Economy
Iran introduces visa-free regime for citizens of Uzbekistan
Iranian authorities have canceled the visa regime for citizens of 33 countries, including Uzbekistan. The decision aims to increase the number of tourists and prevent the “Iranophobia campaign,” Minister of Cultural Heritage, Tourism and Handicrafts of Iran Ezzatollah Zarghami shared.
Japan imposes sanctions on two companies from Uzbekistan
Two companies from Uzbekistan, Alfa Beta Creative and GFK Logistics Asia, were included in Japan’s sanctions list. Prior to this, both the United States and the European Union imposed sanctions against them.
S&P: ‘Social spending in Uzbekistan, including wages, may be difficult to adjust due to political reasons
S&P reports that Uzbekistan copes well with the fallout from Russia’s war in Ukraine. However, potential risks exist. Namely, transferring of state-owned enterprises' debt to the government’s balance sheet, budget deficits, and the challenge of foreseeing policy decisions.
ADB to lend $240 million on improvement of rural roads in Uzbekistan
ADB will lend to Uzbekistan $240 million to improve 700 km of rural roads in all regions of the country. The project is expected to improve their capacity, quality, connectivity, and resilience to climate change.
World Bank approves $800 million loan to Uzbekistan
The World Bank has approved $800 million of highly concessional and low-cost loans to Uzbekistan on favorable terms. Those are intended for implementation of reforms to accelerate the transition to a market economy. Funding will be invested into energy, railway, agriculture and other sectors.
President Mirziyoyev: Uzbekistan plans to allocate $100 million of state budget for country’s electrical industry
In 2023, Uzbekistan intends to launch solar and wind power plants capable of generating 2 GW, and 4 GW in 2024. The president ordered to localize production of cables, generators, inverters, and transformers for the plants. He also announced the allocation of $100 million to electrical industry.
EU extends Generalized Scheme of Preferences Plus (GSP+) for Uzbekistan until end of 2027
The EU decided to extend the GSP+ system of trade preferences for another four years. Uzbekistan, as a participant of the basic and then extended program, reached a four times increase in exports to the EU of €450 million by the end of 2022. MIIT expects the number to go up to $1 billion in 2023.
Uzbekistan and Russia intend to develop cooperation in railway transportation
The transport agencies of Uzbekistan and Russia signed a memorandum. It covered the exchange of information on traffic safety violations and railway transport operation, as well as digitalization and introduction of modern technologies.
President Mirziyoyev: 'After Asian Games, Olympic city has to serve people, not stay empty'
President Mirziyoyev visited the construction site of the Olympic city to host 4th Asian Youth Games-2025. It will accommodate the Ministry of Sports, sports federations and other agencies. “The complexes should not be empty after the Asian Games, but should serve our people,” said the president.
President Mirziyoyev: Uzbekistan aims to gain oil independence in 2−3 years
In Termez, President of Uzbekistan spoke about implementing major industrial projects in Surkhandarya. Uzbekistan’s oil independence is expected to be obtained in 2−3 years with the launch of the gas chemical complex in Baisun and the expansion of geological exploration.
U.S. and Central Asian countries launch B5+1 business platform
The U.S. and Central Asian countries are launching a public-private dialogue business platform — Business 5+1 — to strengthen the region’s economic cooperation with American companies.
UzTransGaz: Uzbekistan’s underground gas reservoirs are 98% full
In preparation for the fall-winter period, Uzbekistan’s UGSS Gazli and Khojaabad are 98% full. Gas extraction from them has not yet started due to warm weather. Energy Minister has earlier noted that extraction capacity will be increased from 18−20 million to 30 million cubic meters.
Energy Minister claims Uzbekistan has no long-term plans on 'giving up on gas'
Despite plans to increase the share of solar, wind and hydropower in electricity generation, Uzbekistan “will not give up gas,” Minister of Energy Jurabek Mirzamakhmudov declared. He said the country is aiming to almost double gas-fueled power generation.
Uzbekistan imports about 300 million cubic meters of gas from Russia
Since October 7, Uzbekistan has imported about 300 million cubic meters of gas from Russia under a contract with Gazprom, Energy Minister Jurabek Mirzamakhmudov said. He again refused to reveal the price of imported “blue fuel.”
Uzbekistan opens trade house in Lithuania
Uzbekistan opened UZ Euro Trade House in Vilnius (Lithuania). The trade house is expected to intensify practical partnership and substantive dialogue between the business communities of the two countries.
Uzbekistan increased gas exports to China in May, despite falling production
Uzbekistan increased its natural gas exports to China in May, with supplies rising to $78.16 million, almost double the amount exported in April. Despite this increase in exports, the country’s gas production continues to fall.
Uzbekistan sees decline in gas production and record high increase in electricity production
Gas production in Uzbekistan fell by 9.8% in the first five months of the year compared to the same period last year, with production falling for the second consecutive month in May. Meanwhile, electricity production showed record growth in May, while growth in oil production slowed to 3.1%.
Raiffeisenbank to stop euro transfers to Uzbekistan and other countries
“Raiffeisenbank,” a Russian subsidiary of the Austrian banking group Raiffeisen Bank International, announced that it will stop making euro transfers to Uzbekistan, Russia, Kazakhstan, Kyrgyzstan and several other countries. The decision will take effect on July 3.
Uzbekistan Airways expands fleet with new A320neo
Uzbekistan Airways received its 18th Airbus aircraft, an A320neo. Four more due to arrive by the end of the year. They will have the simplified fuselage color due to the carrier’s plans to refresh its corporate livery.
Russia to supply 2.8 billion cubic meters of gas to Uzbekistan annually
The Energy Ministry of Uzbekistan announced details of a two-year gas agreement with Gazprom. It will supply 9 million cu.m. daily and an annual volume will reach almost 2.8 billion cu.m. This is in contrast to earlier reports by Kommersant, which stated that the volume would be twice as much.
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