News

Uzbekistan supports the UN General Assembly resolution that demands Israel to withdraw its troops from the occupied Palestinian territories, as reported by the UN news agency.

The document states that Israel must end the occupation within 12 months, and sanctions may be imposed if it fails to comply with the resolution.

The resolution proposed by Palestine and supported by numerous countries received 124 affirmative votes, while 43 countries abstained and 14 opposed, including the United States and Israel. The document also emphasises the necessity to halt the construction of Israeli settlements and return the occupied lands.

The resolution is...

IT Park and Kazakhstan’s Astana Hub are teaming up to create a shared ecosystem to support startups and promote Central Asian developments in international markets, as reported by the technocluster’s press service.

The technoparks will exchange their expertise in attracting venture capital funding and participating in global events under the joint brand of Central Asian Innovation Hubs.

IT Park CEO Farkhod Ibragimov and Astana Hub head Magzhan Madiev signed a memorandum during ICTWeek 2024 in Tashkent.

The unified brand aims to enhance technoparks’ recognition and highlight their regional identity. In the upcoming months, Central Asian Innovation Hubs will showcase...

IAEA General Director Rafael Grossi plans to visit Uzbekistan, as reported by the press service of the Atomic Energy Agency of Uzbekistan.

The Agency’s director, Azim Akhmedkhadzhaev, met with Grossi in Vienna on September 17 to discuss joint activities with the IAEA to promote nuclear technologies, including small modular reactors.

According to the report, the visit dates have not been specified.

The plans for the construction of the Jizzak Nuclear Power Plant were established in August of this year.

Kursiv Uzbekistan also reported that the first Nuclear Power Plant is to be founded in Uzbekistan.

According to the UN E-Government Survey Report 2024, Uzbekistan is ranked 63rd in the E-Government Development Index (EGDI).

This marks an improvement in the country’s position by six places compared to the 2022 indicators. It is the first time Uzbekistan has entered the group of countries with a Very High EGDI index.

Kazakhstan is ranked 24th in this rating, while Kyrgyzstan and Tajikistan are ranked 78th and 123rd, respectively. The UN Department of Social and Economic Affairs (UNDESA) prepared the report.

The report indicates a global upward trend in the development of digital government, accompanied by increased investments in...

Uzbekistan’s Ambassador to Malaysia, Karomiddin Gadoev, recently met with representatives of the authorities of the local state of Kedah.

According to reports from Dunyo news agency, the parties have agreed to initiate charter flights between Tashkent and Langkawi Island. These flights are expected to operate during the tourist season to facilitate an increased flow of tourists between the two countries.

The state authorities have also agreed to establish direct trade and economic relations with Uzbekistan. Kedah state, covering an area of 9.5 thousand square meters, is situated in the northern region of Malaysia and is home to 2.2 million...

The Legislative Chamber of the Uzbekistan Parliament, Oliy Majlis, has approved amendments to the Criminal Code to toughen penalties for human trafficking.

The Oliy Majlis press service stated, “Today, there are no appropriate sanctions for offenses related to the violation of human rights and freedoms, particularly for crimes related to human trafficking.”

The Oliy Majlis is planning to introduce amendments that would increase liability for such offenses against a pregnant woman or kidnapping.

Uzbekistan had drafted a bill to toughen responsibility for deaths caused by torture, as reported by Kursiv Uzbekistan.

Almalyk Mining and Metallurgical Combine (AMMC) is to construct a copper smelting complex.

German banks KfW IPEX Bank and Ausfuhrkredit-Gesellschaft mbH (AKA) will provide the construction loan for this project.

The German banks will allocate the initial tranche of 146 million euros to AGMK to construct the new production line. The loan agreement was signed during an Uzbek-German business meeting in Samarkand.

The new smelting complex is part of the Yoshlik project’s second phase, estimated to have a value of $1 billion. The budget for the first phase was $4.8 billion.

Kursiv Uzbekistan also reported that Germany and...

The Uzbek men’s chess team defeated the Israeli team in the sixth round of the International Chess Olympiad, scoring 2.5:1.5, as reported by the Agency for Youth Affairs of Uzbekistan.

This victory allowed the men’s team to secure fifth place in the overall standings.

Meanwhile, Uzbekistan’s women’s team competed against the Netherlands and the match ended in a 2:2 draw.

The Uzbek team is currently in 16th place, trailing the leader by four points.

Earlier, Kursiv Uzbekistan reported that the Uzbek team had won the first two rounds of the Olympiad chess competition.

On September 15, the German Prime Minister travelled to Samarkand to take part in the Uzbek-German summit, as reported by the UzA news agency.

During the official visit, Olaf Scholz met with Uzbek President Shavkat Mirziyoyev.

The two sides discussed joint projects worth 9 billion euros in energy, engineering, construction and other industries.

As part of these plans, Germany’s Siemens Energy intends to construct combined cycle power plants in Uzbekistan. The Linde Group will participate in a joint project to produce methanol and ammonia. KfW Ipex-Bank and Giga Fiber are set to invest in the mining and processing of copper...

The export of Uzbek melons to the United States no longer presents technical issues. The U.S. Ministry of Agriculture announced this positive development during a meeting with their Uzbek counterparts.

Once the necessary legal procedures are finalised, melon deliveries will commence. Additionally, Uzbek grapes, cherries, and grain legumes could enter the U.S. market.

Moreover, the Uzbek Ministry of Agriculture has agreed to send local specialists to the United States for advanced training in laboratory research, while American colleagues are expected to share their expertise in laboratories in Aral and Fergana Valley.

From January to July 2024, Uzbekistan successfully...

The Mortgage Refinancing Company Uzbekistan (UzKRI) has issued green corporate bonds with a total value of 50 billion soums, as reported by the Republican Stock Exchange Toshkent.

Each five-year bond has a nominal value of one million soums and carries an 18% annual coupon rate with quarterly coupon payments.

As of June 2024, UzKRI has become the largest bond issuer among public companies in Uzbekistan.

Funds raised from green bonds will support environmental projects and mitigate human impact on the environment. International financial institutions seek these securities.

The total volume of green bonds worldwide now exceeds...

In the last four months of 2024, Uzbekistan’s stock market declined. The UCI index dropped by 5.6%. Some of the companies that disappointed investors include Uzbektelecom, Uzmetkombinat, and Kokand Mechanical Plant. However, experts believe that the decline in stock prices cannot be attributed only to these companies’ performance. “Kursiv” talks to experts about the reasons behind the market’s decline and its prospects.

Not for sale only

Avesta Investment Group analyst Zakhro Murtazaeva believes that the main reason for the decrease in shares is low market liquidity.

“Trading volume on the stock exchange fell almost twofold in 2023, and...

The upcoming visit of the German Chancellor Olaf Scholz to Uzbekistan may involve discussions on the potential export of Uzbek minerals to Germany, as highlighted by Devdiscourse.

The German Chancellor is scheduled to visit Uzbekistan and Kazakhstan from September 15-17, accompanied by a business delegation.

Media reports suggest that Chancellor Scholz’s forthcoming visit to Central Asia is driven by mutual interests in exploring opportunities for the supply of gas, oil and other minerals, particularly in the wake of sanctions imposed against Russian companies.

This underlines the European Union’s pursuit of new trade partnerships, including in the Central Asian...

Coca-Cola is planning to expand its production in Uzbekistan. Ezel Agaoglu, the CEO of Coca-Cola Ichimligi Uzbekiston Ltd, discussed this matter with Uzbek Minister of Investment, Industry and Trade Laziz Kudratov at a meeting on September 12.

Coca-Cola has been operating in Uzbekistan since 1993 and opened its fourth plant in the Jambay district of the Samarkand region in May of this year.

The fifth plant in Namangan is scheduled to open in 2025. This decision was made during a meeting between the President of Uzbekistan, Shavkat Mirziyoyev, CEO James Quincy, and Chairman of Anadolu Group, Tunjai Ozilhan.

Uzbekistan and Argentina have recently signed an agreement to cooperate in standardisation, certification and technical regulation. The document was approved at Colombia’s General Assembly of the International Organization for Standardization (ISO).

Uzbekistan’s Agency for Technical Regulation and Argentina’s standardisation and certification organization, IRAM, signed the agreement.

During the meeting, the parties discussed standards for products, processes, services and management system certification. They also focused on developing training programs for specialists and improving training courses.

Kursiv Uzbekistan also reported that Uzbekistan plans to cancel certification requirements for children’s holiday camps.

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.

As

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...