News

Members of the Organisation of Turkic States (OTS) announces the establishment of a Council of Central (National) Banks, as reported by Kyrgyz media citing the press service of the National Bank of Kyrgyzstan.  

Leaders of the central banks from Turkey, Azerbaijan, Uzbekistan, Kyrgyzstan, and Kazakhstan have signed a memorandum establishing a new collaborative Council. This initiative aims to enhance joint consultations, promote economic research and facilitate the exchange of best practices in effective monetary policy.

Kazakhstan initiated the creation of the Council earlier this year, with the idea receiving support from the Ministers of Economy and Trade of...

Starting November 21, FlyArystan will add more flights between Astana and Tashkent, the airline announced.

Alongside current flights on Tuesdays and Saturdays, a new Astana–Tashkent flight will operate on Thursdays, with a return Tashkent–Astana flight on Fridays.

Tickets for these added flights, available until late December 2024, can be booked through the airline’s app and website.

The standard fare includes one 5 kg piece of hand luggage, with seats automatically assigned.

Kursiv Uzbekistan also reports a 36% increase in passenger traffic at Uzbekistan’s airports in the first half of the year.

Shavkat Mirziyoyev, President of Uzbekistan, congratulated Donald Trump on his victory in the US presidential election, according to a statement from the President’s press service.

Mirziyoyev called Trump’s win convincing and described him as a “skilful and experienced” politician. He also thanked the United States for supporting Uzbekistan’s independence and territorial integrity.

The President noted that during Trump’s presidency, the US and Uzbekistan became strategic partners. Trade ties between the two nations strengthened, and cooperation in military, humanitarian, and security matters expanded. The dialogue between the two countries was based on equality and mutual respect.

Mirziyoyev also emphasised the...

TBC Uzbekistan’s net profit soared 97% in the first nine months of 2024, reaching 343 bln Uzbekistani soum, according to Kursiv Uzbekistan.

The bank’s loan portfolio surged 104% to 5.86 trillion soum.

Deposits from individual clients climbed 70%, totalling 4 trln soum, while its unique user base hit 17 mln.

Kursiv Uzbekistan also reports that Uzbek banks froze assets worth $4.6 mln.

Uzbekistan’s President Shavkat Mirziyoyev proposed new economic and political initiatives to strengthen cooperation among Turkic states. During the Organisation of Turkic States summit in Bishkek, Kyrgyzstan, he suggested hosting a Turkic Investment Forum in Uzbekistan. The forum would support large-scale projects under the Turkic Investment Fund and pave the way for a Turkic Development Bank to bolster economic ties.

Mirziyoyev also called on member nations to support a peaceful solution in the Middle East. Expressing concern over the humanitarian crises in Gaza and Lebanon, he condemned attacks on civilians and supported an independent Palestinian state based on the...

Fox News reported that Donald Trump has declared himself the 47th president of the United States while speaking to supporters in Florida, as reported by Fox News.

According to U.S. media, the Republican candidate won the vote in Pennsylvania, securing a decisive advantage over the Democratic candidate, Kamala Harris.

Trump’s victory was already announced by the Speaker of the U.S. House of Representatives, Republican Mike Johnson. Former presidential opponent Robert F. Kennedy Jr., who had previously dropped out of the race in Trump’s favour, also congratulated him.

Kursiv Uzbekistan also reports that Republicans will regain control of...

Athletes from 70 countries have gathered in Tashkent for the World Mixed Martial Arts (MMA) Championship, which commenced yesterday, as reported by Uzbekistan’s National Olympic Committee (NOC).

The competition features events for both youth and adult athletes. On the first day of the championship, qualifying matches were held.

The official opening ceremony of the tournament is scheduled for the evening of Saturday, November 9, at the Humo Arena ice rink.

Kursiv Uzbekistan reports that Tashkent starts to prepare the Olympic Village in August for the upcoming 2025 Asian Youth Games.

At the European Economic Days 2024 forum in Tashkent, EU Ambassador Toivo Klaar announced that the European Union (EU) will support Uzbekistan’s accession to the World Trade Organization (WTO).

Klaar emphasised that the EU’s backing for Uzbekistan’s WTO membership is not at odds with its interests; instead, it focuses on ensuring that Uzbekistan is well-prepared for the process and strengthening its role as a reliable partner.

According to the ambassador, this support will enhance Uzbekistan’s administrative capacity and benefit both parties. However, he noted that the accession process is expected to take time.

Kursiv Uzbekistan reports that the EU...

Completing negotiations between the U.S. and Uzbekistan may catalyse Uzbekistan’s discussions with other countries about joining the World Trade Organization (WTO). Azizbek Urunov, the Special Representative of President Shavkat Mirziyoyev for WTO Affairs, made this statement at the “European Economic Days 2024” forum in Tashkent.

Urunov explained that the negotiations are complicated because developed countries impose the same requirements they must meet on developing nations. He highlighted that discussions with countries that have recently joined the organisation are progressing more swiftly.

It’s important to note that Uzbekistan finalised its negotiations with the U.S. regarding WTO accession in early November. These...

As of November 1, Uzbekistan is home to 490 individuals aged 100 or older receiving pensions through the territorial branches of the Pension Fund. Notably, women represent the majority of these long-livers, with 369 women (75.3%) compared to 121 men (24.7%).

In a related initiative, Uzbekistan Airways is offering discounts of up to 15% on economy-class tickets for men over 60 and women over 55 to celebrate Tourism Month, highlighting the country’s commitment to supporting its senior citizens.

London-based entrepreneur Yevgeny Chichvarkin has denied information about the possibility of opening a restaurant in Tashkent.

In a comment to Kursiv Uzbekistan, the entrepreneur said that he is not ready to present a franchise to open a restaurant in Tashkent because of the level of corruption and the country’s position on the conflict in Ukraine. This position, according to Chichvarkin, is pro-Russian.

‘Having been in Uzbekistan many times for decades, I am sure the country has potential that 90% of the population don’t even imagine. It could be one of the richest countries in Asia in terms of its resources...

Portlatishsanoat, also known as Vzryvprom, has officially launched trading of its shares under the tickers PLST and PLSTP on the Republican Stock Exchange Toshkent (RFB) as of November 5.

This move marks an important milestone in the company’s journey, expanding its financial opportunities and corporate presence in the market.

Vzryvprom has established itself as a leader in drilling and blasting operations within open pit mining, alongside a strong portfolio in constructing roads and railways. Additionally, the company provides a range of services, including building demolition and specialised blasting, showcasing its versatility and expertise in the sector.

Founded...

Uzbekistan and the United States of America (USA) have successfully concluded negotiations for Uzbekistan’s accession to the World Trade Organization (WTO), announced Azizbek Urunov, the Uzbek president’s special representative for WTO matters, on his LinkedIn page.

With this agreement, the U.S. becomes the 21st country with which Uzbekistan has completed negotiations regarding its membership in the organisation. The dialogue lasted for 14 months.

Kursiv Uzbekistan also reports that Uzbekistan aims to become a member of the WTO by 2026. The WTO is an international organisation established to facilitate trade liberalisation, currently involving 164 member countries.

The United States, South Korea, and Japan held joint military exercises, as reported by Yonhap.

South Korean officials confirmed that at least one American B-1B strategic bomber took part in the drills, practising strikes on simulated targets, although they did not specify the number of targets.

The exercises occurred east of Jeju Island. These drills responded directly to North Korea’s launch of an intercontinental ballistic missile, which the news agency described as a “demonstration of strength.”

Kursiv Uzbekistan also reports on North Korea’s launch of a long-range missile.

The expanded membership of the Organisation of the Petroleum Exporting Countries (OPEC+) decided to extend the voluntary oil production cut agreement until the end of December, according to a statement on the organisation’s website.

Saudi Arabia, the United Arab Emirates, Iraq, Kuwait, Kazakhstan, Russia, Oman, and Algeria joined this decision.

These countries will produce 2.2 mln barrels of oil per day less than before. The agreement on voluntary adjustments has been in place within OPEC+ since November 2023.

OPEC is an intergovernmental organisation that oil-exporting countries established to manage production quotas for crude oil. The organisation has 12 members...

Online sales make up only 2% of Uzbekistan’s retail trade, according to InfoLine director Ivan Fedyakov’s presentation at the XX International Convention “World of Trade” in Almaty.

In Uzbekistan, 83% of retail sales occur through bazaars, markets, and counters, while chain and independent self-service stores account for 13%.

For comparison, e-commerce represents 12% of retail trade in Kazakhstan and 6% in Kyrgyzstan.

InfoLine reports that e-commerce turnover reached $1.1 bln in Uzbekistan, $5.3 bln in Kazakhstan, and $0.4 bln in Kyrgyzstan.

Kursiv Uzbekistan also reports that Uzbekistan joined the Framework Agreement on the Simplification of Cross-Border Paperless Trade Procedures in...

The Egyptian company In2Metals entered the second phase of its copper mine development project in Uzbekistan’s Navoi region, according to the Dunyo news agency.

The project has already received $700,000 in investment, with plans to boost this amount to $2 mln by year-end.

Workers drilled 1,400 metres on-site, aiming to reach a total of 3,000 metres by the end of the year.

Project operations began in September.

Kursiv Uzbekistan also reports that Navoi Mining and Metallurgical Combinat raised $150 mln to expand its production capacity.

Uzbekistan and the Japan Bank for International Cooperation (JBIC) signed a three-year cooperation programme. This programme will provide non-sovereign financing for projects by Japanese companies in Uzbekistan. The announcement came during a meeting between Uzbekistan’s Minister of Investment, Industry and Trade, Laziz Kudratov, and the head of JBIC.

Additionally, Laziz Kudratov held discussions with representatives from the Japan International Cooperation Agency (JICA). During this meeting, the parties approved a project development programme aimed at training engineering specialists, establishing an industrial technopark, and implementing the “One Territory – One Product” initiative to help the population acquire entrepreneurial skills.

Kursiv Uzbekistan...

Uzbekistan’s national team member Saifiddin Sobirov won gold at the Youth World Championship in Montenegro, according to the Sports.kz.

In the decisive match in the under-48 kg category, Sobirov faced Azerbaijan’s Bilalhabasi Nazarov. The Uzbek boxer triumphed by unanimous decision.

Nazarov took home the silver medal.

The competition takes place in Montenegro’s city of Budva.

Kursiv Uzbekistan also reports that ten young athletes from Uzbekistan would compete for the world championship title.

Uzbekistan has signed agreements with major companies from China and the UAE to build eight plants that convert solid household waste into energy. The total project cost will reach $1.28 bln.

These facilities will process over 4.7 mln tonnes of waste each year. They will generate 2.1 bln kWh of electricity, valued at about $97 mln. As a result, the number of landfills will drop fivefold. The projects will also cut greenhouse gas emissions by 2.4 mln tonnes and save 152 mln cubic metres of natural gas.

The plants will be located in the Andijan, Bukhara, Jizzakh, Kashkadarya, Navoi...

The Ministry of Economy and Finance developed the budget for 2025-2027, setting the average annual exchange rate for the dollar at 13,250 soums for 2025. Economist Otabek Bakirov shared this information.

The rate is expected to rise to 13,725 soums in 2026 and 14,150 soums by 2027. These figures are crucial for evaluating the country’s economic stability and inflation levels.

Moreover, revising GDP for 2023 to 101.5 trln soums, including the informal and shadow economy, will provide a clearer picture of the economy’s actual state.

President Shavkat Mirziyoyev has ordered the planting of 350,000 hectares of pastures in the Navoi region with fodder and medicinal plants, as reported by the press office of the head of state.

The seeds will be distributed using agricultural drones.

During a meeting on the socio-economic development of the Navoi region, the president highlighted the area’s low performance in livestock farming.

The region accounts for 43% of all pastures in the republic but produces only 5% of Uzbekistan’s livestock products.

Other challenges facing the region’s agriculture include the limited adoption of intensive farming practices and low yield rates. Seventy-two...

From 2027 to 2030, Saneg plans to capture 25% of the commodity oil market in Uzbekistan. The company announced its strategy at a conference for partners of SEG Motol, a manufacturer of oils within the Saneg group.

Saneg aims to extend its reach beyond the local market. By acquiring a plant in Bari, Italy, the company has launched a range of premium synthetic oils for modern passenger vehicles.

Previously, the plant produced oils under brands like Texaco and Chevron, as well as for Toyota and Nissan. Saneg will market its premium line under its own name.

Mauro Nocelli, Executive Director...

Photo: Yuz.uz

Uzbekistan has adopted a new version of the law regulating the ownership and use of subsoil resources. President Shavkat Mirziyoyev signed the document.

All mineral resources located in the subsoil are considered state property and are subject to protection and rational use. This rule applies regardless of land or water ownership rights.

The state grants the right to use subsoil resources within the legal framework established by law. However, these rights cannot be sold, gifted, inherited, or used as collateral.

The law will come into effect three months after its official publication.

Kursiv Uzbekistan reports that...