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 Business Profile
Last Updated: 04/12/00 Economy
Agriculture is a strong component of Uzbekistan's economy. Livestock is reared in the steppes while a variety of crops, including grain, fruit and vegetables, are grown in the more fertile valleys. In addition, vast quantities of cotton are produced in previously dry areas fed by artificial irrigation schemes: these have produced one of the world's great ecological catastrophes in the Aral Sea, once one of the world's largest inland seas, which has been deprived of its river sources and consequently contracted to one-third of its original size. The country has substantial natural resources, especially natural gas, which is an important export earner, and oil. Uzbekistan also boasts the world's largest open-cast gold mine and has deposits of silver, uranium, copper, lead, zinc and tungsten. Machinery and vehicles account for the bulk of manufacturing output. Self-sufficiency in food and energy products meant that Uzbekistan did not suffer as badly as other republics from the collapse of the Soviet Union and its economic system. This made the difficult transition to a market-oriented economy upon which Uzbekistan embarked in 1994 somewhat easier than among many of Uzbekistan's neighbors. Two years earlier, Uzbekistan had joined the IMF, the World Bank, and the European Bank for Reconstruction and Development (as a 'Country of Operation'). Under agreement with the IMF, a typical package of privatization and deregulation was put into effect. A new currency, the Sum, was introduced in 1996, by which time a large portion of the economy was privately owned. Uzbekistan has joined the Economic Co-operation Organization of ex-Soviet republics and former socialist countries. Its main trading partners are the Russian Federation, Kazakhstan and Tajikistan, along with Switzerland (the largest export market after the Russian Federation), Germany, South Korea, the UK and Turkey. Business
Uzbekistan's government is actively encouraging foreign investment, particularly in the processing industries for its raw material output. The January 1994 decree puts into law a number of tax incentives for foreign investors, formally lays out guarantees for property protection, and promises a faster and less bureaucratic method of registration for foreign concerns. Other areas in which the Uzbeks would like to encourage foreign investment include the financial sector, energy production, extraction and processing of mineral raw materials, textiles, telecommunications, tourism and ecology. All foreign companies currently have to be registered with the Ministry of Foreign Economic Relations. Office hours
0900-1800 Monday to Friday. Commercial Information
The following organizations can offer advice: Ministry of Foreign Economic Relations, ul. Buyuk Ipak Yulli 75, Tashkent. Tel: (3712) 689 256. Fax: (3712) 687 231 or Tashkent International Business Centre, Hospitalmy Mattiv 12, Tashkent. Tel: (3711) 332 707. Fax: (3712) 551 557 Information can also be obtained from the US Department of Commerce Business Information Service for the Newly Independent States, Room 7413, US Department of Commerce, Washington, DC 20230. Tel: (202) 482 4655. Fax: (202) 482 2293 E-mail: bisnis@ita.doc.gov Web site: www.bisnis.doc.gov |
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