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South Korean President Yoon Suk Yeol has issued an apology to the nation for his decision to impose martial law, assuring that such an action will not be repeated. He further expressed his readiness to assume responsibility for his actions, according to Yonhap.

The president announced martial law late on the evening of December 3, citing the threat posed by North Korea and the need to protect the constitutional order. He also accused opposition members of conspiring to instigate a rebellion and engaging in anti-state activities.

However, by the early hours of December 4, the National Assembly convened an...

South Korean President Yoon Suk Yeol maintained his position following a failed impeachment attempt. A significant number of members from the ruling People Power Party refrained from participating in the vote, according to Korea Times.

The party leadership had previously allowed members to make an individual decision regarding their vote. However, when the voting commenced, almost all party members left the chamber, leaving only three representatives present.

Consequently, the vote failed to garner the necessary support, and the president retained his office. The party’s decision to abstain from voting played a pivotal role in preventing the impeachment.

Syrian Prime Minister Mohammad Ghazi al-Jalali expressed his readiness to transfer power in a video shared on his official Facebook page.

He stated, “This matter is contingent upon the leadership elected by the Syrian people. We are prepared to cooperate with them.”

According to reports from Al Hadath TV, militants from various Syrian factions have taken control of Damascus. It is also reported that President Bashar al-Assad has departed from the country.

Previously, Iran, Russia, Turkey, and five Arab states called for a political resolution to the ongoing crisis in Syria.

Uzbekistan plans to invest $2 bn in the Navoi region’s economy in 2025, according to President Shavkat Mirziyoyev’s press service.

Officials shared this initiative with the president during a meeting on the region’s development.

Over the past seven years, the region brought in $8 bn in investments, funding 6,500 projects. By the end of 2024, projects worth $2.2 bn are expected to launch.

New industrial enterprises will open near the chemical technopark in the Karmana district. Chinese investors have expressed interest in granite and quartz extraction.

Plans include creating a recreation zone around Lake Aydarkul. Rural areas will gain...

KazTransOil transported 225,000 tonnes of Russian oil to Uzbekistan through Kazakhstan from January to November 2024, according to the company’s press service.

This figure represents a 74% increase compared to the same period last year when 129,000 tonnes were delivered.

An additional 4,000 tonnes of oil will be transported via this route in December 2024.

The World Bank (WB) has identified three significant challenges that Uzbekistan’s services sector must address to ensure sustained economic growth and create higher-quality jobs. These challenges involve enhancing productivity, strengthening integration with other industries, and prioritising global innovative services.

Limited integration with other sectors

A critical issue is the need for more connections between the services sector and other industries, particularly manufacturing. Currently, only 9% of services are utilised as inputs in Uzbekistan’s manufacturing sector, far below the 30-40% seen in advanced economies such as those in the European Union (EU). Enhancing these links could drive productivity in both...

A joint technopark between Uzbekistan and the Russian Republic of Bashkortostan is set to operate in Nurafshan by the end of 2025, according to Zhohangir Abdurakhmanov, the head of the directorate of the Chirchik Chemical Industrial Park, as reported by the TASS news agency.

“Together with our colleagues from the Development Corporation of Bashkortostan, we have developed a draft master plan for this technopark, where we expect to have over 300,000 square meters of production facilities,” Abdurakhmanov stated at the Yalta International Economic Forum. He also mentioned plans to construct a logistics center at the site.

Abdurakhmanov indicated that...

Photo: laganovskisu / Depositphotos

The World Bank (WB) has called for reforms in Uzbekistan’s services sector, as the institution’s press office highlighted in a report shared with Kursiv.

The WB emphasises that the services sector is a key pillar of Uzbekistan’s economy, significantly contributing to GDP growth and job creation. In 2023, the industry accounted for 43.9% of the country’s GDP. In comparison, construction represented 7.1%, while industry contributed 20.6%.

Bank’s experts highlight that market reforms in Uzbekistan have led to sustainable economic growth since 2017. However, economic transformation has slowed recently, with the services sector showing only slight growth...

The National Agency for Perspective Projects (NAPP) has decided to suspend the license of Euroasia Insurance Company. This announcement was published on the agency’s portal.

As a result of the suspension, the insurer is prohibited from entering into new contracts or renewing existing ones until December 16.

Despite the license suspension, Euroasia Insurance is still required to fulfil its obligations under previously agreed contracts.

Founded in 1998, Euroasia Insurance reported a net profit of over 6.3 bn soums for the third quarter of 2024.

Kursiv Uzbekistan also reports that the NAPP has revoked Euroasia Life Insurance Company’s...

The construction of the China-Kyrgyzstan-Uzbekistan railway should start in December this year. Uzbek President Shavkat Mirziyoyev and his Kyrgyz colleague Sadyr Zhaparov discussed this project during their telephone conversation.

The Uzbek leader also makes birthday wishes to the Kyrgyz president on his birthday. The two leaders paid special attention to the development of trade and humanitarian interaction. Since the beginning of 2024, the trade turnover has exceeded $700 mln.

It was planned to start the railway construction from China to Kyrgyzstan at the end of October this year. Uzbekistan’s share of this project totals $225 mln.

Kursiv Uzbekistan...

The German Society for International Cooperation (GIZ) will provide Uzbekistan with a €9 mn grant to develop green master plans for cities, the Ministry of Economy and Finance of Uzbekistan reports.

The agreement was signed on Tuesday at the Territorial Development Forum in Tashkent.

In addition, GIZ will allocate €3 mn to support the transition of Uzbekistan’s private sector to a green economy. The funds will help improve the environmental sustainability of industries.

Next year, up to 800 qualified specialists from Uzbekistan will receive training and secure jobs at Samsung Heavy Industries in South Korea, the Migration Agency of Uzbekistan announced.

Jahongir Khidaykhodjayev, the head of the agency, and Jinho Bae, the head of human resources management at Samsung Heavy Industries, discussed the employment plan.

The specialists will be issued E-7 work visas for three years. To qualify, applicants must have relevant education and work experience in line with the company’s operations.

Thick fog at Termez International Airport led to the cancellation of two flights from Tashkent. UzAirports confirmed the disruption.

The cancelled flights were operated by Uzbekistan Airways and Silk Avia.

Thomas Bach, President of the International Olympic Committee (IOC), stated that Alisher Usmanov’s election as president of the International Fencing Federation (FIE) was democratic, TASS reports.

«The vote was were democratic with a significant majority. We were informed this morning that Usmanov took the same steps to protect the international federation that he had taken before,» Bach said.

Usmanov was elected FIE president on November 30 but suspended his powers the following day. He did so to protect the organisation from the sanctions imposed against him. Emmanuel Katsiadakis, a representative from Greece, is temporarily fulfilling the duties of president.

Starbucks Corporation is currently registering its trademark in Uzbekistan, according to the intellectual property portal.

The company submitted its application in mid-November. As of early December, the Starbucks logo is undergoing formal examination.

In 2020, Tashkent’s city administration discussed the possibility of opening Starbucks cafes through the international franchise, Alshaya Group.

In mid-October this year, Starbucks Corporation informed the authorities of its intellectual property rights in Uzbekistan, including rights to various graphic trademarks, such as Frappuccino.

The International Atomic Energy Agency (IAEA) will support Uzbekistan in its project to build a small nuclear power plant, according to Rafael Grossi, the head of the organisation, as reported by Sputnik.

Grossi made this statement at a conference on the use of nuclear energy held in Samarkand. He further added that the IAEA will also assist Tashkent in training specialists in the field of nuclear energy.

This summer, Uzbekistan and the Russian agency Rosatom signed a protocol for a contract to build the small nuclear power plant in the Jizzakh region. The first unit of the plant is expected...

The Taliban have barred Afghan women from enrolling in higher and secondary medical institutions. Hibatullah Akhundzada, the group’s leader, issued the directive, according to sources cited by the Amu TV portal.

The Minister of Public Health announced the ban on Monday during a meeting with medical institution leaders in Kabul. Before this decision, medical schools were the only option left for Afghan women to pursue higher education after the Taliban blocked their access to universities in December 2022.

Neda Mohammad Nadim, the Minister of Higher Education, defended the ban. He argued female students often wore the hijab incorrectly, attended...

Russia supports the adoption of digital product labelling in Uzbekistan and Eurasian Economic Union (EAEU) member states, according to First Deputy Prime Minister Denis Manturov.

Manturov stressed the need to strengthen cooperation against the shadow economy as trade grows among EAEU partners.

He noted that increased trade volumes drive more activity from those working in the informal sector.

“EAEU partner countries must work together to combat counterfeit goods,” said Manturov.

Kashkadarya region plans to attract $3.5 bn in investments and increase exports to $1 bn in 2025, according to President Shavkat Mirziyoyev’s press service.

At a meeting on food security, investment growth, and poverty reduction, Governor Muratjon Azimov explained that these investments will create 300,000 jobs and reduce poverty to 6.5%, down from 8.6%.

The region has already secured $2 bn in investments this year, created jobs for 565,000 people, and lifted 90,000 residents out of poverty.

In the upcoming year, Kashkadarya aims to meet its demand for fruits, potatoes, and poultry meat. Foreign investments have funded the establishment...

In 2025, Uzbekistan plans to localise 60 components for BYD electric vehicles, which will lower production costs. This was announced during a meeting with President Shavkat Mirziyoyev.

Additionally, the country aims to increase exports of automotive parts to $700 mn next year. The development of Samarkand-based enterprises producing buses and commercial vehicles for international markets was also highlighted as a priority.

On December 5, the US dollar on the currency exchange increased by 24.06 soums, reaching 12,837.10 soums. The Central Bank of Uzbekistan set the official exchange rate at a similar level.

In local banks, the dollar is being purchased at rates between 12,750 and 12,780 soums and sold at rates ranging from 12,820 to 12,875 soums.

The Eurasian Development Bank (EDB) has expressed readiness to allocate up to $500 mn to finance the Kambar-Ata Hydropower Plant-1 (HPP-1) project on the Naryn River, Economist.kg reports.

During a press conference in Almaty, EDB Chairman Nikolay Podguzov stated that the bank is prepared to support the project at the stage of preparing the feasibility study.

The EDB plans to fund the construction of the power plant in partnership with the World Bank. The total cost of the Kambar-Ata HPP-1 project is preliminarily estimated at $3–4 bn.

Located in Kyrgyzstan, the hydropower plant will have a capacity of 1.8 GW. Uzbekistan...

Fitch has withdrawn the rating of UzAgrosugurta Joint-Stock Company due to its inability to assess its credit portfolio, according to a statement from the rating agency.

Fitch explained that it did not receive the company’s financial documents on time. As a result, the agency will no longer monitor the company’s stability rating or provide analysis.

Experts from the agency highlighted the reduced transparency of UzAgrosugurta and placed its BB- rating on Rating Watch Negative, indicating potential negative changes.

UzAgrosugurta offers over 100 types of insurance services for individuals and businesses. Its main focus is on providing insurance products for...

TBC Bank Uzbekistan has announced the placement of its debut bonds, denominated in Uzbek soum. The bank’s press service informed Kursiv Uzbekistan about this development.

The total value of the issued securities amounts to 40 bn soum (approximately $3.11 mn), with a yield of 24%. The funds raised will be used to further expand TBC’s operations in Uzbekistan.

Since the beginning of this year, TBC Bank Uzbekistan has secured financing of $105 mn, including a $40 mn loan.