Uzbekistan, Tashkent, April 28/Trend, D. Azizov
Uzbekistan will double the value of its leasing operations from 2010 to 930 billion sum annually by 2015, Zafar Mustafayev, the general director of the Uzbek Association of Leasing Companies, told an international leasing forum.
According to him, the leasing market was established in Uzbekistan since the formation of leasing legal provisions in 1991, and a competitive medium on the leasing market is being formed at the moment.
As a result, the value of leasing services rose from $1 million in 1996 to $271 million in 2010 and the number of leasing companies increased from 4 to 83.
The share of leasing in the value of total services rose from 1.2 percent in 2001 to 1.5 percent in 2010 at a time when the share of services in GDP increased from 37 percent to 49 percent.
The share of leasing in capital investments and in the GDP increased from 2.21 percent to 2.8 percent and from 0.37 percent to 0.7 percent over the period.
According to experts, the market now covers only 15-20 percent of demand.
A favorable legislative medium and tax preferences have created the opportunity for leasing companies to make profitable investments in in Uzbekistan.
As reported, Uzbekistan's equipment imports for leasing purposes have been freed from VAT and customs duties.
Last year, the combined value of leasing operations rose by 7.2 percent compared to 2009 to 430.4 billion sum at a time when the value of leasing services increased by 1.2 percent to 1.135 trillion sum. Uzbekistan leasing companies concluded more than 5,500 transactions down 10.9 percent from 2009.
The Third Tashkent International Leasing Forum-2011 is being held today by the association and SAIPRO with the Uzbek Chamber of Commerce's support.
The official exchange rate on April 28 is 1,691.57 sum/$1.