News

The Uzbek Ministry of Energy and Chinese company Sinoma EC have agreed to jointly develop geothermal energy and produce energy-efficient building materials, according to a statement from the ministry.

Discussions about the investment projects took place during the visit of Sinoma EC’s CEO, Liu Xin, to Uzbekistan.

Countries like the United States, Indonesia, Turkey and others are actively developing technologies to generate energy from the Earth’s internal heat. In Iceland, geothermal energy accounts for a quarter of the country’s total electricity production.

Geothermal plants are known for their environmental friendliness and ability...

According to recent reports, investments in gold funds from October 21 to October 27 hit a record high of $3.2 bln, marking the highest level since July 2020, as reported by Kommersant.

In the past five months, investors have channelled $18.3 bln into this precious metal.

Various factors, including market uncertainty and the potential return of Donald Trump to the U.S. presidency, drive interest in gold. If Trump were to return to the White House, he would be expected to raise import tariffs.

As of 16:06 Tashkent time, December futures were trading at $2,700 per ounce. The price...

Uzbek President’s Assistant, Saida Mirziyoyeva, visited Morocco at the invitation of Sheikha Al Mayassa bint Hamad bin Khalifa Al Thani, as stated on her Telegram channel.

Mirziyoyeva attended the Fashion Trust Arabia awards ceremony, an event aimed at supporting Middle Eastern designers.

“Participation in the event allowed me to meet leading figures in the fashion industry and witness the awarding of prizes to the most talented designers,” she emphasised.

Fashion Trust Arabia was first held in 2018 and continues to take place annually.

The founders of Fashion Trust Arabia are Sheikha Mozah bint Nasser Al Missned, Sheikha Al Mayassa bint...

Statistics show that only 26 women hold CEO positions in Fortune 500 companies. Unfortunately, the situation in the local market is even more concerning. Women encounter higher initial expectations and formidable barriers, resulting in their representation in leadership positions in Uzbekistan being less than 30%.

Balancing Career and Family

On their journey to the top, women face challenges that many male colleagues may not even recognise. These obstacles often hinder women from reaching their goals of becoming company leaders or advancing in their careers. Issues range from unconscious biases and gender stereotypes to a lack of mentorship and career...

The excise tax on mobile communication in Uzbekistan is set to be abolished starting next year, as outlined in the budget message for 2025–2027.

Initially, authorities planned to eliminate the excise tax in 2023 but later decided to retain it.

At the beginning of this year, the excise tax rate on communication stood at 10%.

Kursiv Uzbekistan also reports that authorities in Uzbekistan intend to introduce an excise tax on non-carbonated beverages.

Uzbekistan and Turkmenistan have agreed to impose charges on carriers on an equal basis starting next year, according to Uzbekistan’s Ministry of Transport.

The agreement was reached during a meeting between representatives of the two countries’ ministries in Bukhara.

To quickly address transportation issues, Tashkent and Ashgabat also plan to establish a working group and implement the electronic document management system, E-permit.

Earlier this year, the Telegram portal LogiStan reported that Tashkent had restricted entry for carriers from Turkmenistan.

Subsequently, Uzbekistan’s Ministry of Transport stated that negotiations were ongoing with Ashgabat to ensure equitable conditions for cargo transportation.

Construction companies in Uzbekistan paid nearly 7 trln soum in taxes from January to September 2024, according to the State Tax Committee.

Compared to the same period in 2023, developers increased their contributions to the budget by 21%. The top twenty companies in the sector contributed 914 bln soum in taxes, but their share of total tax revenues from construction companies decreased from 15% to 13.2%.

At the same time, the largest taxpayers have begun to utilise tax incentives more actively. From January to September, construction companies received benefits amounting to 135 bln soum, with the total amount...

The International Finance Corporation (IFC) will provide a $240 mln loan to Saudi-based ACWA Power to advance green energy in Uzbekistan, IFC’s press service informed Kursiv Uzbekistan.

The loan will fund the construction of a 1 GW solar power plant, transmission lines, and infrastructure development. This project aims to help Uzbekistan reduce greenhouse gas emissions and generate approximately 2,400 GWh of electricity annually.

Of the $240 mln, around $227.8 mln will be allocated in accordance with Islamic finance principles. The remaining amount will come through the IFC’s co-financing programme.

Kursiv Uzbekistan also reports that this summer, ACWA Power sold a third...

As of early October 2024, Uzbekistan registered over 113,600 industrial enterprises, according to the State Statistics Agency.

The number of registered enterprises grew by 3.8% over the past year. In the first nine months of 2022, there were 103,300 registered, compared to 99,000 in 2021.

By early October this year, Uzbekistan’s industrial sector had exported products worth a total of $3.2 bln, marking an annual increase of 3.7%. Machinery and transport equipment accounted for $884.3 mln of these exports.

Kursiv Uzbekistan also reports that the districts and cities in the Tashkent region would be merged into an...

Gold prices are rising, with a five-gram bar now priced at nearly 5.87 mln soum, according to the Central Bank of Uzbekistan.

The value of Central Bank gold bars and coins is climbing alongside global price trends. By morning trading on October 30, a troy ounce had reached almost $2,800.

The Central Bank priced ten-gram bars at 11.73 mln soum, twenty-gram bars at 23.47 mln soum, and fifty-gram bars at 58.67 mln soum.

Upcoming U.S. presidential elections intensified demand for precious metals. American media reports that the candidates have almost equal chances, creating uncertainty and prompting investors...

According to the draft state budget presented by the Ministry of Economy and Finance, Uzbekistan’s GDP is expected to increase by 6% next year. Economic growth is projected to continue at 6.1% in 2026 and 6.3% in 2027.

Inflation rates are anticipated to decrease to 7% in 2025, 5-6% in 2026, and 5% in 2027. The ministry also plans to implement measures to ensure that the country’s public debt does not exceed 60% of GDP.

The Ministry of Finance has outlined that next year’s consolidated budget revenues will total 431.1 trillion soums, while expenditures will reach 480.3 trillion soums...

The World Boxing Organization (WBO) has updated its rankings, including seven fighters from Uzbekistan. The top position, first place, is held by Shahram Giyasov in the welterweight division. The rankings for the other fighters are as follows:

The ranking also featured two Kazakh fighters: undefeated Zhanibek Alimkhanuly, the champion, and Meyirim Nursultanov, both middleweights.

Uzbek boxer Murodjon Akhmadaliev is set to fight Mexican Ricardo Espinosa for the interim WBA world title, as reported by All Boxing. The match is scheduled for December 14, 2024.

Originally, Akhmadaliev was expected to face absolute champion Naoya Inoue; however, Inoue has since been scheduled to defend his title against another opponent.

Akhmadaliyev lost his WBA and IBF championship belts to Filipino boxer Marlon Tapales in April 2023.

Kursiv Uzbekistan reports that Shahram Giyasov has been ranked as the top boxer by the WBO.

Kazakhstan plans to begin production of Samsung home appliances between January and March next year, according to Kanat Sharlapayev, head of the Ministry of Industry.

In addition to Samsung, Astana aims to start manufacturing products for the Chinese brand NKS and the German company Siemens. Sharlapayev mentioned that the country is already collaborating with the Uzbek company Artel, Xiaomi and other brands to produce household appliances.

From January to October of this year, Kazakhstan produced over 200,000 units of appliances, with plans to increase that total by an additional 300,000 units.

Kursiv Uzbekistan also...

One hundred countries have endorsed Alisher Usmanov’s candidacy for President of the International Fencing Federation (FIE). TASS reports that Usmanov has officially registered as a candidate, according to the FIE press service.

Delegates will elect the new head of the Federation at the congress scheduled for 30 November in Tashkent. The Russian-Uzbek billionaire faces one competitor: Swedish candidate Otto Drakenberg.

Fencing federations from China, Russia, Serbia, and other countries support Usmanov.

Usmanov previously led the FIE for 14 years, from 2008 to 2022, before stepping down voluntarily after the European Union imposed sanctions against him.

Kursiv Uzbekistan also reports

Nearly all highly liquid shares on the Republican Stock Exchange (RSE) “Toshkent” posted losses last week, according to Kursiv Uzbekistan’s market review.

From October 18 to 25, the UCI stock index fell by nearly 2%. Only Hamkorbank (+12.1%) and Uzmetkombinat (+5.2%) closed the week with gains.

All other shares dropped, with the largest declines in Turon Bank (-19.25%), Yangiyoʻl Yogʻmoy (-15.17%), and Ipoteka Bank (-14.58%).

Out of 21 highly liquid stocks, just two ended the week positively. Over the week, RSE “Toshkent” saw 4,600 trades worth 1.2 trln soum.

Kursiv Uzbekistan also reports that foreigners will be allowed to...

In Tashkent, Saida Mirziyoyeva, an advisor to the President of Uzbekistan, discussed ways to strengthen cooperation between Uzbekistan and the United Nations (UN).

Mirziyoyeva recently met with Sabine Mahl, the UN Resident Coordinator in Uzbekistan.

According to the presidential advisor, the parties discussed various areas of cooperation between Uzbekistan and the UN, focusing on the development of the Aral Sea region.

Kursiv Uzbekistan also reports that Mirziyoyeva held a meeting with a UN representative on cancer prevention.

Kyrgyzstan has simplified its entry rules for organised groups of Chinese tourists, as reported by the press service of the Cabinet of Ministers of the Kyrgyz Republic.

Chinese visitors in groups can stay in Kyrgyzstan for up to 21 days without requiring additional documents. Edil Baisalov, the deputy chairman of the Cabinet of Ministers, stated that this measure aims to enhance people-to-people diplomacy and boost Kyrgyzstan’s appeal as a tourist destination.

In 2023, 50,000 tourists from China visited Kyrgyzstan. Meanwhile, Kyrgyz citizens still need a visa to travel to China.

It’s worth noting that Chinese citizens...

At the end of the third quarter of 2024, the bank’s report shows that Alokabank’s net profit totalled 21.3 bln soums, which is 90.8% less than in the same period last year.

In January-September 2023, the bank’s net profit exceeded 231 bln soums.

At the same time, its equity capital increased by 15.6% to 2.6 trillion soums this year.

Assets of the financial institution reached 19.7 trillion soums, having increased by 16.3% over the year.

Kursiv Uzbekistan also reports on Uzpromstroybank’s financial performance.

Dilshod Akhatov, the chargé d’affaires ambassador of the Republic of Uzbekistan to Germany, has taken over the Republic’s diplomatic mission in Switzerland, as reported by the Dunyo news agency.

On October 25, the ambassador presented his credentials to Swiss President Viola Amherd.

During their meeting, Amherd emphasised Switzerland’s readiness to engage in joint projects on mineral resources and the green economy.

Kursiv Uzbekistan also reports that Saidikram Niyazkhodjaev was appointed Uzbekistan’s ambassador to Kyrgyzstan.

The national digital ecosystem, Uzum, and the Uzbek branch of the international organization Women in Tech have signed a memorandum of cooperation. The partners plan to focus on training and creating mentoring programs for girls and women either currently working in IT or are interested in starting a career in the digital industry.

“I see great potential for joint projects with Uzum, as it is not only an innovative company in technology and ecosystem products but also empowers women in Uzbekistan to achieve financial independence through training in e-commerce tools,” says Anna Ambrozevich, Director of Women in Tech Uzbekistan.

Uzum...

Low-income families in Uzbekistan will get one-off payments to cover gas and electricity costs, according to the National Agency for Social Protection.

Around 1.4 mln families will receive cash assistance, with 370 bln soum allocated for this support. Local administrations, the Mahalla Association, and other organisations will compile the lists of eligible recipients.

The initiative aims to help struggling families during the heating season. It includes 1.2 million families already registered for assistance through the “Unified Social Protection Register” and an additional 180,000 households.

Each family will receive 270,000 soum, which Halk Bank will transfer to their cards by...

From November 1, Uzbekistan will introduce new procedures for inspecting imported vehicles, reports UzA. Cars entering the country will undergo inspection at a testing site in Pskent, Tashkent region, instead of at customs. The initiative aims to enhance public safety and protect consumer rights.

The inspections will follow UN transport regulations.

The Centre for Economic Research and Reforms (CERR) noted that sales of foreign cars rose by 4.5% in September, reaching 3,300 units.

Kursiv Uzbekistan also reports on the cost of used cars in Uzbekistan.

From January to September 2024, Uzbekistan’s total income climbed to 644.1 trln soums, up 7.7% from the previous year, according to the State Statistics Agency.

Tashkent led the regions with the highest average per capita income at 40.1 mln soums. Navoi and Bukhara followed, with 27.5 mln and 20.1 mln soums, respectively.

By early October, per capita income reached 17.4 mln soums. The real growth rate stood at 5.5% for the year, while nominal growth hit 15.5%.

Karakalpakstan saw the lowest income figures at 12 mln soums, with Namangan at 12.8 mln and Surkhandarya at 13.2 mln soums.

Kursiv...