News

Uzbekistan’s major taxpayers, comprising 949 companies in 2024, contributed UZS 123.3 trln to the state budget, according to the State Tax Committee.

Revenue from the ten largest state-owned taxpayers amounted to UZS 70.3 trln.

The Navoi Mining and Metallurgical Combine (NMMC) led the list, paying nearly UZS 35.5 trln in taxes. The Almalyk Mining and Metallurgical Combine (AMMC) ranked second, contributing UZS 10.8 trln, while Navoiuran secured third place with UZS 4.6 trln in tax payments.

The top 10 private-sector taxpayers collectively paid UZS 8.7 trln into the budget. British American Tobacco Uzbekistan (UzBAT) topped this category with UZS...

Uzbekistan and the United Arab Emirates plan to create a major data processing centre in Tashkent. The initiative was discussed by President Shavkat Mirziyoyev and UAE Minister of Artificial Intelligence Omar bin Sultan Al Olama.

The two parties also explored collaboration in developing generative artificial intelligence, including the use of large language models in the energy sector.

President Mirziyoyev proposed launching a programme to enable Uzbek students to study at the Mohamed bin Zayed University of Artificial Intelligence. The discussions also covered plans to establish research laboratories and technology clusters.

The value of exchange transactions between Uzbek and Belarusian enterprises reached $55 mn in 2024, tripling the amount recorded the previous year, BELTA reports.

The number of Uzbek companies participating in the Belarusian exchange nearly doubled over the year, rising from 97 to 177.

The trade portfolio also expanded, with Uzbek businesses starting to purchase Belarusian dried milk and initiating the exchange of raw materials for the textile industry in 2024.

«This increased interest in exchange trading reflects the success of targeted outreach efforts with Uzbekistan’s business community,» said Grigory Ginsar, Director of the Gomel branch of the Belarusian Universal Commodity...

President Alexander Lukashenko of Belarus emphasised his strong relationship with Uzbekistan’s President Shavkat Mirziyoyev and highlighted opportunities for expanding bilateral cooperation, BELTA reports.

«Our relationship is excellent, but there is still much work to be done. I am confident that we have significant opportunities to strengthen cooperation,» Lukashenko stated.

He stressed the importance of building ties with regional authorities in Uzbekistan and Kazakhstan to boost the supply of Belarusian goods. Belarus also plans to introduce halal products to the Kazakh market.

Between January and November 2024, trade turnover between Uzbekistan and Belarus exceeded $646.2 mn, representing a 13.4% increase...

President of Belarus Alexander Lukashenko has selected candidates for ambassadorial posts in several countries, including Uzbekistan, BELTA reports.

Alexander Ogorodnikov, previously the First Deputy Minister of Industry of Belarus, will lead the diplomatic mission in Uzbekistan.

Lukashenko appointed Alexey Bogdanov, the Minister of Antimonopoly Regulation and Trade, as the ambassador to Kazakhstan.

The president also announced new appointments to Belarusian diplomatic missions in Azerbaijan, Turkey, Israel, and Cuba.

Uzbekistan will collaborate with the Arab company M42 in genomics and with IFFCO Group in the production of food industry ingredients and household chemicals. These matters were discussed during a meeting between Uzbekistan’s President Shavkat Mirziyoyev and the heads of the companies in Abu Dhabi.

President Mirziyoyev held talks with Hussain Al Nowais, CEO of AMEA Power. The parties agreed to accelerate projects involving the construction of wind power plants, energy storage systems, and the establishment of high-tech facilities in petrochemicals.

South Korean investigators executed an arrest warrant for President Yoon Suk Yeol on Wednesday morning local time, Yonhap reports.

According to his lawyer, the president voluntarily appeared for questioning at the Corruption Investigation Office (CIO), although he continues to regard the investigation as unlawful.

Yoon Suk Yeol declared martial law in the country in December 2024. The decision was not supported by parliament and triggered mass protests.

Earlier, the CIO had attempted to detain the president on charges of rebellion but faced resistance from the military.

In Uzbekistan, factoring operations will now be permitted in foreign currency when the client’s counterparty is a non-resident. This change was approved in the second reading by the Legislative Chamber of the Oliy Majlis of the Republic of Uzbekistan.

The new law will also lift the ban on transferring monetary claims to another person. It will also allow the registration of refusals to receive payment in a centralised collateral register.

These measures are expected to enable companies to sell accounts receivable and receive immediate payment under contracts with deferred payment terms.

The bill will authorise entrepreneurs to establish private organisations...

The Tashkent Presidential School has been awarded the Sheikh Zayed Al Nahyan Prize, as reported by the press service of the President of Uzbekistan.

The school won in the Global Secondary Schools category. Sheikh Mohammed bin Zayed Al Nahyan, the President of the UAE, presented the prize. The President of Uzbekistan, Shavkat Mirziyoyev, attended the award ceremony and congratulated the school representatives on their achievements.

In the winter of 2019, President Mirziyoyev signed a decree to establish presidential schools, creating such institutions in Tashkent, Nukus, and Khiva during the initial phase.

Kursiv Uzbekistan also reports that 709 nurseries...

Samarkand plans to construct a six-kilometre-long ground underground, as the draft law outlines for the city’s expansion.

The city will also acquire 170 hectares of land in the Samarkand district and 243 hectares in the Akdarya district. These changes are related to developing a business center and a residential complex named Shirin, which are expected to be completed by 2030.

The plans include constructing 254 multi-story buildings, 19 business centers, 50 social facilities, and 89 shopping and entertainment centers. Infrastructure developments will encompass the construction of 112 kilometres of roads, two bridges, irrigation structures, and a historical town.

It...

According to a report from the parliament’s press service, the Legislative Chamber of the Oliy Majlis deputies have approved a draft law to legalise gambling in Uzbekistan.

The proposed legislation includes creating a registry to track Uzbeks who are addicted to gambling and establishing regulations for the operation of online casinos, bookmakers, and lotteries.

The deputies emphasised that this new law will enable better monitoring of gambling organisers in the country.

The government approved guidelines for bookmakers to operate legally in December last year. To enter the market in Uzbekistan, they must obtain a permit and maintain an...

The UAE is a reliable and strategic partner for Uzbekistan in the field of green energy, stated President Shavkat Mirziyoyev during the Abu Dhabi Sustainable Development Week Summit.

He highlighted that with the support of Masdar, five power generation facilities with a total capacity of 1.5 GW have been launched in Uzbekistan. Additionally, he mentioned that three more projects are set to be implemented, which will create generating capacities of 1.6 GW, along with energy storage systems capable of approximately 520 MW/h.

Mirziyoyev noted that in collaboration with foreign partners, Tashkent is working on green energy projects totalling $26 bn...

As of January 14, the average weighted dollar exchange rate decreased by 1.08 soums, reaching 12,971 soums, according to data from the currency exchange in Uzbekistan.

The Central Bank of the Republic has set the American dollar exchange rate at a similar level.

As of January 9, banks were buying dollars for between 12,895 and 12,935 soums and selling them for between 12,960 and 13,035 soums.

Kursiv Uzbekistan also reports predictions regarding potential growth in the dollar exchange rate by the year 2025.

According to Bloomberg, the American stock market has nearly erased all its gains in the month following Donald Trump‘s victory.

On January 13, during trading, the S&P 500 index dropped below its closing level on November 5, 2024, reaching 5,773.31 points. At the beginning of December, this figure was 6,081.38 points.

Analysts attribute the decline in American stocks to investor concerns regarding the new administration’s plans and the Federal Reserve’s monetary policy. Investors are apprehensive about Trump’s proposals to impose high tariffs on imported goods from China, Europe and Canada. These increased tariffs are expected to raise costs for...

Jetex, a company based in the UAE, plans to provide services for business aviation and launch an air taxi service in Uzbekistan, according to the Ministry of Transport of the Republic of Uzbekistan.

A memorandum of cooperation was signed during a meeting between the company’s management and a delegation from the Ministry of Transport in the UAE.

The initiative will be launched at Tashkent Vostochny Airport. Jetex will also provide services for private aircraft maintenance, repair, and storage. This will establish the country’s first Fixed Base Operator (FBO) service for business aviation.

The ministry highlighted that this agreement will...

Chinese authorities are considering the possibility of selling TikTok’s American assets to billionaire Elon Musk, according to a report by Bloomberg, which cites sources in the Chinese government.

The Chinese government has not yet reached a final decision on this matter. While Beijing would prefer to keep the social media division under the ownership of its parent company, ByteDance, U.S. courts and authorities disagree with this approach and are demanding the sale of these assets.

In April 2024, President Joe Biden signed a law requiring that TikTok’s assets be transferred to an American company. If this does not...

On Tuesday morning, January 14, an earthquake was recorded in the Bukhara region of Uzbekistan, according to the Republican Center for Seismic Forecasting and Monitoring of the Ministry of Emergency Situations.

The tremors were felt at 5:43 local time by residents in the Peshkun and Karakul districts. The earthquake had a magnitude of 4, and its strength was assessed at 2 on the intensity scale.

Kursiv Uzbekistan also reports that the last earthquake in Uzbekistan occurred on January 6 in the Navoi region.

In 2024, more than 14,800 companies with foreign capital were reported to be operating in Uzbekistan, according to the Statistics Agency.

Throughout the year, the number of these companies increased by 5.8%. At the beginning of the previous year, Russian investors were the most active, establishing over 3,000 enterprises in Uzbekistan. However, by the end of the year, China took the lead with 3,300 companies, while Russian companies accounted for 2,900.

Turkey completed the top three with 1,800 companies, a figure that remained unchanged since the beginning of 2024.

Kursiv Uzbekistan also reports that, according to ESCAP...

Common shares of Yo’lreftrans JSC, trading under the ticker YRFS, have been officially listed on the Republican Stock Exchange (RSE) “Tashkent” since January 14, according to a report from the exchange’s press service.

The company’s securities are classified under the “Privatization” segment of the Stock Market, as designated by the RSE.

Yo’lreftrans, established in 1978 in the Syrdarya region, specializes in repairing railway cars and producing consumer goods.

For the third year of the previous fiscal year, the company reported a net profit of 14.3 bn soums and revenue of 35.8 bn soums.

Kursiv Uzbekistan also reports

The Turkish company Albayrak Holding is interested in constructing a business center at the site of the Beshagach market in Tashkent, according to the press service of the Chilanzar district Khokimiyat.

The proposed project includes several residential buildings and a skyscraper for the future complex.

City authorities plan to transform the Askiya market into an eco-bazaar featuring indoor shopping pavilions, recreational areas, and parking facilities.

A market complex is also being developed in the Mirzo-Ulugbek district of the capital.

Furthermore, Kursiv Uzbekistan reports renovations have begun at the Sputnik housing estate in Tashkent.

A fair will be organised for Kyrgyz entrepreneurs in the Uzbek shopping complex Food City Tashkent, the press service of the Trade Representation of the Republic of Kazakhstan in Uzbekistan said.

They will be able to discuss recent products and contract signings that were addressed in a meeting where representatives of the Trade Representation and Food City Tashkent signed a memorandum.

The trade complex will offer businesses from Kyrgyzstan free trading space and warehouses. Tashkent is also keen on facilitating meetings between business representatives from both countries to establish long-term relationships.

In the first 11 months of 2024, trade...

In 2024, the Uzbek Ministry of Ecology, Environmental Protection and Climate Change announced the rehabilitation of 29 landfills for solid domestic waste (SDW) covering a total area of 81.2 hectares in Uzbekistan. These landfills were situated in nine regions of the country.

The rehabilitation work was conducted following a decree from Uzbek President Shavkat Mirziyoyev aimed at modernising the waste management system. This initiative includes plans to reclaim 167 landfills, encompassing over 1,100 hectares.

The recultivation of landfills and restoration of soil cover contribute to reducing greenhouse gas emissions, minimising fire risks, and decreasing water and air pollution.

As...

KT&G, a South Korean tobacco company, plans to establish a subsidiary in Uzbekistan, according to a report from The Korea Herald.

The company has been operating a regional office in Uzbekistan since 2023 and aims to expand its workforce in the country, as well as establish a sales network to enhance its presence in the Eurasian market.

A spokesperson for KT&G stated, “The establishment of the new facility in Uzbekistan symbolizes our commitment to investment and innovation as we strive to become a leading global company.”

Founded in 1987, KT&G sells tobacco products in 132 countries and has six...

The State Assets Management Agency of the Republic of Uzbekistan has announced an extension for accepting applications for the privatisation of the Khiva Plaza and Khiva Locomotive hotels. The announcement was published on the agency’s portal.

Investors can submit binding proposals until February 20 of this year.

Previously, the department had extended the privatisation process for these two hotels until November 29 last year. Investors are being offered 100% ownership of the state shares in these assets.

The Khiva Plaza Hotel covers a total area of over 8,700 square meters and has 106 rooms. Meanwhile, the Khiva Locomotive Hotel has...