Economy

Uzbekistan plans to establish Trade Development Company to support exporters
12 March 2024, 16:50

Uzbekistan plans to establish Trade Development Company to support exporters

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.

How much taxes Google, Netflix, Amazon and other Internet companies pay in Uzbekistan
12 March 2024, 14:30

How much taxes Google, Netflix, Amazon and other Internet companies pay in Uzbekistan

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 gold and foreign exchange reserves decreased by additional $2.37 billion since beginning of year, partly used for Eurobonds redemption
11 March 2024, 18:27

Uzbekistan’s gold and foreign exchange reserves decreased by additional $2.37 billion since beginning of year, partly used for Eurobonds redemption

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.

“Bakhtiyor Fazilov remains main beneficiary of Gazli Gas Storage,” says company
11 March 2024, 09:32

“Bakhtiyor Fazilov remains main beneficiary of Gazli Gas Storage,” says company

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.

Tourist center project near historical part of Bukhara is estimated at $470 million
25 February 2024, 20:52

Tourist center project near historical part of Bukhara is estimated at $470 million

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.

Production of gas, oil and other energy resources in Uzbekistan continues to fall
21 February 2024, 14:32

Production of gas, oil and other energy resources in Uzbekistan continues to fall

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.

Japan to loan Uzbekistan $246.2 million to continue economic reforms
20 February 2024, 12:28

Japan to loan Uzbekistan $246.2 million to continue economic reforms

Uzbekistan will receive from Japan a loan worth over $246.2 million to support economic reforms and socially vulnerable groups.

Uzbekistan plans to ban cash payment for some services and goods
19 February 2024, 21:10

Uzbekistan plans to ban cash payment for some services and goods

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.

Electricity supply restrictions are imposed in Uzbekistan
19 February 2024, 12:23

Electricity supply restrictions are imposed in Uzbekistan

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.

Monopoly on external Internet channel in Uzbekistan may finally end
15 February 2024, 15:12

Monopoly on external Internet channel in Uzbekistan may finally end

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.

Individuals under economic sanctions may be banned from opening bank accounts in Uzbekistan
14 February 2024, 12:54

Individuals under economic sanctions may be banned from opening bank accounts in Uzbekistan

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.

Uzbekistan increases trade with China and Russia, decreases with neighbors in 2023
9 February 2024, 14:02

Uzbekistan increases trade with China and Russia, decreases with neighbors in 2023

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.

Uzbekistan and Belarus aim to increase trade turnover beyond $1 billion
8 February 2024, 16:11

Uzbekistan and Belarus aim to increase trade turnover beyond $1 billion

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.

International Digital Technology Center to be established in Uzbekistan
2 February 2024, 18:34

International Digital Technology Center to be established in Uzbekistan

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.

Minister of Ecology: Moratorium on construction of cement plants may be announced in Uzbekistan
30 January 2024, 19:13

Minister of Ecology: Moratorium on construction of cement plants may be announced in Uzbekistan

Uzbekistan plans to ban the construction of cement plants, Minister of Ecology Aziz Abdukhakimov shared. Out of the 47 existing plants, 23 have suspended operations, he noted. A study of 25 cement producers revealed that 90% of them violate environmental requirements.

Josep Borrell: “Central Asia is the cornerstone between Europe and Asia”
29 January 2024, 21:17

Josep Borrell: “Central Asia is the cornerstone between Europe and Asia”

Vice-President of the European Commission Josep Borrell stated at the Central Asia-EU Global Gateway Investors Forum that more needs to be invested in physical connections between these regions “to overcome past dependencies and find new alternatives for transport, energy and supply chains.”

Construction in Uzbekistan to be turned into “corruption-free sphere”
29 January 2024, 12:33

Construction in Uzbekistan to be turned into “corruption-free sphere”

The president of Uzbekistan has announced measures to make the construction industry “corruption-free.” From July 1, all construction contracts will be digitized, contractors will receive financing through e-invoices only. A project office is being established under the Ministry of Construction.

EBRD approves new five-year strategy for Uzbekistan
26 January 2024, 10:54

EBRD approves new five-year strategy for Uzbekistan

EBRD has approved a new five-year strategy for Uzbekistan. Key priorities include supporting decarbonization, water efficiency and renewable energy, private sector development and business climate improvements.

Tashkent administration reveals plans to build “cable taxi”
25 January 2024, 15:31

Tashkent administration reveals plans to build “cable taxi”

Cable taxi line mirroring ground transport may be built in Tashkent, potentially along New Uzbekistan Street. Authorities promise to share project details with the public. Agreement with Beijing North Bartholet Cableway Technology Co., Ltd. was secured by city delegation led by the acting hokim.

Uzbekistan’s gas sales to China drop by half in 2023 compared to 2022
22 January 2024, 16:30

Uzbekistan’s gas sales to China drop by half in 2023 compared to 2022

Uzbekistan’s natural gas supplies to China almost halved in 2023, reaching $563.5 million. In December, exports amounted to $54.5 million.

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