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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...

President of Uzbekistan Shavkat Mirziyoyev paid a visit to the new Republican Oncology Center on Thursday, August 29, as reported by the president’s press office.

Situated near the Tashkent Medical Academy, the new nine-building Center boasts 650 inpatient and 80 day beds and can provide outpatient treatment to 500 individuals daily. The government allocated 1.2 billion soums for this project’s construction.

Also, during the construction phase, stringent attention was paid to the needs of both medical professionals and patients.

In accordance with European and American standards, the complex features 17 clinical departments, 18 operating rooms and 42 intensive care...

The “Fair Tech” system identified 49,500 cases of overpriced medicines, resulting in total damage of 5.4 billion soums to consumers, as reported by the Committee for Development of Competition and Consumer Rights Protection.

The law was most breached in pharmacies in the Tashkent, Jizzak, and Namangan regions. The controlling body found breaches in 473 pharmacies, with the highest number in the Tashkent region.

Current legislation requires the medical products margin at wholesalers to be no more than 15% of the purchase price and for retail to be no more than 20% of the wholesale price. These restrictions should make...

According to Uzbek Statistic Agency, in the first seven months of 2024, Uzbekistan welcomed 4.2 million foreign tourists, marking a 15.3% increase compared to the previous year.

The highest number of visitors came from Kyrgyzstan, with 1.2 million tourists, followed by Tajikistan with 1.2 million and Kazakhstan with 845.8 thousand.

Additionally, tourists from non-CIS countries such as Turkey (62 thousand), China (35.5 thousand), and India (33.3 thousand) also visited Uzbekistan.

The Tourism Committee has set a target of attracting 10 million foreign tourists to Uzbekistan this year.

In addition to traditional tourism, Uzbekistan is promoting military...

On August 28, Navoi Mining and Metallurgical Combine (NMMC) received a certificate of compliance with the international standard on anti-bribery management (ISO 37001:2016), reported by the press office of the Ministry of Mining and Geology of the Republic of Uzbekistan.

General Director of NGMK Kuvondik Sanakulov and Combine’s key employees participated in the award ceremony.

Akmal Burkhanov, Director of the Anti-Corruption Agency of RUz, joined the event via video link.

The ISO 37001:2016 certificate, also known as the “Anti-bribery Management System,” encompasses a range of activities, including establishing an anti-corruption policy, thoroughly scrutinising partners, comprehensive staff training, internal audits...

Uzbek women who are victims of domestic violence can now apply for a non-molestation order using a new online procedure. The government has implemented a fully automatic system for issuing non-molestation orders through the electronic portal EPIGU. Under this new system, crime prevention inspectors can issue the order online, free of charge, within 24 hours of a reported incident of violence or a complaint about the risk of violence.

Furthermore, starting from December 1, crime prevention inspectors can initiate the issuance of a non-molestation order if there have been multiple incidents of domestic violence within a year.

In addition...

According to Kazatoprom’s press office, the company has signed a Memorandum of Understanding (MOU) with TajRedMet. The agreement aims to cooperate in uranium mining, processing, and the exploration and extraction of rare metals.

The parties should also collaborate in research, development, integration of innovative technologies, and specialist training.

Kursiv Uzbekistan also reported that the unique state-owned Uzbek enterprise Navoiyuran increased production by 12% in six months. The company did not mention the number of tons produced during this period. 

According to The Economist.kg, the itinerary of the future China-Kyrgyzstan-Uzbekistan railway is being developed in the Naryn region.

The project is being implemented by a special team led by Adyl Saparov, the First Deputy Governor and Presidential Plenipotentiary in the Naryn region.

China, Kyrgyzstan and Uzbekistan agreed to deliver 90% of the railway through the Naryn region.

Kursiv Uzbekistan also reported that container trains go-ahead from China to the Tashkent region.

Chinese North-Western Cargo International Airlines announces the commencement of cargo flights between Xi’an and Tashkent, scheduled on September 4.

The airline intends to utilize Boeing 757-200 aircraft with a cargo capacity of up to 25 tons for this transportation service.

Initially, these flights will operate weekly on Wednesdays, with plans to expand to three times a week.

Furthermore, there are ongoing discussions between Uzbekistan and Hungary regarding the potential liberalization of international cargo transportation, as reported by Kursiv Uzbekistan.

According to The Ring magazine, Uzbek boxer Israil Madrimov, competing in the 75 kg weight category, is ranked second in the boxing rankings.

The top spot belongs to American professional boxer Terence Crawford, who defeated Madrimov on August 3, 2024.

American boxer Sebastian Fundora holds the third position.

Kursiv Uzbekistan reported earlier that Uzbekistan boxer Asadkhuja Muydinkhujaev won a gold medal at the 2024 Olympics.

The fintech company from Kazakhstan is looking to acquire 100% of the state share of the payment system Humo.

Kaspi.kz has formally expressed its interest to Deloitte, the consulting firm overseeing the privatisation process for Uzbekistan’s State Assets Management Agency.

Mikhail Lomtadze, the CEO and co-founder of Kaspi.kz, mentioned potential significant investments in technology and team development of the Uzbek Humo.

The privatisation of Humo was announced by AUGA at the end of July, with the payment system’s net profit exceeding 71.8 billion soums as of July 1, and an annual growth of 51.2%.

Kursiv Uzbekistan reported the Uzbek...

The Islamic Emirate of Afghanistan appoints Abdul Ghafar Tirawi as the new ambassador to Uzbekistan, as reported by TOLOnews.

The head of Afghanistan’s Third Political Department, Zakir Jalali, announced that the appointed ambassador is expected to assume his duties in Tashkent soon.

In mid-August 2024, Uzbek Prime Minister Abdullah Aripov said at a meeting with Taliban government representatives that both sides had reached an agreement on this matter.

Political analyst Mohammad Aslam Danishmal commented that the current Afghan government should continue to work on the country’s isolation to gain legitimacy.

Before that, Kabul appointed Mohammad-ul-Rahman as Charge d’Affaires...

Fitch Ratings Agency published a report affirming Uzbekistan’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at “BB—” with a stable outlook.

Fitch experts note that the rating is supported by the relatively low government debt and the high growth of the Uzbek economy.

The Agency’s experts highlighte that these factors counterbalance RUz’s low GDP per capita and dependence on raw materials.

According to the Agency’s forecasts, the country’s debt-to-GDP ratio will be 32.1% by the end of 2026, compared to 32.5% in 2023. The bulk of the debt is in foreign currency, with an average maturity of 9.2 years.

The...

According to the American Ministry of Finance, the Russian company Intheme Lab, a resident of Tashkent IT Park, has been added to the new USA sanctions list.

The recent US list includes over 300 companies, some of which are associated with the IT industry. Intheme Lab, as stated on its official website, focuses on optimising, automating, and transforming business processes using its proprietary developments and third-party solutions.

Kursiv Uzbekistan reported that in June, Japan imposed sanctions on Uzbek Mvizion.