Development of trade finance discussed in Uzbekistan
11/05/2018 10:08
Development of trade finance discussed in Uzbekistan
11/05/2018 10:08
Tashkent, Uzbekistan (UzDaily.com) -- On 10 May 2018, Tashkent hosted a seminar “Trade finance as a key factor in supporting trade”.
The event attracted representatives of public and private sectors and directed at exploring opportunities for introduction of trade finance instruments in Uzbekistan.
The seminar was organized by the Ministry of Foreign Trade of the Republic of Uzbekistan, the United Nations Development Program in cooperation with the International Islamic Trade and Finance Corporation and the International Trade Center. The seminar was attended by representatives of ministries and departments, commercial banks and companies with advanced international experience and modern instruments of export financing.
The event was opened by the Deputy Minister of Foreign Trade of Uzbekistan Sahib Saifnazarov. He said that Uzbekistan is reviewing current system of export support. He added that Uzbek commercial banks introduce mechanisms of export financing.
The experience of foreign countries shows that an effective tool to stimulate exports is to provide financial support to enterprises in the form of trade finance. According to the survey of the Asian Development Bank among entrepreneurs from 114 countries, an increase in the volume of export and import financing by 25% will lead to an increase in production volumes by an average of 30%, an increase in employment by 20% and growth in investment in business development by 19%.
Experts of international organizations and Eximbank of Turkey shared their experience in developing trade finance.
- In 2017, only 27% of trade operations were carried out through traditional documentary letters of credit. Today, traditional forms of financing have been replaced by schemes based on technologies, for example, supply chain financing, online trading platforms, block and other, Ian Sayers, the representative of the International Trade Center, said.
Representatives of the International Islamic Trade Finance Corporation (ITFC) spoke about the procedures for allocating funds for export financing, on insurance of political risks and their advantages in cross-border investment. Experts of Eximbank of Turkey dwelled in detail on instruments of export financing implemented by Eximbank, including issues of lending to the bank of foreign buyers, operations for discounting export receivables, loans under a government guarantee.
A separate session was devoted to the development of export financing in Uzbekistan. The consultant of the UNDP project "Trade Facilitation" N.Sirazhiddinov made a presentation on the analysis of applied financial instruments to stimulate exports in Uzbekistan and proposals on the main directions for their improvement with a view to improving the competitiveness of national exporters.
This seminar and study of international experience in general will allow domestic specialists to determine the most effective instruments of trade financing and to implement them competently in Uzbekistan.
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