News

KT&G, a South Korean tobacco company, plans to establish a subsidiary in Uzbekistan, according to a report from The Korea Herald.

The company has been operating a regional office in Uzbekistan since 2023 and aims to expand its workforce in the country, as well as establish a sales network to enhance its presence in the Eurasian market.

A spokesperson for KT&G stated, “The establishment of the new facility in Uzbekistan symbolizes our commitment to investment and innovation as we strive to become a leading global company.”

Founded in 1987, KT&G sells tobacco products in 132 countries and has six...

The State Assets Management Agency of the Republic of Uzbekistan has announced an extension for accepting applications for the privatisation of the Khiva Plaza and Khiva Locomotive hotels. The announcement was published on the agency’s portal.

Investors can submit binding proposals until February 20 of this year.

Previously, the department had extended the privatisation process for these two hotels until November 29 last year. Investors are being offered 100% ownership of the state shares in these assets.

The Khiva Plaza Hotel covers a total area of over 8,700 square meters and has 106 rooms. Meanwhile, the Khiva Locomotive Hotel has...

The Ministry of Agriculture of Uzbekistan has signed a memorandum with the Arab company IFFCO Group to strengthen cooperation in food security.

The UAE plans to export up to 10,000 tonnes of strategic products, including vegetable oil and flour, to Uzbekistan as part of the agreement.

The memorandum also outlines the establishment of a Food Security Centre that will focus on combating counterfeit products and protecting intellectual property.

Additionally, both parties agreed to implement new production projects, including manufacturing tomato paste, vegetable oils and other products.

Kursiv Uzbekistan also reports that Binghalib Group intends to relocate from the...

Students from the Tashkent Architecture and Construction University designed the cat houses. These structures are ventilated and heated to ensure the animals remain comfortable in any weather conditions.

This project was carried out in collaboration with the Mushukkent Initiative, with support from the Tashkent Police Department, the National Guard of Uzbekistan, and various government agencies and NGOs.

Kursiv Uzbekistan also reports that airports will begin accepting electronic ID cards.

Paynet has won the auction to privatise 100% of the state’s stake in the National Interbank Processing Centre JSC (HUMO). The State Assets Management Agency of Uzbekistan organised the bidding.

Anvar Isamukhamedov, CEO of Paynet, stated, “We believe that the synergy between HUMO and other participants in the payment market will not only help preserve HUMO’s achievements but also enable it to enhance its market position and effectively realise its long-term goals. By improving business processes, expanding the range of products and services, and introducing new technologies, the company can offer better, more affordable, and innovative solutions for households and...

Uzbekistan and Afghanistan signed an agreement for the transit of goods, according to the news portal TOLONews.

Similar agreements have also been signed by Afghanistan’s Ministry of Industry and Commerce with Turkmenistan and Kazakhstan.

From January to November 2024, trade between Uzbekistan and Afghanistan totalled nearly $1 bn. This represents an increase of $215.8 mn compared to the same period in 2023.

During the first eleven months of the past year, Uzbekistan exported goods worth $969.4 mn to Afghanistan. Meanwhile, Afghanistan’s exports to Uzbekistan amounted to $30.5 mn.

In January-November 2024, Uzbekistan’s clothing production reached UZS 28.3 trln, marking a 43.6% increase compared to the same period in 2023, according to the State Statistics Agency.

Since 2020, the country’s clothing production has more than tripled.

For reference, in the same period last year, Uzbekistan’s textile exports totalled $2.6 bn, with a 6.4% decrease in exports.

Almalyk Mining and Metallurgical Complex (AMMC) produced goods worth UZS 38 trln in 2024, according to the company’s press service. This figure is 20.5% higher than the results of 2023.

The plant exceeded its production forecast by 16%. Over the year, AMMC increased ore extraction by 4.6% and cathode copper production from its raw materials by 4.1%.

AMMC also met its targets for the extraction and processing of gold-containing ores, as well as for the production of chemicals, selenium, and tellurium.

At the end of the year, the plant produced consumer goods worth UZS 7.5 bn.

Uzbekistan became the largest importer of grain from Kazakhstan in 2024, importing 3.3 mn tonnes, according to the Ministry of Agriculture of Kazakhstan.

China ranked second, importing 1.7 mn tonnes, while Tajikistan secured the third position with 1.2 mn tonnes.

From September to December 2024, Kazakhstan increased its grain exports to Uzbekistan by 45%, reaching 1.5 mn tonnes.

Uzbekistan has finalised the privatisation of the Humo payment system, part of the National Interbank Processing Center, for $65 mn. This announcement was reported by Uzbekistan’s State Assets Management Agency (UzSAMA). The sale follows an open process, where six applicants were invited to submit Binding Offers (BO).

Three offers were received, with Paynet submitting the highest bid of $65 mn. This bid aligns with the price range set by the consultant and exceeds the valuation by independent appraiser KPMG.

Paynet, one of Uzbekistan’s largest payment operators, has agreed to ensure the stability of the Humo payment system and protect the...

From January to November 2024, Uzbekistan’s agricultural producers exported 32,200 tonnes of cherries worth $70.3 mn, according to the Statistics Agency of Uzbekistan.

In volume terms, exports decreased by 28% compared to the same period in 2023. However, in value terms, they increased by 33%, driven by a rise in the average price from $1,200 to $2,200 per tonne.

Russia was the primary importer of Uzbek cherries during this period, accounting for nearly 79% of shipments. Kazakhstan imported 3,500 tonnes, and Kyrgyzstan received 2,800 tonnes.

Uzbek cherries were exported to markets in Belarus, the UAE, China, South Korea, Malaysia, and other countries.

Uzbekistan aims to increase its annual exports of electrical equipment to $3 bn. The initiative was presented to President Shavkat Mirziyoyev during a meeting on the industry’s development.

Electrical equipment production is projected to reach UZS 50 trln in 2025. For comparison, last year, enterprises in the country produced electrical goods worth UZS 31 trln.

Exports amounted to $1.3 bn, while investment in the sector totalled $516 mn. Entrepreneurs will also have the opportunity to construct buildings in technology parks and sell them to enterprises in the electrical and related industries.

The number of advertising companies in Uzbekistan reached 1,500 as of January 1, according to the State Statistics Agency.

Tashkent has the highest number of advertising agencies in the region hosting over 1,000 companies.

The Samarkand region ranks second with 91 advertising companies, followed by the Fergana region with 61.

The lowest numbers are recorded in the Syrdarya region, with 9 companies, and Karakalpakstan, with 20.

Uzbekistan’s spending on advertising services amounted to approximately $481 mn in 2024. The country ranked fourth among Central Asian and Eastern European nations in terms of advertising expenditure.

From January to November 2024, Uzbekistan exported 205,500 tonnes of grapes, a 2.2-fold increase compared to the same period in 2023, according to the State Statistics Agency.

In monetary terms, grape exports exceeded $174.7 mn. Russia accounted for the majority of shipments, receiving 164,200 tonnes. Kazakhstan and Kyrgyzstan followed with 19,400 tonnes and 14,500 tonnes, respectively.

Belarus (6,600 tonnes) and Ukraine (334 tonnes) rounded out the top five importers.

It is worth noting that as of early December last year, Uzbekistan’s exports of fruits and vegetables totalled $1.4 bn, despite a 30% year-on-year decline.

Greenland’s Prime Minister, Múte Bourup Egede, firmly stated that the island will not be annexed by the United States, Politico reports.

«We do not want to be Danes. We do not want to be Americans. We want to be Greenlanders,» Egede told journalists on Friday after meeting with leaders of the Danish Kingdom in Copenhagen.

Earlier, former US President Donald Trump had suggested that he would not rule out the use of force to annex Greenland, an autonomous territory of Denmark with a population of 57,000.

When asked whether he had spoken to Trump, Egede replied, «No, but we are open...

Uzbekistan’s enterprises produced electrical equipment worth UZS 31 trln in 2024, as reported to President Shavkat Mirziyoyev during a meeting on the development of the sector.

Last year the country exported electrical equipment totalling $1.3 bn, while investments in the industry reached $516 mn.

According to the plans of the UzElectroIndustry Association, 290 projects worth $4 bn are set to be launched this year. Investments in electrical equipment production are expected to total $600 mn. Overall, $75 bn in investment projects is planned, with $28 bn allocated to localisation programmes.

Entrepreneurs are now permitted to construct buildings in technoparks and sell...

President of Uzbekistan Shavkat Mirziyoyev has instructed officials to increase the export of transport services to $3 bn by 2025, according to the presidential press service.

The initiative was announced during a meeting focused on developing the country’s transport and logistics sector.

Uzbek freight forwarders will be exempted from paying VAT on international transportation services as part of the plans. This measure aims to raise the share of local companies in the sector to 45–50%.

The President also stressed the need to double the volume of international freight transportation.

To boost foreign cargo traffic, the government will introduce an...

British actor Jude Law will portray Russian President Vladimir Putin in The Kremlin Wizard, a film directed by French filmmaker Olivier Assayas, according to Deadline.

Jude Law is set to play a minor role in Assayas’ new project, which depicts Putin in the early stages of his political career. In an interview with Deadline, Law described the challenge of playing this role as akin to “climbing Mount Everest,” but he feels prepared to take it on.

Information regarding Law’s involvement in the film emerged in May 2024; however, specific details about his character were not disclosed at that time.

At the end of 2024, the Fergana region has attracted $1.8 bn in foreign direct investments and loans, according to the press service of the regional Khokimiyat.

Deputy Regional Governor Nuriddin Mamajonov announced that the region launched 1,100 investment projects last year and created more than 36,000 jobs. Representatives from 29 countries are investing in the region’s economy, and the total number of firms with foreign capital has surpassed 800.

The region’s foreign investors’ portfolio is estimated to be around $6 bn.

In 2025, regional authorities plan to improve their work efficiency with investors. They anticipate initiating projects worth...

Photo: Wildberries

The court denied Vladislav Bakalchuk‘s claims against his former wife and upheld Tatiana Kim‘s right to 99% ownership of Wildberries, as reported by RIA Novosti, citing a decision from the Arbitration Court of the Moscow Region.

Bakalchuk was recognised as the owner of only 1% of Wildberries’ authorised capital, the legal entity of the Wildberries marketplace. The court determined that Bakalchuk’s interests were not impacted by the merger of the marketplace with the outdoor advertising operator Russ Outdoor.

It is worth noting that at the end of 2024, Bakalchuk lost another lawsuit concerning transferring Wildberries’ assets.

The conflict...

The sale of AI-80 petrol in Uzbekistan is set to be restricted until the end of 2025, as outlined in a decree by President Shavkat Mirziyoyev regarding implementing the Uzbekistan-2030 Strategy.

The decree also proposes limiting the use and sale of all fuels below Euro-4 standards. Previously, it was planned to phase out non-ecological fuels gradually until 2028.

The decree suggests banning the use of fuel oil in boiler houses and thermal power plants until the end of 2025. However, the use of this type of fuel will be permitted in emergencies.

A separate section of the decree...

At the end of 2024, cement sales at the Uzbek Republican Commodity and Raw Materials Exchange (UZRTSB) rose by 58% to reach 5.9 mln tonnes, according to the trading platform’s report

The highest sales volumes occurred in May and August, where 670,000 and 627,000 tonnes of cement were sold, respectively. Conversely, the lowest sales were recorded in December, with nearly 278,000 tonnes sold. The average annual price for cement was 534.7 thousand soums per tonne.

The largest cement producer last year was Ahangarancement, which accounted for 18% of total sales. Kyzylkumcement and Bekabadcement followed in second and third place...

According to TASS, the Russian group Holding Aqua increased its mineral water supplies to Uzbekistan by 27% in 2024.

The company produces several types of mineral waters, including Essentuki and Narzan, alongside other soft drinks.

Holding Aqua exported over 750 mln liters of water in 2024, marking an annual growth rate of 35%. The company also expanded its product shipments to Belarus and Azerbaijan, increasing by 130% and 22%, respectively.

The most popular brands among customers remain Essentuki and Narzan, although interest in Arkhyz and Gorji is also rising.

According to the Statistical Agency of Uzbekistan, the country...

President of Uzbekistan Shavkat Mirziyoyev has completed his short-term labour leave as of January 10, as announced by Sherzod Asadov, the press secretary of the head of state.

Mirziyoyev began his leave on January 6.

Kursiv Uzbekistan also reports that the President has signed a law regarding the state budget for the upcoming year.