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  • 06 Feb 2019 11:19 AM | Vera Dedyulya (Administrator)

    Uzbekistan has annulled the confidentiality of information concerning the country's mineral reserves, their annual production and sales, as well as foreign and internal debts, Uzbek justice ministry said Monday.

    A government decree that lifts restrictions on the publication of the information on the dynamics of gold, silver and other non-ferrous and rare earth metals mining has been approved by the Cabinet of Ministers, according to the country's justice ministry.

    Under the decree, Uzbekistan will start publication of information on the country's mineral reserves, mining and sales volumes and the distribution of funds derived from the sales.

    Annual volumes of gold-currency reserves and their composition as of Jan. 1, 2017 will be published officially, the ministry said.

    Two main state-owned gold producers in the country, Almalyk Mining and Metallurgical Combine (Almalyk MMC) and Navoi Mining and Metallurgy Combinat (NMMC), as well as the country's Fund for Reconstruction and Development will make publicly available their annual financial reports as of 2013.

    Almalyk MMC and NMMC produce some 20 percent and 70 percent of the total precious metals in the country respectively.

    According to expert estimates, Uzbekistan produces more than 100 tons of gold annually.

    "Total amount of debt (internal and external) guaranteed by the state, their sources, currencies, interest rates, and terms of repayment, as well as information on borrowing and repayment of debts" will also be published, according to the new degree of the Uzbek government.

    The Central Asian country, rich in resources, has been taking a series of steps to reform its economy, including liberalization of the foreign exchange market, reduction of tax burdens and improving investment climate for foreign investors since Shavkat Mirziyoyev came to power following the presidential elections in 2016.


    CONTACT INFORMATION:aucc logo
    The American-Uzbekistan 
    Chamber of Commerce  
    1030 15th Street, N.W., 
    Suite 555W  
    Washington, DC 20005  
    phone: 202.509.3744  
    [email protected]
    www.aucconline.com 

  • 06 Feb 2019 11:15 AM | Vera Dedyulya (Administrator)

    Uzbekistan approved a number of measures to drastically simplify the bankruptcy procedure, Trend reports via a new decree of the head of state.

    Now, judicial managers are appointed from among persons who have a fourth category judicial certificate and are members of the Uzbekistan Association of Judicial Managers when carrying out a simplified bankruptcy procedure instituted by the state tax services.

    The activities of judicial managers can also be carried out by lawyers who have licenses with a specialization in civil and economic legal proceedings and who have received a certificate of judicial manager.

    Appointment of judicial managers is carried out by a court on the recommendation of the creditor, an authorized state body for bankruptcies or the Association and its territorial divisions taking into account the rating assessment of the judicial managers.

  • 06 Feb 2019 11:09 AM | Vera Dedyulya (Administrator)

    Uzbekistan improved its position and moved to the fifth group in the updated classification of OECD country credit risks, Trend reports via Uzbek media.

    The Organization for Economic Cooperation and Development (OECD) classification of country credit risks was updated on February 1.

    Uzbek Ministry of Finance states that Uzbekistan moved from the sixth to the fifth group in the new classification.

    Moreover, Kazakhstan, Brazil, Serbia, Vietnam and others are also in the fifth group.

    Countries are classified into seven risk categories, where countries with the highest level of risk are represented in the seventh category, and countries with the lowest level of risk are in the first category.


  • 04 Feb 2019 1:00 AM | Alexander Belyasov (Administrator)

    A certified court expert and member of the Сhamber of Patent Attorneys, Aronikova has extensive experience in litigation, trademark rights and copyright protection, unfair competition and domain disputes.

    Aronikova represents international and Russian companies before the Chamber of Patent Disputes of the Russian Patent and Trademark Office (Rospatent) and assists clients with the registration of trademarks with Rospatent and the World Intellectual Property Organization. She also co-ordinates trademark prosecution work for clients in the CIS countries and further abroad.

    Recognized by WTR 1000 and IP Stars as a leading Russian trademark expert, Maria joined Gowling WLG’s Moscow office in 2011. She now heads the office’s brand protection and anti-counterfeiting practice.

    "Becoming a partner of one of the world’s leading international law firms — and home to one of Russia’s most respected intellectual property practices — comes with tremendous responsibility,” said Aronikova. “I am grateful for the support of my colleagues on our trademarks and anti-counterfeiting teams, as well as the mentorship of my senior colleagues. This appointment would not have been possible without their help and guidance.”

    ABOUT GOWLING WLG:

    Gowling WLG is a global law firm with over 1,400 legal professionals and a range of dedicated support teams across 18 cities in Canada, the UK, Europe, Asia and the Middle East. The firm provides world-class legal expertise and multi-jurisdictional support in key global sectors. It is also home to one of the world's premier full-service intellectual property practices.

    ABOUT GOWLING WLG RUSSIA/CIS

    For nearly three decades, Gowling WLG has been a recognized leader in the protection of intellectual property rights in Russia and the CIS region. Through the strength of our Moscow office, the firm continues to deliver strategic advice and tailored solutions in all aspects of IP law to a global clientele.

    We are a trusted adviser to many of the world’s leading innovators and brand owners on the Fortune Global 500 list. Clients appreciate the superior quality of our services, strategic and practical approach, and responsiveness.
    Learn more

    Contact:

    Madina Assylbekova
    Director of Business Development RUSSIA/CIS
    +7 495 775 4863
    [email protected]

  • 30 Jan 2019 1:00 AM | Alexander Belyasov (Administrator)

    Gowling WLG was named "Firm of the Year" in three categories at the inaugural Global IP Awards ceremony, held last night in London.

    The firm took home the top honour in the "Russia – IP Firm of the Year" category and was also named Canadian "Firm of the Year" in both the patents and trademarks categories.

    Partners Monique Couture, Gordon Harris and Scott Jolliffe were on hand to accept the awards.

    We are honoured to receive this award and especially so because it is the very first occasion for it to be conferred” said David Aylen, the managing partner of Gowling WLG in Russia and the CIS. “Our Moscow office is a great place to work and I am very proud of our exceptionally talented team!”

    Hosted by Intellectual Asset Management (IAM) and the World Trademark Review (WTR), the awards identify the world's leading intellectual property law firms based on IAM’s and WTR’s reporting and analysis of notable IP achievements over the past year.

    Both IAM and WTR have long recognized Gowling WLG's IP Group as one of the world's leading international IP practices, with considerable strength in both trademarks and patents.

    ABOUT GOWLING WLG’S GLOBAL IP PRACTICE:

    With unmatched expertise in patents, trademarks, brands and designs, copyright, advertising, IP litigation and more, Gowling WLG has been winning IP cases for clients around the world for over 125 years, and offers exceptional representation in a dynamic and competitive market. Learn more

    ABOUT GOWLING WLG RUSSIA/CIS:

    Gowling WLG Russia/CIS is a recognized leader in the protection of intellectual property rights in the region. Through the strength of our Moscow office, the firm has worked with a global clientele for about three decades to deliver strategic advice in all aspects of IP law throughout Russia and the CIS.
    We are a trusted adviser to many of the world’s leading innovators and brand owners on the Fortune Global 500 list. Clients appreciate the superior quality of our services, strategic and practical approach, and responsiveness.
    Learn more

    Contact:

    Madina Assylbekova
    Director of Business Development RUSSIA/CIS
    Tel: +7 495 775 4863
    Email: [email protected]
  • 07 Jan 2019 5:21 PM | Vera Dedyulya (Administrator)

    CERBA partner, Interconn Development group, invites all interested parties to attend ATASD (www.atasd.ca) - SHERP (www.sherp.ca) combined event: "Day of Rescue Amphibious: Vehicles Joint Demonstration and Trials" on Friday, February 8, from 11 am to 4 pm in Parry Sound, Ontario, Canada. This event will be arranged at the Stockey Centre/Georgian Bay area in the downtown of Parry Sound with active support and assistance from municipal and provincial Ontario governments.

    Two SHERP ATVs (www.sherp.ca), ATASD ACV(www.atasd.ca), hovercrafts from “Air Rider Hovercraft” (www.airriderhovercraft.com), rescue airboats from USA manufacturer “1000 Islands Airboats” (www.1000islandairboats.com) will be shown in action - riding over water-ice-snow-ground.

    Learn more about the event: ATASD_SHERP_trials.pdf

    Contact information could be found here >>

  • 03 Oct 2018 12:00 AM | Alexander Belyasov (Administrator)

    CERBA Corporate Member, Intermark Relocation is happy to inform you that now they are starting Intermark Club - the new community for foreigners in Russia, making life of a foreigner fun and exciting, and the adaptation smooth and safe.

    Intermark Club is a platform that provides you with best events information – concerts, plays, festivals, tours and meetings; English-friendly venues that offer discounts and privileges; schedules of movie showings in their original language; and shares lifehacks on life in Russia from expats and Intermark experts.

    Learn more about Intermark Club at the following link: http://intermarkclub.ru/

    Joining the community and becoming an Intermark Club Member is free-of-charge.

    Please feel free to share information about your favorite places with Intermark Club to make the fullest digest of all the fun in Russia!

  • 26 Sep 2018 12:00 AM | Alexander Belyasov (Administrator)

    In an impressive showing, 54 Gowling WLG professionals earned 58 rankings across 34 categories in the 2019 edition of Chambers Canada. In addition, Gowling WLG was recognized as a leading law firm in 31 practice areas.

    This year, Gowling WLG was shortlisted for the Life Sciences "Firm of the Year" award. This honour recognizes notable achievements over the past 12 months in life sciences law, including outstanding work, impressive strategic growth and excellence in client service.

    For more than two decades, Chambers and Partners have been identifying the top lawyers and firms across 185 jurisdictions around the world. The rankings in Chambers Canada are based on an extensive peer and client interview process in which a number of qualities are assessed – from technical ability and client service to diligence and professional conduct.

    Please use the following link to find the practice areas in which Gowling WLG was recognized as a leading law firm: https://gowlingwlg.com/en/news/awards-recognition/2018/chambers-canada-2019/?utm_source=vuture&utm_medium=email&utm_campaign=vuture/


  • 17 Jul 2018 10:10 AM | Bakytzhamal Jetmekova

    Citigroup, one of the first international banks to enter the Kazakh market, is marking its 25th anniversary in the country. It feels current conditions in Kazakhstan provide ample opportunities for large multinational corporations.

    “Kazakhstan is an important market for us. Over the years, we have succeeded in establishing our subsidiary as a key player in the country’s banking industry, developed deep relationships with the government and the largest local corporates and grew our capital base to over $400 million, so that we have become the leading foreign investor in the country outside of the commodities sector. Since early 2000, we have helped Kazakhstan’s issuers raise more than $30 billion in financing,” Citi Chief Executive Officer for Europe, Middle East and Africa (EMEA) James Cowles said.

    The Citigroup franchise has established itself as the most reliable corporate bank in the country and become the mainstay for the vast majority of international corporations operating in Kazakhstan. As of April, Citibank Kazakhstan ranks first in payment volumes, seventh among Kazakh banks in capital (142.03 billion tenge (US$414 million)) and 11th by assets with a 30.1 billion tenge (US$87 million) increase since the beginning of the year.

    Citigroup has branches in Almaty and the capital and representative offices in Aktau and Atyrau. “We continue to build on our strategy of sustainable, targeted investments to drive increased market share and revenue growth. We are focused on being the best for our clients. We focus on innovation and are using technology to enhance our capabilities, improve the experiences of our clients and to lower our costs,” said Cowles.

    The bank serves multinational companies, emerging market champions, the public sector, institutional investors and an ultrahigh network of EMEA households. “We recently opened a new office in Saudi Arabia, where their Vision 2030 plan is especially ambitious and exciting. I expect significant growth in the banking sector in the Middle East and Africa in the coming years. We also see growth potential in Western Europe and it’s another area of focus in our EMEA priorities,” he added.

    Last year was a strong one in investment banking. Citigroup significantly improved its wallet share in mergers and acquisitions (M&A) and equity capital markets (ECM). “We ended the year ranked second in EMEA in investment banking revenues, our highest ranking ever. In ECM, we topped the volume tables and ended the year as number one in overall ECM and IPOs (initial public offerings). We have a differentiated strategy, have refined our client base and are extremely focused on delivering for that set of clients,” he said.

    Kazakhstan plays a pivotal role in the Belt and Road Initiative (BRI), as one of the key BRI pillars – the Eurasian land bridge – is being developed almost entirely in Kazakhstan.

    “The country has become host of the largest dry port in the world, located in Khorgos, which will help bridge the railway systems of China and Kazakhstan and the rest of Eurasia and Europe, leading to a significant reduction in the shipment cycle for international trade,” said Cowles.

    The country’s location is critical for Chinese goods leaving for many countries, including those in the European Union and North America.

    “Kazakhstan is benefitting from significant Chinese investments and there are around 50 projects that the government has announced it is supporting as part of its renewed and strengthened cooperation with China. Kazakhstan has become one of the few countries that has supported the BRI with its own Nurly Zhol programme, where the government co-invests in important projects in industries such as oil and gas, chemicals, industrial production and others,” he added.

    The government has made significant progress in creating a favourable climate for foreign direct investment (FDI), he noted.

    “According to official estimates, the volume of FDI has reached nearly $300 billion since the early 1990s, making Kazakhstan the leading country by FDI per capita among the CIS (Commonwealth of Independent States) countries. Kazakhstan is tightly integrated into regional trade and the global economy and is well positioned to benefit from BRI,” he said.

    Citigroup is also pleased to be part of the Foreign Investor Council (FIC) under the President of Kazakhstan, which provides a platform for exchanging views and networking with investors.

    “The FIC composition – over 30 companies representing major multinationals and key foreign players operating in the country – is another testament to the fact that Kazakhstan has become host to many of the largest corporates in the world,” he said.

    Cowles also spoke about his expectations in banking sector development.

    “Our experience in emerging economies is that the wallet for financial services tends to expand by 1.5 times-twice the rate of economic growth. As Kazakhstan continues to rebound from the crisis and to open up to foreign investment, that bodes well for the banking sector. As the wallet for financial services grows, I would expect the banking sector to become more competitive. At Citi, we see an opportunity to partner with local banks to help them expand their product offerings, for example,” he said.


  • 17 Jul 2018 10:06 AM | Bakytzhamal Jetmekova

    Kazakhstan’s ambitious project to establish a financial services centre in Astana is now real, as the country launched July 5 the Astana International Financial Centre (AIFC).

    The new financial centre, in a new part of Astana where the city hosted EXPO 2017, is set to offer financial services, including in financial technologies, Islamic finance, green finance, capital market and asset management.

    The centre has a management council, a financial services regulator, AIFC exchange, an independent financial court involving nine judges from the U.K. and the U.S., and an arbitration centre, among other bodies.

    Kazakh officials expect the centre to attract $40 billion of investments by 2025.

    The AIFC is the brainchild of Kazakh President Nursultan Nazarbayev who voiced the idea to set up the centre in 2015 with benefits offered to companies, an independent court and English common law principles incorporated in the work of the centre.

    “The AIFC is a new chapter of independent Kazakhstan. Its launch is an important step in the steady and sustainable development of Kazakhstan,” Nazarbayev told a grandiose ceremony July 5 also attended by Abu Dhabi Crown Sheikh Prince Mohammed bin Zayed bin Sultan Al-Nahyan, Islamic Development Bank Chair Bandar Hajjar and JP Morgan Chase International Chair Jacob Frenkel.

    Kazakhstan recognised the need for long-term, sustainable institutions, he said.

    “We thoroughly studied the global experience in establishment, development and work of financial centres across the world including in Singapore, Dubai, Hong Kong and other countries. The Kazakh model of the AIFC incorporated best practices of these structures,” said Nazarbayev.

    “Astana should become the main financial hub of the region and in the long-term perspective should be among leading Asian financial centres,” said the Kazakh President.

    The centre enjoys a special legal regime envisioned by constitutional law and offers incentives to companies, including exemption from corporate income tax and personal income tax for 50 years, a visa-free regime for citizens of 48 countries and a simplified employment regime.

    Fifty companies have registered at the AIFC so far.

    English common law principles will regulate the work of the centre and, according to Andrew Oldland, senior partner at British law service firm Michelmores, English law is characterised by flexibility and convenience encouraging countries to rely on it in the finance sector.

    The AIFC stock exchange will list Kazakh national companies, part of the country’s Samruk Kazyna Sovereign Wealth Fund, and Islamic bonds Sukuk scheduled to go for initial public offering later this year.

    Boston Consulting Group Chair Hans Paul Bürkner said the IPO and the country’s large-scale privatisation programme will serve “another major accelerator for development of Kazakhstan and position Kazakhstan as a regional financial centre” as well as provide a major boost to develop capital markets.

    Bürkner also emphasised green finance and financial technology as growth engines for the centre. “Boston Consulting Group had the privilege to be working with you and team on the idea of the AIFC and it has become a real milestone in the development of Kazakhstan and Astana and stock financial markets here,” he said.

    International Monetary Fund Managing Director Christine Lagarde conveyed her congratulations and said the AIFC is a “great opportunity and platform for Kazakhstan and region to develop deeper financial market and attract investment.”

    “Transparent, reliable and favourable normative base for the market, modern infrastructure and strong human capital will boost the potential of the AIFC in reaching the scale of a regional hub, an example of innovation use, high quality services, effective management and reasonable methods of dispute settlement,” said Pulitzer Prize winning author Daniel Yergin hosting the ceremony as he read her letter.

    Francis Maude, former U.K. cabinet minister and member of the AIFC consultative council, said Kazakhstan is a growing market with untapped potential.

    “The country occupies a really important strategic position. The potential for the financial centre is huge and this is a growing market. The centre of gravity of the world’s economy is moving east over time and Eurasia is key part of that,” said Maude.

    Investors are also interested in continuing reforms in Kazakhstan, he added. “This is a young country. Moving from a command economy to a genuine market economy takes time. As the government acknowledges, there is a need for more structural reforms in economy. You need this country to be where it is easy to set up business, grow business and create jobs,” said Maude.



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