News

As part of the fifth season of Uzbekistan Fashion Week (UFW), a constructive panel discussion From Idea to Catwalk was held in Tashkent on November 7. This engaging event focused on the processes involved in creating fashion collections and the vital aspects of production and marketing within the Uzbek fashion industry.

The panel brought together key UFW organizers, including host and PR Director Malika Tairova, Creative Director Zhamshid Tadzhikhodjaev, Art Director Assol Bakhramova, and Dilnoza Umirzakova, the Director of the Council of Young Designers and founder of the ANOR brand.

Malika Tairova highlighted the significance of adopting a creative approach...

The Asian Development Bank (ADB) and the Ipak Yuli Bank have signed a loan agreement worth 625 billion soums, approximately $50 mln.

The funds will be used to support micro, small, and medium enterprises (MSMEs) in Uzbekistan, enhancing access to finance for businesses in various country regions.

Out of this total amount, about 375 bln soums (60% of the loan) will be allocated to enterprises outside Tashkent. Furthermore, at least 125 bln soums (20% of the loan) will be dedicated to companies owned or operated by women. Around 63 billion soums (10%) will also be invested...

Business Media Kursiv established the International Annual Women’s Leadership Award First Among Equals. The second award takes place on December 10 at The Hyatt Regency Hotel.

The First Among Equals Award aims to support women who show that any woman can become the first among equals through their personal and professional achievements.

“Today, in Uzbekistan, many women hold leadership positions in their companies and have successfully entered traditionally considered masculine professions while actively participating in public life. Our contest aims to highlight the new faces of women’s leadership in Uzbekistan. These women leaders are excellent role models for young girls...

Uzbekistan leads Central Asia with 22,400 stateless individuals.

Since 2014, when the global IBelong initiative was launched to end statelessness, the number of stateless people in the region has decreased sevenfold. According to the United Nations High Commissioner for Refugees (UNHCR), as of October 30, 2024, 34,200 people in Central Asia remain stateless, a sharp decline from 252,200 in 2014.

These figures were shared at a UNHCR briefing in Ashgabat, which focused on the issue of statelessness. Besides Uzbekistan, Kazakhstan also has a significant stateless population, with 7,400 individuals.

Kyrgyzstan and Turkmenistan have successfully eliminated statelessness within their borders.

Uzbekistan’s gold and foreign currency reserves rose to $43.1 bln as of November 1, adding $2 bln in October alone, according to data from the Central Bank of Uzbekistan.

This amount marks a new peak since records began in 2013. Overall, the reserves have grown by 19.88% since the start of the year.

Kursiv Uzbekistan also reports that since the start of 2024, investments in gold would have generated a 39% return for investors.

Kyrgyz Prime Minister Akylbek Japarov has announced that the project to construct a railway linking China, Kyrgyzstan, and Uzbekistan has reached the final stages of negotiations.

The Chinese company China Railway will act as the general contractor, with the project to be carried out under a public-private partnership.

“We are currently negotiating on this matter. The project’s charter capital is funded by investments from China, Kyrgyzstan, and Uzbekistan, with the majority of the funding coming from the Chinese side,” the Prime Minister clarified.

The UK government has added Uzstanex, an Uzbekistan-based company, to its latest sanctions list, according to an official statement.

This new sanctions package marks the UK’s largest since May 2023. The restrictions target efforts to «disrupt the supply of critical equipment supporting Putin’s military machine and suppress Russia’s harmful activities worldwide,» including its influence in Africa.

The UK imposed sanctions on 28 companies supplying machinery, microelectronics, drone components, ball bearings, and other goods to Russia’s military-industrial complex (MIC). In addition to Uzstanex, the list includes four companies from Kazakhstan: Zapchasttrade, Rabadaziya, CPS Energy, and Too Tawkz.

The UK has...

Between January and September 2024, Uzbekistan’s imports of Russian timber dropped by 18% compared to the same period last year, according to Kommersant. During this period, Russia exported 0.6 mln tonnes of timber to Uzbekistan.

Similarly, timber exports to Iran also decreased, but by a smaller 5%. China continues to be the largest foreign market for Russian timber.

In the summer of 2025, a tourist train will begin operating between Tashkent and Issyk-Kul Lake in Kyrgyzstan, according to Uzbekistan Railways.

The two countries’ railway operators agreed on the new passenger route during a meeting in Bishkek. The train will travel from Tashkent, passing through Bishkek, and end in Balykchi, a city located by the lake.

Currently, a tourist train with panoramic carriages runs between Bishkek and Issyk-Kul in the summer, passing through the scenic Boom Gorge, considered one of Central Asia’s most beautiful landscapes.

Ticket prices and the train schedule will be revealed closer to...

Fly Khiva Airlines is ready to launch passenger flights alongside its existing cargo services, according to a statement released on the carrier’s Telegram channel.

The statement indicates that the Fly Khiva passenger aviation presentation should take place in Tashkent this week.

Previously, Fly Khiva focused exclusively on cargo flights.

Kursiv Uzbekistan also reports that the airline received its first Boeing 767-304 in January, intended to transport cargo to destinations such as Dubai, Istanbul, Delhi, and Hong Kong.

Starting January 1, 2025, the country will prohibit keeping specific wild animals in domestic, semi-free, or artificial environments. The ban extends to public and travelling circuses, where using wild animals for performances will no longer be allowed.

Only zoos and specialised facilities, such as terrariums, aquariums, and serpentariums, may house these animals. Legally registered organisations, with permits from the Ministry of Ecology, will operate these facilities.

Donald Trump’s presidential victory introduces significant uncertainty for the Federal Reserve’s (Fed) future policies, according to The Straits Times.

Trump’s proposed economic reforms could affect the Fed’s plans for rate cuts in 2025. His pledges to impose high tariffs on imports, provide tax breaks for businesses, and restrict migration increase inflationary pressures.

Election results have already driven up yields on U.S. medium- and long-term government bonds and impacted global gold prices. Investors worry that Trump’s reforms could accelerate inflation, prompting the Fed to adopt tighter monetary policies.

Analyst Jim Grant disagrees. In an interview with Bloomberg, Grant...

Photo: thana_keng / Depositphotos

Participants at the summit of the Organisation of Turkic States (OTS) in Bishkek signed a memorandum to establish a council on green finance, as reported by the press service of the International Financial Center Astana.

This Council will focus on implementing green finance instruments and attracting international investments in projects to mitigate environmental impacts. Additionally, it will contribute to the development of government policies.

The new entity will also provide advisory services to companies and organisations from OTS countries regarding ESG (environmental, social, and corporate governance) reporting. This includes conducting training seminars...

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...