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Uzbekistan maintains a neutral stance regarding joining international defence structures and military alliances, stated Akmal Saidov, First Deputy Speaker of the Legislative Chamber of the Oliy Majlis.

“If we are talking about joining any militarised defence structures or organisations, then no, we do not consider such a possibility,” Saidov said at the opening of the International Partnership Initiatives Week.

Daryo news agency reported Saidov’s remarks.

He further stated that Uzbekistan would never send “our boys” to participate in military missions abroad. The politician also ruled out any possibility of foreign military bases being established on the country’s territory.

Uzbekistan will implement a healthcare digitalisation project, announced Saida Mirziyoyeva, Assistant to the President.

“All key processes in medical institutions will gradually undergo automation, and new software solutions will integrate patient health data from various sources into a unified medical record,” Mirziyoyeva stated on her Telegram channel.

She noted that the project aims to improve the efficiency of all levels within the healthcare system.

The integrator company UZINFOCOM is leading the initiative. Recently, Mirziyoyeva visited the organisation and reviewed a presentation on the project’s progress.

Uzbekistan’s GDP grew by 6.6% over the first nine months of 2024, while industrial output rose by 7%. These results were presented to President Shavkat Mirziyoyev during an economic meeting.

At the beginning of October, the country’s gold and foreign exchange reserves exceeded $40 billion for the first time, and deposits in the national currency increased by 50%.

The share of investment in GDP this year is expected to surpass 33%, with exports projected to rise by 19%.

The meeting underscored that stronger foreign investor confidence enabled the issuance of $4 billion in eurobonds on the global market. International...

In the third quarter of 2024, the Central Bank of Uzbekistan purchased gold from domestic producers worth 29.5 trillion soums, according to data from the regulator.

This volume represents an 11.7% increase compared to the previous quarter.

The Central Bank reported that interest in the precious metal has risen amid geopolitical conflicts and challenging external economic conditions. From June to September, gold prices fluctuated between $2,400 and $2,600.

Statistics from the World Gold Council indicate that, over the past decade, the Central Bank of Uzbekistan has added 154 tonnes to its gold reserves.

As of early October, Uzbekistan’s...

IT exporters in Uzbekistan can take advantage of tax incentives outlined in a presidential decree.

Foreign companies whose governments have not signed double taxation avoidance agreements with Tashkent will receive an exemption from profit tax until the end of the calendar year. This initiative will remain in effect through the year-end.

Companies that assist residents—exporters from the IT Park—will also qualify for exemption from this tax. This provision will apply from early February 2025 until the beginning of 2030.

Foreign founders of IT Park residents can benefit from a 5% tax rate on income and profits, provided their export...

Men and women engage in corruption schemes at different levels, according to Oliver Stolpe, Regional Representative of the United Nations Office on Drugs and Crime (UNODC) for Afghanistan, Central Asia, Iran, and Pakistan.

“In many societies, it’s not surprising that women request bribes far less often. More notably, female public officials show a 50-60% lower likelihood of involvement in corruption schemes compared to their male colleagues,” Stolpe stated at the 4th Tashkent Anti-Corruption Forum.

Stolpe joked that these statistics “say a lot about men.”

The 4th Tashkent Anti-Corruption Forum, held on October 17, brought together more than 250 anti-corruption officials...

President Shavkat Mirziyoyev has signed a decree to approve a strategy for developing artificial intelligence (AI) in Uzbekistan through 2030, the Ministry of Justice reports.

The country plans to increase the volume of AI-based programmes and services to $1.5 billion by 2030. Additionally, the number of laboratories focused on AI will grow to ten.

The unified government services portal will see the share of services provided by AI reach 10%.

As part of the project, officials will launch computational capacities for data processing by 1 May 2026.

Earlier, it was reported that an AI centre and a...

Uzbekistan ranks among the top three fastest-growing economies in Europe and Central Asia this year, the World Bank reports.

The bank’s data indicates that Georgia leads with economic growth of 7.5%, followed by Tajikistan at 7.2%, and Uzbekistan at 6%.

Projections for next year place Uzbekistan in a strong position to lead the region, with GDP expected to grow by 5.8%.

World Bank experts predict economic growth in Europe and Central Asia will slow to 3.3% this year and further decline to 2.6% in 2025.

Despite the anticipated slowdown, the bank highlights the region’s resilience in overcoming recent challenges...

The Central Bank of Uzbekistan has released a report on the financial stability of the country and the banking sector for the first half of 2024. Kursiv Uzbekistan has analysed the main points of the document.

Stability of the banking system

From January to June 2024, the financial stability of Uzbekistan’s banking system was reported to be stable. The Total and Tier 1 capital adequacy ratios exceeded the minimum requirements, standing at 17.3% and 14.2%, respectively. The share of highly liquid assets in banks’ assets increased, and the level of unstable funding decreased.

Debts and loans

While the...

At the Retail Week Central Asia 2024 forum in Tashkent on 16 October, Data Insights partner Fyodor Virin advocated for active investment in the construction of class A and B warehouses in Uzbekistan during the analytical session Consumer Trends and Portrait of the Modern Consumer.

Virin emphasised that investments in class A and B warehouses would yield significant returns within the next four months, making it a highly effective investment. He also stressed the importance of infrastructure development for online retailing in Uzbekistan over the next three to four years.

Noting the disparity between Uzbekistan and Russia regarding online shops...

According to the Kyrgyz Chamber of Commerce and Industry, the Turkic Investment Fund is set to begin financing large joint projects in January 2025.

The fund was established in March 2023 at the summit of the Organisation of Turkic States (OTS) and includes capital from Turkey, Azerbaijan, Uzbekistan, Kyrgyzstan and Kazakhstan. Turkish President Recep Tayyip Erdogan was the initiator of the financial institution.

The main focus of the investment fund will be on providing preferential financing for joint infrastructure and industrial projects, supporting small businesses, developing renewable energy, and granting funds for social projects.

Initially, the authorised capital of...

The Ambassador of the United States of America (USA), Jonathan Henick, visited Khojeyli town in Karakalpakstan to inspect the renovated structure of Khalif Yerezhep‘s mausoleum, as reported by the country’s diplomatic mission in Uzbekistan.

The US embassy had previously allocated $80,000 to preserve the site, and the funds were channelled through the International Institute for Central Asian Studies (IICAS).

Henik stated, “The preservation of the Khalifa Yerezhep Mausoleum is a testament to the strong partnership between the United States and Uzbekistan. We are honoured to support Uzbekistan’s efforts to preserve its rich history for future generations.”

The embassy also...

Kazakhstan has decided not to pursue BRICS membership in the near future, according to President Kassym-Jomart Tokayev’s spokesperson, Berik Uali.

Nevertheless, Astana aligns with the stance of BRICS founding countries, advocating for a democratic world order that avoids the dominance of any superpower.

Uali highlighted that President Tokayev consistently views the United Nations as the essential platform for addressing global issues. He acknowledged the organisation’s shortcomings but stressed the need for continued support from the international community.

Earlier, Kursiv Uzbekistan reported that Turkey submitted an application to join BRICS at the beginning of September.

The Cyber Security Centre CERT-CBU of the Uzbekistan Central Bank has recently joined the OIC-CERT organisation, as reported by the regulator’s press service.

OIC-CERT, founded in 2006, plays a key role in helping its members defend against cyber attacks and fostering the advancement of cyber security solutions.

Comprising 65 organisations from 31 countries, OIC-CERT offers an opportunity for the Central Bank of Uzbekistan to explore cutting-edge cybersecurity technologies and exchange valuable expertise and knowledge.

Kursiv Uzbekistan also reported that the FinTech Association of Uzbekistan and Loialte are set to provide training for cybersecurity professionals.

The production of mineral water in Uzbekistan has exceeded 257.6 million litres, with an annual growth rate of 48.5%, as the Statistic Agency’s press service reported.

In August, the country’s large enterprises produced 49.4 million litres of mineral water.

Over the past eight months, our country exported beverages worth $34.6 million, while imports accounted for $115.6 million.

Kursiv Uzbekistan also reports that Uzbekistan will launch the production of mineral water bottles.

Uzbekistan is gearing up to launch a digital startup support programme, with President Shavkat Mirziyoyev recently signing a decree to make it official.

This forward-thinking initiative aims to support startups that have attracted over $50 million from foreign investors. Eligible startups can look forward to receiving up to $100,000 from the government and access to a favourable loan of 300 million soums and compensation for their participation in international accelerators.

To qualify for this program, startups should boast annual revenues of 10 billion soums and have been active in the market for a period ranging from six months...

The marketing company NielsenIQ recently surveyed the population of Uzbekistan to find out where residents are reducing their expenses (the document is available to Kursiv Uzbekistan).

In the third quarter of 2024, 64% of Uzbek residents reported cutting back on spending at restaurants and cafes. The same percentage of respondents indicated they are spending less on clothing.

Additionally, 59% of those surveyed have decreased their expenses on entertainment outside the home, while 55% are actively trying to reduce their spending on gas and electricity.

However, residents appear less willing to cut costs on home leisure activities, annual holidays, and consumer...

Uzbekistan sold 4,200 passenger electric vehicles in September, marking a 2.4-fold increase compared to August’s figures, the Centre for Economic Research and Reforms (CERR) of Uzbekistan reports.

This rise in monthly electric vehicle sales represents a 17% increase compared to September 2023, setting a new record since May.

The expanding market for passenger electric vehicles occurs alongside a decline in sales of internal combustion engine vehicles. By the end of September, electric vehicles accounted for 3.9% of all monthly sales of new and used cars.

Since the beginning of the year, imports of electric vehicles into Uzbekistan surged by a remarkable...

Uzbekistan has established itself as the only country in Central Asia with the lowest level of hunger, ranking 22nd out of 127 countries in the Global Hunger Index (GHI).

The GHI is based on four key indicators: the prevalence of undernourishment, child mortality rates for children under five, the proportion of children experiencing wasting, and the prevalence of stunting. A higher score indicates more serious hunger issues within a country.

Since 2000, Uzbekistan made significant progress in improving its score on the index. Twenty-four years ago, the country scored 24.3 points, categorising it among nations with serious hunger levels. This year...

As part of a joint educational project between the national ecosystem and the United Nations Development Programme (UNDP), Uzbekistan hosted a series of master classes for women who were either planning to start their own business or were already developing one in the Uzum Market. Over 200 women in Tashkent participated in the training during the two months of the project, and masterclasses will soon be held in all regions of the country.

“It is important for us to ensure that women across the country have access to the knowledge they need in today’s world, from financial and digital...

 
The Korean Environmental Corporation, K-eco, plans to build a waste recycling facility in the Jizzakh region of Uzbekistan, as reported by the Ministry of Ecology, Environmental Protection, and Climate Change of Uzbekistan.
 
The ministry has signed a $6.2 million grant agreement with K-eco for a project scheduled for four years.
 
The project will involve the restoration of a landfill, including collecting 300,000 cubic meters of waste and landfill gas, capping the site with soil and installing energy facilities.
 
During a visit to Seoul, the ministerial delegation reached an agreement and met with representatives from the Export-Import Bank of Korea and recycling companies.
 
Kursiv...

On Tuesday, October 15, 2024, JSC Freedom Bank Kazakhstan obtained a license for banking operations in Tajikistan, as announced by Timur Turlov, CEO of Freedom Holding Corp.

“Today, the subsidiary Freedom Bank Kazakhstan received a banking license in Tajikistan!” Timur Turlov congratulated @aidos_zhumagulov_b (Aidos Zhumagulov, a member of Freedom Bank’s board of directors) and his entire team on this achievement in a post on his Instagram page.”

In January 2024, it was announced that Freedom Bank plans to open a subsidiary in Tajikistan. On April 12, the Agency for Regulation and Development of the...

At the 5th Congress of Architects ARCHICA 2024 in Tashkent, Uzbekistan, Architect Maxim Oltyan unveiled an ambitious $100 billion initiative to transform the Aral Sea into a City of Revival.

This visionary project seeks to restore the sea, develop sustainable infrastructure, promote tourism and foster innovative industries in the region.

The initiative, which has been in development since 2010, is designed to combat the severe ecological crisis in the area and revitalise the local economy. Oltyan emphasised that the project goes beyond environmental restoration, aiming to reshape societal mindsets and promote sustainable development.

The initiative also addresses Uzbekistan’s water management...

Uzbekistan has identified 14 potential sites for the construction of nuclear power plants, according to Azim Akhmedkhadhadzhayev, director of the Uzatom Agency, during a round table discussion on the development of atomic energy in Uzbekistan.

Russia’s Rosatom will act as the main contractor for the construction of a power plant in the Jizzak region. The head of Uzatom noted that Rosatom was selected due to its experience and possession of exceptional technologies.

In 2024, Uzbekistan and Russia signed a protocol for the construction of a nuclear power plant in the Jizzak region with a total capacity of 330 MW...