News

 
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...

Uzbek President Shavkat Mirziyoyev has launched the development of nine new projects totalling $2 billion.

The Great Silk Road Industrial Technopark in Almalyk is a significant project that aims to accommodate around 100 enterprises with a total investment of $1 billion. This initiative is expected to create 3,000 job opportunities and produce goods worth 5 trillion soums annually, facilitating exports of products worth $300 million.

Furthermore, the Yukorichirchik Region will soon be home to a textile park with a $350 million investment, providing space for over 20 textile and clothing companies.

By 2030, the construction of electricity storage systems with...

The government of Uzbekistan will implement the use of Geomonitoring and Space Gov Monitoring systems to oversee subsoil activities, as per a decree issued by President Shavkat Mirziyoyev aimed at integrating aerospace technologies into the economy.

The monitoring process is set to commence in early March of next year. The Ministry of Mining and Geology will allocate funds for the development and technical support of Geomonitoring.

The ministry and Uzbekcosmos will collaborate to produce a digital topographic map by the end of 2024. Furthermore, a Space Industry Development Fund will be established in the country, with additional funding being...

Renderings of the Alisher Navoi International Research Centre project in New Tashkent by Zaha Hadid Architects have been released by the online magazine Designboom.

The centre will include a literary museum, Uzbek language, literature and music school and a 400-seat hall. The total area of the building will be 23,000 square meters.

The building will feature interconnected spaces for collaboration and dialogue between students, researchers and artists. The design draws inspiration from Uzbekistan’s architectural history. Locally produced bricks will be used in the construction, and there are plans to create courtyards characteristic of regional inner yard design.

The building...

Between 2024 and 2026, 125 projects with a combined value of $26 billion are set to be executed in the Tashkent region. This update was presented to Uzbek President Shavkat Mirziyoyev during a recent briefing.

The ongoing projects in Uzbekistan are diverse and promising. There are 125 projects, comprising 21 strategic, 52 sectoral, and 52 regional initiatives, which are anticipated to generate approximately 42,000 job opportunities.

Notably, the President was presented with 11 significant projects valued at $3.4 billion, featuring investments from various countries such as China, South Korea, Turkey, Saudi Arabia, Russia, Azerbaijan and local entrepreneurs. These projects...

Ambassador of Uzbekistan to the UAE, Abdulaziz Akkulov, and Director of Emirati MBS Global Investments, Ajmal Sharafuddi, explored the potential for obtaining rare medicines from India and the prospect of establishing their production in Uzbekistan, as reported by Dunyo News.

They also discussed the potential involvement of MBS Global Investments in the construction of the Tashkent-Andijan toll road. Representatives from MBS Global Investments are scheduled to visit Uzbekistan in November to further deliberate on potential collaboration.

MBS Global Investments, headquartered in Dubai, is the investment arm of Sheikh Nayef bin Eid Al Thani and is actively engaged in investments...

Dutch authorities are working with Uzbekistan to establish a process for returning Afghan asylum seekers who have been unsuccessful in their asylum applications in the Netherlands, as reported by the NL Times.

Dutch Migration Minister Marjolein Faber has expressed the government’s interest in exploring potential agreements with Uzbekistan. This collaborative effort aims to address the situation while respecting the rights and well-being of all individuals involved.

Kursiv Uzbekistan also reports that Germany was also considering a similar arrangement with Uzbekistan to facilitate the return of Afghan refugees through this cooperative approach.

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.