News

At the VI International Cbonds conference in Tashkent, Professor Botir Kabilov from the University of Texas at Dallas (USA) presented a report on Uzbekistan’s capital market.

According to the expert, Uzbekistan’s capital market is in the early stages of development, presenting significant prospects for growth and transformation. However, the successful development of this sector necessitates substantial changes, particularly in areas where the state holds a dominant role.

One of the primary constraints on the development of the capital market is the need for more transparency. Kabilov highlighted that, based on his analysis of data from the unified portal, approximately half...

According to the consulting company Commonwealth Partnership (CMWP), the commercial real estate market in Uzbekistan has grown by 46% over the past year, reports Kursiv Uzbekistan, based on the study results in the press release.

CMWP reports that the average asking rate on the first floors of quality shopping centers in Tashkent was $41 per square meter at the end of the year’s first half, representing a 2.5% increase.

In addition, the number of international retailers entering the Uzbek market has significantly increased over the past couple of years, with over 20 global market players opening outlets in the country...

On Thursday, September 12, the Board of the Central Bank decided to maintain the primary interest rate at 13.5% per annum, as indicated in the regulator’s press release.

The Central Bank explained its decision, stating that the primary interest rate must remain at the current level without any changes to reach the forecasted level of inflation by year-end.

The regulator reported that the overall inflation rate has remained stable over the past three months, at 10.5% in annual terms as of August.

“In addition, core inflation, which had been decreasing since the beginning of the year, stopped declining in...

Saudi Arabia opened Umrah season. On Tuesday, September 10, the first flight with 240 pilgrims left Uzbekistan, as The Hajj and Umrah Uzbek Center of Uzbekistan reported.

The pilgrims should spend three days in Medina and eight days in Mecca. Qualified experts will assist the Uzbek pilgrims during the Umrah season.

The Center has arranged accommodations for Uzbek pilgrims at the Grand Shahba Hotel in Medina and the Al-Ayyam Elite Hotel in Mecca.

Tour companies organising small pilgrimages will now need to obtain a special Uzbekistan license, as Kursiv Uzbekistan reported.

Russia and Uzbekistan are developing a joint coal mining project in Uzbekistan. The Russian Energy Minister Sergey Tsivilev announced that the Inter RAO is interested in becoming an investor.

In addition, it plans to produce electricity using processed coal.

«We have agreed that together we will work it all out quickly,» said the head of the Russian Ministry of Energy.

Inter RAO is a major Russian electricity generation and supply operator. The company is also engaged in project development and construction of energy facilities.

According to Russian President Vladimir Putin, Uzbekistan needs Russian gas. The head of the Russian...

Construction of a small-capacity nuclear power plant (SCNP) is underway in the Jizzak oblast.

A protocol has been signed between the directorate for the construction of the nuclear power plant under the agency Uzatom and the Russian Atomstroyexport. It approves the initiation of preparatory activities at the construction site and the development of essential documentation.

This significant project involves building a nuclear power plant with a total capacity of 330 MW. Notably, a shift camp for construction workers commenced in August, signifying the initial phase in the active development of the area designated for the future NPP.

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Uzbekistan Airways will fly more frequently between Tashkent and Beijing from the beginning of November. The number of flights will increase from three to four times a week, the air carrier’s press service said.

In addition to Tuesday, Thursday and Saturday, flights between the capitals of Uzbekistan and China will be operated on Fridays.

Tickets for the September 14 Tashkent-Beijing flight start from 6.3 million soums in economy class and 11.7 million soums in business class.

Kursiv Uzbekistan also reported that Uzbek low-cost carrier Silk Avia will start flights from Tashkent to Shakhrisabz on September 11.

Uzbekistan and the South Korean agency KOICA signed a memorandum for 29 projects totaling $300 million, as announced by the press service of the Uzbek Ministry of Investment and Foreign Trade.

These projects include initiatives for the modernisation of state administration, the educational system and climate adaptation.

The memorandum was signed by Laziz Kudratov, the head of the ministry, and KOICA President Chang Won Sam.

Notably, KOICA, founded in 1991, has already executed over 40 projects totaling $250 million in Uzbekistan.

Uzbekistan and South Korea had agreed to establish a new partnership model, Kursiv Uzbekistan reports.

Uzbekistan joins the Framework Agreement on Facilitation of Cross-Border Paperless Trade in the Asia-Pacific Region (APR) after Uzbek President Shavkat Mirziyoyev signed a decree.

This agreement allows for the mutual recognition of electronic trade documents and customs data exchange. The participating countries aim to improve the interoperability of national electronic document management systems in import-export operations and to align their national legislation with international and interstate standards.

The agreement’s primary targets are to simplify international trade in the Asia-Pacific region, reduce costs and enhance the transparency of customs operations.

Earlier, China, the Republic of Korea, Iran, Russia...

From January to July 2024, Uzbekistan welcomed 67.4 thousand medical tourists, an 85.8% increase over the previous year, according to the Statistic Agency data.

The highest numbers of medical tourists came from Tajikistan (51.6 thousand), Kazakhstan (7.7 thousand), and Kyrgyzstan (6.2 thousand). Additionally, 1.1 thousand tourists came from Russia, 587 from Turkmenistan and 24 from Turkey.

Uzbekistan introduces a Medical Hospitality program inspired by Turkey, South Korea, and India.

This program will include a value-added tax refund for foreign visitors seeking medical treatment in Uzbekistan.

The total number of tourists visiting Uzbekistan could reach 10 million people, as...

In the address to the participants of the joint ITMF Annual Conference & IAF World Fashion Convention in Samarkand, Uzbek President Shavkat Mirziyoyev announced that Uzbekistan has successfully achieved 100% processing of cotton fiber within the country, a significant milestone considering that the processing rate was only 40% in 2017.

The President expressed gratitude to international partners and emphasised the positive impact of reforms in the textile industry, including abolishing the state monopoly on cotton cultivation and establishing a cluster system.

These changes have attracted domestic and foreign investors and lifted the over-a-decade-long boycott of Uzbek cotton.

Mirziyoyev highlighted the...

The authorities of the Tashkent Region aim to attract $1.7 billion in investments for 24 electrical industry projects by 2027, according to the press service of the regional Khokimiyat.

The launch of these projects is expected to create three thousand jobs. The Khokimiyat noted that three investment projects worth $21 million were launched in the capital region in the first seven months of 2024. In particular, an Uzbek-Chinese enterprise that produces electric switches and repairs gas turbine engines operates in the Tashkent region.

By the end of the year, the region plans to implement a project to produce LED...

According to the Uzbek Ministry of Mining Industry and Geology press service, a scientific and technological center for uranium and mineral extraction will be set up in Uzbekistan.

During the Uzbek delegation’s visit to China, representatives of the Ministry, the Uzbek company Navoiuran, and the Chinese company CNUC signed a memorandum on establishing the mining center.

All the parties also signed an agreement on geological exploration in Uzbekistan.

Chinese partners are planning to visit the country in September to aid in the commencement of work.

Uranium production in Uzbekistan saw a 12.5% increase in the first half of 2024.

Kursiv...

IBC Global, a consulting company, has identified a significant increase in the cost of warehouse real estate in Central Asian countries, including Uzbekistan, due to a limited supply in the market. The press release is available on Kursiv Uzbekistan.

In Tashkent and Almaty, the average rate exceeds $150 per square meter per year, which is approximately 15% higher than in Dubai or Manchester, as mentioned by Stanislav Akhmedzyanov, the company’s managing partner. The cost of warehouses in Uzbekistan and Kazakhstan is approximately 60% higher than the rates in the Moscow region of Russia, he added.

The annual cost of one...

According to the First Deputy Chairman of the State Tax Committee, Mubin Mirzayev, in the first half of 2024, Uzbekistan’s indirect tax revenues decreased due to a drop in gas production and an increase in gas imports. The Davletovuz blog highlighted this issue in its timeline.

Uzbekistan imported 5.2 billion cubic meters of gas at a price of $160 per 1,000 cubic meters. The 0% excise tax rate on gas imports resulted in the government receiving 1.3 trillion soums.

Gas production in the country also declined, with 13.7 billion cubic meters produced over six months, which is 1.4 billion...

The Czech Interior Ministry has banned Uzbek MMA fighter Makhmud Muradov from residing in the country for an extended period, as reported by Aktuálně.cz. The agency has identified the athlete as a threat to the country due to his connections with the Balkan criminals. As a result, Muradov can only stay in the country on a short-term visa for up to 90 days.

Muradov came to the Czech Republic in 2011 for studies, but his sports career was quickly developing, and he became well-known as an MMA fighter. He has also recently collaborated with the Czech-Slovak organisation Octagon.

Kursiv...

During the Eastern Economic Forum in Vladivostok, Russian President Vladimir Putin stated that Uzbekistan requires Russian gas supplies due to the country’s growing population and economy.

Putin noted that Uzbekistan’s population is growing by approximately 1 million people annually and that the country’s economy is expanding, resulting in an increased need for fuel.

He mentioned that Uzbekistan still has obligations to foreign markets and requires additional resources.

In early August, Uzbekistan had purchased $984 million worth of natural and artificial gas, with imports of gas increasing fivefold over the year.

Gazprom reported that gas supplies to Uzbekistan had...

The cryptocurrency Toncoin has been listed on the UzNex crypto exchange, licensed in Uzbekistan since 2019.

The exchange recently launched a new 2.0 trading platform and added Toncoin to its listing, bringing the total number of coins available for trading to fifteen.

The price of Toncoin has faced challenges in the third week of August, which coincided with the arrest of Telegram founder Pavel Durov in France. As of August 25, Toncoin was trading at $5.63. However, its value dropped to 57,959 soums ($4.6) on UzNex at 12:12 on September 5, marking a decrease of almost...

Local authorities announce an initiative to enhance the investment and business environment in the city of Nurafshon, the Tashkent region, as confirmed by the Agency for Strategic Reforms of Uzbekistan.

The proposed plan includes an industrial park development, estimated to require an investment of $720 million. This park will accommodate industrial buildings and include service and social infrastructure facilities.

In addition to the industrial park, plans are in place to redevelop Nurafshon’s urban landscape. The old residential houses (the 1950s–1960s) in Toshkent Yo’li and Hurramlik streets should be replaced by new buildings with modern apartments and featuring commercial spaces.

Photo: Unsplash

31% of job seekers from Uzbekistan are willing to relocate abroad if they receive a favourable job offer, as reported by the job search platform HeadHunter.

This percentage increased by 18% over the year. The main reasons for considering relocation are economic factors and the wish to gain new experiences and improve the quality of life.

Kursiv Uzbekistan also reported that Russian Minister of Economic Development Maxim Reshetnikov expressed gratitude to Uzbeks for their contribution to the development of the Russian economy.

Uzbekhydroenergo reports that the combined energy production by solar and wind power plants has reached 3 billion kWh since the beginning of 2024.

In the first eight months of this year, solar and wind power plants produced almost 2.5 times more electricity than in 2023, totaling 1.2 billion kWh.

Nine solar and one wind farms operate in seven regions of Uzbekistan, with a total capacity of 2.6 GW. Additionally, a large number of small solar power plants and solar panels have been installed at industrial enterprises and homes in Uzbekistan.

By 2030, the capacity of alternative energy in...

EMK Steeltrade is currently considering the possibility of localising the pipeline products manufacturing in Uzbekistan. Company representatives negotiate this plan during a meeting with the Uzbekneftegaz management.

Both parties reached a mutual understanding to explore potential joint investments and to share valuable, updated information concerning the rolled steel market.

EMK Steeltrade’s range of products has garnered significant interest from Uzbekistan’s leading industrial enterprises. The company has successfully supplied hardware and heat-resistant rolled metal products to construct the Uzbekistan GTL gas processing plant in the Kashkadarya region.

EMK Steeltrade collaborates closely with Uzbekistan’s various machine-building, agro-industrial, and...

According to the Republic of Uzbekistan’s Statistical Agency, from January to July 2024, Uzbekistan sold 4.3 million square meters of carpets worth $13 million to other countries.

The main importer of Uzbek carpets was Azerbaijan, which purchased 1.2 million square meters, followed by Kyrgyzstan, which imported 1.1 million square meters.

Afghanistan also made significant purchases, acquiring 807.3 thousand square meters of Uzbek carpets.

During the same period, Kursiv Uzbekistan reported a 12.4% increase in carpet production within the country.

In the period of January-August 2024, Gazprom has notably increased gas exports to Central Asia, as confirmed by the company’s CEO Alexey Miller.

Miller emphasised that the company has been supplying gas at its maximum capacity through the Central Asia-Center pipeline system.

Miller further pointed out that the gas supplies were particularly significant during the winter of 2023-2024 when Uzbekistan experienced uncharacteristically cold weather.

He highlighted the ongoing economic and social developments in the Central Asian countries, underlining the emergence of new opportunities for collaboration with Gazprom.

Kursiv Uzbekistan also reported that gas production in Uzbekistan has...