3rd Tashkent International Leasing Forum wraps up

3rd Tashkent International Leasing Forum wraps up


The 3rd Tashkent International Leasing Forum (TILF-2011) has ended its effective work. The forum took place in the Uzbek capital during 28-30 April this year.

TILF-2011 was organized by the Uzbekistan Lessors Association and SAIPRO Information Rating Agency with the official support provided from the Chamber of Commerce and Industry of Uzbekistan and Media XPRIMM (Romania). UzbekLeasing International A.O., a leading Uzbek leasing company, held the status of the Forum’s general partner.

The event was attended by top managers and specialists of foreign and national leasing companies, banks, insurance companies, enterprises producing and supplying various types of machinery and equipment to leasing companies, other representatives of the sphere of leasing services, ministries and departments, state and public organizations, heads of foreign financial market regulators, national and international associations of different financial institutions.

Deputy Chairman of the Senate of Oliy Majlis of the Republic of Uzbekistan Mavjuda Radjabova delivered a welcoming speech in the opening of the Forum. She told about the priority direction of the economic policy pursued in the country, noting that the reforms carried out in Uzbekistan, aimed at building legal democratic state and formation of civil society, evoke vivid interest of community, including abroad.

At the same time, the Concept of further deepening democratic reforms and formation of civil society in the country, proposed by the President of Uzbekistan Islam Karimov on 12 November 2010 at the joint session of the Legislative Chamber and the Senate of Oliy Majlis, gave a new impulse to further gradual development of the country and formation of market economy.

“Great attention in the Concept is drawn to creation of financial institutions with attraction of private capital, including leasing companies,” M.Radjabova said. “Improvement of the normative and legal base regulating this segment of market occupies special place in this context. This event is another contribution to further prosperity of the homeland and increase of the country’s authority at the international level,” she added.

The sphere of leasing services is today one of the rapidly developing sectors of the Uzbek financial market. The role of leasing companies in the development of various branches of the country’s economy is growing from year to year, Deputy Finance Minister of Uzbekistan Mubin Mirzaev noted in his welcoming speech at the TILF-2011. Considering the importance of leasing services in the development of economy, the Government of Uzbekistan is paying special attention to the creation of favorable conditions for the development of leasing sphere in the country, he said.

Further development of the leasing market in Uzbekistan is connected with a number of factors, one of which is favorable legislative environment and opportunity of beneficial investments in leasing companies, M.Mirzaev underscored. The high growth rates of economy in the recent years, as well as macroeconomic stability in the country are stimulating significant demand for leasing services, which shows the available high and rapidly growing potential of the market of leasing services, he added.

“Taking into account the current state of the leasing sector of Uzbekistan, I hope, today’s Tashkent International Leasing Forum will serve to further active utilization of the leasing market’s potential the country, and will become an effective and traditional platform for all foreign participants of the forum,” M.Mirzaev emphasized.

Head of World Bank Country Office in Uzbekistan Takuya Kamata also spoke in the opening of TILF-2011, noting the vital role of leasing sector in the effective development of the country’s economy.

“Having regard to the importance of leasing for small business and private entrepreneurship, as well as for economy as a whole, the World Bank is rendering considerable assistance in the formation and enhancement of leasing market worldwide. Thus, we have invested over $1 billion in 100 leasing companies all over the world. World Bank is extending its support to the leasing market of Uzbekistan as well,” T.Kamata noted, adding that he was pleased to participate in such a big event as TILF-2011 as a representative of the World Bank.

Priority goal of the activity of the Islamic Corporation for the Development of Private Sector (ICD) is support of economic development of the Corporation’s member countries through rendering financing to the private sector. The Corporation also provides consultations to public and private sectors in the implementation of programs on privatization and restructuring of companies, ICD Chief Executive Officer Khaled Al-Aboodi said in his opening remark at TILF-2011.

“Our Corporation attaches great importance to the promotion of further development of the leasing market of Uzbekistan,” he added. “The international leasing forum taking place in Tashkent is once again demonstrating the role of leasing sector for the country’s economy”.

Chairman of the Chamber of Commerce and Industry of Uzbekistan Alisher Shaikhov in his turn congratulated participants of TILF-2011 with such a remarkable event in the life of leasing community. He noted that TILF-2011 is very important for lessors and their customers, as the event is an effective platform for constructive dialogue of foreign and local representatives of the leasing market.

“Considering the potential of Uzbekistan’s leasing market, I would draw a conclusion that it will develop further with dynamic rates, which will entail the introduction of new types of leasing services, while leasing companies will be listed in international stock exchanges with time,” A.Shaikhov said.

Anastasiya Maryina, IFC Azerbaijan-Central Asia Financial Markets Infrastructure Advisory Services Project Manager, had a welcoming speech at the TILF-2011 opening ceremony, noting that leasing has been an important source of medium and long-term financing for companies, both in developed economies, and in countries with economies in transition.

In a major effort to strengthen the leasing industry in Azerbaijan, Kyrgyzstan, Tajikistan and Uzbekistan; in 2005, IFC in partnership with the Swiss State Secretariat for Economic Affairs (SECO) launched the ACALF Advisory Services activity – a three-and-half-year project that aimed to improve private sector economic growth, increase access to finance and create employment through the development of leasing. It should be noted that this project contributed to a market growth in leasing in Azerbaijan and Central Asia of $275 million. Its participating financial institutions have engaged in more than $147 million in leasing transactions since working with the project and have implemented 134 new policies and procedures.

“For the period of work in Uzbekistan our specialists have established solid mutually beneficial relations with the Uzbekistan Lessors Association, and currently ULA is official partner of the IFC in the development of leasing,” A.Maryina added.

On the first day of the Forum’s work, participants started the first section with topic “Trends and prospects of the global leasing market and markets of separate countries”. Moderated by Director General of Uzbekistan Lessors Association Zafar Mustafaev, it featured presentations by the latter on “Trends and prospects of Uzbekistan leasing market development”, as well as Pavel Ageenkov, Head of the Belarus Association of Leasing Companies, who spoke on “Belarus leasing services market”, and Zubir bin Harun, Executive Director of Dynamic Home Pro Sdn Bhd (Malaysia), who delivered report on the “Challenges of tapping opportunities in an emerging market”.

The second section covered the “Development and dynamics of separate directions of leasing activity at international and national levels”. It was moderated by General Manager and Chief of Commerce and Transport Department of ORIX Leasing Pakistan Limited (Pakistan) Arshad Abbas. Nodir Khaidarov, Director General of Taiba Leasing LLC FE, conducted the presentation of Taiba Leasing, while Nodir Otajonov, Chairman of Board of Uzselkhozmashlizing leasing company, spoke of “Peculiarities of giving machinery on lease in the agriculture of Uzbekistan”. Igor Szabados, Director for Business Development in CEE, CIS and Turkey of CASSIOPAE (Hungary), told about the “Effectiveness with global leasing solutions”. Timur Umarov, Chairman of Board of Qurilish Lizing leasing company, made a report on the “Features of rendering leasing services in supplies of building machinery, small mechanization facilities and service organization”. Finally, Azamatbek Umarov, Director of Uzavtosanoatlizing leasing company, told about the “Market of leasing services of commercial transport”.

A press briefing dedicated to the inauguration of the new leasing company in Uzbekistan – Taiba Leasing – took place on 28 Aril in Uzbek capital within the framework of the 3rd Tashkent International Leasing Forum.

Taiba Leasing Ltd foreign enterprise started its activity in Uzbekistan in March 2011. The company is a 100% subsidiary of the Islamic Corporation for the Development of Private Sector (ICD), a part of the Islamic Development Bank (IDB).

Taiba Leasing was founded with the aim to render a wide range of leasing services in Uzbekistan. Priorities of the company are assistance to the development of economy through the financing of small- and medium-sized enterprises, introduction of new financial tools, financing of small and medium businesses producing competitive export oriented goods and having a high level of production localization.

Taiba Leasing is aimed at rendering lease services compliant with Shariah rules in the market of Uzbekistan. Only resident companies from private sector are eligible. The company offers financing both in Uzbek soums and in hard currencies. Leasing installments for equipment leased in hard currencies are to be repaid in Uzbek soums at the Central Bank of Uzbekistan exchange rate.

All types of equipment, machinery and motor vehicles for productive and business purposes under the small and medium industries for all sectors of economy are eligible. The suppliers eligible to be contracted must be the legal entities that are the producers of the equipment to be leased or the official (authorized) dealers of such producers.

Uzbekistan joined the ICD in 2004. The corporation’s main goal is support of the economic development of its member states through rendering financing to the private sector. Besides, ICD provides consultations to public and private sectors in the implementation of programs on privatization and restructuring of companies.

The third section of the Forum’s second day featured presentations on the “Models of cooperation among suppliers, leasing, insurance and other financial organizations”. Chief of the State Insurance Supervision Inspectorate under the Ministry of Finance of Uzbekistan Olimjon Ikramov moderated the section and gave information on the “Insurance market of Uzbekistan and perspectives of its further development and improvement”.

Hikmat Abdurakhmanov, Head of the Representative Office of Uzbek-China Trade House, spoke on the “Models of cooperation among suppliers of machinery, equipment and various financial organizations”. Elchin Ahmadov, Chairman of Board of the Azerbaijan Association of Leasing Companies, made a presentation on the “Azerbaijan leasing sector overview – development and prospects”. Bahadir Halbaev, Director General of Asko Vostok insurance company, unveiled “Peculiarities and advantages of cooperation between insurance and leasing companies”, while Nematulla Karimov, Director General of Grant Thornton audit company, told about the “Importance of audit for leasing companies – requirement or necessity”. Deputy Head of the Representative Office of Yili Star-River Trade and Business Co. Ltd Begzod Sharafutdinov’s speech touched upon the “Opportunities and peculiarities of construction and road machinery supplies on lease”.

On the same day, the Forum featured the fourth section on the “Financial opportunities: search and ways of their solution” that was moderated by Djeyhun Nagiev, Chief Manager of Ansar Leasing Company LLC (Azerbaijan). Acting Director General of the Center for Securities Market under the State Property Committee of Uzbekistan Askar Obidov spoke about the “Financial stability of leasing companies in the securities market”.

Other speakers in the section included: Shukhrat Makhmudov, Deputy Chief of Department of Asaka state joint-stock commercial bank, “Asaka bank – a player in the leasing market”; Botir Yusupov, Deputy Director General of UzbekLeasing International company, “Opportunities for expanding the resource base of Uzbekistan leasing companies”; Flora Ibragimova, Deputy Chairman of Board of Ipak Yuli bank, “Directions of the development of leasing in Ipak Yuli bank”; and Umidjon Komilov, Director of Trast Leasing LLC, “Search and ways of expanding financial capacities of leasing companies”.

As is well known, public recognition, which entails successful competition of any goods, creates authority for a company, while its services get a chance to develop further and yield profit. In order to promote the increase of the level of information distribution among entrepreneurs and the country’s population on leasing services and their opportunities a public award in this field has been instituted in Uzbekistan.

The «Golden Briefcase» is a public award that is conferred annually in the sphere of leasing activity. The ceremony of rewarding is held on results of a contest based on the criteria developed by the specialists in the sphere of leasing activity, as well as heads of the largest local leasing companies.

The «Golden Briefcase» public award in the field of leasing activity has been founded by SAIPRO Information Rating Agency. The contest is conducted with the support of Uzbekistan Lessors Association, Chamber of Commerce and Industry of Uzbekistan, Public Fund for Support and Development of Independent Print Mass Media and Information Agencies of Uzbekistan, Tashkent Finance Institute and other interested organizations.

The «Golden Briefcase» award is intended to encourage succeeding representatives of the leasing services market community and promote the increase image of the organizations rendering leasing services.

It is also aimed at ensuring transparency of the domestic market of leasing services through attraction of a wide range of mass media for a broad information support of this industry and the best achievements in the field of leasing services. One of the important tasks of the award is development of business and cultural ties among the professional participants of the leasing market of Uzbekistan, both in the country and abroad.

The «Golden Briefcase» award is assigned in the following nominations: «Leader on the dynamics of leasing activity development», «Best participants of leasing market in the field of popularization of leasing», «Best head of leasing company of the year», «Best specialist in the field of leasing services».

Professional participants of the leasing services market of Uzbekistan and mass media working actively in this market, as well as persons who show their worth in this sphere of activity can pretend to win the «Golden Briefcase» award. Winners of the award get the «Golden Briefcase» Diploma in the field of leasing activity.

Solemn ceremony of awarding the winners of the «Golden Briefcase» public award in the sphere of leasing services on results of 2010 took place within the framework of the 3rd Tashkent International Leasing Forum.

Uzselkhozmashlizing (Uzbek agricultural machinery leasing) company was recognized the «Leader on the dynamics of leasing activity development» in 2010. Uzavtosanoatlizing (Uzbek automobile industry leasing) company was named as the «Best participant of leasing market in the field of popularization of leasing». Director General of UzbekLeasing International A.O. Zafar Mustafaev obtained diploma as the «Best head of leasing company of the year 2010». Department Chief of Qurilish Lizing (Construction leasing) company Saidbek Karimbekov has become the «Best specialist in the field of leasing services».

After the business program of the 3rd Tashkent International Leasing Forum its participants traveled to the historical city of Samarkand to acquaint with the ancient city’s sightseeing.

So, TILF-2011 has confirmed its importance for the leasing community and promoted further strengthening of business ties among the representatives of the international leasing market, as well as national and foreign representatives of the leasing business.

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