Asia-Invest Bank is the financial agent of the Republic of Uzbekistan’s in Russian Federation. Its functions are as follows:
- It acts as a specialized financial and credit institution to service trade between Russia and Uzbekistan, which amounts to more than $4.5 billion per year;
- The Bank clears payments for the delivery of the main Uzbek exports to the Russian market (automobiles, non-ferrous metals, agricultural products, etc.);
- The Bank is authorized to settle accounts between residents of the Russian Federation and residents of the Republic of Uzbekistan in the Uzbek national currency, the sum;
- For those engaged in Uzbek-Russian trade, it acts as an advising center for Uzbek and Russian regulatory and legal issues involving foreign trade.
Asia-Invest Bank is part of the Intergovernmental Commission on Economic Cooperation between the Russian Federation and the Republic of Uzbekistan. Asia-Invest Bank was designated to be a clearing bank under the agreement between the government of the Russian Federation and the Republic of Uzbekistan, called “On Long-Term Deliveries of Cotton to the Russian Federation and Essential Materials and Equipment to the Republic of Uzbekistan”, dated Dec. 11, 1999.
The Bank is also part of the interregional association “Siberian Agreement”, which governs trade and economic cooperation between the Siberian Territories and the Republic of Uzbekistan.
Asia-Invest Bank became a co-founder of the Russian-Uzbek Business Council in Sept. of 2004. The Business Council’s main purpose is to create favorable conditions for developing business contacts between representatives of the business communities of the Russian Federation and the Republic of Uzbekistan.
Major Uzbek banks and leading insurance companies have worked together to create a unified banking and insurance space for Russia and Uzbekistan, which allows the Bank to:
- Provide services in the area of export credit and insurance on favorable terms to those engaged in foreign trade between Russia and Uzbekistan;
- Act as a guarantor of contractual commitments for both the Russian and Uzbek parties;
- Provide swift and reliable settlements, to reduce both the direct and indirect costs associated with insurance companies’ and banks’ commissions.
The Trading Houses of the largest companies in Uzbekistan are clients of Asia-Invest Bank. As residents of the Russian Federation, these clients represent virtually every sector of the Uzbek economy: the mining and processing of precious metals, metallurgy, the fuel and energy complex, the chemical industry, machine-building, light and local industries, transportation and communications, the processing of agricultural products, and trade. This allows for:
- Lost economic ties to be reestablished, or new market segments found in Uzbekistan through its Trading Houses in Russia;
- Business in Uzbekistan to be conducted through a single bank, which in turn reduces the direct and indirect costs associated with banking services, and lowers the currency and operating risks.