News

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.

The French-Russian billionaire, 39, was detained around 20.00 at Le Bourget airport by French police upon his return from Azerbaijan.

The arrest was made by representatives of the Air Gendarmerie. Durov was accompanied by a woman and a bodyguard. French television news outlets TF1 TV and BFM TV also reported that the French National Directorate of Judicial Police (OFMIN) issued an arrest warrant for Durov following a preliminary investigation.

 It was reported that Durov could potentially face a jail term of up to 20 years and is expected to appear in court.

The Telegram CEO, who obtained French citizenship in...

Kursiv Uzbekistan, the leading business media in Central Asia, is excited to announce the launch of its English-language website on August 23.

This strategy should attract an international audience interested in Uzbekistan’s economy and events.

The website will be available for worldwide readers from 12.00 (Tashkent time).

According to CEO and Editor-in-Chief Anastasia Novikova, the decision to launch an English-language version is an important step toward making Uzbekistan’s business landscape more accessible to the international community.

“Central Asia today commands great interest from many countries. Investment is on the rise, and international cooperation is gaining strength. We are also determined...

The Committee of Sanitary-Epidemiological Welfare and Public Health (SES) has confirmed that the majority of Uzbekistan’s population has developed collective immunity to monkeypox.

The SES stated that Uzbek residents born before 1980 had got their immunisation against smallpox. This vaccine also provides protection against monkeypox.

To prevent the disease, SES recommends limiting travel to countries with uncertain epidemiological situations, avoiding contact with wild animals, maintaining personal hygiene, wearing masks, and using disinfectants in public areas.

Additionally, Kursiv Uzbekistan reported that Uzbek airports implemented special measures to prevent the spread of monkeypox.

The press service of the consulting company IBC Global informs Kursiv Uzbekistan about an estimated deficit of 20 million square meters of high-quality logistics real estate and warehouse space in Uzbekistan, Kyrgyzstan and Tajikistan in 2024.

IBC Global managing partner Stanislav Akhmedzyanov mentions that finding quality warehouses in these countries is nearly impossible.

The expert stated that most of the existing warehousing facilities in these countries are of class “B,” and even those are contracted.

According to Akhmedzyanov, Uzbekistan has only 0.006 square meters of warehouse space per capita, while Kazakhstan has 0.07 square meters.

Uzbekistan is projected to add...

 The press service of the Ministry of Energy of the Kyrgyz Republic has announced the plan to kick off the construction of the Kambar-Ata-1 HPP in 2025.

 In preparation, Bishkek is actively developing the necessary infrastructure for the power plant, supported by a governmental allocation of nearly $7 million in fall 2023.

The completion of major preparatory work is anticipated before December 2024.

A coordination committee, including the Asian Development Bank (ADB), the World Bank (WB), and other international financial organisations, was established in early June 2024.

Notably, the collaboration between Uzbekistan and Kyrgyzstan in this significant...

On Tuesday, August 20th, Uzbek entrepreneur Farkhod Mamatdjanov announced the launch of a new mobile provider in Uzbekistan. The British company Vodafone plays a vital part in this project.

The Uzcard payment system will also be involved.Under the Vodafone brand, the new provider should introduce 5G communication services between January and March 2025, with an estimated investment of 250 million euros.

Established in 1984, Vodafone provides mobile and internet services in Africa, Asia, and Europe.

Vodafone’s net profit was $1.5 billion at the end of March 2024, and operating income was $3.7 billion.

Additionally, Kursiv Uzbekistan reported earlier...

 In a recent open dialogue with entrepreneurs, Uzbek President Shavkat Mirziyoyev revealed a series of measures to support food and drink venues in the country. From January 1, catering businesses will be eligible to receive a portion of the VAT in cashback.

Under the new scheme, catering enterprises that process 60% of their monthly turnover through non-cash transactions will receive an immediate 40% VAT refund after payment. If the non-cash turnover exceeds 60%, the cashback will be reduced to 20%.
The president also announced a half-cut in income tax for restaurants and cafes that are VAT payers. Furthermore, starting from...

President Shavkat Mirziyoyev believes that Uzbekistan’s decision to join the World Trade Organization (WTO) is a carefully considered and forward-thinking choice. During a discussion with Uzbek entrepreneurs, he emphasized that WTO membership is crucial to the country’s reforms.
Addressing concerns about potential negative impacts, Mirziyoyev stressed the importance of import duties and ongoing negotiations with WTO members.

He highlighted the significance of establishing a level playing field for trade and pursuing an export-oriented industrial and trade policy to ensure the nation’s future economic growth.

Mirziyoyev further emphasied the need for Uzbekistan to align with international standards to enhance the...

Agricultural exports are vital to Uzbekistan’s economy, but this reliance makes the country vulnerable to climate change. Suna Park, advisor to the Minister of Ecology, Environmental Protection, and Climate Change and director of the National Center for Green Transformation and Adaptation to Climate Change, told how the weather affects the country’s economy.

The expert underlines that the air temperature in Central Asia has increased by 1.5 degrees over 30 years, double the global average. Moreover, in the past 50-60 years, the region’s glaciers have decreased by 30%.

These factors lead to water scarcity, soil degradation, and an increased risk of...

The Central Bank of Uzbekistan has approved regulations on Islamic funding for microfinance institutions (MFIs). The regulations are developed in accordance with the standards of AAOIFI (the Accounting and Auditing Organization of Islamic Financial Institutions) and consider local expertise, as explained by the Central Bank.

The regulations outline the core requirements for the provision of services. For instance, an MFI should establish Special Board of Islamic finance coordination (with the option to outsource this function).

In cases where MFIs also provide traditional financial services, the accounting for Islamic transactions must be kept separate.

The regulation details the procedure...

Nowadays, distances seem shorter, and borders are more open, so travelling has become an essential part of the lifestyle. It opens up world destinations for exploring different cultures, promoting tolerance and creating opportunities for international cooperation.

In May 2024, Mastercard released its fifth annual report, Travel Trends 2024: Breaking Boundaries, identifying current travel industry trends. For example, the report revealed that travellers spend one more day on holiday than before the COVID-19 pandemic.

Kursiv interviewed Suleyman Sozeri, the company’s vice president for the CIS countries, about how Mastercard turns tourism into a world economic development driver by hard numbers...