Economy
Uzbek President outlines proposals to boost food production industries
President Mirziyoyev unveils plans to support Uzbekistan’s food production industries, including establishing milk collection stations in regions, tagging and identifying livestock, allocating $35 million for poultry farms, and implementing shrimp farming projects, among others.
Uzbek and Russian officials discuss energy cooperation
Uzbek Energy Minister Jurabek Mirzamakhmudov and Russian Deputy Prime Minister Alexander Novak convened in Moscow to discuss collaboration in gas, oil, and electricity sectors, including renewable energy, hydropower, and nuclear power plant construction.
“Uzbekistan must by all means join the WTO” — Uzbek President
President Shavkat Mirziyoyev was briefed on Uzbekistan’s progress in its World Trade Organization (WTO) accession process and emphasized the economic significance of joining the WTO, aiming to double exports of finished products in the next three years.
Uzbekistan, Kazakhstan and Russia advance in discussions on gas union project — Sergey Lavrov
Russian Foreign Minister Sergey Lavrov announced significant progress in discussions between Russia, Uzbekistan, and Kazakhstan on a trilateral gas union project after a meeting of foreign ministers in Samarkand.
Uzbekistan eliminates customs duties on key construction materials until 2025
The Uzbek President signed a decree to exempt several imported construction materials from customs duties until January 1, 2025. The measure is aimed at reducing housing construction costs by 5%.
President approves mortgage reforms to expand housing access in Uzbekistan
President Shavkat Mirziyoyev has approved a decree introducing market-driven mortgage programs in 2023 to enhance housing access, with provisions allowing mortgages for individuals without formal income and differentiated loan rates.
US imposes new sanctions on Usmanov affiliated entities and citizens of Uzbekistan
The US imposed sanctions on Alisher Usmanov’s USM Holding and its affiliated companies, including Akhangarancement, Digital Invest, which holds a stake in Ucell and operates a labelling system in Uzbekistan. Additionally, several Uzbek citizens and natives have been subjected to these sanctions.
UK sanctions Usmanov’s USM holding
The UK has sanctioned Alisher Usmanov’s USM holding and two linked companies, Curzon Square and Hanley, due to their ties to the Russian government and strategic sectors. Two Cypriot nationals connected to Usmanov and Roman Abramovich also face sanctions.
US imposes sanctions on Akhangarancement JSC and its shareholder
The US Treasury Department has sanctioned Uzbekistan’s Akhangarancement JSC and Alisher Usmanov-linked Akkermann Cement CA over concerns of potential sanction circumvention. The Office of Foreign Assets Control (OFAC) issued a license to wind down transactions with these companies until July 11.
Uzbek President approves heating system modernization program in social facilities
President Mirziyoyev approved a public-private partnership program for the modernization of heating systems in Uzbekistan’s social facilities. In 2023, 500 billion soums are planned to be allocated for the modernization program, with 50% designated for the Fergana Valley regions.
Uzbekistan and Kyrgyzstan work to restore North Sokh joint gas storage facility
A working group from Uzbekistan’s Ministry of Energy visited the Kadamjay district of Kyrgyzstan to commence restoration work on the North Sokh underground gas storage facility.
In January, inflation expectations in Uzbekistan reach highest levels since July 2020
After a three-month hiatus, Central Bank resumed releasing data on inflation expectations for households and businesses. In January, household expectations reached 18.9%, and businesses 18.7%, marking the highest levels since July 2020. By March, expectations significantly decreased to 14.1−14.4%.
EIB approves loan of $83.6 million for Masdar to build three PV plants in Uzbekistan
The European Investment Bank approved $83.6 million loan for Uzbekistan’s solar energy program, implemented by UAE’s Masdar. Partnering with ADB, AIIB, and EBRD, EIB’s contribution forms part of a $396.4 million package to construct and operate three PV plants with a total capacity of nearly 900 MW.
Uzbekistan’s official reserve assets reach $35.44 billion
Uzbekistan’s reserve assets reached $35.44 billion in April, driven by a 4.3% increase in gold reserves during March, while foreign currency reserves experienced minor growth. The primary factor behind the expansion was a $1.41 billion surge in gold value, totaling $24.25 billion.
A transformative moment amid extraordinary uncertainty in the Caucasus and Central Asia
The Caucasus and Central Asia have weathered the pandemic crisis well. The initial spillovers from war in Ukraine have so far been contained. Still, uncertain outlook and challenges ahead call for audacious measures, writes Jihad Azour, IMF’s Director of the Middle East and Central Asia Department.
To withstand global shocks, Uzbekistan needs to continue reforms and build an inclusive market economy
In her column for Gazeta.uz, Anna Bjerde, World Bank Vice President for Europe and Central Asia, writes about concerted and sustained momentum on reforms that is needed to meet Uzbekistan government’s goals of reducing poverty by half by 2026 and reaching upper-middle-income status by 2030.
Uzbekistan’s GDP increases 7.8% in 2016
Gross domestic product of Uzbekistan grew by 7.8% during last year.
Tashkent apartment price decreased by 17% over year
Average offer price on secondary housing market in Tashkent decreased by 17% over the past year.
Uzbekistan, Tajikistan discuss economic cooperation
Cooperation of Uzbekistan and Tajikistan in the fields of economy, transport and industry was discussed in Dushanbe.
Moody’s raises long-term ratings of Asia Alliance Bank
Moody’s Investors Service upgraded long-term local and foreign currency deposit ratings of Asia Alliance Bank to B2 from B3.
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