During a visit to a jewelry factory in Namangan region, President Mirziyoyev stated that Uzbekistan mines 100 tons of gold annually, yet processes only 6%. He noted the creation of additional conditions for the industry and its further development.
Net profit of Uzbekneftegaz dropped by more than half to 611.6 billion soums (about $49.6 million) by the end of last year, marking a fivefold decrease over the past three years.
President approved the agreement to establish the production of hybrid and electric cars in Uzbekistan jointly with China’s BYD. The plan aims for 50,000 units by 2024 and 500,000 in the future through a complete knock-down (CKD) approach. The expected investments amount to $160 million.
BYD, which in collaboration with Uzavtosanoat initiated the assembly of hybrid and electric vehicles in Uzbekistan, asked the government to limit the “disordered” influx of electric cars. The company cited concerns that imported models are not suitable for the local climate and road conditions.
LOT Polish Airlines launched regular flights from Poland to Uzbekistan, operating three times weekly. The first flight from Warsaw arrived in Tashkent in the morning of March 14. Uzbekistan Airports CEO Javlonbek Umarkhodjaev called the move crucial for enhancing air connectivity to Europe. Photos.
The Central Bank of Uzbekistan kept the key interest rate steady at 14%. The regulator noted the slowdown in food production, raising concerns about potential supply-demand imbalances or import pressures. The trade balance deficit is also expected to persist.
Uzbekistan intends to create a Trade Development Company, aiming to engage foreign technologists and marketers. The objective is to align local products with international requirements, facilitate the entry of exporters into new markets as well as provide subsidies and compensation.
Foreign Internet companies, including Meta, Google, Apple and Netflix, doubled their revenue in Uzbekistan to 635 billion soums in 2023. They also paid 1.5 times more taxes than in 2022.
Uzbekistan’s international reserves fell by $2.37 billion in two months to $32.2 billion, the lowest since September last year. Physical volume of gold is unchanged, but the value of gold reserves and foreign currency reserves decreased. Funds were partly used to redeem Eurobonds worth $500 million.
Gazli Gas Storage commented on the change of founders at Gazli, the operator of Uzbekistan’s largest gas storage facility. “Bakhtiyor Fazilov was and remains the main beneficiary of Gazli Gas Storage and no sanctioned individual has ever held a shareholding in the company,” the statement said.
Construction of a $470 million ethnographic tourist center near the historical part of Bukhara has started, despite the hokimiyat’s intention to make a final decision and start work only after receiving UNESCO’s resolution.
In late January, Uzbekistan’s gas production dropped 9.4% to 3.99 billion cubic meters from January 2023, though it remained higher than recent months. Oil, coal, gasoline, and diesel production also declined. The number of operational industrial enterprises decreased by 25,200.
Uzbekistan will receive from Japan a loan worth over $246.2 million to support economic reforms and socially vulnerable groups.
Uzbekistan aims to diminish cash usage by implementing non-cash payments for public services offered by budget organizations, housing sold by developers, and various other sectors. The transition to cashless transactions is set to include wholesale trade in timber, tires and sugar.
Insufficient electricity production in Uzbekistan and imports from Turkmenistan led to limitations of up to 400 MW during peak hours on Sunday, due to a power transmission line accident, says the Energy Ministry.
By April 1, Uzbekistan plans to provide ISPs direct access to the international Internet channel. Uzbekistan has been planning to abolish the monopoly on external Internet channels since 2020 and has not executed yet. An independent telecommunications regulator may be established by September 1.
MPs passed a bill in the first reading that would ban those subjected to economic sanctions from opening bank accounts in Uzbekistan. Additionally, the Central Bank would be authorized to establish relevant risk management requirements.
China replaced Russia as Uzbekistan’s primary trading partner in 2023. Trade with both countries increased, with growing imports to Uzbekistan and decreasing exports. At the same time, trade with neighboring Kazakhstan and Kyrgyzstan declined.
Presidents of Uzbekistan and Belarus have agreed to increase trade turnover beyond $1 billion, effectively use trade corridors to South Asia and boost cooperation in agro-agricultural, pharmaceutical, food and light industries. Documents worth over $1 billion were signed at the regional forum.
Special legal procedure will apply to foreign companies for five years at the relaunched International Digital Technology Center, aiming to boost Uzbekistan’s exports of IT services.
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