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Uzbekistan Lessors Association holds general meeting in Tashkent
Uzbekistan Lessors Association held a general meeting on 21 February to sum up the results of activity in 2010 and foreground directions of leasing market development for 2011. The meeting drew representatives of leasing companies, banks, microcredit organizations and other representatives of leasing sphere.
Today leasing is an effective mechanism for investing into production capacities modernization, private entrepreneurship expansion and creation of competitive production on its basis. Our country has a favorable market infrastructure, legislative basis both for lessors and lessees.
The work done in this direction resulted in annual growth of leasing operations volume in Uzbekistan’s GDP structure. Moreover the number of leasing market players, including banks, leasing companies and credit unions engaged with leasing operations, is constantly increasing.
During the event Zafar Mustafaev, Director General of Uzbekistan Lessors Association, reported about pressing tendencies of leasing market development and noted continuing growth of the volume of leasing services.
First Regional Leasing Fair in Samarkand became one of the most important events of leasing services market in 2010. The success of this Fair is another proof that leasing has become a convenient tool for further development of productions of large enterprises and small business in our country.
As Mr. Mustafaev stressed, there was a huge work done in 2010 to introduce wide public to Lessors Association’s activity and leasing market in Uzbekistan. In particular, Central Asia Finance (London) published an article about Uzbek leasing market in a special edition dedicated to Annual ADB meeting in Tashkent.
Moreover, presentation dedicated to Association’s activity was held in Tashkent International Insurance Forum, Annual Board meeting of IDB in Azerbaijan, World Leasing Convention in Turkey.
A representative of SAIPRO Information Rating Agency delivered presentation at general meeting of Uzbekistan Lessors Association. The presentation of Dilshod Sultanov, Director of IRA SAIPRO Department of Financial Analysis and Rating, sparked vivid attention among participants of the event.
Mr. Sultanov emphasized that rating is a universally recognized indicator used by creditors and investors and it is an additional proof of leasing company’s solvency during the emission of bonds and other debentures, it increases opportunities in attracting additional funds. Moreover, rating gives additional advantage in comparison with other leasing companies that do not have financial reliability rating.
Mr. Sultanov also highlighted that, following IRA SAIPRO methodology, main criteria for assessment of leasing company’s financial state are business activity, quality of assets, liquidity, profitability, state of leasing and credit portfolio.
In the end the participants noted that one of main priorities of the Association for 2011 are the conduct of Regional Leasing Fairs in regions of the country, the conduct of Tashkent International Leasing Forum, participation in the World Leasing Forum in Poland, rating of local lessors, developing and publishing leasing encyclopedia, more active work with mass media both in the domestic and foreign markets.
