coopera-tion with the chamber.

“Thank you Don, for all these years of dedication and enthusiasm that drives AmCham in Uzbekistan,” start-ed Ambassador Spratlen.

Due to several reasons, like dis-tance between the countries and peculiarities of doing business in Uzbekistan, the United States is the 12th largest trade partner of Uzbekistan, with $227.3 million in bilateral trade in 2014. Major U.S. investors in the coun-try include Case New Holland, Coca-Cola, and General Motors.

In 2017, the United States and Uz-be kistan will celebrate the 25th anni-versary of the establishment of dip-lomatic relations between the two countries.

amCHam EvENtS

AmCham BOD members and guests Donald Nicholson II, AmCham President

Angelina Abdullayeva, Train Consultancy LLC with a guest

H.E. Pamela Spratlen, Ambassador Plenipotentiary and Extraordinary of the United States of America to Uzbekistan


AMCHAM UZBEKISTAN

2015 was remarkable in terms of high-level official visits and related events. Assistant Secretary of Com-mer ce Mr. Arun M. Kumar led an offi-cial delegation in June 2015. As a result, MFERIT, the Department of Com mer-ce, and the U.S. Embassy agreed to host business round tables with rep-resentatives of American business. The round tables are supposed to be held several times a year and serve as a platform to foster public-private dialogue and attract investment to Uzbekistan.

U.S. Department of State Deputy Assistant Secretary Daniel Rosenblum participated in the American-Uzbe kis-tan Chamber of Commerce’s Annual Business Forum in October 2015 and delivered a speech.

And finally, the visit of Secretary of State John Kerry to Samarkand on November 1 and the historic C5+1 meetings in New York in September and in Samarkand on November 1 represent a significant step forward for the U.S.-Central Asia relationship and a sign of the growing capacity of

Central Asian countries to collaborate and prosper as a region.

A question and answer session fol-lowed the speech. Ambassador Spratlen addressed several questions from the members of AmCham, including about the status of a bilateral tax agreement, on Uzbekistan’s business climate, and about big U.S. projects in the region.

“The United States is a long-stand-ing partner of Uzbekistan interest-ed in trade and investment, security and cultural cooperation, and foster-ing bilateral relationships,” concluded Ambassador Spratlen.

All participants were invited to a cocktail reception after the formal part and had a chance to speak with Ambassador Spratlen.

Business mixer on october 2, 2015

Tashkent International School (TIS) host-ed the September AmCham Business Mixer on the warm autumn evening of October 2, 2015. Members value business mixers at TIS as exceptional networking events with great music, deliciously home-made food, good wine and of course at-mosphere of the campus which makes everyone want to come back to TIS again and again. After season of summer leaves, over 50 representatives of business cir-

Muhammadali Makhmudov, Legalmax Law Firm, Marina Galkina, U.S. Embassy

AmCham guests at Business Mixer David G. Henry, Director of TIS

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amCHam EvENtS

cles, international organizations and dip-lomatic corps attended to celebrate the beginning of the school year, and second part of the business year.

“We thank TIS which joined AmCham in 1997, just when AmCham was offi-cially registered, for loyalty, for being a member for so many years, for support and your hospitality”—stated Tatyana Bystrushkina, Executive Director, AmCham Uzbekistan.

David G. Henry, Director of TIS, wel-comed participants and presented a team of teachers, administration and marketing staff who jointly contribute to school’s success. “Graduates of the school are admitted to the best univer-sities worldwide”—mentioned Henry. TIS started its 21st school year in Uzbekistan with around 500 students from around the world in preschool through grade 12. TIS is the only school in Uzbe kistan au-thorized to offer all three International Baccalaureate Prog ram mes.

Business mixer on october 23, 2015

Sasol Middle East and India (Pty) Ltd, a Platinum member of AmCham in Uzbekistan, sponsored a business networking event on October 23, 2015.

In her opening remarks Tatyana Bystrushkina, AmCham Executive

Director, thanked representatives of Sasol Middle East and India (PTY) Ltd for being active and supportive mem-bers of AmCham for many years, and for hosting this amazing event.

The event was held in the Turquaz Restaurant of the Wyndham Tashkent, a well recognized worldwide hotel chain. Newly arrived General Manager Mr. Adil Onar presented himself to par-ticipants.

“ We we l c o m e a l l m e m b e r s of AmCham and partners to enjoy to-day’s evening with us”—stated Mr.

Ragu Go ven der, Head of Sasol Repre-sen ta ti ve office.

“Oltin Yo’l GTL (Gas to Liquid), a joint project of Uzbekneftegaz and Sasol Middle East and India (PTY) Ltd, will be one of the most advanced en-ergy plants in the world, producing high quality fuels and other products which will improve air quality, deliver a cleaner transport future and support growth and development”—stated Mr. James Vaughan, General Manager.

Famous Uzbek music band “Zarb” played all evening. A special gift for

James Vaughan, OltinYo l GTL opens the evening

Adil Onar, Wyndham Tashkent, Tatyana Bystrushkina, AmCham,TõnuGrünberg, Ucell

TõnuGrünberg, Ucell and AmCham Vice-President, Ragu Govender, Sasol Middle East and India (PTY) Ltd, James Vaughan, OltinYo l GTL


AMCHAM UZBEKISTAN

participants of the event from the company was a show by children’s musical center “Barkamol Avlod”.

AmCham in Uzbekistan is an associ-ation of international business that pro-poses wide business contacts in the country and useful networking events for development of your business.

Business mixer on november 25, 2015

The November Business Mixer sponsor was Sadaf Stomatologya—a member

of AmCham in Uzbekistan since 2008, and an active supporter of the busi-ness association.

Founded in 1988, Sadaf Stoma-to lo gya was the first private dental clinic in the USSR. The founder and co-owner of Sadaf Stomatologya i s M r. Fa r r u k h M ir za ev, wh o we l -comed participants on the premis-es of a newly constructed five sto-ry state of the art dental clinic in the center of Tashkent. The clinic is equipped with modern equipment from the world—known producers

in the USA , Germany, Switzerland etc. At the event, guests were giv-en the opportunity to tour the clin-ic. Sadaf Stomatologya is a chain of premium affordable dental services around Tashkent.

After formal introductions, all par-ticipants were invited to Arbat res-taurant where a reception was per-fectly organized by personnel of Sa-daf Stomatologya. Over 50 mem-bers of AmCham in Uzbekistan, and their guests, enjoyed the November Business Mixer.

Ragu Govender, Sasol Middle East and India (PTY) Ltd with a guest

AmCham members and guests at Business Mixer

November Business Mixer sponsored by Sadaf Stomotologiya Clinic tours

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jOIN amCHam famIly

wElCOmE aBOarD

andrew maul

N ewly arr ive d to Uzb e kis t an in August with his wife, Alicia, Andrew Maul sits on the AmCham Editorial Board, and has taken over editing responsibilities for this publication.

Currently, Andrew is pursuing a Master’s degree in Public Administ-ra tion (MPA) through Penn State Uni ver sity, and volunteers locally as a Prog ram me Assistant with the UNESCO Tashkent Office. He also has an Un der graduate degree in Hospitality Management from the University of Central Florida.

An experienced international logistics professional, Andrew has worked in more than 30 coun-tries throughout Europe, Africa, and Asia. During his eight years in Civil Service, he was assigned to H a m pto n Ro a d s , V i r g i n i a; Manama, Bahrain; and Livorno and Vicenza, Italy. His expertise and experience include port op-erations, transportation and lo-

gistics planning, and multination-al event coordination.

Andrew is married to Alicia Pashby, Primary School Music Teacher at Tashkent International School. They have a tyrannical Tuscan farm cat, Ponce, and enjoy travel, food, music, and all the cul-tural experiences their internation-al lifestyle offers.

Hector villarreal

Hector Villarreal is currently the Pre sident and Managing Director for GM operations in Uzbekistan, where GM with joint venture part-ner UzAvto sa noat manufacture world-class vehicles for sale in Central Asia, Russia and neighbor-ing CIS countries.

Prior to his curre nt as sign -ment, Hector had served as Vice-President of Planning and Program Management at GM Korea since S e pte m b e r 2 01 2 . H e w a s re -sponsible for the Planning and

Execution of GM’s Product Port fo-lio for Korea and Uzbekistan, lead-ing to market share growth and sustainability.

B e f o r e m o v i n g t o K o r e a , Villarreal was Director of Planning and Program Management for GM in Me xi co, Central America and the Carib bean. Hector has twenty-four years of experience in the automo-tive industry in various functions in-cluding Manufacturing, Engineering, Planning, Program Management and Product Development.

He began his career at GM de Mexi co in 1990 at the Ramos Engine Plan as a Manufacturing Engineer. Villar real subsequent-ly held various positions in both Mexico and the United States in-cluding Resident Manufacturing Engineer for the development of new engines at GM Powertrain in the U.S., Manufacturing Planning M a n ag e r i n M exi c o Ci t y, a n d Industrial Engineering Manager for all Mexico plants.

Villarreal later became Vehicle Line Director in charge of small cars where he led the development of product programs that enabled GM de Mexico its market lead-ership position in 2003. He then transferred back to the U.S. on a professional development assign-ment in Global Product Planning.

Villarreal is a Mechanical Engi-nee ring graduate from the Monter-rey Insti tute of Technology in Mexico. He holds a Master’s de-gree in Industrial Engineering from the same institution, where


AMCHAM UZBEKISTAN

he also served as Professor in the Engineering Department.

Otabek muhammadiev

Otabek Muhammadiev is a General Director of a PwC Uzbekistan. He star ted his career in PwC Uzbekistan 15 years ago by active-ly being involved in audits of key local and multinational manufac-turing, banking, telecommunica-tions and public utilities compa-nies across Uzbekistan, Tajikistan and Russia.

Starting from 2007, he joined IFRS technical group in Price -water house Coopers in Moscow and was able to successfully con-sult a large number of PwC cli-ents in Russia, Kazakhstan and CIS countries. After 2 years of his ex-perience, he proceeded with IFRS technical group in Almaty with fo-cus on Caucasus and Asia.

Before moving to Uzbekistan in 2012 as an assistant to the office leader of PwC, he practiced audit in Almaty with client portfolio con-sisting of mainly oil, mining and to-bacco manufacturing clients.

From July 2015, Otabek took over the position of Uzbekistan of-fice leader.

He holds a Master s Degree by Karshi State University, certified ACCA fellowship as well as statu-tory office license by Ministry of Finance of Uzbekistan and Central Bank of Uzbekistan.

timothy Bugansky

Timothy Bugansky represents the U.S. Embassy in Uzbekistan as an ex officio, non-voting member on the AmCham Board of Directors. He is a State Department Foreign Service officer covering economic and commercial matters, and he also assists with implementing U.S. Department of Commerce pro-grams in Uzbekistan.

He arrived in Uzbekistan in May 2015. His previous Foreign Service postings were to Tijuana, Mexico, and Islamabad, Pakistan. He holds degrees from Kent State University and Ohio University.

adil Onar

Mr. Adil Onar, has arrived to Tash-kent in August in the capacity of Gene ral Manager of Wyndham Tash kent Hotel . Mr. Adil Onar has huge experience in hospi-

tality industr y. Within the last 14 years Mr. Adil Onar has served as General Manager in the rec-ognized chains of the hotels like Holiday Inn and local hotels in dif ferent countries including Moldova, Turkey etc.

Mr. Adil Onar graduated from Geor gia Technological University, Ins titute for Hotel Management, Atlan ta and worked and lived in Atlanta for many years holding different positions inclu ding F&B manager, operations manager in hotels and spot clubs.

Mr. Adil Onar is married and has 3 children.

Huseyin Bitmis

Joined the Coca-Cola system in 1993 as Management Trainee at Coca-Cola Icecek (Coca-Cola Bottler of ten countries in Central Asia, Middle East and Turkey) and held different positions in various functions in the organization in 1993–2005 period.

In 200 5 Huseyin moved to t h e C o c a - C o l a C o m p a ny, a s Operations Marketing Manager for Uzbe ki stan, Turkme ni stan and Kyr gyz stan and is currently based in Tash kent as Market Ma nager for Uzbe kistan and Turk me ni stan.

Huseyin is responsible for imp le-mentation of marketing and com-mercial strategies in the markets and managing franchise relation-ships with the bottlers. #

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NEw mEmBErS

wElCOmE aBOarD

The Coca-Cola Company (NYSE: KO) is the world’s largest beverage company, refreshing consumers with more than 500 sparkling and still brands. Led by Coca-Cola, one of the world’s most valuable and recognizable brands, our Company’s portfolio features 20 bil-lion-dollar brands including, Diet Coke, Fanta, Sprite, Coca-Cola Zero, vita-minwater, POWERADE, Minute Maid, Simply, Georgia, Dasani, FUZE TEA and Del Valle. Globally, we are the No. 1 pro-vider of sparkling beverages, ready-to-drink coffees, and juices and juice drinks. Through the world’s largest beverage distribution system, consumers in more than 200 countries enjoy our beverages at a rate of 1.9 billion servings a day. With an enduring commitment to building sustainable communities, our Company is focused on initiatives that reduce our environmental footprint, support ac-tive, healthy living, create a safe, inclu-sive work environment for our associ-ates, and enhance the economic de-velopment of the communities where we operate. Together with our bottling partners, we rank among the world’s top 10 private employers with more than 700,000 system associates.

Head of Representative: Huseyin BitmisAddress: Inkonel Business Center, 75, Mustakillik Av.Phone: +998 (97) 775-2560Email: [email protected]: www.cocacolacompany.com

Mercury Service is an Event and Travel Management Company oper-ating in Uzbekistan, Kazakhstan and the United States which has its own resources based on 6 distinct di-rections: Conference Management, Travel Management, Chauffeured Transportation Services, Restaurant and Outside Catering Services, Conference and Office Equipment Rentals and Arrangement of Incentive Programs.

Mercury Service has extensive ex-perience in planning, developing and delivering events ranging from meet-ings and seminars, to large-scale do-mestic and international conferences. The area of expertise of the company lies specifically in the area of Event and Travel Management services.

With our own resource base (vehicles, equipment, tools etc.), each division of Mercury Service™ ensures the high qual-ity and promptitude of provided servic-es. These valuable assets complement-ed with the skilled and professional team of Mercury Service™ allows us to con-duct several events in various regions of the country simultaneously.

Head of the company: Murod MakhmudovAddress: Eurasia Business Centre, 1, Niyozbek Yoli streetPhone: +998 (71) 234-9887Email: [email protected]: www.mercuryservice.uz

Agesa Grup Klima Insaat Mobilya Hastane Malz. TIC. VE SAN. STIİ in Turkey since its establishment per-forms the supply of equipment, in-stallation and commissioning, main-tenance, computer diagnostics, re-pair, supply of spare parts for chillers, central air conditioning systems, VRF, cold rooms, heating systems, pumps, automatic control systems and as well as other industrial type equipment. Our company is an authorized deal-er and distributor of CARRIER, STULZ UNTES-RHOSS, ARKEN, TESCOM and TOSHIBA.

Also we have a highly qualified ad-ministrative and technical staff. We al-ways try to use new technologies, in-creasing the level of knowledge and teaching staff, and thereby provide the best, quality work.

Our services: $ installation of industrial machinery $ Chillers $ Central air conditioners $ Equipment for automatic air control $ Automatic control system $ Diesel generators $ Uninterruptible Power Supply $ Gas turbine equipment $ Assembling of cold rooms and

equipment $ The equipment for drying fruits and

vegetables


AMCHAM UZBEKISTAN

$ Launching systems and commis-sioning

$ Services on technical supervision $ Periodical technical service $ Delivery of spare parts for the above

equipment $ Installation, commissioning, repair,

maintenance.

Head of the company: Murat AksahinAddress: 37, Shohjahon Str.Phone: +998 (71) 280-6243Email: [email protected]: agessa.uz

Nano Telecom is one of the leading communications services companies

in Uzbekistan. The main activities are the provision of fixed-line services, broadband, telephone and TV prod-ucts and services as well as networked IT services.

The company sells products and services to consumers, from small to large sized enterprises and the pub-lic sector.

Relatively young organization but has managed to prove itself as a re-liable company among the custom-ers providing outstanding customer service with one-stop communica-tion solutions for businesses. One of the core competitive advantages that the company enjoys is the new technologies and software it uses that guarantee the constant inter-net speed and customer orienta-tion is of paramount importance to the company.

The company was founde d in early 2012. In the year 2015, the or-

ganization has undergone rebrand-ing.

The new multicolored logo com-prises of letter N (the first letter on Nano) which is made up of three el-lipses of different colors (blue, light blue and light green) that signif y the three main services (Internet, I PT V and I P telephony) that the company provides, whereas the other two colors in the intersection of ellipses (navy-blues and green) mean two additional services (da-t a trans fe r and net work mainte -nance).

Head of the company: Evgeniy VishnevskiyAddress: 58-A, Abdulla Kadiriy Str. Tashkent, UzbekistanPhone: +998 (71) 205-0000Fax: +998 (71) 205-0155Email: [email protected]: www.nano.uz #

25WWW.AMCHAM.UZ

Changes to legislation based on law 391A number of legislative changes were introduced by virtue of the Law of the Republic of Uzbekistan No. ЗРУ-391 of 20 August 2015 (Law 391). Below we have summarized some of the most notable ones.

Law “On accumulative pension system” No. 702-II of 2 December 2004According to the amended Article 7, le-gal entities and individuals are granted a right to submit the electronic applica-tion for registration of citizens in accu-mulative pension system, as well as to open individual accumulative pension accounts through the Integrated Portal of Interactive State Services.

Law “On licensing of certain types of activities” No. 71-II of 25 May 2000Requirement to submit copy of certif-icate on state registration of legal enti-

rECENt CHaNgES IN lEgISlatIONIn this issue, we have summarized notable recent amendments in the Uzbek legislation

lEgISlatION

ty or individual entrepreneur to the ap-propriate licensing authority to receive the license has been abolished.

Moreover, the term for issuing de-cision by the licensing authority or court on reinstatement of suspend-ed license has been reduced to 3 days (for mer ly 10 days) from the date of con fir ma tion by the licensee on elim-ination of the shortfalls that caused the suspension.

Law “On contractual and legal basis for activities of business entities” No. 670-I of 29 August 1998Requirement for certification of com-mercial contracts exceeding the val-ue of 200 minimum monthly wages (MMW) by in-house or third-party law-yers has been abolished.

Requirement to provide copies of foundation documentsIn accordance with the Law 391, the requirement for provision of copies of

foundation documents has been abol-ished for the following purposes:

$ Obtaining accreditation of enti-ties entitled to perform conformance evaluation based on the Law “On con-formance evaluation” No. ЗРУ-354 of 4 October 2013;

$ Registration of participants of free economic zone under the Law “On free economic zones” No. 220-I of 25 April 1996;

$ Receiving preliminary approval of antimonopoly authority for creation of associations of economic entities, their merger, conjunction and for acquisi-tion of shares in an authorized fund (au-thorized capital) in accordance with the Law “On competition” No. ЗРУ-319 of 6 January 2012.

Amendments to the Tax CodeArticle 91 of the Tax Code is amended to include specific wording that statu-tory tax audit cannot cover period of more than five calendar years of tax-payer’s activity preceding the year of commencement of the tax audit.

According to the amended Article 108 of the Tax Code, when a taxpayer commits several tax offenses financial sanctions are applied on an array of tax offenses by absorption of less severe fine by more severe one or by adding the fines for individual offences. In any event, the final amount of the fine for numerous offences shall not exceed the amount of the maximum fine en-visaged for the most severe offense.

Amendments to the Criminal CodeLaw 391 introduced new chapter to the Criminal Code envisaging liability for of-


AMCHAM UZBEKISTAN

fences related to hampering of and il-legal intervention into entrepreneurial activity. Furthermore, in accordance with the amended Article 184 of the Criminal Code on evasion from pay-ment of taxes and other obligatory pay-ments, first time offenders are relieved from charges if they compensate the damage to the state budget (including late payment interest and other finan-cial sanctions) within thirty days from the date of the relevant decision of the tax authority.

Increase of the minimum monthly wageIn accordance with the Presidential Decree No. УП-4751 of 26 August 2015, effective from 1 September 2015 the MMW is increased from UZS 118,400 to UZS 130,240. MMW affects, among others, calculation of salaries in public sector, retirement pensions, statutory fines and duties etc.

resolution “On further measures on improvement of foreign economic activity of the republic of Uzbekistan” no. 2388 of 13 august 2015Effective 1 September 2015 Presidential Resolution No. ПП-2388 of 13 August 2015 has introduced a number of amendments to the excise tax rates for imported goods.

Some of the notable ones include: $ Polyethylene, with unit weight less

than 0.94—10% (no excise tax applied previously);

$ Lamps electric and lamps for exter-nal lighting—10% (no excise tax applied previously);

$ Assembly structures for construction works from ferrous materials—10%, etc.

In addition the Resolution amend-ed the rates of import customs duty for several goods, including:

$ pipes, tubes and hoses from vinyl chloride polymers, not reinforced nor combined with other materials, with-out fittings—the rate increased three-fold to 30% or USD 2 per 1 kg whichev-er is greater;

$ plastic fittings—similar to the above item the rate increased threefold to

30% or USD 2 per 1 kg whichever is greater;

$ rods and profiles from refined cop-per—30% (no customs duty applied previously);

$ communication cables, including for modern wired communication sys-tems—30% (no customs duty applied previously).

the Convention on avoidance of the double taxation between Uzbekistan and Spain has been enforcedThe Convention between the Republic of Uzbekistan and the Kingdom of Spain on avoidance of double taxation and prevention of evasion of taxes on in-

come and capital signed on 8 July 2013 came into force on 19 September 2015.

Tax benefits for commercial banksA joint resolution of the Ministry of Finance, Central Bank and the State Tax Committee No. 2716 of 29 September 2015 introduced a Regulation on appli-cation of income tax incentive by com-mercial banks in relations to the share of long-term investment financing in the credit portfolio.

Thus, in accordance with the Regu-la tion, commercial banks will pay cor-porate income tax at differentiated rates through 1 January 2020 as dem-onstrated below:

Share of long-term investment financing in credit portfolio

Applicable CIT rate, in % of the standard rate

35–40% 80

40–50% 75

Above 50% 70

27WWW.AMCHAM.UZ

© 2015 PwC. All rights reserved. Not for further distribution without the permission of PwC. “PwC” refers to the network of member firms of PricewaterhouseCoopers International Limited (PwCIL), or, as the context requires, individual member firms of the PwC network. Each member firm is a separate legal entity and does not act as agent of PwCIL or any other member firm. PwCIL does not provide any services to clients. PwCIL is not responsible or liable for the acts or omissions of any of its member firms nor can it control the exercise of their professional judgment or bind them in any way. No member firm is responsible or liable for the acts or omissions of any other member firm nor can it control the exercise of another member firm’s professional judgment or bind anoth-er member firm or PwCIL in any way. The material contained in this alert is provided for general in-formation purposes only and does not contain a comprehensive analysis of each item described. Before taking (or not taking) any action, readers should seek professional advice specific to their sit-uation. No liability is accepted for acts or omissions taken in reliance upon the contents of this alert.

New regulation on business trip expensesNew Regulation on overseas busi-ness trips was approved by virtue of the Order of the Ministry of Finance No. 2730 of 19 November 2015. The most notable amendments are pro-vided below:

$ In case of air transportation, if the date of arrival to the foreign country is different from the day of departure from the airport in Uzbekistan (as per air ticket), daily subsistence allowance for the day of departure is not paid.

$ Similarly, if the date of arrival to Uzbekistan is different from the date of departure from the foreign airport (as per air ticket), daily subsistence al-lowance for the day of arrival is not paid.

$ If travel advance is provided in US dollars while expenses are incurred in other currencies, the expense re-port is accepted at the exchange rate supported by relevant currency ex-change documents from the desti-nation country.

list of goods exempt from customs duty and vat is expandedAccording to the joint Resolution of the Ministry of Economy, Ministry of Finance, Ministry of Foreign Economic Relations, Investments and Trade and State Customs Committee No. 2436-4 of 24 November 2015, the list of techno-logical equipment exempt from import customs duty and VAT is supplemented with few new positions as follows:

$ computers and servers compris-ing telecommunication networks and equipment for internet access provi-sion, routers, gateways, modems, etc. (excluding personal computers weigh-ing less than 10 kg);

$ base station equipment, antennas; $ TV cameras, digital cameras.

agreement between Uzbekistan and Brazil on economic and trade cooperation came into forceThe Agreement between the Govern-ment of the Republic of Uzbekistan and Government of the Federative

Republic of Brazil on economic and trade cooperation signed on 28 May 2009 came into force on 17 August 2015. As a result, Brazil has been includ-ed into the list of countries that enjoy the most-favoured nation trade regime.

NOTE: Most-favoured nation re-gime provides certain customs bene-fits. For instance, import customs du-ty is applied at standard rate for goods originating from the concerned na-tions, while goods originated from countries without such status are subject to double the standard rate of customs duty.

let’s talkFor a deeper discussion of how this is-sue might affect your business, please contact:

Michael Ahern,Partner, [email protected]

Otabek Muhammadiyev,Director, [email protected]

Jamshid Juraev,Senior Manager, [email protected]

Audit Organization“PricewaterhouseCoopers” LLC88-A, Mustaqillik prospekt,Mirzo-Ulugbek district, Tashkent 100000, UzbekistanT: +998 (71) 120-6101F: +998 (71) 120-6645www.pwc.com/uz #

AMCHAM UZBEKISTAN


AMCHAM UZBEKISTAN

It is with great sadness and regret that we report the death of Bharat Shah, a long standing member of amCham and a leading member of the pharma-ceutical sector.

amCham will miss his presence and we extend our deepest sympathies to his family.

IN mEmOry OfBHarat SHaH

29WWW.AMCHAM.UZ

UzBEkIStaN: rEvIEw Of maCrOECONOmIC INDICatOrS, 2015

macroeconomic indicators january-june 2015

Billion SUMCompared to the

same period of the previous year

Gross domestic product 72,172.8 108.1

Industrial output 40,791.1 108.1

Agricultural production 17,569.0 106.5

Investment in fixed assets 18,069.9 109.8

Construction work 11,751.8 118.0

Transportation of goods, mln tn 629.6 104.3

Freight turnover, mln tn-km 25,064.3 104.1

Passengers, mln 3522.3 103.3

Passenger turnover, mln pass-km 48,137.0 105.3

Retail turnover 31,732.7 114.8

Services, total 40,247.0 113.1

january-june 2015

The gross domestic product (GDP) of Uzbekistan in January–June 2015 amounted to 72,172.8 billion SUM, or grew by 8.1%.According to the State Statistics Committee, the growth of industrial production made 8.1% and reached to 40,791.1 bil-

lion SUM.In the reporting period, the volume of agricultural production increased by 6.5%—up to 17,569.0 billion SUM. Investment

in fixed assets reached 18,069.9 billion SUM or increased by 9.8%.Retail trade turnover in Uzbekistan in the first half of 2015 amounted to 31,732.7 billion SUM that is higher than the in-

dicator of the same period of the previous year for 14.8%.

for more information contact afs office:

Phone: +998 (71) 234-9611; +998 (71) 120-9611Email : [email protected] site: www.afs-research.com

lEgISlatION


aPPlICatION fOr CHamBEr mEmBErSHIP

Chamber membership Categories

Membership Category Qualifications Annual Dues

Vot

ing

Mem

ber

s Platinum Annual worldwide revenues of $100m and above

USD 4,000

Gold Annual worldwide revenues less than $100m and more than $5m

USD 3,000

Annual worldwide revenues less than $5m USD 1,500

No

n-v

otin

g m

emb

ers Silver Annual worldwide revenues less than $100m USD 1,000

Bronze Annual worldwide revenues less than $5m USD 600

Non-profit Registered as a non-profit organization USD 500

Non-resident Organization with no local representation/registration in Uzbekistan

USD 1,500

All categories give the member access to a full range of services and benefits including business de ve lopment function, the committee network, and all publications.

Non-voting members may not vote or sit on the Board of Directors.

1. Please indicate the category of membership for which you are applying: Membership is per cal-endar year. Enrollment is prorated by the number of months remaining in the calendar year.

Type of membership Annual Dues Type of membership Annual DuesG Platinum USD 4,000 G Bronze USD 600G Gold USD 3,000 G Non-profit USD 500G Gold USD 1,500 G Non-resident USD 1,500G Silver USD 1,000

2. I/We agree, if accepted, to be bound by the Chamber’s rules and regulations, and to pay the ap-propriate annual dues:

Name of company

Address

Tel. Fax E-mail

Head of firm in Uzbekistan:

Name Title / Position

AMCHAM UZBEKISTAN

31WWW.AMCHAM.UZ

Representatives (voting if American Company)

(first alternate)

(second alternate)

3. Nationality of parent company:

G US G Uzbekistan G Other (please specify)

Place and Date of Incorporation

4. Type of company in Uzbekistan:

G Manufacturing facility G Sales/Representative office G Service facility

Brief description of activity:

Addresses of branches or other offices in Uzbekistan:

Specify relationship with firm in the USA (if any): branch, subsidiary, affiliate, joint venture, sales offices.

Give US name, complete address, telephone and fax number:

5. Please indicate the approximate amount invested into the economy in Uzbekistan:

G USD 1,000–10,000 G USD 100,000– 1,000,000G USD 10,000– 100,000 G More than USD 1 million

6. Number of employees in Uzbekistan at all locations:

G less than 20 G less than 50 G 50–100 7. Annual revenue:

G less than USD 100,000 G USD 100,000–500,000 G More than USD 500,000

Prepared by Date

Signature of applicant

Important notice: Information found on this application is for internal AmCham use only and will be handled as business confidential.

AMCHAM UZBEKISTAN


mEmBErSHIP lISt

AMCHAM UZBEKISTAN

PlatINUm mEmBErBAT UzbekistanDavid Le Blond, 120-5555CNH IndustrialPaul Wakefield, 120-7450Coca-Cola Mes. Paz. Dan. San. Ve. Tic. A.S.Huseyin BitmisErnst & YoungAnvar Azamov, 140-6482General Motors Operations UzbekistanHector Villarreal, 280-6433PwCOtabek Muhammadiev, 120-6101Sasol Synfuels InternationalJames Vaughan, 113-4080UcellTõnu Grünberg, 180-0000

gOlD mEmBErAKTE LLCHugo Minderhoud, 252-2402Avialeasing Aviation CompanyIgor Smirnov, 120-4950

”Bo’stonlig Sut” JVJamilya Askarova, 120-4965Central Asia Seed CompanyAzizkhan Akhmedov, 291-0073Colgate-PalmoliveJacques Martin, 252-3014Daewoo Pack Co, Ltd.Jang Dae Won, 295-0573Hotel International TashkentBekhzod Zufarov, 120-7000Hotel Radisson Blu TashkentAndersen Peter, 120-4900Hotel Wyndham TashkentAdil Onar, 120-3700InterConcepts Inc.Charles L. Rudd, 239-1491

OLSOFTEvgeniy Olevskiy, 256-3291Po latqurilma JSCAzad Sharapov, 254-1409SEAF-SME Investment ManagementDonald Nicholson II, 129-3040Transcontinental JV LLCJanna Popkova, 120-3838Train Consultancy LLCMashrab Saidov, 235-0424WCH Service bureauAlexander Tulupov, 254-3621

SIlvEr mEmBErAnsher Investment LLPNozim Kabilov, 268-9970Air Astana in UzbekistanYevgeniy Krutov, 140-3002Bechtel International SystemsDavid Bjorkbom, 120-4425

Carlsberg UzbekistanVivek Sharma, 140-9999Colibri Law FirmZafar Malikov, 120-4778Deloitte va Touche LLCErkin Ayupov, 120-4445

“Grata” Law FirmBakhodir Jabborov, 233-2623Ingo-Uzbekistan Insurance CompanyRustam Turaev, 150-9999JV Indorama Kokand Textile LLCDeepak Raina, 253-8325JP Morgan Chase Bank N.A. UzbekistanTokhir Sultanov, 140-3770KDB Bank UzbekistanInjoo Kim, 120-8000/01Ram Dis TicaretLyubov Belokon, 252-6779SEP Nestle UzbekistanSergey Tratsevskiy, 140-0600

BrONzE mEmBErAFS-Research CompanyAleksey Kirilov, 234-9611/12Agesa GrupMurat Aksahin, 280-6243Ahlers InternationalDiana Tomena, 252-7120AMBiTHikmat Abdurakhmanov, 269-9339Ancora Consulting ServiceOleg Daminov, 150-4436

33WWW.AMCHAM.UZ

Anglesey FoodZafar Khashimov, 140-1414Atlantik TradeFarkhad Yusupov, 140-4868Baker Tilly TashkentGuzal Islamova, 150-1512Carolina Technologies, Ltd.Alexander Veksler, 281-4362/63/64Compass ConsultingUlugbek Hojiahmedov, 255-4693Crowe Horwath Int. (Audit-As)Vera Bell, 241-4618Dentons CA LimitedMarla Valdez, 120-6946Education Standard Consulting GroupElena Sergeeva, 268-7544Elan Express LLCBabur Asuraliev, 150-2550Eurobasis LLCDr. Taymurot Yunusmetov, 254-4563FAYSEL Construction LogisticsYuksel Adana, 255-5216FMN LogisticsZunnun Yuldashev, 129-0055Fraser Avtoyuklovchi ServisAlisher Salikhov, 150-1919Globalink Logistics GroupKhalid Farooq, 129-9900Global Translation ServiceRuslan Daminov, 914-7627Gosselin World Wide MovingPim Sterckx, 186-6233Grant ThorntonNematulla Karimov, 234-4632

Holos Ltd.Khalmurat Manaev, 252-7185/86HR Capital Consulting (HRC)Aziz Kurbanov, 150-4230Iberiasia TourFarkhod Sabirov, 255-4990Imeon Logistics Group Ltd.David O`Connor, 150-1856International Certificate System Group LLCDr. Shervin Mirzadeh, 236-2341

“Isakov and Partners” Law FirmYokubjon Isakov, 351-1232SE “Ishan Group”Khwaja Zia Ahmed, 262-0012KN Ibrakom FZcoRavshan Fazilov, 254-0019Legalmax Law FirmMukhammadali Makhmudov, 212-4732Marvel JuiceMaksud Khudayberdiev, 234-2671Mega Prodex LLCNormukhamedov M., 246-1611Mercury Service Events & Travel Management LLCMurod Makhmudov, 235-7771M&M Militzer & Muench UzbekistanKhurshid Kasimdjanov, 140-0003Move One LogisticsAtabek Alimdjanov, 235-1843Namuna-Diyor Private Scientific Industrial EnterpriseFurkat Salimov, 255-3278

NeftgazkipavtomatikaTojiev Ruzimurat, 268-2401Oasis FES LLCDale Henry, 237-5315Ramada HotelDinesh Upreti, 140-6000SIS TravelSergey Saakov, 252-7419Sitara International Ltd.Shiraz Poonja, 281-4148Stomatologiya BudushegoZafar Usmanov, 232-2022Sushen Medicamentos Pvt Ltd.Parishuram Marathe, 150-0214Wakefield Inspection Service Ltd.Philip Hesketh, 273-1071Winncom Technologies Corp.Leonid Myatejnikov, 150-3939

NON-PrOfIt NON-vOtINgThe British School of TashkentDavid Kirkham, 262-6020Canadian ConsulateAlexander Antonov, 120-7270JETROManabu Shimoyashiro, 120-5591OSCEGyörgy Szabo, 140-0468/69/70Tashkent International SchoolDavid Henry, 291-9670/71/72Tashkent International ClinicMatthew Kuschel, 291-0142

HONOrary mEmBErSADBTakeo Konishi, 140-1920IMF Resident Representative OfficeGalina Kostina, 233-4243UNDPStefan Priesner, 120-3450World Bank Country Office / IFCJunghun Cho, 238-5950

NON-rESIDENtDr. Gregory GleasonUniversity of New Mexico+49 (8821) 750-2526National Bank of PakistanDildora Yuldasheva, 237-1991

INDIvIDUalAndrew Kemp Maul, 903-5684Angie Cairns Kuschel, 930-0261Ilkhom Khodjakulov

AMCHAM UZBEKISTAN


AMCHAM UZBEKISTAN

Tax & accoUnTing COmmIttEE

Guzal Islamova

agrICUltUrE aND fOOD PrOCESSINg COmmIttEE

Dale Henry

COrPOratE & SOCIal rESPONSIBIlIty COmmIttEE

Rodica Verbeniuc

tOUrISm & HOSPItalIty INDUStry COmmIttEE

Johanna Wohlmeyer Otabek Muhammadiyev

mEmBErSHIP COmmIttEE

CHaIrS Of amCHam COmmIttEES IN 2015–2016

traDE & INvEStmENt COmmIttEE

Benjamin Schneider Donald Nicholson II

35WWW.AMCHAM.UZ

BOarD Of DIrECtOrS 2015

Timothy BuganskyEx-Officio BOD member, U.S. Embassy in Tashkent

James VaughanSasol Synfuels International

treasurer:Hugo Minderhoud AKTE LLC

Hector VillarrealGeneral Motors, Uzbekistan

David Le BlondUzBAT

Mirpayoz MirsaatovOLSOFT

vice-President:Tõnu Grünberg Ucell

Otabek MuhammadievPwC

Tatyana BystrushkinaExecutive Director

President:Donald Nicholson IISEAF-SMEInvestment Management

AMCHAM UZBEKISTAN

Huseyin BitmisCoca-Cola Company Uzbekistan

Business Connections is publis-hed 2 times a year for American Chamber of Commerce in Uzbe-kistan. Copyright 2016. All rights reserved.

Executive Director:Tatyana Bystrushkina

Editorial Board:Donald Nicholson IIHugo Min der houdTatyana Bystrush kinaLyubov BelokonAndrew Kemp MaulAlexey KirilovLola Shais la mo vaJulia Bakhmatch

Contributing Authors:Donald Nicholson II, Tatyana Bystrushkina, Julia Bakhmatch, Rano Kosimova, Dale Henry, Leon de Kock, Ni gyar Hu seyn za de

Address: 4 - B , Afrosiab Str. , Tashkent, 100031, UzbekistanPhone: +998 (71) 140-0877Fax: +998 (71) 140-0877Email: [email protected]: www.amcham.uz

The AmCham Uzbekistan and authors declare that they have compiled this document care-fully and to the best of their knowledge. However, no warran-ty or representation is made to the accuracy of completeness of the information contained in this document. The AmCham Uzbekistan and authors assume no liability whatsoever for any damage resulting from the use of this document or its contents.

This bi-annual free-of-charge advertising bulletin is not con-sidered to be a subject of mass communication and may be dis-tributed free of charge without registration among limited num-ber of entities and individuals.

Designer: K. Abidjanov

Printed by Print Media32, Uzbekistan Ovozi Str., Tashkent Phone: +998 (71) 233-0321Fax: + 998 (71) 232-2566


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