News

Uzbekistan has recently made a significant step by signing the international treaty on the exploration and use of outer space. Uzbek President Shavkat Mirziyoyev has signed the treaty.

Established in 1967, this treaty serves as the foundation of space law and emphasises the principle that outer space is accessible to all nations, regardless of their technological advancements.

The treaty also prohibits the deployment of weapons of mass destruction in space, the establishment of military bases, and the testing of weapons on celestial bodies.

Furthermore, it obliges signatory states to assist astronauts who land on their territory and promotes...

Navoi Mining and Metallurgical Company (NMMC) has successfully priced its inaugural US $1 billion dual-tranche Eurobond offering, receiving an overwhelming response from investors, with the order book peaking at US $5.5 billion, as it has been known from rather informed source.

The offering marks several significant achievements for the company and the region.

NMMC intends to use the net proceeds for general corporate purposes, including financing its capital expenditure program and refinancing existing debt at more attractive rates.

This marks a pivotal moment for NMMC and underscores the strong investor confidence in the company’s future.

Kursiv Uzbekistan also reported

Since the beginning of the year, two billion cubic meters of water have been sent to the Aral Sea. The inflow has exceeded the values of previous years by five times, as reported by the government of Kazakhstan.

The reservoir will be filled to 100% capacity for the first time in five years. As of early October, the water volume in the lake’s northern part was 22 billion cubic meters. Another 500 million cubic meters will be sent to the Aral Sea by the end of the year.

The change in inflow has already resulted in a decrease in...

In the first nine months of 2024, over 303,300 cars were sold in Uzbekistan, as reported by UzAuto Motors.

In early October, Uzbeks purchased 271,200 Chevrolet cars, 12,500 from South Korea’s Kia and 11,500 from China’s BYD.

The residents of our country showed less interest in buying Jetta brand cars – 228, Isuzu – 194, and Exeed – 132.

During this period, the most popular car model is the Chevrolet Cobalt, with 99.5 thousand cars sold. The second and third most popular models were the Chevrolet Damas, with 71.8 thousand vehicles sold, and the Chevrolet Tracker, with 31.7 thousand...

According to the Uzbek Transport Ministry, Uzbekistan will join the European Conference of Ministers of Transport (ECMT) to establish road freight transport between regions.

The ministry said that participation in the ECMT will help organise transit and bilateral road freight transport based on the permits of the structure’s participants.

Complying with the workshop quality charter is necessary to attend the conference. At a meeting of the European Transport Group on 10 October, it was announced that experts of the International Transport Forum will check to what extent Uzbekistan can meet the provisions of this document.

Kursiv Uzbekistan also...

The Taliban administration and Uzbekistan have signed a $1 billion contract to develop natural gas in the Tuti-Maidan block in Afghanistan’s Jawzjan and Faryab provinces, as announced by the office of Afghan Deputy Prime Minister for Economic Affairs Abdul-Ghani Baradar.

Uzbekistan plans to invest the entire amount in the project over ten years. The republic will invest $100 million in the Afghan gas field in the first year of the agreement and will also construct a 100MW thermal power plant (TPP) within the first two years.

The document was signed by Abdul-Ghani Baradar, Deputy Prime Minister for Economic Affairs...

Ramzan Kadyrov, the head of the Chechen Republic, has declared a blood feud against Suleiman Kerimov and two members of the Russian State Duma, Bekkhan Barakhoyev and Rizvan Kurbanov, over the situation with Wildberries, as reported by the Telegram channel Baza.

“This is a business situation. Bekkhan Barakhoev, Suliman Karimov and Rizvan Kurbanov are prominent businessmen. Not only are they attempting to take business away from Tatiana Kim, but they also allegedly tried to have me killed. I initially kept quiet about it, but now I am officially stating that I will declare a blood feud against Barakhoev, Karimov...

The term “Turkestan” will be used instead of “Central Asia” in Turkish history curricula, as reported by TRT, citing the Turkish Ministry of National Education.

The ministry believes that the initiative will help strengthen students’ patriotism and national consciousness.

Experts view the curriculum changes as a way to highlight Turkey’s cultural and historical connections with other Turkic nations, such as Uzbekistan, Turkmenistan, Kazakhstan and Kyrgyzstan.

They also mention that adding the new term to the school program can be viewed as part of a policy to align Ankara more closely with the countries in the region. In early September...

UNICEF predicts that climate change and the opening of the Kosh-Tepa irrigation canal in Afghanistan will cause water shortages and job losses in Uzbekistan’s agriculture.

The organisation’s experts predict that the damage to Uzbekistan’s economy will amount to about 0.7% of GDP. Agriculture in Bukhara, Khorezm, Kashkadarya Provinces and Karakalpakstan will suffer due to water shortages. Up to 250,000 people may lose their jobs.

The construction of the Kosh-Tepa Irrigation Canal started in 2022. Afghanistan intends to divert approximately 10 cubic kilometers of water annually from the Amu Darya river to irrigate 500,000 hectares of agricultural land. Uzbekistan...

VEON has officially launched the digital entertainment platform KINOM in Uzbekistan, offering over 130 channels of linear TV and on-demand films and TV series, as reported the Company’s press office.

The platform, developed locally, focuses on providing local language content and aims to support the growth of regional creative industries.

This launch is part of VEON’s strategy to expand its digital entertainment platforms, which have been successful in other countries such as Pakistan and Bangladesh.

VEON is a digital operator that provides converged connectivity and digital services to nearly 160 million customers. Operating across six countries that are...

According to the podcast Lolazor, the Energy Minister of Uzbekistan, Zhurabek Mirzamakhmudov, recently addressed the issue of rising propane prices in the country. He attributed the price increase to various factors, including insufficient growth in fuel production, an increase in the number of cars and resellers and the presence of unlicensed firms operating in the Uzbek liquefied gas market.

Mirzamakhmudov mentioned that the country’s propane production is expected to reach 860,000 tons in 2024, up from the previous 800,000 tons. He also emphasised that the Ministry of Energy does not impose any barriers to the purchase of imported fuel.

On October 8, Uzbek President Shavkat Mirziyoyev participated in the routine CIS Heads of State Council meeting led by Russian President Vladimir Putin. President Mirziyoyev introduced several proposals concerning trade, cybersecurity and cultural cooperation.

The summit saw the participation of the presidents of Azerbaijan, Belarus, Kazakhstan, Kyrgyzstan, Tajikistan and Turkmenistan, along with the Prime Minister of Armenia.

During his speech, Mirziyoyev discussed crucial topics of security and sustainable development. The president stressed the significance of cooperation among the CIS countries’ special services in addressing contemporary challenges. He also underlined the need for joint efforts to enhance cybersecurity.

The President...

The Central Bank of Uzbekistan has joined the Basel Committee on Banking Supervision (BCBS) advisory group, as reported by the regulator’s press office.

The Basel Consultative Group (BCG) was established to collaborate with banking supervisors who are not committee members. Group members have the opportunity to take part in BCBS discussions and activities.

The committee’s main objective is to develop and implement international standards in the banking sector. It conducts research, analyses financial risks and provides a platform for regulators to exchange experiences.

BCBS decisions are not legally binding. Committee members implement its standards independently and voluntarily.

Kursiv...

The Jumeirah Group, based in the United Arab Emirates (UAE), is exploring the possibility of entering the Uzbek market, as reported by Dunyo news agency.

According to the agency, the number of foreign tourists visiting Uzbekistan has tripled over the past seven years, and the number of hotels has increased tenfold.

Jumeirah Group is a renowned chain of tate-owned luxurious hotels.

Kursiv Uzbekistan also reports that Russian hotel company YE’S may enter the Uzbek market.

Uzbek militaries took second place at the Cambrian Patrol International Army competition, as reported by Dunyo.

The tournament is held annually in the United Kingdom. In 2024, 100 teams from 30 nations participated, including Kazakhstan and Turkmenistan.

Uzbekistan took first place in a subgroup of 13 teams. British colleagues praised the Uzbeks’ professional level and skills.

Uzbekistan’s military has previously performed successfully in the Cambrian Patrol. In 2019, they won first place, and from 2020 to 2022, they won silver medals.

Recall that Uzbekistan is ranked 65th among the world’s strongest armies in 2024.

Kursiv Uzbekistan also...

According to the Unified State Register of Enterprises and Organisations (USREO), Saneg established Saneg Atom in mid-January 2024.

Saneg’s press service told Kursiv Uzbekistan that it is part of a long-term strategy to diversify its business.

At this stage, the company is not actively working in this direction, and there are also no projects in the field of nuclear energy.

The authorised capital of Saneg Atom is 100 thousand soums. The head of the company is Elkhan Aliyev.

Kursiv Uzbekistan reports that the citizens of Kazakhstan voted to build a nuclear power plant. 

In September 2024, the number of residents of IT Park increased by 66, 29 of which were created with the participation of investors from foreign countries, as reported by the tech cluster’s press office.

The residents plan to create about 700 jobs. Last month, 99 companies joined the tech cluster.

The total number of exporting residents reached 936. The number of companies with foreign capital participation totalled 574.

Resident exporters operate in the markets of the USA, Germany, Switzerland, France, the UK, Singapore, China, South Korea, Japan and UAE.

The companies mainly provide outsourcing services, develop programmes and work...

According to Transfermarkt, the transfer value of French Lance defender Abdukodir Khusanov reached five million euros at the beginning of October. Compared to June, the player’s value has doubled.

He is the second most expensive player from Uzbekistan, behind only CSKA’s Abbosbek Faizullayev, whose value is estimated at six million euros.

Khusanov was born on 15 May 2002 in Tashkent. Before moving to Lance, he played for Tashkent clubs Pakhtakor and Bunyodkor.

Kursiv Uzbekistan reports that Eldor Shomurodov could continue his career in the U.S. club. 

Uzbekistan has demonstrated significant progress in actively replenishing its gold reserves, ranking sixth among the other countries (from 2013 to 2023), as reported by RBK, citing data from the World Gold Council.

Over ten years, Uzbekistan successfully increased its gold reserves by 154 tonnes. The leading countries in this endeavor were Russia (1.3 thousand tonnes), China (1.2 thousand tonnes) and Turkey (424 tonnes).

Kazakhstan secured the seventh position, increasing its reserves by 151 tonnes. Conversely, Thailand displayed less activity in purchasing gold, securing the tenth spot with an increase of 92 tonnes.

According to research by the World Gold...

On October 6th, a significant event took place in Kazakhstan with the final referendum on the construction of a nuclear power plant (NPP) at 8:00 PM Tashkent time. According to preliminary data from the Central Election Commission of Kazakhstan, there was an election turnout of 63.87%.

Notably, the highest turnout was in Kyzylorda Oblast at 82.48%, indicating strong puplic engagement in the region, while the lowest was in Almaty at 25.39%, suggesting the need for increased awareness and participation.

At 14:00, the Central Election Commission officially recognised the referendum, with over 51.7% of voters participating, reflecting a significant level...

Uzbekistan and South Korean companies have agreed to collaborate on the production of auto parts and electrical equipment, as reported by Dunyo news agency.

During the meeting at the Uzbek Foreign Ministry on October 4th, there was a focus on emphasising the significance of fostering cooperation between Uzbekistan and Korea, with the participation of Korean Ambassador Won Do Young.

The discussion also involved exploring ways to support foreign companies and enhance their participation in the Uzbek market.

Kursiv Uzbekistan also reports that Uzbekistan and South Korea have agreed to develop a cargo forwarding center for inland ports.

FIFA President Gianni Infantino commended the exceptional organization of the Futsal World Cup in Uzbekistan, expressing his admiration for the event during his attendance at the final match.

Before the final game, he had a productive meeting with Uzbek Prime Minister Abdulla Aripov, Uzbek Football Association (UFA) President Abdulsalom Azizov, and other representatives of our country.

Infantino emphasised that our country loves football and invests in its development.

“All the participating teams, as well as the fans in this beautiful country, have made this tournament truly special, and I enjoyed attending it very much,” Infantino underlined.

The FIFA tournament...

The Agency for State Assets Management (AUGA) has granted permission to four investors from the EU, UAE and Turkey to proceed with the privatisation of three business centers in Tashkent City, as reported by the organisation’s press-office.

The properties being offered for sale are owned by Alokabank, Asakabank and Uzpromstroybank.

KPMG provides consultancy for the deal, while Deloitte is responsible for the appraisal. Investors can expect to receive further details regarding the upcoming stage of privatization.

The binding offers (BO) for the acquisition of assets are being accepted until 25th November.

The AUGA announced the start of business...

The World Bank is considering participating in the construction of a toll road from Tashkent to Andijan. This matter was discussed during a meeting between Uzbek Transport Minister Ilhom Mahkamov and representatives of the financial organization, as reported by the Ministry’s press-office.

The parties discussed methods to attract private investment in the Uzbek transportation industry. They also talked about the project to construct a road from Tashkent to Andijan and the potential involvement of the World Bank.

Shomik Raj Mehndiratta, Head of Transport Policy for Europe and Central Asia and Wei Winnie Wang, Head of Infrastructure Programme and Lead...