10 February, Monday

Economy

Timur Ishmetov becomes new head of Central Bank of Uzbekistan
11 December 2024, 20:53

Timur Ishmetov becomes new head of Central Bank of Uzbekistan

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.

Uzbekistan proposes 10-year extension of duty-free export benefits to EU
10 December 2024, 19:26

Uzbekistan proposes 10-year extension of duty-free export benefits to EU

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 concludes WTO negotiations with Pakistan and Thailand
10 December 2024, 17:10

Uzbekistan concludes WTO negotiations with Pakistan and Thailand

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 concludes bilateral talks on WTO with Philippines
3 December 2024, 15:02

Uzbekistan concludes bilateral talks on WTO with Philippines

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.

Elderly community leaders to join poverty reduction efforts in Uzbekistan
30 November 2024, 13:59

Elderly community leaders to join poverty reduction efforts in Uzbekistan

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 concludes bilateral talks with China on WTO accession
29 November 2024, 18:33

Uzbekistan concludes bilateral talks with China on WTO accession

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.

Uzbekistan and Kuwait agree to simplify trade procedures
25 November 2024, 12:50

Uzbekistan and Kuwait agree to simplify trade procedures

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.

M360 Eurasia Summit to be held in Tashkent for first time in May 2025
22 November 2024, 19:11

M360 Eurasia Summit to be held in Tashkent for first time in May 2025

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.

ADB approves $250 million loan to support Uzbekistan’s climate resilience reforms
19 November 2024, 21:23

ADB approves $250 million loan to support Uzbekistan’s climate resilience reforms

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.

Germany to grant Uzbekistan additional €3 million for green industrialization
15 November 2024, 09:06

Germany to grant Uzbekistan additional €3 million for green industrialization

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.

Masdar to build another wind power plant in Uzbekistan
14 November 2024, 14:56

Masdar to build another wind power plant in Uzbekistan

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.

Uzbekistan could export 10−15 billion kWh of electricity to Europe by 2030 — deputy energy minister
14 November 2024, 09:48

Uzbekistan could export 10−15 billion kWh of electricity to Europe by 2030 — deputy energy minister

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.

Deputy energy minister on creating carbon market in Uzbekistan and “green corridor” project to Europe
11 November 2024, 12:20

Deputy energy minister on creating carbon market in Uzbekistan and “green corridor” project to Europe

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.

National debt of Uzbekistan may reach $45 billion in 2025, with servicing costs increasing 1.4 times
9 November 2024, 20:24

National debt of Uzbekistan may reach $45 billion in 2025, with servicing costs increasing 1.4 times

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.

New record: Uzbekistan’s gold and foreign currency reserves exceed $43 billion
9 November 2024, 19:22

New record: Uzbekistan’s gold and foreign currency reserves exceed $43 billion

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.

Some developed countries are demanding same requirements from developing countries — WTO special representative
8 November 2024, 20:25

Some developed countries are demanding same requirements from developing countries — WTO special representative

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.

Europe wants to be Uzbekistan’s partner for new chapter in its history — European Commission president
6 November 2024, 21:03

Europe wants to be Uzbekistan’s partner for new chapter in its history — European Commission president

“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 to explore use of small nuclear reactors and uranium processing in partnership with China
6 November 2024, 01:34

Uzbekistan to explore use of small nuclear reactors and uranium processing in partnership with China

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 сoncludes bilateral talks with US on WTO accession
5 November 2024, 22:38

Uzbekistan сoncludes bilateral talks with US on WTO accession

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”.

Zarafshan airport, closed for decades, may resume operations
5 November 2024, 20:29

Zarafshan airport, closed for decades, may resume operations

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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