News

In response to the devastating effects of last winter’s frosts in Uzbekistan, which resulted in the loss of thousands of hectares of agricultural plantations, a draft law titled On Insurance of Agricultural Risks has been proposed, as reported by President Shavkat Mirziyoyev’s press office.

Recently, the president convened a meeting focused on ensuring rural security.

The draft law was developed with the assistance of foreign specialists and aims to provide economic protection for agricultural workers.

Authorities reported that in 2023, approximately 9,000 hectares of orchards and 4,000 hectares of vineyards were damaged by frosts, leading to a total loss...

The integration of the Uzbek stock market’s information infrastructure with the Bloomberg news agency’s platform has been successfully completed, as reported by the National Agency for Prospective Projects (NAPP).

Now, users of Bloomberg terminals worldwide will have access to stock and bond quotes and other essential data from the Toshkent Republican Stock Exchange (RFE). Investors will receive this information in real-time.

The new information exchange system also allows adding new market data blocks. The NAPP described this integration as crucial to creating a transparent and globally oriented capital market.

According to the regulator, collaboration with Bloomberg...

Photo: Unsplash

Highly liquid stocks on the Toshkent Republican Stock Exchange (RSE) showed different dynamics from 15 to 22 November. Kursiv Uzbekistan studied the fluctuations of securities on the trading floor over the past week.

The UCI stock index fell by 0.9%. Among the companies with the largest growth of shares are Business Development Bank (+5.5%), UzRTSB (+2.66%) and Alokabank (+2.27%).

Securities of Ipoteka Bank (-5.13%), preferred shares of Aloka Bank (-21.88%) and Turon Bank (-10.01%) ended the week negatively.

Common (490) and preferred (413) shares of Aloka Bank and common securities of Ipak Yuli Bank (306) were on the...

Photo: Ministry of Investment, Industry and Trade

The Uzbek Consulate General in Dubai is in continuous communication with UAE authorities regarding the detention of Uzbeks suspected of murdering Rabbi Zvi Kogan, according to a statement from the diplomatic mission.

“Further details will be provided at a later date,” the consulate stated.

On Monday, November 26, the UAE Interior Ministry announced the detention of three Uzbeks believed to be involved in the killing of Zvi Kogan, who represented the Chabad branch in the UAE. Kogan was reported missing after he ceased communication on November 21, and his body was...

Kia India anticipates that deliveries of complete knock down (CKD) kits to Uzbekistan, Ecuador and Vietnam will exceed 38,000 units in 2024.

Since the start of deliveries in June 2020 from its Anantapur plant, Kia India has exported over 100,000 CKD kits. This achievement has positioned Kia India as an important component of Kia Motors Corporation’s global export strategy, accounting for 50% of the corporation’s “screwdriver” car exports worldwide.

Kia India primarily exports the Seltos, Sonet and Carens models, whose production is localised mainly in the country.

In addition, Kia Corporation plans to expand CKD exports manufactured in India to...

Photo: Consulate General of the Republic of Uzbekistan in Aktau

S&P Global Ratings has assigned a long-term foreign and local currency credit rating of BB- to Navoiyuran, which is marked as stable.

This stable outlook is based on expectations that the company will sustain its current production levels and profitability amid favorable uranium prices and low operational costs. In 2023, Navoiyuran accounted for 7.4% of global uranium production; however, it faces challenges in diversifying its operations, as all activities are concentrated in Uzbekistan. Notably, 75% of its production is derived from a single complex.

The agency noted the company’s...

The European Union is actively supporting women’s initiatives in Uzbekistan. The EU funds training programs for women in various regions, promotes women’s entrepreneurship, and assists in combating gender-based violence. These activities are implemented through a range of programs that the EU operates in Central Asia and globally. We spoke with the EU Ambassador to Uzbekistan, Her Excellency Charlotte Adrian, about developing women’s leadership in the country and how the EU contributes to protecting women’s rights.

Making a difference

— Your Excellency, you are in your fourth year as EU Ambassador to Uzbekistan. In your opinion, how is women’s leadership...

An increasing number of Uzbek women are pursuing careers in IT and achieving success in a traditionally male-dominated field. One woman of the new era is Sabina Kasymova, the head of the department for developing alternative self-service channels at Beeline Uzbekistan. In an interview with Kursiv Research, she discussed how women are making their mark in the IT industry.

IT Girls

There was a common stereotype that women working in IT were a rare occurrence. In reality, the steps to building a career in this field are the same for everyone, regardless of gender.

Social attitudes are also changing...

Uzbekistan’s State Statistics Agency reported a sharp increase in cherry juice production.

Between January and October 2024, Uzbek enterprises produced 12,300 tonnes of cherry juice. This marks a 55.7% growth compared to the previous year.

In 2022, production reached 4,700 tonnes during the same period, while in 2021, it stood at 3,300 tonnes.

By early November 2024, the country exported beverages worth $44.7 mln. However, this figure shows a 17.1% drop from the previous year.

Chinese electric vehicle (EV) startups have reported strong quarterly results, despite the global market slowdown, according to China Daily.

These manufacturers expect sales to grow in 2025 and plan further expansion into international markets.

In the third quarter of this year, Li Auto’s revenue exceeded $5.9 bln. Nio earned $2.5 bln, Xpeng $1.38 bln, and Leapmotor $1.36 bln.

Between July and September, Li Auto sold 152,800 electric vehicles, Leapmotor 86,200, Nio 61,900, and Xpeng 46,500.

Experts told China Daily that fierce competition among startups has spurred technological progress and market growth.

Uzbekistan has introduced a new procedure for securing customs duties, allowing the use of bank guarantees, collateral, and insurance policies, according to an order from the Ministry of Economy and Finance of Uzbekistan.

Customs authorities can no longer demand collateral for duty payments. The applicant now has the freedom to choose the payment method.

Payers can submit their applications either in writing or electronically through the Customs Committee of Uzbekistan’s website. When applying online, they must confirm the submission using a digital signature. The application should include a bank guarantee, insurance policy, or collateral valuation.

The guarantee and the...

Uzbek banks have stopped servicing UnionPay cards issued by Russia’s Gazprombank, TASS reports.

When users try to withdraw cash from ATMs, they receive a message about a technical error. The Central Bank of Uzbekistan stated that the decision to stop servicing UnionPay cards did not come from Uzbekistan.

Similar issues have been reported in Kazakhstan, Hungary, Vietnam, and other countries.

On November 21, the U.S. Department of the Treasury added Gazprombank to its sanctions list. The next day, the bank removed details from its website stating that it issued UnionPay cards.

Russian billionaire Alisher Usmanov, of Uzbek origin, ranked 174th in Bloomberg’s billionaire list.

As of November 24, his fortune stood at $13.8 bln, a decline of $7.29 bln over the past 11 months.

Forbes estimates Usmanov’s wealth at $14.2 bln on the same date. The publication also notes that Usmanov has lived in Uzbekistan since 2022.

Kursiv Uzbekistan also reports that Elon Musk, CEO of Tesla, topped the Bloomberg list with a net worth of $348 bln.

Uzbekistan exported $1.7 bln worth of food products from January to October this year, up 17.3% compared to the same period in 2023.

Fruits and vegetables led the exports with $1.2 bln in sales. Grain exports reached $308.3 mln, while meat products brought in $39.4 mln.

Sugar, food preparations, and related products recorded the lowest export volumes, earning $13.3 mln and $8.7 mln, respectively.

Egyptian jewellery specialists offered to train their Uzbek counterparts in jewellery design, according to Tamer Hammad, Egypt’s Ambassador to Uzbekistan. He shared this during a meeting with Laziz Kudratov, Uzbekistan’s Minister of Investment, Industry, and Trade, Egypt Today reported.

The two sides also explored new projects in pharmaceuticals, textiles, leather production, and fruit and vegetable trade. These topics will feature in the upcoming seventh session of the Uzbekistan-Egypt Intergovernmental Committee.

Agricultural producers in Samarkand will increase egg exports to Russia’s Primorye Territory. The agreement came during a visit to Uzbekistan by Primorye Governor Oleg Kozhemyako, according to his Telegram channel.

Governor Kozhemyako announced that Samarkand’s agricultural specialists will assist their Russian counterparts in expanding the production capacity of the Agroptitsa factory in Zavodskoy village.

Russian producers, in turn, plan to scale up poultry meat production.

Kozhemyako began his official visit to Uzbekistan on November 21. He attended a tourism exhibition in Tashkent, held discussions with the city’s leadership, and met with Uzbekistan’s Migration Agency representatives.

Kyrgyz entrepreneurs report a shortage of wagons needed to transport coal to Uzbekistan, 24.kg stated, quoting MP Yrysbek Atazhanov.

Dastan Usubakunov, Deputy Director of Kyrgyz Temir Zholu, noted that Uzbekistan Railways has cut the number of wagons allocated for coal imports. Uzbekistan now provides 120–200 wagons daily, but Kyrgyzstan has only 150 wagons for coal shipments to its neighbour.

Kyrgyz Temir Zholu is in talks with the European Bank for Reconstruction and Development (EBRD) to purchase 80 more freight wagons.

Yangihayot Technopark in Tashkent plans to implement 46 investment projects valued at $386 mln. The announcement followed a meeting between President Shavkat Mirziyoyev and the technopark’s management.

In 2024, the technopark will begin producing construction materials, electrical equipment, textiles, and food products. By late 2025, 37 projects worth $235 mln are expected to start, increasing the technopark’s export capacity to $36 mln.

Currently, 520 employees work across eight enterprises in the technopark, with investments totalling nearly $100 mln.

During his visit, President Mirziyoyev toured the Almerro Group confectionery factory. The company aims to produce 80 types of confectionery for...

American billionaire Elon Musk has reclaimed his position as the world’s richest person, according to Bloomberg, with a net worth of $348 bln.

Musk broke his previous record set in 2021 when Bloomberg valued his wealth at $340.4 bln.

Trailing Musk in Bloomberg’s ranking are Amazon founder Jeff Bezos and former Oracle CEO Larry Ellison, with fortunes of $219 bln and $206 bln, respectively.

Notably, Musk stands out as one of the few major U.S. billionaires who endorsed Donald Trump’s candidacy in the recent presidential elections.

Central Asia and the Caucasus play a vital role in the Middle Corridor’s trade network, stated Jihad Azour, Director of the IMF’s Middle East and Central Asia Department, in an interview with Tazabek.

Azour underscored the strategic importance of these regions as a bridge between East and West. He praised efforts to boost regional economic cooperation and strengthen connectivity.

In 2023, Uzbekistan announced plans to link the Middle Corridor with the Trans-Afghan railway project, aiming to expand trade routes.

Since 2017, the Middle Corridor has connected China to Europe, enabling cargo transport in 20-25 days. The route handles up...

Gold prices climbed above $2,700 per troy ounce for the first time in two weeks, according to RBC.

At 12:51 Tashkent time, the precious metal traded at $2,701.6 on the Chicago Mercantile Exchange (CME). By 13:35, the price stood at $2,699.5 per ounce.

The surge in gold prices reflects rising geopolitical tensions, economic uncertainties, and low interest rates.

Uzbekistan has proposed establishing a unified transport call centre for the countries of the Commonwealth of Independent States (CIS). The initiative was announced by Jamshid Karimov, head of the Transport Oversight Inspection of Uzbekistan.

The centre aims to facilitate the exchange of information on road traffic accidents and violations recorded within the CIS region.

Karimov emphasised that the creation of such a centre would expedite the process of obtaining incident data and enhance the efficiency of response measures.

Uzbekistan plans to send over 200,000 citizens to work in economically developed countries in 2025, Prime Minister Abdulla Aripov announced.

Job opportunities will be available in 21 countries, including the United Kingdom, Canada, the UAE, South Korea, and Japan.

Aripov stated that the government will introduce training programmes to prepare workers for employment abroad.

Earlier this year, Uzbekistan’s Agency for External Labour Migration noted a decline in the number of Uzbeks choosing Russia as a destination for work.

As of early November 2024, the volume of non-performing loans in Uzbekistan’s banks amounted to 22 trillion soums, according to statistics from the Central Bank.

For comparison, a month ago, this figure stood at 21.5 trillion soums.

According to the regulator, as of November 1, the volume of non-performing loans in state-owned banks was 14.96 trillion soums, while in private banks, it was 7.05 trillion soums.

At the same time, the loan portfolio of state-owned and private banks increased over the month from 515.6 trillion soums to 521 trillion soums.