Economy
Uzbekistan explores gas supplies from Russia via Central Asia-Center pipeline
Uzbekistan considers importing gas from Russia via the Central Asia-Center pipeline, as the Bukhara-Urals pipeline is obsolete, Uzbek Energy Minister said. The parties are assessing the costs of repairing compressor stations for reverse gas delivery.
Direct flights between Tashkent and Budapest to launch in late 2023
Direct flights between Uzbekistan and Hungary are planned to begin in H2 2023, as announced by Hungary’s Minister of Economic Development, Marton Nagy. He also informed Hungary expressed readiness to share experience with Uzbekistan in artificial intelligence technology and drone production.
Gas production in Uzbekistan to see positive growth in H2 2023 — Energy Minister
Uzbek Energy Minister, Jurabek Mirzamakhmudov, announced at the Tashkent Investment Forum that the country’s gas production is expected to see positive growth in the second half of 2023, following a decline in production due to various factors.
“The construction of China-Kyrgyzstan-Uzbekistan railway would guide “our region out of a transport impasse” — Akylbek Japarov
At the Tashkent Investment Forum, Akylbek Japarov, Kyrgyz PM, highlighted the China-Kyrgyzstan-Uzbekistan railway’s potential to alleviate regional transport issues, connect roughly four billion people, and expand transport links from Asia to Europe and the Middle East.
“We are grateful Uzbekistan is against having its territory used to circumvent the sanctions” — EU Special Envoy
EU’s Special Envoy for Sanctions visited Uzbekistan to discuss concerns regarding the potential circumvention of sanctions against Russia. He urged Uzbekistan to strengthen control measures on the movement of specific EU-made products.
President reveals plans to transfer four Uzbek airports to private management
President Mirziyoyev unveils plans to transfer four Uzbek airports (Andijan, Namangan, Bukhara, and Urgench) to private sector management in 2023, and invited investors to participate in the evolving aviation sector.
Uzbekistan targets 50% increase in gold production
Uzbekistan sets its sights on a nearly 50% increase in gold production, aiming for 150 tonnes in the coming years.
“In Uzbekistan, you will find everything you need for business — peace, stability, and reliable guarantees.” Uzbek President speaks at investment forum
President Mirziyoyev emphasizes WTO accession, green economy transition, and investor support in his speech at the Tashkent International Investment Forum, highlighting reforms, SOE’s privatization program, arbitration court decisions, and guaranteed protection of investors' rights.
ADSSC to develop advanced wastewater treatment plant in Tashkent
UAE-based ADSSC will begin construction of a new wastewater treatment plant in Tashkent in January 2024, with the capacity to process 1.5 million cubic meters of wastewater daily. The project includes modernizing pipelines and connecting existing treatment plants in the city.
Social tax rebate for employers hiring youth prolonged until 2025
A social tax rebate was reinstated for employers hiring workers under 25, excluding certain entities. Over 9,000 enterprises previously benefited, with 150 billion soums returned and 100,000 young people employed. The renewed incentive runs from May 1st, 2023 to January 1st, 2025.
French Alstom to aid in Tashkent tram route optimization — Ambassador
Alstom, a French company, will supply equipment and build a tram line in Tashkent, as well as provide consultation on route optimization. The Uzbek government insists on localization and seeks a feasible long-term infrastructure plan to connect old and new parts of the city.
Uzbekistan announces plans to develop lithium projects
Uzbekistan plans to start lithium mining and processing, with the Ministry of Geology identifying the development of other “technological metals” in the country as a promising direction for growth.
Uzbekistan to buy 300,000 tons of oil from Russia in 2023
Uzbekistan has reached a deal with Gazpromneft to procure 300,000 metric tonnes of oil in 2023.
Russian AvtoVAZ considers assembling new Lada Vesta in Uzbekistan
AvtoVAZ President Maksim Sokolov announced that the company is exploring options to resume the assembly of its next-generation Lada Vesta cars and increase the localization of automobile manufacturing in Uzbekistan.
Uzbekistan in talks to restart Renault car assembly — Ambassador
The assembly of Renault’s cars in Uzbekistan has been put on hold due to delivery issues from Russia and other countries, said the Uzbek Ambassador to France, Sardor Rustambayev. He stated that efforts are currently underway to “restore the disrupted supply chains.”
ACWA to develop two wind farms in Bukhara with ADB support
The Asian Development Bank and Saudi Arabia’s ACWA Power have signed loans worth $174 million to develop the Bash and Dzhankeldy wind farms in Uzbekistan’s Bukhara region.
Aggregate income of Uzbekistan’s population rises by 10.8% in Q1 2023
Uzbekistan citizens' actual income jumped by 10.8% in Q1 2023, reaching 144 trillion soums, outperforming past years. Inflation-adjusted figures show growth led by employment and transfer incomes, despite industry downtime and declining remittances.
Uzbekistan’s energy imports surge amid declining domestic production
Uzbekistan imported $151.2 million worth of gas in March, more than half of its imports last year. The figure rose sharply against the backdrop of falling domestic gas production. Import of coal, oil and oil products also increased.
Uzbekistan’s GDP grows by 5.5% in Q1 2023
Uzbekistan’s GDP grew by 5.5% in the first quarter of 2023, surpassing forecasts, despite initial concerns due to industrial setbacks from January’s extreme cold weather. Industrial production and construction work demonstrated a significant rebound, contributing to the economic upturn.
Uzbekistan’s gas, electricity and coal production declines in Q1 2023
Uzbekistan experienced a 9.6% decline in gas production during Q1 2023, totaling 12.3 billion cubic meters, with electricity production also falling by 5%. The production of thermal energy and coal has fallen as well. This downturn is attributed to reduced tax rates and other industry challenges.
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