BUS INESS CONNECTIONSSEMI-ANNUAL REPORT FOR MEMBERS 2020

Uzbekistan

Labor Market overview

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From the EditorsJOIN US ON SOCIAL MEDIA

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Dear Members and Friends,

When we started to plan this issue of Business Connections none of us anticipated the havoc that COVID-19 has set in motion around the world. Now, it would be hard to find a sector or busi-ness activity that has not been impacted, with no clear idea as to what the “new normal” will be once the pandemic has subsided.

With that in mind we have focused this issue on labor and the job/employment market in Uzbekistan, recognizing that there will be changes and businesses will need to alter their current policies and procedures to fit the new reality.

In order to best serve our members during this challenging time, we in AmCham have already shifted our meetings to webinars and video conferencing, knowing that there will be more changes ahead.

We wish you all good health and safety.

The Editorial Board

Business Connections Semi-annual Report for Members 20204

INVITATIONS

Exhibitions in

Uzbekistan

Uzexpocentre, Tashkent

13.05 - 15.05 OIL&GAS UZBEKISTAN 2020ITECA

13.05 - 15.05 POWER UZBEKISTAN 2020ITECA

26.08 - 28.08 TIHE 2020ITECA

26.08 - 28.08 MEBELEXPO UZBEKISTAN 2020ITECA

26.08 - 28.08 STOMATOLOGY UZBEKISTAN 2020ITECA

26.08 - 28.08 APTEKAEXPO CENTRAL ASIA / TECHPHARM 2020ITECA

09.09 - 11.09 CAITME 2020ITECA

10.09 - 12.09 UZTEXTILE EXPOITECA

17.09 - 19.09 UZFOOD 2020ITECA

23.09 - 25.09 UZMEDEXPO 2020IEG Uzbekistan

24.09 - 26.09 AQUATHERM TASHKENT 2020ITECA

24.09 - 26.09 SECUREX UZBEKISTAN 2020ITECA

07.10 - 09.10 PLASTEX UZBEKISTAN 2020ITECA

07.10 - 09.10 O`ZUPACK – O`ZBEKINPRINT 2020ITECA

21.10 - 23.10 UZSTROYEXPO 2020IEG Uzbekistan

21.10 - 23.10 UZENERGYEXPO 2020IEG Uzbekistan

21.10 - 23.10 UZSECUREEXPO 2020IEG Uzbekistan

04.11 - 06.11 MININGMETALS UZBEKISTAN 2020ITECA

04.11 - 06.11 TRANSLOGISTICA 2020ITECA

25.11 - 27.11 UZAGROEXPO 2020IEG Uzbekistan

25.11 - 27.11 UZPRODEXPO 2020IEG Uzbekistan

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Exhibitions in

USA

16.05 - 19.05 NATIONAL RESTAURANT ASSOCIATION RESTAURANT, HOTEL-MOTEL SHOW 2020FOOD SERVICE

Chicago, IL

28.05 - 30.05 INTERNATIONAL FRANCHISE EXPO 2020FRANCHISING

New York City, NY

08.06 - 12.06 EUROSATORY 2020TECHNOLOGY

Fort Lauderdale, FL

23.06 - 25.06 FLORIDA INTERNATIONAL MEDICAL EXPO (FIME) 2020HEALTHCARE

Miami, FL

26.07 - 30.07 2020 AACC ANNUAL SCIENTIFIC MEETING & CLINICAL LAB EXPO HEALTHCARE

Chicago, IL

10.08 - 13.08 WASTEEXPRO 2020ENVIRONMENTAL TECHNOLOGIES

New Orleans, LA

21.09 - 23.09 GLOBAL SECURITY EXCHANGE (GSX) 2020SECURITY

Atlanta, GA

08.11 - 11.11 PACK EXPO INTERNATIONAL 2020 PACKAGING

Chicago, IL

Business Connections Semi-annual Report for Members 20206

FEATURE

In April 2020 following the introduction of quarantine measures in Uzbekistan, DaVinci Management Consulting (a member of AmCham Uzbekistan and a leader in management consulting with an emphasis on the development of human capital), surveyed businesses on measures taken to mitigate the impact of COVID-19 and optimize business processes and

human capital management.

Participants of the survey included local and international busi-ness operating in 13 regions of Uzbekistan. Those companies employ between five and 5,000 people, and operate in 20 different sectors. The main sectors of operation included IT, construction and development, retail, finance (banks, insurance etc.), telecom-munications, consulting, pharmaceuticals, oil and gas, and hos-pitality. The respondents included top and middle management, plus specialists.

REMOTE WORK VERSUS OFFICE

77.2% of respondents are working remotely, versus 10 % which continue working from the office. Of those remaining, 7.1% of are on paid leave, and 5.7% are on unpaid leave.

Almost half of respondents asserted that over 90% staff are work-ing remotely. This does not, however, include production staff working in the manufacturing sector. It is noteworthy that 55% of respondents’ top tier management, and 60% of middle manage-ment, work remotely.

The majority of companies with remote-working staff provided either a laptop or desktop computer (84%), with 24% providing sta-tionery, and almost 20% covering home Internet fees. Over 50% of employers paid for the cell phone services of employees working from home.

PAID LEAVE, UNPAID LEAVE, AND REDUCTIONS

Just 8.4% of respondents reported that their senior management was on leave, a figure which increased to almost 50% of middle management, and approximately 47% of non-managerial staff. There were, however, 21% of companies reporting maintaining full operations.

Labor Market Survey

I15,3%

26,7%

38,6%

17,3%

18-25 y.o.

26-32 y.o.

33-40 y.o.

41-50 y.o.

2,1%Over 50 y.o.

AGE INDICATOR

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A smaller percentage of staff are on unpaid leave: this breaks down as 3% of senior management, 22% of middle management, and 43% of non-managerial staff. Over 50% of staff on unpaid leave will remain so until the end of the quarantine, with an additional 26% anticipating that their leave will last between one and three months.

Only 1% of respondents reported 20-30% staff reduction, and a further 1% reported 1-5% reduction.

No senior managers had been let go, but 2.8% of middle manage-ment and 5.6% of non-managerial workers were made redundant.

SALARY

62% of respondents asserted they will retain their salary in full. 19% anticipated a 50% salary reduction, and 10% reported they would be paid just 30% of their usual salary.

PLANS

77 % of respondents predicted no personnel reduction after the removal of quarantine measures, and in fact, 73% of employers ex-pect to recruit new staff. Just over 10 %, however, do not have clear personnel strategy at the present time due to uncertainty about the future.

It should be noted, though, that current plans may have to change in response to the length of quarantine, and government support measures for businesses. For any kind of business, planning is the key to success, and transparency and clear dates for the quarantine period would help businesses plan better.

AFTER THE QUARANTINE WILL YOU WORK REMOTELY?

SHARE OF STAFF ON REMOTE WORK

YES NO NOT DECIDED YET

22,3% 57,8% 19,9%

0 10 30

from 90% to 100% 36%

from 20% to 49%Less than 19%

8%19%

from 70% to 89%

Do not work remotely

20

11%

5%21%from 50% to 69%

40

Business Connections Semi-annual Report for Members 20208

FEATURE

INTRODUCTION

As Uzbekistan enters a new stage in its development, large-scale reforms are being implemented that cover all spheres of state and public life. Over the last few years, starting from 2016, most of the country’s main laws have been amended or are in the process of being amended due to the reforms.

The first, and most important amendments, were aimed at eliminating barriers to doing business, mainly currency, tax and customs legislation and providing stability guarantees for inves-tors – which cover some of the key concerns of the investment community.

The ongoing reforms have significantly improved the investment climate of Uzbekistan, which has prompted leading foreign com-panies to actively enter the Uzbek market.

Opening up borders and modernizing immigration laws are some of the most noticeable reforms enacted in Uzbekistan and have enabled foreign investors interested in the country to visit and evaluate opportunities in person.

Consequently, labor and immigration legal issues have become vital for companies wanting to hire local and foreign personnel to support their operations in the country. In this article, we would like to discuss these amendments and their impact on the country in more detail.

IMMIGRATION REFORMS

Economic theory and international experience show that remov-ing barriers to freedom of movement and global connectivity can trigger sizeable economic growth. The course of active reforms tak-

en by the Uzbekistan government has also included changes and amendments to the country’s immigration laws. A considerable amount of work has recently been put in to streamline the system and mechanisms for leaving and entering the country for citizens of Uzbekistan and foreign states and stateless persons, as well as to regulate the work of labor authorities.

The old requirement for citizens of Uzbekistan to receive an exit stamp has been replaced with new biometric passports for traveling abroad. This is one of the most striking examples of this legal transformation and represents a big step towards alignment with international migration norms. Citizens are now free to travel abroad with a biometric passport that is valid for 10 years, instead of an exit stamp issued for two years.

In line with the simplified exit requirements, criminal liability for foreigners who overstay their visas has been abolished. The fines for people residing in Uzbekistan without proper or deliberately damaged/lost residence permits were also decreased.

Uzbekistan’s visa-free regime has been extended to citizens of 86 countries, including Austria, Spain, the UK, Italy, Norway, Belgium, Germany, Italy, Japan, South Korea and others, who can now enter Uzbekistan without a visa for up to 30 days.

Uzbekistan also offers visa free entry without any limitation on duration of stay to citizens of Russia, Azerbaijan, Georgia, Belarus, Kazakhstan, Moldova and Ukraine. Citizens of Kyrgyzstan can stay for up to 60 days.

The visa-free regime was initially created to encourage tourism and has proved incredibly successful. The lifting of currency limits on travelers, who can now bring in foreign currency without limitation and take out up to the equivalent of USD 10,000 has also given tourism as significant boost.

Olessya Kirilovskaya, Director, Tax & Legal Department

Overview of labor and immigration legislation

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However, not only tourist have benefited from the immigration reforms. Business travelers have also been incentive to come and work in the country, especially highly qualified specialists.

Under the general requirements of Uzbeki-stan law, employers seeking to hire foreign employees must first obtain a permission to attract foreign labor (hereinafter - per-mission). After this, employers must also obtain a separate individual work permit for the foreign employee. The permission is valid for one year. The work permit is issued for the duration of the employment contract, with the possibility of an un-limited number of extensions (but not by more than one year in each case).

However, if the personnel is highly quali-fied, the employer does not need to obtain a permission and only requires an individual work permit. A highly qualified special-ist is defined as satisfying the following requirements:

• has graduated from a higher education-al institution, included in the rating of 1000 internationally recognized higher educational institutions approved by a joint resolution of the Ministry of Higher and Secondary Special Education and the State Inspection for Quality Supervision of Education under the Cabinet of Ministers.

It should be noted that no such list has been approved yet; however, in practice, this requirement does not create problems if the educational institution is generally well known;

• has at least five years of experience in the declared specialty.

This requirement may create difficulties in practice as the work positions can vary considerably over a five-year period. This requirement may therefore need further clarification in legislation; and

• has an annual salary (remuneration), stipulated in the draft employment agree-ment, of no less than the equivalent of USD 60,000. The draft employment agreement must be submitted when applying for a work permit.

Work permits for highly qualified and qualified specialists, as well as teachers and specialists hired to work in Presiden-tial schools and universities are issued for the duration of their contracts but for no more than three years with the possibility of an unlimited number of extensions (but not by more than three years in each case).

In addition to receiving permission and a work permit, a foreign citizen must also obtain an E-type work visa upon entering Uzbekistan. To obtain this visa, a foreign citizen should contact a consular office of Uzbekistan abroad, and in the absence thereof, a consular office in another state with which the Uzbekistan Ministry of Foreign Affairs or its departments have bilateral agreements.

The government has recently introduced a new simplified procedure for issuing permanent residence permits for foreign investors. According to the new proce-dure, starting from 1 March 2020, foreign investors who have invested at least USD 3 million in the creation of enterprises for the production of goods and services can obtain a 10-year residence permit in Uzbekistan.

It should be noted that foreign citizens and stateless persons can permanently reside in Uzbekistan if they have a permission and residence permit, which they can obtain from the territorial office of the internal affairs bodies. Residence permit for foreign citizens are issued for a period of five years, but for no more than the validity of their national passport. Foreign investors who have invested at least USD 3 million in the production of goods and services will obtain residence permit for a period of 10 years (but not exceeding the validity of their national passport).

The age of a foreign citizen also plays a role in obtaining a residence permit. Foreign citizens over 60 years old will receive residence permit for the duration of their national passport.

A residence permit gives foreign citizens the right to purchase real estate worth at least USD 150,000 in new buildings in Tashkent and Tashkent Region. Citizens of countries on the approved List can obtain a residence permit in Uzbekistan after buy-ing real estate worth at least USD 400,000 in Tashkent and USD 100,000 or 200,000 in other regions of Uzbekistan and the Republic of Karakalpakstan.

As the above shows, the country’s immi-gration have clearly undergone massive changes and liberalization.

LABOR LEGISLATION

The current labor legislation, which has been in force since 1995, does not address the modern realities of the jobs market and cannot accommodate non-standard labor relationships, which have become increasingly widespread as of late. The

Zarina Ashurova, Senior Legal Consultant, Tax & Legal Department

Business Connections Semi-annual Report for Members 202010

current laws are also ill-equipped to deal with the shadow economy.

The concept of the new Labor Code, pre-sented in April 2019, is at the public con-sultation stage, which in itself shows the incredible progress the country has made in recent years.

The new edition is designed to protect the interests of workers by providing them with full and timely payment of wages, favorable working conditions, and effective protection of rights in case of violation.

The adoption of the new the Labor Code aims to: - ensure a balance of the interests of work-ers and employers, taking into account the requirements of a market economy and providing adequate interest in the results of labor from all parties;

- simplify labor laws for small businesses and individual entrepreneurs;

- regulate the active development of new forms of labor, including remote work, create a framework for flexible work sched-ules that allow employers to streamline the hiring process;

- extend the number of guarantees and benefits employees receive, including guar-antees to family members caring for chil-dren, set new rules for severance pay and introduce additional days of paid leave;

- establish a transparent mechanism of state and public control over compliance with labor laws.

The draft Labor Code covers previously un-regulated the labor regulations for certain categories of workers, such as part-timers, homeworkers, remote workers and shift workers, seasonal, temporary and domestic workers (nannies, nurses, cleaners, secu-

rity guards), individuals working in small and family enterprises, with individual entrepreneurs as well as foreign workers and stateless persons.

The new Labor Code will introduce reforms in all areas of employment law, and some have already started taking place. Let us take a look at these reforms over the employment life cycle: from hiring to termination.

One of the requirements for hiring a new employee is the provision of a labor book showing his or her employment history.

Starting from January 2020, all labor rela-tionship must be recorded in electronic form. Previously, this was all paper-based.

The introduction of electronic labor books aims to facilitate the development and modernization of e-government. An interdepartmental hardware and software system “Unified National Labor System” (hereinafter - UNLS) was rolled out on 1 January 2020, and it is now required to register all new labor contracts, amend-ments to existing labor contracts and their termination on this database.

Together with the e-visa system, which is already up and running, and the planned introduction of electronic labor agreements for remote work, this could be a major step towards the digitalization of economy.

Next is the determination of a term of employment contract. The current version of the Labor Code stipulates that a contract can be concluded for an unlimited term or fixed five-year period, and for the duration of a particular assignment.

The new edition of the draft Labor Code is more specific on this matter and gives cas-es when fixed-term employment contracts must be drawn up without fail, and when

it can be concluded by agreement of the parties.

A fixed-term employment contract must be concluded in the following cases:

- for the duration of the duties of an absent employee (due maternity leave or sick leave, for example), for whom, in accor-dance with labor legislation and other acts containing labor law, the employment contract retains the place of work;

- for seasonal work, when due to natural conditions, work can only be done for a certain period (e.g. the seasons);

- for persons employed by organizations created for a predetermined period in ac-cordance with constituent documents;

- in cases of election for a fixed term to an elected body or to an elected position for paid work;

- for citizens of foreign states and stateless persons who have entered Uzbekistan to carry out labor activities.

Moreover, according to the new draft of the Code, more changes have been proposed to the article regarding the term of employ-ment contracts. Even though the duration of fixed-term employment contracts cannot be more than five years, it is proposed to make amendments to this article for employees covering parental leave. Thus, the term of the employment contract for these employees may be more than five years because in practice, female employees can end up being on parental leave for more than five years. The employer must extend the validity of a fixed-term employment contract until the end of an employee’s pregnancy, and upon granting maternity leave, until the end of such leave. A woman must submit a written application and a medical certificate to her employer every three months to do this.

FEATURE

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An employer will now only be able to dis-miss single parents, guardians or sole bread-winners who are on parental leave and also have a child under three years old only if the organization is liquidated or for regular, as well as one-time gross violation of labor du-ties. These employees will, however, retain the right to receive childcare benefits.

The next area the amendments cover is the probation period. Once the employ-ee has been hired, he or she is typically placed on probation period, which is currently determined as three months. It is planned to set the probationary period at six months for heads and deputies of organizations, branches, representative offices and other separate structural units, as well as for chief accountants and deputy chief accountants. For other employees, the probation period will remain at no more than three months.

The changes will also affect the conditions of probationary terms when hiring grad-uates of specialized secondary and higher educational institutions. There are current-ly no probationary term for those who start work for the first time within three years of graduation. The draft Labor Code will only exempt the probation period for those who have graduated from higher education institutions with a merit-based scholarship and get a job related to their degree within three months, as well as for graduates of secondary and higher education institu-tions upon entering the workforce for the first time within a year of graduation.

Changes are also planned for work sched-ules, namely overtime work. Under the cur-rent Labor Code, overtime is only possible with the consent of employee. The new draft contains articles allowing employers to en-gage employees in overtime work without their consent in cases when overtime is necessary to prevent a disaster, deal with an industrial accident or eliminate their con-

sequence or if an employer cannot leave the workplace before the arrival of the replace-ment team (next shift) due to the nature of the labor activity. The maximum duration of overtime -work is four hours over two consecutive days – remains unchanged.

Salaries will also affected by the planned amendments, which will allow employers to pay part of an employee’s salary in kind. With the written consent of the employee, up to 10 percent of the salary may now be paid with consumer goods produced by the organization in the amount equivalent to the value of these goods. It does not apply to restricted items such as alcohol, tobacco, psychotropic substances, etc.

The next area of interest is leave. The main minimum labor leave is set to be increased from 15 working days to 21 calendar days, rising to an extended vacation of 27 calen-dar days for public sector employees.

In addition, employees must provide an additional two calendar days of vacation for every five years of work in one organi-zation, but no more than 8 days in total.

Finally, let us look at the proposed changes to the termination of employment.

An employee’s inability to work consistent-ly due to health reasons was transferred to the grounds for dismissal for circumstanc-es beyond the control of the parties, and the termination of an employment contracts with employees who have reached retire-ment age is absolutely prohibited. It is also proposed to add “submission of fabricated qualification documents according to which the employment contract has been concluded” as one of the grounds for the termination of an employment contract.

There is currently no need to notify of an impending dismissal due to the expiration of a contract. However, the adoption of the

new procedure in the new Labor Code will require a written notice to be issued to employee at least three calendar days in advance. The only exception will be cases when the contract has been drawn up for the period of absence of the main employee.

The amount of severance pay is also due to be amended. It is currently 100% of average monthly earnings for the last twelve months, regardless of how long an employee has worked at the enterprise. It is assumed that the severance package for dismissal on separate grounds will vary de-pending on an employee’s length of service with a particular employer: under three years - 50%; from three to five years - 75%; from five to 10 years - 100%; from 10 to 15 years - 150%; and over 15 years - 200%.

CONCLUSION

The reforms taking place in Uzbekistan ap-pear to have gained a strong momentum. It is crucial to remember that even though some of the legal reforms of labor and im-migration regulations are already in force; this is just the start of a long process. Most of the main legal amendments, such as the new edition of the Labor Code, are still in the drafting stage. It is quite possible that newly introduced laws will be further amended to tackle issues that may arise during their initial enforcement stage.

Overall, it is difficult to make concrete predictions about the effectiveness of the measures taken; the Uzbekistan govern-ment is making a clear effort to modernize the most important aspects of its internal and external policies to boost the inflow of investment into the country. There is a high likelihood that the reforms covered in this article will remove barriers to rapid growth, stimulate the economy, revitalize the business environment and strengthen its position on the international arena.

Foreign investors who have invested at least USD 3 million in the production of goods and services

Business Connections Semi-annual Report for Members 202012

BC: What are the current situation

and trends in the labor market in

Uzbekistan?

DK: The current labor market situation across the CIS is unclear, but not as frightening as we first thought.

At the end of March, more than 40% of companies in the CIS stopped hiring per-sonnel for the next two to three months, and by mid-April this figure had grown to 60%. Partly, businesses are not ready to take risks in an uncertain situation; and partly there was a reduction in all operations and the consumption of goods and services. 99% of office positions have transferred to home working. The volumes of various industries have reduced, though process manufacturing industries conti-nue to operate and are beginning to face a crisis of overproduction and insufficient consumption.

A third of all market participants do continue to recruit new employees. Some of the companies which are recruiting an-ticipate a quick exit from quarantine and

FEATURE

are catching up with plans for the second quarter. That said, about half of companies recruiting have postponed final interview dates until the end of quarantine.

One in five companies lack the internal IT infrastructure required to transfer their entire staff to remote working. This has caused a temporary increase in demand for such specialists.

One in six companies have increased recruitment for sales roles, partly in in-dustries engaged in food production and delivery, and in the production and distri-bution of antiseptics. An estimated 10% of companies, including those involved in food production, and manufacturing per-sonal protective equipment and hygiene products, has increased both production and hiring.

Recruitment for administrative positions has decreased most. Simultaneously, remaining administrative positions have changed in functionality, moving online.

About a third of companies postponed the start dates for candidates who have already accepted job offers. Businesses are trying to reduce operating expenses as much as possible, while maintaining operational efficiency.

BC: How will the labor market change

after the COVID-19?

DK: Among the main trends and chal-lenges that we will face in 2020, the key ones will be those related to rethinking organizational design, and the distribution of functions based on the fact that the situ-ation may happen again. Companies must decide how they get out of quarantine, and how they are going to work in the future. Reversing emergency measures can actual-ly be more difficult for a business than im-plementing them in the first place. This is because re-adaptation and re-socialization are more stressful for human physiology and psychology than responding to new conditions as a result of critical changes.

The absence of specific working hours in a home-office environment will lead to changes in people’s work schedules and in the format of their work. Jobs and work schedules will become more flexible, and it will be more difficult to control employee performance. For employees, self-discipline and and the need to take responsibility can pose serious challenges.

Already, more than 80% of companies plan to change the company structure after the end of quarantine, reducing the number of employees working in an office environ-ment.

DANIL KRIVOSHEYEV

Danil Krivosheyev is a country manager for Antal Uzbekistan. He is a recruitment professional and HR consultant with wide expertise in talent management, organiza-tional development, and team management. For past nine years, Danil has performed various HR roles in Central Asia, the Caucasus, and Mongolia. He joined Antal more than three years ago. During this time he has worked in Kazakhstan and Russia, deliv-ering executive search and HR consulting services for clients in the pharmaceutical, mining, and energy sectors. Danil previously worked for P&G, ABN AMRO, and Erics-son, in various roles. He has an Msc in applied mathematics, and is an SHRM-certified professional.

INTERVIEW

Danil Krivosheyev Antal Uzbekistan

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FILIPPO FANTANESI

Filippo was born and raised in a small town in the North of Italy and he obtained his University Degree in International Relationship and Diplomatic Career at University of Bologna. Filippo has developed his career in sales and management covering position such as commercial director, resident sales manager and sales and marketing manager. His experience is in B2B sector dealing with goods and services. At present he is Business Manager for the multinational Dutch company Brunel in Uzbekistan specialized in personnel management. He moved to Tashkent almost one year ago after living in Moscow for more than eight years, where he enjoyed the team Brunel in 2015. Before moving to Russia Filippo had working experiences in Italy, Germany, Sudan, India and Japan.

INTERVIEW

Filippo Fontanesi Brunel

BC: What were the main labor market trends in Uzbeki-

stan in 2019?

FF: We started our activity in Uzbekistan in September 2019, so we have no reliable data for last year. What we can say before the dis-ruption of Covid-19 is that we were sourcing candidates on behalf of clients in four main sectors:

1. Executive: country manager, country representative, etc.

2. Technical: HSE managers, QA/QC, civil engineers, electrical en-gineers, civil engineers, site managers, project managers, etc.

3. Administration: finance manager, chief accountant, office assis-tant, translator, etc.

4. Sales: regional sales manager, sales manager, etc.

Brunel historically provides clients with permanent recruitment services, and also sources technical/highly qualified personnel for specific projects. COVID-19 has dramatically changed these scenarios, as all major projects have been put on hold. Our inter-national clients have frozen selections or interrupted the hiring process until the quarantine ends. Due to the temporary entry ban in Uzbekistan, expats cannot take part in activities.

But the world has not stopped. In fact, we are supporting several clients in their candidate search. We are confident that projects which have to be implemented will require personnel as soon as the situation returns to normal, but it’s difficult to predict when that will be. We don’t expect much change in regard to requests for technical and highly qualified personnel after the quarantine. Solar, wind, and other energy projects (in which Brunel special-izes) have stopped but are not canceled. Uzbekistan will require local and international experts to fulfil this labor demand.

BC: What are the current situation and trends in the labor

market in Uzbekistan?

FF: Our clients are not downsizing their staff. This is for two main reasons:

1 - They already lack sufficient numbers of employees.

2 – Their staff is composed of technical personnel who would be difficult to be replace if fired.

If the present situation lasts for some months, it’s probably that companies will propose a general salary reduction to employees in order to save as many jobs as possible, but that depends on the timeframe.

Business Connections Semi-annual Report for Members 202014

FEATURE

INTERVIEW

Anna Efimova Davinci Management

Consulting

BC: What were the main trends in the

labor market in Uzbekistan in 2019?

AE: The labor market was relatively stable. Salaries were more or less stable, with no high fluctuations in comparison with 2014-18. Salaries in the pharmaceutical, construction, and banking sectors have in-creased. On average, wages in the market increased by 18-22%.

There was a high demand for specialists in education, medicine, marketing and sales, IT, and accounting, as well as for technologists and engineers. Demand was particularly high in the construction and agricultural sectors.

Staff turnover in 2019 increased by 7% compared to 2018, and averaged 22% across the market as a whole. More than 40% of companies in the study we conducted stated that the reason for staff turnover is that the qualification of existing employ-ees did not meet the requirements of the business. The second reason was that they did not achieveme KPIs.

In 2019, companies’ budgets for training and staff development increased. Accord-ing to the study, the average amount for employee training has increased 10 times. Also, almost 50% of companies said that

they have created (or are in the process of creating) an internal training center.

Despite the high demand for specialists and a high level of staff turnover, only 7.2% of companies which took part in our annual survey of the labor market used recruitment agencies.

According to the results of a job seeker survey, 51.1% of respondents increased their wages by an average of 20% or more in 2019. Respondents’ bonuses increased by 11.6%.

According to the survey, university gradu-ates expected an average salary of 3-5 mln UZS in 2019.

BC: How will the labor market

change due to quarantine?

AE: We must recognize that unemploy-ment will be high. Unemployment will be particularly high among blue-collar workers.

That said, according to the results of our study, more than 60% of white-collar workers have not lost their jobs and are working remotely. 96% of respondents said that they have not laid off employees, but sent them on leave. Just 1% of companies

have reduced their staff by 30%.

If we analyze the websites where vacan-cies are posted, demand for programers, digital marketers, HR specialists, and ac-countants is steadily growing. The demand for their skills will be greater than that for other professions.

I think it’s time for candidates to start developing their soft skills. Those who can really create a product and add value will be in demand. My advice to anyone who wants to up their game during and after quarantine is to start a SWOT Analysis of their skills and knowledge, write a development plan, and start studying jobs. See what jobs are available and look at the skills they require. If you don’t have them yet, improve yourself.

Working remotely is an aptitude test. Either you are doing a good job, or it is no longer possible to hide behind others.

The labor market will continue to be very interesting. Many things are changing rapidly. New consumer habits will develop during the quarantine period, and unfor-tunately purchasing power will decrease, so many industries will have to change.

New opportunities will appear. Do not

WWW.AMCHAM.UZ 15

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miss them. Think specifical-ly about the skills you can develop to be in demand in the labor market.

I think that after quarantine, international organizations will actively start various projects. The UN, UNESCO, World Bank, Red Cross, etc. usually begin recruiting staff in such situations. You can go to their sites already and fill out profiles, just in case. This is for those who know English.

BC: What do you recom-

mend to companies to

minimize the impact of

COVID-19?

AE: My recommendations to companies would be the following:

Do not to fire anyone. It will be difficult to find new specialists after the quarantine.

If you are forced to declare a shutdown and put employ-ees on leave, pay at least the minimum wage to support your employees. This will

ensure employee loyalty and strengthens your corporate brand.

If you pay employees a full salary, but they are not engaged in work for 100% of the time, oblige them to take online trainings and courses. Try to keep in touch with your employees daily.

If your company, like mine, works remotely, it is recom-mended to conduct a daily morning meeting online. You can then discuss with colleagues the progress of projects and tasks, and set priorities. Your company’s HR team should conduct online team building.

During quarantine, communi-cation is the key to companies’ survival.

This is also a good time to think about how the business will change after the quaran-tine and to write new business plans.

ANNA EFIMOVA

Managing Partner, Davinci Management Consulting. Over 8 years of experience in the field of personnel, selection of the best employees, expert on the salary market in Uzbekistan.

Education: Tashkent Architectural Institute - Master (Man-agement) 2011. Germany - GIZ Entrepreneurship Program 2018. ICBT-2019.

AmCham is pleased to welcome a new team member who recently joined us!

Mr. Nikolay Yarmov has joined our team as a Senior Business Advisor to support AmCham efforts in improving the business environment in Uzbekistan. Mr. Yarmov will seek new ways and opportunities to increase competitiveness in high growth-poten-tial sectors through facilitating greater public-private dialogue on trade, rule of law, transparency and economic efficiency, agricul-tural development, economic diversification, SME development and greater cooperation in science and technology. This new Business Advisor’s position comes in close partnership and as a support from the USAID funded Future Growth Initiative (FGI) regional project which goal is to increase employment and jobs through increased private productivity and competitiveness in Central Asia.

Nikolay Yarmov has more than 20 years of wide-ranging business experience in finance, SME development, micro-credit, equity investment and financial guarantee mechanisms. He is one of the co-founders of CEED Bulgaria, a network that supports entrepre-neurship and provides valuable resources for growth. From 2015 to 2019 Nikolay Yarmov was a board member at the European Microf-inance Network in Brussels. Mr. Yarmov is also a co-founding part-ner at the Bulgarian CEO Business Angels group and continuously supports the development of start-up eco-systems in the region.

As part of the AmCham team in Uzbekistan, Nikolay Yarmov will be involved in various new business development projects, research, member services and economic analysis thus contrib-uting towards the development of AmCham’s business activities. Mr. Yarmov has a Master’s Degrees in International Economic Relations and Forecasting and Strategic Planning.

Mr. Yarmov speaks fluent English and Bulgarian and has very good working proficiency in Russian.

Business Connections Semi-annual Report for Members 202016

AMCHAM EVENTS

HE Ambassador Daniel Rosenblum addressed AmCham companies at monthly business luncheons on December 5, 2019. Over 50 members participated in the event.

“The Chamber continues to be the leading advocate for the interests of the global business community present in Uzbekistan, and the Embassy strongly supports its efforts to standardize international best practices in Uzbekistan’s business climate”, started Ambassador Rosenblum.

Thanks to the government of Uzbekistan that introduced widespread reforms aimed at liberalization of the country, implementation of the international standards became possible in the country. Within the last two years we witnessed creation of enormous opportunities for bi-lateral trade and investment. We can agree that the business climate in the country has significantly improved enabling business opportunities for

increase bi-lateral trade. Because of the significant improvements, the US Department of Commerce jointly with the American Chamber of Commerce in Uzbekistan and US Embassy in Tashkent organized First Certified Trade Mission of US companies to Uzbekistan.

The main spheres of co-operation include:Education, both secondary and high education. Of recent news, Webster International university in Tashkent opened its campus to Uzbek students. US Embassy Public Affairs section regularly organize Education Weeks to promote education opportunities with US colleges, universities and schools. US government fully support the reforms in the Uzbek education sector. Thus, $50 million was assigned for 5 year supporting education reforms.

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Daniel Rosenblum US Ambassador

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Tourism sector. Uzbekistan has granted 86 countries visa-free travel, most up to 30 days. The U.S. remains out of this list. As of October, 15, 647 Americans visited Uzbekistan as tourists which is 40 % increase comparing to an entire 2018. We anticipate event greater number of tourist and look forward to working with the GoU on this issues.

However, there are things to be improved including:

- Intellectual Property Rights with an estimated piracy rates reaching 90% especially in the sphere of software;- Contract enforcement;- Unpredictable legislation.

The United States is working closely with the government of Uzbekistan to address those issues via number of programs. For example, USAID Judicial Reform in Uzbekistan Program is providing an analysis of Uzbek IPR legislation and its compliance with international practices. Similarly, the United States Treasury Department’s Office of Technical Assistance is providing technical assistance in adoption of best practices by the Tax Administration , Ministry of Finance, and Capital markets Development Agency.

Business Connections Semi-annual Report for Members 202018

AMCHAM EVENTS

More than 50 percent of the Uzbek gross domestic product (GDP) is produced by state enter-prises. In some sectors, such as the energy sector and railroads, state participation can reach up to 70 to 100 percent. At the same time, these enterprises only employ 18 percent of the Uzbek workforce. As a result, excessive

involvement from state institutions into the operations of state enterprises, along with lack of strategic planning, analysis, risk management, and corporate gover-nance has made these state enterprises poorly efficient and of low interest for potential investors.

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Monthly Meeting, on January 30, 2020

Sunatulla Bekenov Director of the State Assets Management Agency

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Results of this can be seen in how Uz-bekistan is currently ranked in several different business categories. For example, despite general improvement and moving from 76th place to 69th place in the catego-ry of “Doing Business,” Uzbekistan overall has dropped from 92nd place in 2018 in “Resolving Insolvency” to 100th place in 2019.

In response to this, a Presidential De-cree was issued to create the State Assets Management Agency in January 2019. The agency has been tasked to increase efficiency of state enterprises by imple-menting corporate governance, creating transparent mechanisms for privatization of state assets, and creating an integrated database of state asset. The agency will also oversee the efficient use of state assets, the

regulation of bankruptcy and insolvency, and the regulation of valuation activity.

The agency’s plan for 2020 includes:• Development of a new strategy for man-agement of state assets (March 2020)• Creation of new laws on privatization and insolvency (May 2020)• Creation of unified valuation standards close to international standards (August 2020)

In 2020 the agency will also restructure the following:• Navoi State Metallurgical Combine• Telecommunications sector• Transportation sector, including rail-road• Cotton processing industry• Crops processing sector

Eight working groups have been created to inventory state assets in the following sectors:• IT and communications• Utilities, construction, and services• Heavy industry - geology, metallurgy, and financial sector• Light industry - machinery and electron-ics• Social sphere - tourism and pharmaceu-tical sectors• Oil and gas, chemical and energy sectors• Agricultural and food sectors•Industrial zones

From this inventory and analysis, the decision was made for the sale, partial sale, transfer to a public-private partnership, liq-uidation, IPO, or transfer to a branch or other state enterprise of 2,965 state enterprises.

Business Connections Semi-annual Report for Members 202020

AMCHAM EVENTS

The annual General Assembly of the American Chamber of Com-merce in Uzbekistan was held on February 14, 2020 at the Hotel Tashkent International, Gold member of the AmCham.

The meeting featured the presen-tation of AmCham events and activities in 2019, reports by ten AmCham chairs of committees and a financial report for 2019. The voting members elected the Board of Directors for 2020 and voted for amendments in the Bylaws.

TAnnual General Assembly on February 14, 2020

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2019 was very productive in terms of events. In addition to monthly meetings that featured senior Uzbek government officials, the chamber jointly with local and international partners organized 5 international seminars with participa-tion of foreign speakers. The nature of the events varies from the Intellectual Property Rights to charity Ball to support children with cancer. As usual, thanks to members of the AmCham, the Business Mixers – monthly networking events were regularly held. Those event provide great opportunity for members to promote their services within AmCham network, espe-cially since within 2019 the membership grew by about 25 percent in 2019”

“Because of the improved investment climate in Uzbekistan and extended services , 30 new members joined the Am-

Cham Uzbekistan in 2019”, said Tatyana Bystrushkina, Executive Director. “ We see tremendous interest in Uzbekistan from the potential investors in FMCG, oil and gas, IT, petro-chemical , education sectors and therefore created the Non-resident category of the membership. Those companies are watching the market and need more time to understand that the reforms directed at the liberalization of the market are irreversible”, continued Bystrushkina.

AmCham has united efforts with the GoU and US Department of Commerce to promote Uzbekistan as attractive invest-ment destination. Thus, last July the three partners organized the First US Certified Trade Mission to Uzbekistan, during which 35 representatives of 12 US compa-nies explored Uzbekistan participating

in the seminars, B2B, B2G meetings and informal communication.

Advocacy in 2019 was dine via work of ten AmCham committees. Thus, the work of committees is directed at improvement of HR and Tax legislation, building more transparent and compliant work envi-ronment, and educating members on changing legislation.

AmCham Board of Directors 2020 elected at the end of the meeting is here to ac-tively pursuit AmCham mission in 2020 which to “Be partners for success of the business community in Uzbekistan while promoting the global competitiveness of the country”. Look forward to a productive 2020!

Business Connections Semi-annual Report for Members 202022

AMCHAM EVENTS

February Business Mixer sponsored by S.Verenin’s Legal Group, Gold member of AmCham Uzbekistan since 2017. The company is a leading law firm in Uzbeki-stan providing services for civil, commercial and criminal law cases. Addition-ally, the company is assisting the GoU on attracting investment in Uzbekistan. Thus, the company participated in the creation of “INVEST IN UZBEKISTAN!” mobile application. A very useful tool to match investment projects in Uzbeki-stan and investors features a database of investment projects, investment-related legislation in English among other things. Visit invest-in-uzbekistan.org and

download the Tayyor.biz mobile application for more details.

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Business Mixer sponsored by S.Verenin’s Legal Group

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COMMITTEE NEWS

The Corporate Governance Com-mittee of the American Cham-ber of Commerce in Uzbekistan chaired by Farrukh Abdullakha-nov, Director of Advisory, KPMG in Uzbekistan jointly with the U.S.-based Center for Interna-tional Private Enterprises (CIPE)

organized a round table discussion “Gov-ernance, Risk, and Compliance”. During the half-day seminar more than 30 rep-resentatives of public, private sectors and SOEs discussed corporate governance and

compliance, and arising challenges for lo-cal and foreign companies in Uzbekistan. Representatives of the American Cham-bers of Commerce from Tajikistan and Kyrgyzstan joined the event. The event featured the presentation of new project run by UNDP jointly with the Ministry of Justice and presentations on the effective corporate governance by KPMG and CIPE.

As a result of the discussion, more than 60% of the participants that filled out the assessment questionnaire, highlighted

their improved understanding of both issues of anti-corruption compliance and corporate governance, and almost everyone confirmed that international experience in these areas is relevant to them. Finally, the participants request-ed that the future discussions would be longer and take place more frequently, while focusing on specific sectors, such as retail, construction, banking and legal, and feature experts from the neighboring countries to share their experience.

T

Governance, Risk and Complianceround table discussions on February 25

Business Connections Semi-annual Report for Members 202024

COMMITTEE NEWS

Danil Krivosheyev is a country manager for Antal Uzbekistan. He is recruitment professional and HR consultant with wide exper-tise among Talent Management, Organizational Development and

Team Management. For last 9 years he is performing various HR projects in Central Asia, Caucasus and Mongolia. He has joined Antal more than 3 years ago, during this time he has worked in Kazakhstan and Russia, delivering executive search and HR consulting services for the clients from FMCG, Pharmaceutical, Mining and Energy, B2B vendors, local corporate. Before HR consulting and recruitment Danil has worked for P&G, ABN AMRO and Ericson, performing various task. Also he is Msc in Applied Mathematics and SHRM certified professional.

The Human Resource Committee pro-vides analysis and updates on HR trends, labor and employee relations, compensa-tion and benefits

Mission and Activities of the Committee:

To unite community of the HR profes-sionals and executives among Amcham members, in order to develop best practice of people management in Uzbekistan and facilitate labor regulations. To share with wide business community in Uzbekistan the HR practices used by international business in order to support development of the corporate and private sectors.

Next three activities are defined as prin-cipals for the committee:

• Participation and support various government activities in part of the labor regulations, develop cooperation of the

international business and local gover-nance;

• Sharing best HR practices with the members and wide business community in Uzbekistan, through public pitch-ups, round tables and conferences;

• Launching of the projects and activities to achieve expectations of the chamber members in developing their business.

For 2020 next targets are defined as major:

• Participate in the transformation of the labor code as ethical and business effec-tive labor regulation in Uzbekistan;

• Establishing the independent commu-nity of the HR professionals.

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HR CommitteeCommittee Chair – Danil Krivosheyev (Antal Uzbekistan)

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Mr. Salikhov is a chair of Am-Cham FMCG Committee since April 2020. He is Corporate Af-fairs Director of Mars Wrigley business in the region of Cen-tral Asia, Kazakhstan, Caucasus, Belarus and Turkey since 2012. He has an extensive experience in stakeholder engagement,

industry and government relations as well as corporate communications. For more than 15 years, Pavel is focused to lead industry engagement with authorities and elevate regulatory landscape of the region. This includes ensuring complaint operational performance, navigating on business environment changes, leverag-ing corporate reputation and advocating on business and industry development priorities.

Mission

FMCG Committee will be established to set a response to changing investment

and regulatory landscape for companies producing and selling consumer goods (food, non-food, retailers). The Committee will invite all FMCG companies members of American Chamber of Commerce in Uzbekistan to align on industry blueprint, stakeholder engagement and evolution of the FMCG sector in Uzbekistan. We propose to compose it from local producers, im-porters, distributors, representative offices, non-resident companies and legal councils members of the AmCham in Uzbekistan.

The following priorities for 2020-2021 are proposed for the FMCG Committee:

• Highlight different policy dimensions and identify major growth enablers which will help driving and transform-ing the FMCG landscape (statutory, trade, regulatory and technical regulation);

• Highlight marketing trends in the con-text of changes in consumer technologies and behavior;

• Level up consumer IP rights awareness and support other AmCham Committees to leverage this topic forward;

• Showcase approaches and manage stakeholder engagements to overcome business challenges by proposing FMCG expertise and positioning on the key industry issues;

• Propose AmCham member-companies monitoring of regulatory changes and policy updates for the FMCG industry;

• Deliberate upon robust plans to help developing upstream and downstream suppliers in Uzbekistan;

• Identify opportunities to invite inter-national FMCG companies to invest in Uzbekistan.

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FMCG CommitteeCommittee Chair - Pavel Salikhov (Mars Wrigley)

Business Connections Semi-annual Report for Members 202026

COMMITTEE NEWS

Over the first half of the year, the Tax and Accounting Committee of the American Chamber of Commerce in Uzbekistan held a series of seminars on the new Tax Code adopted by the Government

of Uzbekistan in January 2020.

By virtue of the Law “On introduction of amendments and additions to the Tax Code of the Republic of Uzbekistan” of 30 December 2019 (Law), a new edition of the Tax Code has been approved. The new Tax Code is enforced from 1 January 2020. Below is the brief summary of the most notable changes introduced by Law:

• Tax preferences and benefits envisaged:

– by the previous edition of the Tax Code – are valid until 1 April 2020;

– by other legislative acts, including decisions of the President and the Cabinet of Ministers, issued before 1 January 2020 – are valid until their expiration date.

• Fully-fledged VAT refund, originating from the excess of recoverable input VAT over output VAT, will be carried out as of 1 July 2020;

• Regulations on taxation under the Production Sharing Agreements shall apply to the agreements concluded after January 1, 2020;

• Goods and services acquired at the expense of loans provided by internation-al and foreign state financial organiza-tions within the framework of projects approved prior to 1 July 2020, are exempt from VAT and excise tax;

• As of April 2019 Business Ombudsman was vested with a right to monitor the le-gitimacy of audits by state authorities. In accordance with the Law, until 1 January 2022, tax authorities should notify

Business Ombudsman on appointed tax audits.

• While period for carry-forward of tax losses has been extended to 10 years, tax losses generated before 1 January 2020 can be carried forward in accordance with previous rules, i.e. for a maximum of 5

years following the period of loss and total amount of such loss to be accounted for in each following year should not exceed 50% of taxable base of the current year;

• Regulations of new Tax Code on Transfer Pricing, Con trolled Foreign Corporations and Consolidated Group of Taxpayers will be enforced as of 1 January 2022;

• Provision of the Tax Code defining ‘controlling person of a foreign company’ as ‘legal entity or individual whose direct and/or indirect participating interest in a foreign company is more than 25%’ will become effective as of 1 January 2023; un-til that date participating interest amount shall be ‘50%’.

Please note that we are planning to issue a series of thematic publications with more details on significant changes intro-duced by the new Tax Code.

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Tax & Accounting Committee

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REGIONAL NEWS

REGIONAL AMCHAMS AGREED ON COOPERATION

Zarina Chekirbaeva (AmCham Kyrgyzstan), Sharaf Davlyatov (AmCham Tajikistan) and Tatyana Bystrushkina (AmCham Uzbekistan) met in Tashkent to discuss plans for region-al cooperation between the chambers.

The discussions included detecting of challenges hindering regional economic coopera-tion including intra-regional trade and finding opportunities for chambers to cooperate.

The members of the three business association face similar challenges in doing business and especially when it concerns to export and import of goods and services to/ from neighbors. The chambers agreed to use cooperative approach in improving connectivity among chambers and promoting their regional services.

The chambers representatives also shared their practices in the sphere of corporate gov-ernance and compliance, and arising challenges for local and foreign companies in the region during regional seminar organized by AmCham Uzbekistan jointly with the with the Center for International Private Enterprises (CIPE)

THE CENTRAL ASIA WOMEN’S ECONOMIC EMPOWERMENT

The first meeting of the Central Asia Women’s Economic Empowerment ( WEE) group organized with the support of Commercial Law Development Program was held in Turkey , Istanbul in March 2020.

The first meeting gathered 30 women –en-trepreneurs from Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan. The discus-sions covered legislative, institutional, technological, fiscal and social-economic constrains for women in SME sector. Par-ticipants focused on creation of regional business agenda for women- enterpre-neurs and creation of digital business plat-form to promote intra-regional trade, and the region and an exporter of goods and services of high quality.

Business Connections Semi-annual Report for Members 202028

NEW MEMBERS

A leader in international education, aca-demic exchange, and overseas language immersion, American Councils creates opportunities that prepare individuals and institutions to succeed in an increas-ingly interconnected world. American Councils provides overseas language immersion and cultural exchange op-portunities for students, professionals, researchers and government officials.

Founded in 1990, ANCOR company now one of the leaders of the staffing industry in Russia and the CIS. The company has over 40 offices across five countries: Rus-sia, Ukraine, Kazakhstan, Uzbekistan and Belarus. Consolidated revenue for 2018 exceeded RUR 14,3 bln.

ANCOR also operates in the global market in partnership with Randstad Holding.

Balton Trading Asia LLC is a leader in FMCG sector, the 1st national distributor with 25 years of successful work expe-rience in the import and distribution of consumer goods in the Republic of Uzbekistan.

Our distribution is actively developing, nowadays covering 13’000+ outlets di-rectly covering all regions of the country due to a team of 900 professionals and company management with international experience. The warehouse area of our company is 21’000 sq.m., equipped in accordance with requirements for storage of goods sold, of which 10’000 sq.m. are freezers and the rest 11’000 sq.m. are in the regions of the Republic. Every year, the logistics service processes up to 64,700 tons of orders, organizes their storage and further transportation. The assortment list represents more than 2000 positions, which allows us to be a stable and reliable partner for both suppliers and consumers and take leading positions in the market.

Balton Trading Asia LLC has unique port-folio of clients among the largest interna-tional companies. Famous brands: Nestle, Nescafe, Colgate, Oleina, Ideal, Mechta xozyayki, Shedroe leto, Impra, Flint, Kor-ovka iz Korenovki, Nefis Cosmetics, Karat.

Bechtel is a trusted engineering, con-struction and project management part-ner to industry and government. Since 1898, we have helped customers complete more than 25,000 projects in 160 countries on all seven continents that have created jobs, grown economies, improved the resiliency of the world’s infrastructure, increased access to energy, resources, and vital services, and made the world a safer, cleaner place.

Differentiated by the quality of our people and our relentless drive to deliver the most successful outcomes, we align our capabilities to our customers’ objectives to create a lasting positive impact.

We serve the Infrastructure; Nuclear, Security & Environmental; Oil, Gas & Chemicals; and Mining & Metals markets. Our services span from initial planning and investment, through start-up and operations.

Core to Bechtel are our values – ethics, safety, quality, people, culture, relation-ships, innovation and sustainability, and our covenants – integrity, respect, collab-oration, trust, and delivery. They are what we believe, what customers can expect, and how we deliver.

WWW.AMCHAM.UZ 29

Our solutions are focused on trade and logistics and are based on the energy and enthusiasm of all our employees. Every country, every branch and every DHL em-ployee has the opportunity to change the world for the better. But working at DHL is not limited to fulfilling official duties. It doesn’t matter who you are — a global manager or marketing assistant, whether you drive a forklift or fly an airplane — we always remember that it is you who are the foundation of our success. That is why we are working hard to ensure that your career is as successful as possible, and the work brings you pleasure.

OOO “Wings Distribution Company” is an official distributor of “Procter and Gamble” company in the Republic of Uzbekistan. WDC is a part of APPLECity Distribution Holding which is successful-ly developing last 25 years in the markets of Kazakhstan and Kyrgyzstan. Highly professional, well-motivated staff, well known brands, correctly set work, avail-ability of right infrastructure along with deployment of new technologies are key to our company’s success and effective-ness. We create and improve consumer and customer’s value by providing high quality products and services, contribut-ing to the development and prosperity of society.

Danone is represented on five continents and occupies a leading position in the fol-lowing areas of healthy food production: dairy products and plant-based products, bottled water and specialized nutrition, including nutrition for children in their early days. Danone is a leader in dairy products. The company manufactures products of such brands as Prostokvash-ino, Activia, Actimel, Rastishka, Tyoma, Danissimo, Danone, Biobalance, Actual, Smeshariki and others.

The combined Danone Specialized Nutri-tion portfolio offers solutions for healthy growth and development from the first days of life, as well as for young children with special needs. The company also offers nutritional support to people with diseases in adulthood and old age.

The main mission of our company in Uzbekistan is to develop and progress new and sustainable energy projects, which will serve as a catalyst for socio-economic development at both regional and nation-al levels.

«Epsilon Development Company» LLC (USA) within the framework of joint activities, the Foreign Enterprise “Epsilon Development Company” LLC has already commenced large-scale exploration within the Kultak-Kamashi, Mubarak, Surkhan, Ashibulak, Koskudyk and West Fergana investment blocks.

Phased exploration works with seismic surveys, drilling, prospecting and explo-ration wells, development of identified hydrocarbon deposits are envisaged. At the end of exploration and reserves approval, a field development program will be prepared for each field, and the best option for their development will be selected. Then a decision on the feasibility of building a gas processing plant will be made.

To ensure the preparation and processing of extracted volumes of oil, gas con-densate and gas (cleaning, drying and extracting liquid hydrocarbons), con-struction and reconstruction of a number of field facilities are planned: collection points, gas pipelines, oil pipelines, con-densate lines, booster compressor sta-tions, group metering units, oil treatment units, oil loading racks.

Business Connections Semi-annual Report for Members 202030

LEGISLATION

On 3 April 2020, The President of Uzbekistan signed another Decree on additional measures in response to the coronavi-

rus pandemic, which is mainly aimed to strengthen social protection of the population and ensure the stability in the economic sectors, as well as to provide support to businesses. In this issue we summarise the most notable measures introduced by the Decree.

TAXES

• VAT payers with monthly turnover of not more than 1 billion Uzbek soums (ap-prox. USD 105k) may report and pay VAT on a quarterly basis (instead of monthly) provided they use e VAT invoices.

• From 1 April 2020, taxpayers are allowed to apply VAT incentives provided by the decisions of the President and the Cabinet of Ministers, without adhering to the requirement that the resulting tax saving amounts are directed for specific purposes.

• Application of increased rates of Proper-ty Tax and Land Tax in respect of unused production facilities/ areas and non resi-dential property is suspended.

• Personal Income Tax (fixed) and Social Tax are waived for individual entrepre-neurs forced to suspend their activities due to quarantine measures.

• Micro firms, small businesses and indi-vidual entrepreneurs, that have suspend-ed their activities and (or) experiencing reduction in turnover of more than 50% compared to the average monthly turn-over for the first quarter of 2020, can apply for interest free deferral, until 1 October 2020, of tax payments, as follows:

– Turnover Tax, Property Tax, Land Tax and Water Use Tax with subsequent payment in equal installments within 12 months, and

– Social Tax with subsequent pay-ment in equal installments within 6 months;

• Importation of certain types of goods, including food supplies and hygienic products is exempt from Customs Duty and Excise Tax until 31 December 2020.

• Current rates of Excise Tax on alcohol, alcoholic beverages and sale of gasoline, diesel fuel and gas will not increase until 31 December 2020 (were to increase as of 1 April 2020).

• Advance payments on Corporate In-come Tax may be based on the expected income rather than actual results of the previous quarter.

• From 1 April to 31 December 2020, entities engaged in the tourism industry are exempt from payment of Property Tax and Land Tax, whereby Social Tax shall be paid at a reduced rate of 1 percent (general rate is 12%).

• Express tests imported for the detection of coronavirus infection are exempt from customs processing fee.

• Construction materials imported for construction of medical and quarantine institutions to combat coronavirus, as well as goods necessary for their opera-tion, are exempt from customs payments (including VAT) until 31 December

BANKS

• Central Bank is prescribed to take measures to simplify procedures for: ( i ) provision by commercial banks of defer-rals on loan repayments for legal entities and individuals, individual entrepreneurs facing financial difficulties; (ii) non application of penalties and collection measures on collateral for overdue loans on borrowers whose sure activities have been adversely affected by quarantine regime.

• The amount of interest accrued and deferred by commercial banks on loans is not viewed as income for taxpayer for the purposes of calculation of income tax in the period of deferral.

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Changes in 2020

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• Banks will be provided with additional liquid resources in the amount of 2.6 trillion Uzbek soums (approx. USD 270 mln .) by loosening of the requirements for mandatory reserves.

• A special mechanism to provide liquidity to commercial banks with a term of up to 3 years in the amount of up to 2 trillion soums (approx. USD 210 mln .) is

• Until the end of 2020, interest free loans or repayable financial aid should not be subject to adjustments for tax purposes (i.e. no imputed interest income shall apply).

PEOPLE

• Payment of childcare allowances and material aid expiring in March June 2020 to families with children, shall be extended for further 6 month period without any paperwork.

• The deadline for payment of administrative fines applied to persons placed under quarantine (with the exception of liability for violation of quarantine rules) are extended for the period until the end of quarantine.

CORPORATE

• A moratorium on initiating bankruptcy procedures and declaring bankruptcy of enterprises that have faced financial difficulties due to restrictive measures to combat the pandemic is introduced until 1 October 2020.

• Lease payments for the use of state property by business entities that have been forced to suspend their activities for the period of quarantine measures, are suspended.

• The amount of minimum prepayment by legal entities for us-ing gas and electricity, is reduced to 30 percent from 1 April 2020.

• The deadline for conducting a mandatory financial audit of 2019 financial statements is extended until October 1, 2020. Introduction of new requirement on mandatory annual audit for limited liability companies is deferred until 2021.

• The deadline for holding annual general meetings of share-holders based on the results of 2019 was extended until 1 October 2020. These is also an option to hold such meetings through video conferences.

• Until 1 October 2020, pharmacies are allowed to engage in wholesale of medicines, medical devices and other products manufactured “in house”.

***

If you interested in additional information, please contact PwC specialists working as part of a group serving your company, or any of the persons listed.

Business Connections Semi-annual Report for Members 202032

MEMBERSHIP LIST

PLATINUM MEMBERBAT UzbekistanIgor Kolesnikov 78-120-55-55CNH IndustrialAlisher Tangribergenov 78-120-74-50Coca-Cola Mes. Paz. Dan. San. Ve. Tic. A.S.Shadab Khan Ernst & YoungAnvar Azamov 78-140- 64-82General Motors InternationalJanos JendruszakHyatt Regency TashkentPuneet Tandon 71-207-12-34Hilton Tashkent CityMarco FienNestle Food LLCSergey Tratsevsky 78 1204226PwCOtabek Muhammadiev 78-120-61-01Sky Power Services Central Asia LLCSherzod Abidov 71 238-99-20UNITEL LLCSergey Afonin

GOLD MEMBERFE LLC Anglesey FoodHugo Minderhoud 71- 252-24-02 Balton Trading AsiaPhilipp Gorbunov 78 120 00 48BNZ Industrial Support LLCBrian Quigley 71-254-41-28Bureau VeritasTurgay Karaagac 78 129 19 29Central Asia Seed CompanyAzizkhan Akhmedov 71- 291-93-53Crowe TACVera Bell 71 235 92 45Daewoo Pack Co, Ltd.Kim Jong Ho 71-295-05-73Epsilon Development Company LLCHarry F.Eustace 71 231 0054/59Global Logistics Systems LLC (DHL)Jamshid Madjidov 78 120-55-25Hotel International TashkentSardor Malikov 78-120-70-00Hotel Radisson Blu TashkentAkmal Muratkulov 78-120-49-00Infranet Asia LLCLenur Mambetov 71-244 08 03KPMG Audit LLCSanjarbek Saidov 78-147-77-44Kinstellar LLCJoel Benjamin 78-150-62-22MAXAM Corp International, S.L.Miguel Camino 78 140 57 11OLSOFTEvgeniy Olevskiy 71-256-32-91Olmaliq Metall KonstruksiyaAzad SharapovPerspektiva Stroy Invest LLCUgur Akin 71-233-50-97S.Verenin’s Legal GroupSergey Verenin 78-150-15-06 Transcontinental JV LLCJanna Popkova 78-120-38-38

Wings Distribution Company LLCJamshed Kakhorov 78 147-18-88Wyndham Tashkent HotelIsmail Kalinci 78-120-37-00WCH Service bureauAlexander Tulupov 71-254-36-21Zarbuloq Inginiring LTD.Doniyor Yusupov _____

SILVER MEMBERAir Astana in UzbekistanYevgeniy Krutov 78-140-30-02ANCOR Central AsiaElena Tsepilova _____Brunel UBK LLCFilippo Fontanesi 71 205-12-04CIS International SchoolCari Bates 71 209-66-69Centil Law FirmZafar Malikov 78-120-47-78Deloitte va Touche LLCErkin Ayupov 78-120-44-45Frito Lay Manufacturing Vakolatxonasi(PEPSICO)Aidar Turmukhamedov 71-281-46-09“Grata” International Law FirmBakhodir Jabborov 71-230-24-22General Electric CompanySaidolim Artikov 71-205-02-81GROSS INSURANCE LLCAbduaziz Abdusattorov 71-232-23-05/06Ingo-Uzbekistan Insurance CompanyBakhtiyor Gaybullaev 78-150-99-99JV Indorama Kokand Textile LLCDeepak Raina 71-253-83-25JP Morgan Chase Bank N.A. UzbekistanTokhir Sultanov 71 239-17-26Silverleafe International LLCDan PattersonUnique PresentArsen Dlyanchev 78 150-84-84Winncom TechnologiesKhurshidkhudja Isokhudjaev 150-08-37

BRONZE MEMBERAction Group LLCEdu-ActionUmid Ishmukhamedov 78-148-86-86AFS-Research CompanyYuliya Bakhmatch +998 78 120 96 11AGESSA TECHNOLOGY GROUP LLC Murat Aksahin 71-207-74-74Agrico BV NLFeruza Tatybaeva 71-256-84-84Antal International Tashkent Xususiy Bandlik Agentligi LLCDanil Krivosheyev ______APEX INSURANCE LLCTimur Saidov 71 203-08-08Comfort Technologies OfficeZukhra Nazhmetdinova +998909964116Davinci Solutions LLCAnna Efimova 71-113-23-90Dentons TashkentEldor Mannopov 78-150-31-05

Education Standard Consulting GroupElena Sergeeva 71-268-75-44GOR Investment LTDMartin Dunkan Burgess + 99871 289 45 55Globalink Logistics GroupShabir Firdous 78-129-99-00Global Translation ServiceRuslan Daminov 78 120-95-23Grant ThorntonNematulla Karimov (71) 230-45-43Holos Ltd.Khalmurat Manaev 71-252-71-85/86Iberiasia TourFarkhod Sabirov 71 267 -69-46Legalmax Law FirmMukhammadali Makhmudov 78 150 83 60LEGATE law firmNigora Avazmukhamedova 71-244 00 20Kosta Legal Law FirmAzizbek Akhmadjonov 71 209-02-40/41Marvel Business Corporation LLCNematjon Askarov Mega Prodex LLCDilshod Turdiev. (71) 250-00-93Medical Online Services LLCFarkhod Abdullaev 71 276-62-53Mercury Service Events & Travel Management LLCMurod Makhmudov 71-235-77-71M&M Militzer & Muench UzbekistanKhurshid Kasimdjanov 78-140-00-03Move One LogisticsAtabek Alimdjanov 71-235-18-43MULTIVAC EXPORT AGMirzakhid Mirzaitdinov 71-237-57-02Oasis FES LLCDale Henry 95 142-82-40PETOŠEVIĆ LLCDjakhangir Aripov (78) 120 65 14Prae Legal Uzbekistan Davron Ahmadov 71 254-59-9995-198-21-12Pro Logistic Services SIANatalya Gorodetskaya 78 150-08-33Pinvin InvestKhilola Muminova 95 340-55-25RB ASIADoniyor Islamov 71 244-20-32Samarkand Beauty Soap Khwaja Zia Ahmed 71-262-00-12Softline InternationalAybek Arifdjanov 78-120-49-09Sitara International Ltd.Shiraz Poonja 71-281-41-48Stomatologiya BudushegoZafar Usmanov 71-232-20-22Turksib Magistral Jean Aydarov (78) 120 38 65UHY Tashkent LLC Audit organizationSarvarkhon Karimov 209-22-47209-75-79Zudlik TransDaniyar Yusupov 71 233-31-46

NON-PROFIT NON-VOTINGAMBiTHikmat Abdurakhmanov 71-269-93-39American Councils for International EducationWilliam O’Roark 71 262-60-20The British School of TashkentAdrian Macaulay 71-262-60-20Canadian ConsulateEldor Mannopov 71 252-10-05OSCEHans-Ullrich Ihm 98-140-04-68/ 69/70Tashkent International SchoolBill Kralovec 71-291-96-70/71/72Tashkent International ClinicMatthew Kuschel 71-291-01-42

HONORARY MEMBERSADBCindy Malvicini 78-140-19-20IMF Resident Representative OfficeGalina Kostina 71-233-42-43UNDPHelena Fraser 78-120-34-50, 120-34-51World Bank Country Office / IFCHideki Mori 71-238-59-50, 71-238-59-28IFCZafar Khashimov 78-120-24-54, 78-120-24-45

NON-RESIDENTAggreko Eurasia Limited Liability CompanyAlex Jean de Valukhoff +7 495 785 48 70“Besan Besin Sanayi ve Ticaret Anonim Sirketi” Branch in Azerbaijan RepublicAhmet Canli +99412 4881042TOO “ DANONE BERKUT”Gilles Bourlot___________Dow Europe GmbH Representative officeArthur Eritspokhov +7 495.663.7984Mars Kazakhstan LLPPavel Salikhov +77272588005Oracle Nederland B.V.Stanislav Nikishkin +74956411400Procter & Gamble Turkey, Caucasus and Central AsiaTankut Turnaoglu +90 216 463 80 00TEXTRON RUSAlexandr Jabenko +74957822189

NON-RESIDENT – NON – PROFIT Dr. Gregory GleasonMinistry of Defense AdviserUzbek Academy of Armed Forces +998 90 370 0186

INDIVIDUALIlkhom Khodjakulov +49 175 9973902Benjamin Schneider

Мacroeconomic INDICATORS January — December 2019

GDP FIXED-ASSETINVESTMENT

For more information contact AFS-Research office:

Phone: E-mail:Web site:

+(998 71) 120 96 11info@afs-research.comwww.afs-research.com

33.9%5.6%

RETAIL TURNOVER

7.9%UZS

INDUSTRIALOUTPUT

AGRICULTURAL PRODUCTION

2.5%8.9%

CONSTRUCTIONWORKS

17.9%

IMPORTS EXPORTS

28.0%24.9%

FOREIGN TRADETURNOVER,mln USD

26.2%

TRANSPORTATIONOF GOODS, bln t-km

SERVICES

12.5%2.2%

AMCHAM BENEFITS

Benefits Platinum Gold Silver Bronze

Access to exclusive events with a high-ranking US officials

1 complementary full-page advertisement in Business Connections per year

Corporate news featured in AmCham newsletter

Preparation of recommendations (white papers) to drive policy in certain areas

Advocacy and Lobbing

Company logo on homepage of AmCham website

Eligible to be elected to BOD

Eligible to vote at General Assembly

Round tables with the GoU

Exclusive meetings with visiting delegations and investors

1 complementary half-page advertisement in Business Connections per year

Company name, profile and logo listed in annual members directory, bro-chure, and website

Company name and profile listed in annual members directory, brochure, and website

Eligible to be selected to position of committee chair

Access to GoU contacts/ Regular Dialogue

Regional Business Contacts

E-newsletter Advertising

Eligible to participate in AmCham committees

Access to resource library with market reports, white papers, board and committee minutes, etc.

Access to all other events / services of normal membership

Number of delegates allowed to participate at regular AmCham events 3 3 2 1

Business and Social networking

Reliable market information

Sponsorship opportunities (with the aim to promote your company)

Member 2 Member Discount Program

Company name listed in annual AmCham members directory, brochure, and website

Weekly E-newsletters & information on Tenders

Participants in the Trade Missions 3 3 2 1

Number of corporate emails in AmCham circulation list 4 3 2 1

APPLICATION FOR CHAMBER MEMBERSHIPChamber Membership Categories

Membership Category Qualifications Annual Dues

Vo

tin

g M

em

be

rs 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

oti

ng

me

mb

ers

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

BRONZE Annual worldwide revenues less than $5m USD 800

NON-PROFIT Registered as a non-profit organization USD 800

NON-RESIDENT Organization with no local rep-resentation/registration in Uzbekistan USD 1,500

All categories give the member access to a full range of services and benefits in-cluding 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 calendar year. Enrollment is prorated by the number of months remaining in the calendar year.

Type of membership Annual Dues Type of membership Annual Dues

Platinum USD 4,000 Bronze USD 800 Gold USD 3,000 Non-profit USD 800 Gold USD 1,500 Non-resident USD 1,500 Silver USD 1,000

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

Name of company

Address

Tel. Fax E-mail

Head of firm in Uzbekistan:

Name Title / Position

Representatives (voting if American Company)

(first alternate)

(second alternate)

3. Nationality of parent company:

US Uzbekistan Other (please specify)

Place and Date of Incorporation

4. Type of company in Uzbekistan:

Manufacturing facility Sales/Representative office 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. Annual revenue:

less than USD 100,000 USD 100,000–500,000 USD 500,000–1,000,000

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.

Container, wagon, truck, air shipments

Daniyar Yusupov

Phone: +998 97 480 73 00

Insurance Industry

Miraziz Khidoyatov

Phone: +998 90 968 93 30 Fax: +998 71 232 23 07

Email: miraziz.khidoyatov@gross.uz

Household goods Moving and Cargo Logistics services

Atabek AlimdjanovCountry manager

Phone: +998 71 235 1843 Fax: +998 71 235 7390

Email: Atabek.alimdjanov@moveoneinc.com

Zudlik-Trans LLC

Discount: 15%

Date this service is valid: 2020/12/31

GROSS INSURANCE LLC

Discount: 15-25% discount dependingon the type of insurance product

Date this service is valid: 2020/12/31

Move One Logistics

Discount: 7% discount for moving and 5% for logistics services

Date this service is valid: 2020/12/31

WWW.AMCHAM.UZ 37

Mukhammadali Makhmudov

The Intellectual Property Rights (IPR) Committee is created to work closely with the government of Uzbekistan on providing recommendations, assisting in drafting legislation etc. to improve IPR practices in Uzbekistan and attract investment.

Shabad Khan

Membership Committee looks to not just attract new candidates for membership in Am-Cham but also how to best serve the existing members.

Nodira Yadgarova

Corporate & Social Responsibility Committee meets to review and discuss the ways in which the business community can best serve its many stakeholders including those in need.

Danil Krivosheyev

To unite community of the HR professionals and ex-ecutives among Amcham members, in order to devel-op best practice of people management in Uzbekistan and facilitate labor regulations.

Shakhnoza Sattikulova

Tax and Accounting Committee meets on a regular basis bringing together a dynamic group of senior professionals from the leading auditing companies, multinationals, and tax specialists.

Farrukh Abdullakhanov

Increasing awareness of Governance, Risk, and Com-pliance instruments and methods, benchmarks and trends in the sphere of anticorruption and bribery, risk management, and corporate governance.

Vera Bell

Trade and Investment Committee meets and engages with the major issues faced by local and foreign investors as well as those dealing with commercial matters.

Olessya Kirilovskaya

The Legal Committee is dedicated to establish a plat-form to address regulatory and legal issues affecting the investment climate in Uzbekistan. The Legal Committee also aims to provide members with the opportunity to keep up to date with the key changes and developments in the legislation.

Omon Muminov

Digital Transformation Committee is created to help members to get acquainted with the latest digital and technological trends.

Pavel Salikhov

The Committee invites FMCG companies’ members of American Chamber of Commerce in Uzbekistan to align on industry blueprint, stakeholder engagement and evolution of the FMCG sector in Uzbekistan.

Puneet Tandon

Tourism & Hospitality Committee brings together on a regular basis the many members in the hotel - tourism sector, with the focus being on how to improve service, deal with issues and contribute to the sector’s growing importance.

Chairs of AmCham Committees 2020 INTELLECTUAL PROPERTY RIGHTS COMMITTEE MEMBERSHIP COMMITTEE

CORPORATE & SOCIAL RESPONSIBILITY COMMITTEE HUMAN RESOURCE COMMITTEE

TAX & ACCOUNTING COMMITTEE CORPORATE GOVERNANCE COMMITTEE

TRADE & INVESTMENT COMMITTEE LEGAL COMMITTEE

DIGITAL TRANSFORMATION COMMITTEEFAST-MOVING CONSUMER GOODS COMMITTEE (FMCG)

TOURISM & HOSPITALITY INDUSTRY COMMITTEE

Business Connections Semi-annual Report for Members 202038

Board of Directors 2020 JOIN US ON SOCIAL MEDIA

WWW.AMCHAM.UZFACEBOOK @amchamuzLINKEDIN American Chamber of Commerce in UzbekistanINSTAGRAM @chaamerican

PRESIDENTHugo Minderhoud

FE LLC Anglesey Food

Janos Jendruszak

General Motors International

Otabek Muhammadiyev

PwC

VICE-PRESIDENTShadab Khan

Coca-Cola Uzbekistan

EXECUTIVE DIRECTORTatyana Bystrushkina

Puneet Tandon

Hyatt Regency Tashkent

TREASURERVera Bell

Crowe TAC

Eric Salzman

Ex-Officio BOD member U.S. Embassy in Tashkent

Anvar Azamov

Ernst&Young

SECRETARYIgor Kolesnikov

UzBAT

PRESIDENT EMERITUSDonald Nicholson II

SEAF-SME Investment Management

Joel Benjamin

Kinstellar LLC

A N N U A L R E P O R T F O R M E M B E R S 2 0 2 0

Business Connections is semi-annual and annual reports for members that are published 2 times a year for American

Chamber of Commerce in Uzbekistan.

Executive Director:Tatyana Bystrushkina

Editorial Board:Donald Nicholson II, Hugo Minderhoud, Tatyana Bystrushkina,

Ekaterina Erarslan, Angie Cairns, Jean Henry, Igor Fedorov, Zarina Ashurova, Diyorbek Baymatov

Contributing Authors:Donald Nicholson II, Tatyana Bystrushkina, Julia Bakhmatch, Olessya Kirilovskaya, Zarina Ashurova, Hilola Suleymanova,

Anna Efimova, Filippo Fontanesi, Danil Krivosheyev

Address: 4B, Afrosiab Street, Tashkent, Uzbekistan, 100031

Phone: +998 (78) 140-0877E-mail: amcham.director@amcham.uz

Website: www.amcham.uz

The AmCham Uzbekistan and authors declare that they have compiled this document carefully and to the best of their

knowledge. However, no warranty 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 considered to be a subject of mass communication and may be

distributed free of charge without registration among limited number of entities and individuals.

Designer: Davron Abdullaev

Printed by Print-XUzbekistan, Tashkent,Yakkasaray District,

Bogsaroy Steet, 43/110,100031

Phone: +998 (71) 2525667