News

In the second quarter of 2025, Uzbekistan plans to complete the construction and launch of new chemical enterprises, including plants for the production of “green” hydrogen and cyanide salts. To finance these projects, approximately $170 mln in foreign investment will be attracted, according to a presentation made to President Shavkat Mirziyoyev focused on the development of the chemical industry.

Earlier, in the first quarter of this year, the sector already secured $181 mln in investments, with three projects worth $39 mln successfully implemented.

Over the past five years, Uzbekistan’s chemical industry has experienced significant growth:

The U.S. dollar continues its decline in Uzbekistan, falling for the third day in a row. According to the Central Bank’s press service, the exchange rate for April 22 has dropped by 28.56 soums, setting the official rate at 12,909.84 soums per dollar.

Banks are currently buying dollars at rates ranging from 12,870 to 12,930 soums and selling them at 12,940 to 13,000 soums.

On the same day, the ruble was officially set at 159.75 soums, and the euro at 14,908.05 soums.

In bank exchange offices:

Gold futures prices surged above $3,400 per troy ounce for the first time in history, according to market data.

One of the key drivers behind the sharp rise in gold prices was rumours regarding the possible dismissal of Federal Reserve Chairman Jerome Powell. Last week, U.S. President Donald Trump criticized Powell for refusing to lower interest rates despite the administration’s pressure.

The situation escalated when Kevin Hassett, head of the National Economic Council at the White House, stated that the president and his team were considering Powell’s removal.

This news alarmed investors. Analysts from Oversea-Chinese Banking Corporation (OCBC...

On April 21, Pope Francis (Jorge Mario Bergoglio) passed away. Now, the Catholic Church must prepare to elect a new leader. Here’s what you need to know about the events that will lead up to the announcement of the next pontiff.

Who Will Lead the Church Until a New Pope Is Elected

Upon the death or resignation of a pope, the Vatican enters a period known as sede vacante — or “the seat being vacant.” During this time, the Holy See’s activities are greatly limited, and most Vatican officials step down from their roles.

The death...

The National Agency for Prospective Projects of Uzbekistan (NAPP) has issued a brokerage license to Globemarkets, according to a statement from the agency’s press service.

The license allows Globemarkets to operate as an intermediary in the securities market. According to Uzbekistan’s Unified State Register of Enterprises and Organizations (EGRPO), the company was registered in Tashkent in October 2024 and has an authorized capital of 376 mln soums.

The founders of Globemarkets are Talgat and Akilzhan Chirchikbayev. The company currently employs three specialists who hold qualified certificates for securities operations.

Kursiv Uzbekistan explored whether bonds could serve...

Italian Prime Minister Giorgia Meloni will pay an official visit to Uzbekistan on April 25–26, according to the press center of the Italian government.

Following her visit to Uzbekistan, Meloni will travel to Kazakhstan to participate in the “Central Asia – Italy” summit.

This visit follows Uzbek President Shavkat Mirziyoyev’s trip to Italy in 2023, during which Tashkent and Rome signed agreements totalling €9 bn. By mid-June 2023, Italian investments in Uzbekistan’s economy had increased sevenfold, primarily in the agricultural and industrial sectors.

As of early March 2025, trade between Uzbekistan and Italy reached $68.1 mln...

Kazakhstan-based startup SHAI has secured a $1 million investment from Ruslan Adilbayev, the principal beneficiary of Uzbekistan’s AVO Bank, as reported by Astana Hub.

SHAI specializes in artificial intelligence (AI) technologies, offering a platform for clients to create their own AI agents and digital assistants. Its solutions are particularly in demand across industries such as manufacturing, education, and the public sector.

Earlier this month, SHAI began a collaboration with Galvani Bioelectronics Limited, a joint venture between Alphabet (Google’s parent company) and pharmaceutical giant GSK. The partnership marks a significant step as SHAI plans to expand its presence into...

Investment bank Goldman Sachs has raised its forecast for gold prices, predicting that the precious metal could reach $3,700 per ounce by the end of 2025. The bank’s previous forecast stood at $3,300. The newly projected price range is between $3,650 and $3,950 per ounce.

Goldman Sachs explained the upward revision by citing stronger demand from central banks and increased investments in gold-backed Exchange-Traded Funds (ETFs) amid fears of a potential recession.

“If a recession begins, investments in gold ETFs could surge even further, pushing the price up to $3,880 per ounce,” the bank’s...

Uzbekistan is considering launching a satellite in collaboration with Elon Musk’s company, SpaceX, according to the Uzbek Space Agency, Uzbekcosmos.

The possibility of cooperation with the private space company was discussed during a visit by an Uzbek delegation to Los Angeles. The satellite is expected to be built by Uzbek students currently studying at the Kyushu Institute of Technology in Japan.

SpaceX has also expressed readiness to assist Tashkent in refining its national space strategy, with a development plan extending through 2035.

Uzbekistan participated in the Space Symposium forum, where officials held discussions with international representatives on opportunities for...

Deliveries of Russian gas to China through Kazakhstan could be too costly, according to Zhang Hanhui, the Chinese Ambassador to Russia.

«The supply of gas from Russia through Kazakhstan isn’t feasible because there is only one gas pipeline, and it’s already full. If we were to transport Russian gas through this route, we would need to build a new pipeline,» Zhang commented.

He added that while Moscow has considered constructing a new pipeline, its implementation is unlikely. As an alternative, the ambassador proposed delivering liquefied natural gas (LNG) or exporting fuel via the Power...

During an official visit by an Uzbek delegation to the United States, Uzbekistan and American companies signed agreements focused on critical minerals, according to the Ministry of Investments, Industry and Trade of Uzbekistan.

Tashkent and Washington have agreed to invest in geological exploration, mining operations, and the establishment of ore processing enterprises. The U.S. side has also committed to assisting in the training of specialists from Uzbekistan.

In addition to mining sector projects, the two sides agreed on initiatives for hotel construction.

Earlier, Uzbekistan’s Foreign Minister Bakhtiyor Saidov and U.S. Secretary of State Mark Rubio discussed bilateral cooperation in...

Uzbekistan will allocate $150 mln to the development of fish farming across the country, President Shavkat Mirziyoyev announced during a meeting on the development of the Andijan region. Of this amount, Andijan region alone will receive $50 mln.

The president noted that fish farming in artificial reservoirs is currently underdeveloped in the region. To address this, a $15 mln fish farming project will be launched, spearheaded by a local entrepreneur from Andijan. Funding for the project will be provided by the Asian Development Bank (ADB).

A project office will be established to oversee the initiative. An agreement is expected to...

President of Uzbekistan Shavkat Mirziyoyev has openly criticised a number of public officials for obstructing business activity. Speaking at a meeting on the impact of global economic developments on the national economy, the President addressed inefficiencies within local administration.

He warned that strict measures would be taken against those who create barriers for entrepreneurs.

“I repeat once again – those who claim the current global situation does not affect us are making a serious mistake. In these conditions, we must take bold steps, relying solely on our own strengths and internal capacities,” Mirziyoyev...

Supply chain disruptions remain the most serious threat to global exports, said President of Uzbekistan Shavkat Mirziyoyev during a meeting on measures to protect the national economy from global financial shocks.

He explained that the current market situation could harm export performance, drawing parallels with the disruptions experienced during the COVID-19 pandemic.

«This could deal a major blow to key export-oriented industries such as textiles, electrical engineering, automotive and food production,» Mirziyoyev stated.

He also warned that countries facing high import tariffs may adopt more aggressive trade policies in response.

Uzbekistan, having...

Former US President Joe Biden has set his speaking fee at $300,000 per engagement, according to reports by New York Post.

Following his presidency, Biden began collaborating with the Creative Artists Agency. However, demand for paid speaking appearances has been modest so far.

In the past two months, Biden has addressed events such as a conference hosted by the National Model United Nations and a gathering of advocates, consultants, and representatives from the American Association for People with Disabilities (AAPD).

On March 15, Biden also spoke at a seminar at Harvard University, a session for which he reportedly did not...

Harvard University’s Growth Lab has identified 162 products from Uzbekistan as having strong competitive advantages on the global market, according to the Centre for Economic Research and Reforms (CERR).

The findings, based on the 2023 Economic Complexity Index, also place Uzbekistan 80th in the global rankings — a notable rise of 25 positions over the past five years. This improvement reflects the country’s consistent efforts to diversify its economy and expand export potential.

Harvard experts project that Uzbekistan’s economy will grow at an average annual rate of 5.6% through to 2033. The researchers also highlight Uzbekistan’s capacity to develop...

The Central Bank of Turkey has raised its key interest rate from 42.5% to 46% per annum, according to a statement from the regulator.

The move came as a surprise to many economists, especially after the central bank had cut rates three times in recent months. However, analysts at Goldman Sachs had predicted an increase.

The bank noted that underlying inflation declined in March, though a slight uptick in prices is expected in April.

«Inflation expectations and pricing behaviour continue to pose risks to the disinflation process,» the Central Bank said.

In...

Uzbek businesses will play a key role in the construction of the country’s first nuclear power plant in the Jizzakh region. Speaking at a press conference hosted by Sputnik Uzbekistan, Otabek Omanov, Deputy Director of the Directorate for Nuclear Power Plant Construction, said local companies will supply essential materials such as cement, rebar, steel structures and power cables.

They will also contribute to the development of supporting infrastructure, including roads and water supply systems.

«To move forward with contracts, the Directorate must first prepare the technical specifications,» Omanov noted.

Alongside local involvement, international...

Registration is now open for M360 Eurasia 2025, which will take place in Tashkent, Uzbekistan, from May 21 to 22. Organised by the GSMA, in partnership with the Ministry of Digital Technologies of Uzbekistan and host sponsor Beeline Uzbekistan, the event will bring together policymakers, industry leaders and innovators from across the mobile ecosystem.

Ahead of the event, the GSMA shared key findings from its upcoming Mobile Sector Taxation Report in Eurasia. According to the report, high tax burdens remain a significant barrier to mobile internet adoption in several countries, despite existing network availability. In Turkmenistan, the total cost...

Asterium has secured a licence to operate as a cryptocurrency exchange in Uzbekistan, as reported by the National Agency for Prospective Projects (NAPP).

Earlier, the company was granted permission to open a crypto store in the country. Founded in 2025, Asterium boasts a charter capital of UZS 30 bn.

As of April 17, Uzbekistan hosts five crypto depositories and 11 crypto stores. In January this year, the cryptocurrency exchange Binance, in partnership with local firm Coinpay, launched its services in Uzbekistan.

By mid-April, the number of cryptocurrency exchanges in the country had risen to three, according to NAPP...

Billionaire Alisher Usmanov ranks ninth on Forbes Russia’s 2025 list of the wealthiest individuals in the country. The publication has included a total of 146 billionaires in its rankings this year.

Forbes estimates Usmanov’s net worth at $16.7 bn, marking a $3.3 bn increase over the past year. Since 2022, the billionaire of Uzbek origin has lived in Tashkent. In an interview with Corriere Della Sera, Usmanov revealed that he is still actively challenging sanctions.

At the top of the list is Russian oil magnate Vagit Alekperov, whose fortune is valued at $28.7 bn. Following him are Alexey Mordashov

From January to February 2025, Uzbekistan imported 186,800 tonnes of hard coal from Kyrgyzstan, marking a 52.4% rise compared to the same period last year, according to data from the National Statistics Committee of Kyrgyzstan.

In monetary terms, the value of coal imports from Kyrgyzstan grew by 12.6%, reaching $12.4 million.

Conversely, Uzbekistan halved its imports of Kyrgyz lignite (brown coal), with volumes dropping to 51,300 tonnes. In total, Uzbekistan now accounts for more than 97% of Kyrgyzstan’s coal exports.

In November 2024, Kyrgyzstan introduced a ban on coal exports outside the EAEU by road. Consequently, the majority...

Gold prices in Uzbekistan have reached a new all-time high. As of April 17, a five-gram gold bar costs more than UZS 7.2 mln, according to data from the Central Bank of Uzbekistan.

The previous record came just a day earlier, on April 16, when the same gold bar stood at UZS 7 mln.

On April 17, the Central Bank reported the following rates:
• 10 grams – UZS 14.4 mln
• 20 grams – UZS 28.8 mln
• 50 grams – UZS 72.1 mln
• 100 grams – UZS 144.2 mln

The surge follows a global spike, with the price of a troy ounce of gold surpassing $3,300 on...

Time magazine has named Liang Wenfeng, the mind behind Chinese AI firm DeepSeek, one of the 100 most influential people of 2025. He appears in the Pioneers section of this year’s prestigious list.

Liang, a veteran of neural network development for stock trading, turned his attention to generative AI and language models in 2023. Just a year later, his company’s chatbot upended the global tech landscape.

In late 2024, DeepSeek launched a language model that stunned the market. It outperformed industry giants and emerged as a formidable challenger to OpenAI’s ChatGPT—without the advantage of deep-pocketed investors or access...