New opportunities for business in Uzbekistan discussed in London
17 October, 2008
An investment conference “New opportunities for business in Uzbekistan: Environmental Sector, including the Clean Development Mechanism” took place on 17 October, 2008 in London.
The conference was organized by the Embassy of Uzbekistan jointly with IBC Conferences and DentonWildeSapte. The official delegation from Uzbekistan led by the Deputy Minister of Economy Mr. Shokir Fayzullaev participated in the event.
The Uzbek delegation members included high level representatives of National Holding Company Uzbekneftegaz (oil and gas), State Joint-Stock Companies Uzkimyosanoat (chemical industry), Uzbekenergo (power generation), Uzkommunhizmat (community services) and Uzinfoinvest (investment agency), as well as Fund for of Aral gene pool protection. The British side at the conference was represented by Lord Ponsonby, Dr. Hartley Booth, Co-chairman of Uzbek-British Trade and Industry Council (UBTIC), and Mr. Michael Davenport, Director of Department for Russia, South Caucasus and Central Asia of Foreign and Commonwealth Office. Various leading British and international companies and banks, as well as experts and diplomats also took part at the event.
The delegation of Uzbekistan informed participants of the forum about current development of the country’s economy, situation in the sphere of ecology, problems of Aral and managing of water resources, favorable conditions created for foreign investors, as well as new opportunities for cooperation in implementing the projects of Clean Development Mechanism (CDM), chemical, electro energy and oil and gas sectors. Ambassador Akbarov underlined that Uzbekistan as a young independent state with centuries-long history has finished transition period from administrative Soviet system to market economy, ensured domestic political stability and carries out consistent foreign policy.
British businessmen and specialists emphasized the existence of developed legal basis, necessary conditions for successful cooperation in this sphere in Uzbekistan. They also noted the importance of the topic of conference with taking into account its international role and heightened interest by financial and investment circles. The British side outlined the success achieved by Uzbekistan in the sphere of environment and implementation of projects as a part of CDM, as well as underlined the leadership of Uzbekistan in this sphere not only in the scale of the region, but the whole CIS area.
Apart from the conference, the Uzbek delegation held various bilateral meetings with representatives of Shell, Worley Parsons, Climate Change Capital, Natsource companies as well as UK Trade and Investment. During these negotiations, the sides determine concrete directions of cooperation through realization of joint projects in Uzbekistan. The agreements were strengthened with signing of four memorandums of understanding and protocol of intention between Uzbekneftegaz, Uzkimyosanoat, Uzkommunhizmat, Uztyajneftegazhimprom (oil, gas and chemical industry) from the Uzbek side and Worley Parsons, Climate Change Capital, Carbon Resource Management from British side.
The conference was sponsored by British American Tobacco, Worley Parsons, Oxus Gold and Shell.
Lord Ponsonby welcoming participants
Participants of the conference
Deputy Minister of Economy of Uzbekistan Mr. Fayzullaev making presentation
Executive Director of Fund for of Aral gene pool protection Mr. Abdurakhmanov making presentation