Timur Ishmetov, former minister of finance, first deputy chairperson of the Central Bank and advisor to the president, became the new chairperson of the Central Bank. He succeeded Mamarizo Nurmuratov, who served as head of the regulator from June 2017.
The government of Uzbekistan proposed to the EU a 10-year extension of the GSP+ trade preference system, along with an expanded list of goods eligible for duty-free export. Discussions also included revising import quotas for rolled metal and aligning products of Uzbekistan with European standards.
Uzbekistan finalized bilateral negotiations with Pakistan and Thailand as part of its accession process to the WTO. “We welcome Uzbekistan to the WTO soon and are certain that this membership will bring greater trade and investment to Uzbekistan,” representative of Thailand said.
Uzbekistan concluded bilateral talks on its accession to the World Trade Organization with the Philippines. This is the fourth country that Tashkent finalized such talks in two months.
Uzbekistan will engage active elders in poverty reduction in their mahallas (neighborhoods) with a monthly payment. Nuroniy foundation will allocate 10 million soums ($777) annually to each of about 10,000 mahallas for elderly sports programs. A total of $39 m will be provided from the state budget.
Uzbekistan concluded bilateral talks with China on joining World Trade Organization. 'Negotiations with the world’s two largest trade players — the United States and China — have been completed. There is not much left!", president’s special representative for WTO affairs Azizbek Urunov said.
Delegations from Uzbekistan and Kuwait held the first meeting of the intergovernmental commission on trade, economic and scientific-technical cooperation in Tashkent. The parties agreed to simplify trade procedures and discussed the possibility of signing a Preferential Trade Agreement.
The M360 Eurasia Summit will be held in Tashkent in May 2025, marking its debut in Uzbekistan. The event, one of the region’s largest gatherings focused on telecommunications and digital technologies, is supported by Ministry of Digital Technologies and Beeline Uzbekistan company.
The Asian Development Bank has approved a $250 million loan to Uzbekistan to support its transition to a low-carbon economy, focusing on sectors such as transportation and energy, while enhancing the climate resilience of water resources and agriculture.
Uzbekistan will receive an additional €3 million grant from the German Agency for International Cooperation (GIZ) as part of a project to support the private sector in green industrialization.
Ministry of Energy of Uzbekistan and UAE-based Masdar signed a contract at the COP29 conference in Baku to build a 1,000 MW wind power plant in Uchquduq district of Navoi region. The plant is expected to generate 3.5 billion kWh of electricity annually.
The cost of the “green energy corridor” to Europe is estimated at over $2 billion, deputy minister of energy Umid Mamadaminov said. By 2030, Uzbekistan plans to export 10−15 billion kWh to European countries.
Uzbekistan plans to establish a legal framework for the carbon market and carbon pricing mechanisms by the end of the year, deputy energy minister said. Leaders of Uzbekistan, Azerbaijan and Kazakhstan are expected to sign an agreement on “green corridor” to Europe at COP29 this week.
Uzbekistan’s national debt is projected to increase from $39.7 billion to $45 billion in 2025, marking a 13.3% rise. The cost of servicing this debt is expected to reach 48.1 trillion soums, or approximately $3.5 billion, reflecting a 42.8% increase.
Uzbekistan’s gold and foreign currency reserves rose by another $2 billion in October, reaching $43.1 billion, driven by rising gold prices. This marks the fourth consecutive month of record highs, as the Central Bank sold a small amount of precious metal and invested in securities.
At WTO accession talks, it is “easier to negotiate with the latest acceded countries. Because they haven’t forgotten how difficult the process is,” president’s special representative on WTO issues Azizbek Urunov said. He also addressed concerns over non-tariff barriers between nations.
“Some investors are interested in extracting raw materials, but that’s not us,” EC president Ursula von der Leyen said in her address to participants of the European Economy Days in Tashkent. President Shavkat Mirziyoyev assured that the most favorable conditions would be created for joint projects.
Uzbekistan and Chinese CNNC are set to assess the possibility of deploying China’s small modular nuclear reactors in Uzbekistan. Delegations from both countries also discussed plans to expand uranium ore extraction and processing capacities, with a view to utilizing the fuel in NPPs.
Uzbekistan has completed bilateral negotiations with the US on joining the WTO. The president’s special representative for WTO Azizbek Urunov said talks spanned 14 months and were “tough but substantive”.
President Shavkat Mirziyoyev told officials to explore the possibility of reopening the airport in Zarafshan, known as the gold capital of Uzbekistan. Built in the 1980s, the airport has been closed for decades.
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