News

According to Daniyar Amangeldiev, the head of the Ministry of Economy and Commerce of the Kyrgyz Republic, the Kyrgyz government and the World Bank have each allocated $500 mln for the construction of the Kambar-Ata-1 Hydropower Plant (HPP).

Bishkek has determined the total cost of building the power plant. Amangeldiev noted that project partners Uzbekistan and Kazakhstan have increased interest in the hydropower facility.

In late August 2024, the Kyrgyz Ministry of Energy announced plans to begin construction of Kambar-Ata-1 next year. Bishkek allocated $7 million in 2023 to prepare for the construction work.

This year, a special council...

In the third quarter of 2024, Uzbekistan opened 271 travel agencies, 29 hotels, and 80 hostels, according to experts from the Institute of Macroeconomic and Regional Studies (IMRS).

From July to September, the country welcomed 2.2 million foreign tourists, with ninety percent coming from the Commonwealth of Independent States (CIS). Currently, citizens of 90 countries can visit Uzbekistan without a visa, and this list will expand to 120 countries by 2025.

IMRS estimates that for successful tourism development in Uzbekistan, at least 100 new hotels with a capacity of 15,000 guests will need to be built. Experts recommend prioritising...

Uzbek President Shavkat Mirziyoyev and Vietnamese Prime Minister Pham Minh Chinh recently discussed enhancing tourist flow between their countries by establishing a visa-free travel regime. This meeting occurred during the BRICS summit in Kazan, Russia, highlighting both nations’ commitment to fostering stronger connections.

Introducing a visa-free regime can increase tourism and significantly create robust business opportunities. The leaders expressed their enthusiasm for collaborating on a program that promotes partnerships in various sectors, including petrochemicals, agriculture, electrical engineering and textiles.

They agreed to convene a bilateral commission focused on trade and economic issues to further these efforts, hosting an industrial...

The international IT company Softline, specialising in cybersecurity and digital transformation solutions, announced its entry into the Uzbek market. Uzbekistan becomes the second Central Asian country where the company has set up an office, as stated on its website.

In Uzbekistan, Softline will provide a full range of services, including product implementation, support, and specialist training. The company plans to promote its own solutions and collaborate with other vendors.

“We are excited to start operations in Uzbekistan. This move will help more clients achieve their digital transformation goals,” said Roman Yashin, Central Asia director at Softline.

Softline operates in...

Uzbekistan’s national football team moved up in the latest FIFA rankings, climbing from 60th to 58th.

The team stands as Central Asia’s top football side.

Argentina, France, and Spain continue to lead the rankings.

Kursiv Uzbekistan also reports that midfielder Abbosbek Fayzullayev suffered an injury during training before the World Cup qualifier against the UAE.

As of early October 2024, Uzbekistan’s permanent population surpassed 37.3 mln, reflecting an annual growth of 2.1%, based on data from the Statistics Agency.

The population includes 18.8 mln men and 18.5 mln women. Around 19 mln people reside in urban areas, while 18.3 mln live in rural regions.

As of January this year, the average age of an Uzbek man was 28.5 years, while for an Uzbek woman, it was 30 years.

According to the State Statistics Agency, the working-age population accounted for 56.4% of the total at the start of the year.

Projections suggest that by...

The American aerospace company SpaceX aims to assist Uzbekistan in developing its national space programme, acting as a consultant, according to Uzbekcosmos.

Uzbekcosmos representatives brought up the collaboration at the International Astronautical Congress held in mid-October in Italy.

The British company Surrey Satellite Technology, which builds small satellites, also plans to support Tashkent in this endeavour.

In addition, the Kyushu Institute of Technology will help train Uzbek specialists in aerospace engineering.

Kursiv Uzbekistan also reports that Uzbekistan had signed the Outer Space Treaty.

Navoi Mining and Metallurgical Combine (NMMC) is dedicated to empowering women, as stated by Ra’no Kosimova, Head of the Organisational Development Department.

Kosimova made this statement during a session on women in the mining industry at the International Mining and Metallurgical Forum of Uzbekistan.

Sabokhat Nazarova, head of the women’s community at NGMK, added that the company is implementing the principles of gender equality and promoting women’s rights.

She emphasised, “We are committed to meeting the needs of women working at the company, such as equal access to training and professional development.” NGMK partnered with IWiM, an international non-profit organisation...

Financial services in Uzbekistan and other Central Asian and Caucasian countries will increasingly move towards digital formats, according to research by S&P Global Ratings. Kursiv Uzbekistan has obtained the report detailing these findings.

Analysts note that expanding mobile and internet networks, along with rapid technological advancements in these regions, drive digitalisation. This shift creates a strong consumer demand for online services, prompting banks to invest more in digital platforms.

The areas of accepting deposits and issuing loans remain less affected by digital transformation. In contrast, banks encounter growing competition in online payments. S&P predicts that this competition may lead financial organisations to...

Uzbekistan plans to collaborate with the BRICS New Development Bank to carry out investment and social projects, as Uzbek President Shavkat Mirziyoyev mentioned during his speech at the BRICS summit in Kazan.

Mirziyoyev emphasised Uzbekistan’s readiness to enhance cooperation with BRICS countries, particularly in addressing poverty and global economic inequality.

The alliance could serve as a platform for joint initiatives to foster the digital economy and reduce trade barriers. Uzbekistan is also keen on securing international financing for infrastructure projects.

According to the Uzbek president, partnering with BRICS countries presents opportunities to establish new transport corridors...

Uzbekneftegaz is exploring the option of issuing additional eurobonds, according to the company’s press service.

A delegation from Uzbekneftegaz discussed this with representatives from Deutsche Bank, Barclays, and other foreign banks in the United Kingdom. During the meeting, these financial institutions showed interest in financing the Uzbek company in 2024 and 2025.

They also looked into potential financial support measures, including options through export credit agencies.

In autumn 2021, Uzbekneftegaz issued its first bonds, raising $700 mln.

Kursiv Uzbekistan also reports that in mid-October, the Navoi Mining and Metallurgy Combinat (NMMC) placed bonds worth $1 bln.

Uzbekistan has freed farming enterprises from paying for water delivery and supplying produce for state needs, the Ministry of Justice announced, citing a law signed by President Shavkat Mirziyoyev.

A tax on water resource usage will cover the water delivery costs. This measure reduces bureaucratic burdens on farmers and boosts their incentive to adopt water-saving technologies.

The law shifts the power to approve water intake limits for agricultural enterprises to district and city councils. New state institutions, “Suv Yetkazib Berish Xizmati” (Water Supply Service), are being set up, replacing district irrigation departments and services of the Ministry of Water...

On October 24, the price of a five-gram gold bar surged past 5.8 mln soum, setting a new record after surpassing yesterday’s high, according to the Central Bank of Uzbekistan.

The regulator set prices on October 24 for gold bars at 11.6 million soum for ten grams, 23.2 mln soum for twenty grams, and 58 mln soum for fifty grams.

Gold prices in Uzbekistan keep rising, even as global prices dipped slightly compared to October 23. On October 24, the precious metal traded at $2,735 per ounce.

Kursiv Uzbekistan also reports that between January and August 2024, Uzbekistan’s gold...

Uzbekistan will top the economic growth charts in Central Asia from 2025, with real GDP projected to grow by 5.7% each year, according to analysts at the International Monetary Fund (IMF).

The IMF’s World Economic Outlook report expects the country’s real GDP to grow by 5.6% by the end of 2024. While Kyrgyzstan and Tajikistan may see stronger growth this year, their economies are likely to slow down afterwards. In contrast, Uzbekistan’s growth will see a modest increase and remain stable through 2029.

The IMF forecasts inflation in Uzbekistan to reach 10.4% in 2024, but it should drop to...

The Foundation for Development of Culture and Arts of Uzbekistan has signed a memorandum of understanding with the Department of Culture and Tourism of Abu Dhabi, UAE, the Foundation reported.

The agreement aims to expand cooperation between the parties on preserving cultural heritage and developing museum exchanges. Joint exhibitions will be organized, including an exhibition of Uzbek museum collections in Abu Dhabi.

The memorandum also creates opportunities for research and an exchange of experience between museum staff, experts, and restorers from Uzbekistan and the UAE. Joint training programs, seminars, and conferences are planned.

Kursiv Uzbekistan reports that a sphere-shaped concert...

In the first nine months of 2024, the Statistical Agency reported that the number of foreign tourists who visited Uzbekistan exceeded 5.7 mln, showing an annual growth of 16.8%.

As of October, the most frequent visitors to our country were Tajik tourists – 1.7 mln people, citizens of Kyrgyzstan – 1.6 mln, and Kazakhstan – 1.1 mln.

Among non-CIS countries, the most active travellers to Uzbekistan were residents of Turkey – 84.3 thousand, China – 50.4 thousand, and India – 48.6 thousand.

Kursiv Uzbekistan reports that tourists will be given free SIM...

Uzbek wrestler Alisher Ganiev took the top honour at the U23 World Wrestling Championships, as reported by Uzbekistan’s National Olympic Committee (NOC).

Ganiev emerged victorious in the final against neutral athlete Dinislam Bammatov in the 60kg weight category at the U23 World Wrestling Championships held in Albania.

The Uzbek fighter secured an 8-4 win. Before this event, Uzbekistan’s volleyball team had also clinched gold at the championship in Sri Lanka, as reported by Kursiv Uzbekistan.

In the first nine months of 2024, Uzbekistan’s economy attracted $23.7 bln of investments from abroad. It is expected that the investment rates will be maintained until the end of the year, the press office of the President of Uzbekistan reported.

Between 2017 and 2024, investments are expected to reach $100 bln. Since the beginning of this year, Uzbekistan has launched 120 large-scale production facilities totalling $4.6 bln in value.

Kursiv Uzbekistan reports that Uzbek President Shavkat Mirziyoyev started the construction of nine projects in the Tashkent region.

During an industry forum in Tashkent, Deputy Minister of Mining and Geology Ural Yusupov revealed that 184 estates have already been successfully sold, amounting to a significant 226 bln soums. Moreover, Yusupov emphasised the potential for undiscovered mineral reserves in the country’s mountainous regions, noting that geological exploration in these areas is already 35-40% complete.

Yusupov also outlined the government’s efforts to digitise issuing subsoil licenses by expressing a strong willingness to collaborate and interact with all mineral exploration and production stakeholders. The government aims to enhance transparency and create favourable opportunities for local and foreign investors by conducting permit...

Uzbekistan Airways starts flights to Hangzhou, China, on 17th November, as the air carrier’s press service reported.

The flights should operate once a week, specifically on Sundays, with ticket prices starting from 4 mln soums.

Tickets can be purchased at www.uzairways.com or at the company’s sales offices.

Kursiv Uzbekistan reports that China Southern Airlines plans to increase the number of flights to Uzbekistan.

The Uzbek Commodity Exchange (UZEX) achieved a remarkable net profit of over 227.2 bln soums in January-September 2024, signifying a substantial 42.3% increase compared to the same period in 2023.

The trading floor experienced a notable revenue surge from 278.6 bln to 311.1 bln soums over the year. The volume of transactions reached an impressive 118.3 trln soums at the beginning of October this year, reflecting a commendable 15.1% increase in annual terms.

The volume of transactions at stock exchange trades surpassed 87.1 trln soums, marking a substantial 21.1% increase over the...

Uzbekistan’s Committee for Veterinary and Livestock Development is preparing a three-year desert restoration programme. President Shavkat Mirziyoyev‘s press office announced that the document is in progress.

Recently, the President reviewed the Yashil Makon project and instructed the committee to lead the initiative. The programme is expected to secure a $50 mln grant by 2025. The agency has been entrusted with managing 16 bln hectares of pastures.

Kursiv Uzbekistan reports that Uzbekistan is ready to implement irrigation measures.

Uzbekistan-based cargo carrier My Freighter has recently commenced flights between Zhengzhou, China and Liège, Belgium. The company announced this on its LinkedIn page. The flights are scheduled to operate four times weekly, utilising a Boeing 767-300 airliner for deliveries.

The company highlighted that introducing this new route aims to meet the increasing demand for cargo transportation between Europe and Asia. My Freighter has been active in the air cargo market since 2020 and plans to expand its fleet to 20 aircraft by 2027.

The airline specialises in transporting hazardous goods and perishable products. In the first...

The Afghan Football Federation has appointed Usmon Toshev from Uzbekistan as the head coach of the country’s national team, TOLOnews reported.

The new head coach, Toshev, has replaced British Ashley Westwood. According to the publication, he signed a one-year contract.

Toshev was previously the head coach of the Tajik national team and holds a valid coaching license from the Asian Football Confederation (AFC).

Kursiv Uzbekistan also reports that the transfer price of Uzbek footballer Abdukodir Khusanov doubled.