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« Tendencies and perspectives of development of Uzbekistan leasing market » Z.B. Mustafaev General Director of Uzbekistan Lessors’ Association II ANNUAL INTERNATIONAL CONFERENCE September 21-23 , 2011. Agenda. Macroeconomic indicators of Republic of Uzbekistan during independence years

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« Tendencies and perspectives of development of Uzbekistan leasing market » Z.B. Mustafaev

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Tendencies and perspectives of development of uzbekistan leasing market z b mustafaev

«Tendencies and perspectives of development of Uzbekistan leasing market»

Z.B. Mustafaev

General Director of Uzbekistan Lessors’ Association

II ANNUAL INTERNATIONAL CONFERENCE

September 21-23, 2011.


Agenda

Agenda

  • Macroeconomic indicators of Republic of Uzbekistan during independence years

  • Leasing sector of Uzbekistan: current state and perspectives of development

  • Case study: analysis of development of leasing sector by example of “Uzbek Leasing International A.O.”


Republic of uzbekistan

Republic of Uzbekistan

Location:Central Asia

Neighboring countries: Turkmenistan, Afghanistan, Kazakhstan, Kyrgyzstan, and Tajikistan.

Population: More than 28 million.

Main export commodities: cotton,foodstuff, chemical products, natural gas,plastic material and goods from plastic,metal, automobiles, equipment and others.


Major outcomes of economic reforms in uzbekistan

1.Sustained high rates of economic growth (7-9% per annum on average),fueled mainly by the internal factors, have been provided:

Major outcomes of economic reforms in Uzbekistan


Major outcomes of economic reforms in uzbekistan1

2. Macroeconomic stability, internal and external balance of the economy have been ensured:

Major outcomes of economic reforms in Uzbekistan

Foreign trade balance (USDmln.)


Major outcomes of economic reforms in uzbekistan2

3. Expansion of export potential and diversification of export structure:

Major outcomes of economic reforms in Uzbekistan


Tendencies and perspectives of development of uzbekistan leasing market z b mustafaev

Major outcomes of economic reforms in Uzbekistan

Share of main sectors of economy in GDP (in % to GDP)


Tendencies and perspectives of development of uzbekistan leasing market z b mustafaev

Dynamics of leasing share in GDP and in total capital investments


Leasing sector tendencies

Leasing sector tendencies


Dynamics of lease operations development for 1996 2010 years

Dynamics of lease operations development for 1996-2010 years.

* One-time operation on leasing 4 aircrafts by National bank of Uzbekistan for Foreign Economic Activity is not included

mln. USD


Dynamics of lease portfolio

Dynamics of lease portfolio

Billion UZS


Stages of development of leasing market in uzbekistan from 1991 to 2010 years

Stages of development of leasing market in Uzbekistan from 1991 to 2010 years

1st stage: 1991 -1999 years.

Implementation of international mechanisms and

formation of legal base for lease operations.

2nd stage: 1999 -2005 years.

Improvement of legal base for lease operations and establishment of leasing market.

3rd stage: 2005-2010 years.

Popularization of leasing andformation of competitive environment in leasing market.


What are the benefits of leasing in uzbekistan

What are the benefits of leasing in Uzbekistan?

  • Leasing equipment is exempted from VAT and customs fees

  • Lease object is exempted from paying property tax

  • Lease payments are exempted from paying VAT

  • Decrease of taxable amount of turnover to the amount of payable interest

  • Leasing service ventures are exempted from paying profit tax until January 1, 2012 year


Inflow of private and foreign capital into the leasing market

Inflow of private and foreign capital into the leasing market

Number of leasing companies


Structural reorganization of lease objects

Structural reorganization of lease objects


Distribution of lease transaction by types of fixed assets

Distribution of lease transaction by types of fixed assets

2011 year


Distribution of lease transaction by types of technological equipment

Distribution of lease transaction by types of technological equipment

2011 г.


Uzbekistan lessor s association

Uzbekistan Lessor`s Association

Established in 2005

  • Advocate member interests in interaction with government authorities;

  • Cooperation in elaboration of legislative base regulating lease services;

  • Assistance in business activity of entrepreneurs by means of promotion leasing services;

  • Facilitation of professional development of members;

  • Currently, there are 33 members of Association:

    • - 24 leasing companies;

    • - 9 commercial banks


Proposals by association on improvement of the legislation base of leasing services

Proposals by Association on improvement of the legislation base of leasing services

  • In Civil Code and Law on Leasing – implementation of secondary leasing mechanism;

  • In Law on Leasing – specify that lease object can be accounted on balance of Lessee except when Lessee is private entrepreneur;

  • In Law on Leasing – expand the types of pledge securities as provision under leasing projects;

  • Subordinate legislation – consider back-lease not as realization of property


Top list by first half of fy2011

Top list by first half of FY2011

Top 5 Leasing Companies

  • Uzqishloqxujalikmashlizing (66,6 billion sums)

  • Uzavtosanoatlizing (30,6 billion sums)

  • Uzmeliomashlizing (19,1 billion sums)

  • Uzbek Leasing International (18,4 billion sums)

  • Qurilishlizing

    (8,9 billion sums)

Top 5 Banks

  • Microcredit bank – 26,4 (billion sums)

  • Aloqa bank– 23,7 (billion sums)

  • Asaka bank – 11,9 (billion sums)

  • Ipoteka bank– 9,0 (billion sums)

  • Khamkor bank– 6,1 (billion sums)


Tendencies and perspectives of development of uzbekistan leasing market z b mustafaev

Ассоциация лизингодателей Узбекистана

More than 150 participants from 15 countries

World Bank, IFC, ICD and others.

For more information:www.tilf.uz


Reasons for decreased volumes of leasing services

Reasons for decreased volumes of leasing services

  • Limited access to funding sources both in national and hard currencies;

  • Leading rates of GDP increase;

  • Implementation of custom duties on special construction vehicles;

  • Insufficient pledge property of leasing companies for provision under bank loans security

  • Strong competition among leasing and bank loans


Tendencies and perspectives of development of uzbekistan leasing market z b mustafaev

Shareholders:

  • EBRD

  • IFC

  • Maybank

  • (Malaysia)

  • NBU


Tendencies and perspectives of development of uzbekistan leasing market z b mustafaev

Uzbek Leasing International A.O.

  • First Leasing Company

  • Operations on the leasing market since 1996

  • Solid shareholders

  • Application of international standards in accounting and operational activity

  • Over 400projects were successfully financed for total amount of 70 millions of US dollars

  • Internal funds, credit lines from NBU, Maybank, IFC, EBRD, ICD, bank Asaka and export-credit agencies


Lease portfolio of uzbek leasing international a o

Lease portfolio of Uzbek Leasing International A.O.


Sectors of economy financed by uzbek leasing international a o

Sectors of economy financed by Uzbek Leasing International A.O.


Prerequisites for development of leasing sector

Prerequisites for development of leasing sector

Existing demand for mini technology by SMEs

Modernization, technical and technological improvement of industrial sector such as: machine-building, chemical, oil/gas and others.

Development of sectors with high potential to grow and potential export volumes such as: electro-technical, textile, food processing, tourism and etc.

Realization of transport-communication projects, construction and reconstruction of road infrastructure, development of roadside infrastructure contributes to increase of leasing volumes in such spheres as: motor vehicle, special vehicle, road construction machines and others.

Existing tax benefits


Our address

Our address:

4th Floor, International

Banking & Finance Center

1, Beshyogoch Street

Tashkent, 100066

Republic of Uzbekistan

Tel.: (+998 71) 120-02-02

(+998 71) 140-77-44

(+998 71) 140-77-46

Fax.: (+998 71)140-37-74

E-mail: [email protected]

www.uzbek-leasing.com

www.ula.uz


Tendencies and perspectives of development of uzbekistan leasing market z b mustafaev

Thank you for attention!

www.ula.uz


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