The Tajik authorities pledge to complete construction of the Rogun Hydroelectric Power Plant without Russian Aluminium's help

Kazkommertsbank (KKB) issued a statement that its subsidiary Kazkommertsbank Tajikistan (Closed Joint Stock Company) was registered by the Ministry of Justice of the republic of Tajikistan. According to the press service of KKB the subsidiary bank, with $10 million chartered capital, is fully (100%) owned by KKB. At present, Kazkommertsbank Tajikistan is in the process of obtaining certificates and licenses for banking and securities operations. The banking sector in Tajikistan consists of 8 commercial banks, one state owned bank and one branch of Iranian commercial bank. In 2006 banking assets grew by 43%, while deposits and credits grew by 93% and 79% respectively. back to headlines

Source: http://www.ca-news.org/news/9524

The law on mortgage approved by the Parliament

Asia Plus newspaper reported that the new law "On Mortgage" was approved by the Parliament. The law stipulates legal basis for mortgage activities, guidelines on concluding mortgage agreements, procedures for collateral and etc. The law will now enable citizens to apply for mortgage loans. Although the law sets the basis for mortgage business, the domestic capital market is not sufficient to offer mortgage loans. back to headlines

Source: Asia Plus newspaper

Major equipment categories are now exempt from value added tax and customs duties

According to the Executive Order of the Government of the Republic of Tajikistan (reference number 591 of November 30, 2007) the Government exempted major categories of industrial, production, processing, construction, and other equipment from value added tax (20%) and customs duties (average 7-15%). This Order was signed to stimulate industrial growth, development as well to stimulate domestic processing and production. The full text of the Order and the list of categories (according to Harmonization Standards) are available upon request from the BISNIS Representative for Tajikistan.

Source: The Government of the Republic of Tajikistan

Agreement to avoid double taxation between Azerbaijan and Tajikistan is ratified by the Tajik Parliament

Asia Plus newspaper reported that the agreement between Azerbaijan and Tajikistan is now ratified by the Tajik parliament. back to headlines

Summary of the official visit of Tajik President to Turkmenistan

Asia Plus newspaper reported that discussions between Tajik President Emomali Rahmon and Turkmen President Gurbanguly Berdymuhamedov resulted in signing of the following agreements : (i) convention to avoid double taxation; (ii) intergovernmental agreement on protecting secret information; (iii) aviation and international road connections. The sides also discussed export of Turkmen oil and gas products to Tajikistan.--. back to headlines

China Global to invest $30 mln in Tajikistan lead project

December 18. INTERFAX - China Global New Technology Import & Export plans next year to invest up to $30 million modernizing the Altyn Topkan mining and concentrating plant to produce lead concentrate in Tajikistan, a Tajik Energy and Industry Official told Interfax. Initial production capacity will be 250,000 tons of ore per annum, with potential increase of up to 1 million tons of lead concentrate per annum. According to the source at Tajik Energy and Industry Ministry the construction will be complete in 14 months – by early 2009. back to headlines

A western oil and gas company begins its operations in Tajikistan

FoxBusiness.com reported that Tethys Tajikistan Limited announced that it has signed an agreement to take a partner in its current project. Tethys Tajikistan Limited and Sangam Limited will form a joint company named “Seven Stars Energy Corporation” owned and funded 51% by Tethys and 49% by Sangam. The initial budget for Seven Stars Energy Corporation for 2008 activities will be $10 million.

Full report is available at: http://www.foxbusiness.com/markets/industries/energy/article/tethys-petroleum-limited-partner-tajikistan-projects_418302_11.html back to headlines

Free Trade Agreement between Tajikistan and Azerbaijan

Avesta News Agency reported that the lower chamber of the Tajik parliament reviewed the Tajikistan-Azerbaijan Free Trade Agreement. Upon approval of the lower chamber the Agreement will be reviewed by the upper chamber of the Tajik Parliament. back to headlines

Agroinvestbank and European Bank for Reconstruction and Development signed a $16m financing agreement

Agroinvestbank reported that it signed $16m loan agreements with the European Bank for Reconstruction and Development. According to the press release from Agroinvestbank a $6m loan agreement was signed to provide financing to agricultural sector, and a $10m loan agreement to provide financing to micro and small enterprises in rural areas. back to headlines

State Statistics Committee released data on transportation of goods

Avesta News Agency reported that State Statistics Committee releases January-November 2007 data on freight. According to the source, more than 38.5 million tons of goods were transported by all type of transport, including 13.1 million tons by rail; up 12.4% on year-to-year basis. back to headlines

China’s Huawei wins Wimax contract with Babilon-T

According to press release issued by Huawei Technologies Co., Ltd. it has been selected by Babilon-T, the largest telecommunications operator in Tajikistan, to deploy the Central Asia’s first WiMAX commercial network. The network will provide the ability to offer broadband access to the Internet throughout Tajikistan. back to headlines

Full text: http://www.huawei.com/news/view.do?id=5396&cid=42

Tajik Gas signed a $94m contract to import gas from Uztransgaz

INFORM.kz news agency reported that Tajik Gas (State Owned Enterprise) signed a $94.25 million contract with Uztransgaz to import 650 million cubic meters of natural gas in 2008. After long negotiations on the price, the sides have come to agreement – Tajik Gas will purchase natural gas at $145.00 per 1,000 cubic meters, up by $45 compared with the 2007 contract. The new gas contract will result in increased price for residential and commercial clients of Tajik Gas. back to headlines

Full text: http://www.inform.kz/showarticle.php?lang=eng&id=158855

Tajik Aluminum Company announced its January-September 2007 production results

According to the press release of the Tajik Aluminum Company (TALCO) the company produced more than 313,200 tons of aluminum, up by 3,800 tons on year-to-year basis. Capital and current maintenance expenditures totaled $18.8 million; turnover totaled to $1.47 billion. The company said it plans to produce 420,800 tons of aluminum in 2007.

Source: Tajik Aluminum Company press release

Tajik Aluminum Company announced its major achievements in 2007

According to the press release of the Tajik Aluminum Company (TALCO) it released its 2007 Annual Report. Major achievements in 2007 include the following: (i) timely intervention of the Government and appointment of new management team with anti-crisis management skills to rehabilitate the company and to prevent bankruptcy; (ii) replacement of aluminum production method from barter to tolling system thus loading idle production capacities, debt recovery and implementation of development programs, including social responsibility and environmental protection; (iii) identified major goals for the future: to enhance the management, to increase the production, to improve financial sustainability, to create domestic reserves of raw materials and sources of energy, and to increase social responsibility. Starting Q4-2007 TALCO is implementing a new organizational structure which will create 10 business units, will define responsibilities of unit managers, and will establish the Board of Directors. TALCO will also establish a Board of Observers to include representatives of the civil society, government, parliament and company’s management. TALCO will focus on improving the corporate governance and transparency.

Source: Tajik Aluminum Company press release

Disclaimer: The information provided in this report is intended to be of assistance to U.S. exporters. While we make every effort to ensure its accuracy, neither the United States government nor any of its employees make any representation as to the accuracy or completeness of information in this or any other United States government document. Readers are advised to independently verify any information prior to reliance thereon. The information provided in this report does not constitute legal advice.

For more information on Tajikistan, visit BISNIS online at http://www.bisnis.doc.gov/bisnis/country/tajikistan.cfm

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