NEWS AND EVENTS
January 20, 2012
Energy, Incentive for Cooperation
Oil and gas industry has rapidly been developing in Uzbekistan. The republic is among the leading countries in producing and transporting natural gas. Energy has become one of the key sectors of the economy. This is stated in a special issue of the Russian monthly magazine for political and business community Our Power: Activities and Personalities.
An article entitled ‘Traditions of the Silk Road Continued’ points out that since the early days of independence the Government of Uzbekistan pays a particular attention to creating the most favorable conditions and guarantees for foreign investment in the long term. Over the years the country has established itself as a reliable partner with a rich mineral resource base, a developed transport infrastructure, systematically improving the system of privileges and preferences for foreign investors.
A regular edition reports that the main energy resources of the country are natural gas, coal, uranium ore, hydropower, etc. It should be noted that in October 2011 Uzbekistan joined the International Gas Union, which’s goal is to promote technical and economic progress of the gas industry. The bid of the republic was declared in compliance with all the necessary criteria for members of the Union, the article writes.
The article also notes that in addition to gas, Uzbekistan exports cars, gold, cotton, uranium ore, fertilizers, metals, textiles and food industries. The Largest trade partner is Russia. Its share in the turnover of the republic for the first nine months of 2011 amounted to 24.3%. In addition, high interest in developing economic relations with Uzbekistan shows not only Russia, but other CIS countries.
Analyzing the country’s economic growth, citing the statement of the IMF mission that visited Tashkent in November 2011, the Russian magazine points out that GDP growth over the past five years have averaged 8.5%, the highest rate in Central Asia. IMF experts have noted that Uzbekistan successfully overcomes the global financial crisis and the country continues a steady growth and diversification of production. In addition, in December 2011, the Board of Directors of the World Bank approved a new partnership strategy which forms the program of assistance of the World Bank in Uzbekistan for 2012-2015 fiscal years. (Source: Ut.uz)