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On October 3 this year, on the eve of the visit of the President of the Republic of Uzbekistan Shavkat Mirziyoyev to Hungary, the Uzbek-Hungarian business forum was held in Budapest, in which representatives of the business circles of the two countries took part.

The work of the forum is aimed at comprehensively strengthening ties between the business community of Uzbekistan and Hungary, as a fundamental condition for the further development of investment and trade and economic cooperation.

The opening ceremony of the forum was attended by the Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan Jamshid Khodjaev and the Minister of Foreign Affairs and Foreign Economic Relations of Hungary Peter Szijjarto.

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Opening the event, Peter Szijjarto noted the positive dynamics in the development of relations between the two states and the Hungarian government's support for initiatives to consistently expand economic partnerships in priority areas for both countries, and also called on Hungarian business representatives to establish and strengthen cooperation with Uzbek entrepreneurs.

The Uzbek side emphasized the favourable conditions created in the country for doing business, including a visa-free regime, the liberalization of foreign exchange policy, the adoption of a new Development Strategy aimed at further stimulating entrepreneurial activity, ensuring the protection of investor rights, and the inviolability of private property.

Readiness was expressed to support Hungarian entrepreneurs in every possible way. In this regard, such specific measures were noted as the allocation of a separate industrial zone in Uzbekistan for Hungarian companies, the provision of exclusive preferences and guaranteed purchase of products, as well as the joint implementation of promising ideas, including through the funds of the created joint fund for financing priority projects.

During the Forum, Hungarian companies were provided with detailed information on investment opportunities, including in the fields of pharmaceuticals, and agriculture, as well as electronics and electrical engineering, textile, automotive, chemical and construction industries.

Of great interest to Hungarian manufacturers were the prospects for building effective chains of industrial cooperation with preferential access to the CIS and EU markets thanks to the status of GSP+ beneficiary received by Uzbekistan in April last year.

During the business forum, "G2B" and "B2B" meetings were also organized between the heads of ministries, departments, industry associations, banks and leading companies of Uzbekistan and Hungary, during which the participants were able to work out in detail the aspects of creating joint ventures and concluding mutually beneficial trade agreements.

As a result of the Forum, a number of bilateral documents, investment agreements and export contracts were signed, opening up new prospects for the development of economic and investment cooperation between Uzbekistan and Hungary.

 

Source: mift.uz

On October 3, President Shavkat Mirziyoyev arrived on an official visit to Budapest.

Hungary is a strategic partner of Uzbekistan. The visit is expected to start a new stage in the history of bilateral cooperation, which will be celebrating its 30th anniversary this year.

At the modern stage, cooperation between two countries is steadily developing. This is supported by high-level political dialogues established in recent years. It is known that the President of Uzbekistan Shavkat Mirziyoyev met with the Prime Minister of Hungary Viktor Orban at the meeting of the Cooperation Council of Turkic-speaking countries held in Baku (Azerbaijan) in October 2019.

On March 29-30, 2021, Hungarian Prime Minister Viktor Orbán came to Uzbekistan on an official visit, and as a result of his visit, more than 10 bilateral documents were signed.

According to experts, the high-level Uzbek-Hungarian summit in Tashkent has become a historical event with its importance and successful results. The talks between the leaders of the two countries brought the comprehensive interstate dialogue to a qualitatively new level. A Joint declaration on strategic partnership was signed. In this way, Hungary became the first country of the European Union to bring cooperation with Uzbekistan to the highest political level.

During the visit to Uzbekistan, the Hungarian Prime Minister was accompanied by representatives of more than 30 large national companies. They participated in the first meeting of the Joint Business Council and held bilateral talks. The agreements gave a new impetus to bilateral relations. The signed documents defined plans for interregional cooperation, personnel training in the field of peaceful use of nuclear energy, innovative development, and cooperation in irrigation and water management.

Also, during regular phone conversations between the leaders of the two countries, the issues of further strengthening of strategic partnership relations, the progress of the implementation of the agreements and the cooperation projects are discussed, as well as exchange views on current international and regional problems.

High-level contacts have become significantly active, and inter-parliamentary relations are steadily developing. Friendship groups operate in the representative bodies of the two countries.

Constructive cooperation between the foreign ministries of the two countries is developing actively. To date, four rounds of inter-ministerial political consultations have been held. Since 2016, the Hungarian embassy has been operating in Tashkent, and the diplomatic mission of our country in Vienna is concurrently accredited to Hungary.

The Minister of Foreign Affairs and Trade of Hungary Peter Siyyarto visited Uzbekistan several times and was received by the President of our country, as well as participated in important bilateral and multilateral events.

In September 2022, within the framework of the 77th session of the UN General Assembly, a meeting was held between the Minister of Foreign Affairs of Uzbekistan Vladimir Norov and the Minister of Foreign Affairs and Trade of Hungary Peter Siyyarto. During the dialogue, the parties confirmed their commitment to the implementation of the decisions by the leaders of Uzbekistan and Hungary.

At this point, it is appropriate to note that Uzbekistan and Hungary are successfully cooperating within the UN, OSCE, Organization of the Turkic States and other international institutions. The points of view of the two countries on current issues of the global agenda are close or coincide with each other, and the parties mutually support each other in promoting international initiatives.

Cooperation in trade, economy and investment is also developing rapidly. The most favourable trade regime has been established for trade between the two countries. Over the past 4 years, the volume of Uzbekistan-Hungary trade has increased by 2.5 times. Even in 2020-2021, despite the negative consequences of the pandemic, there was an increase in this regard. Thus, by the end of 2021, the trade turnover has exceeded $114 million, and during the six months of this year, it was almost $50 million.

10 enterprises established with the participation of Hungarian investors are operating in Uzbekistan, while six of them are joint ventures and four are sole proprietorships.

The Uzbekistan-Hungary Intergovernmental Commission on Economic Cooperation has been operating since 2013. Its 7th meeting was held in Tashkent on May 3-4, 2022. During the meeting, issues of further development of cooperation in investment, industry, trade-economic, banking-finance, and cultural-humanitarian spheres were discussed and agreed upon.

The desire of both countries to consistently expand the scope of mutually beneficial cooperation in areas of common interest remains unchanged. Uzbekistan and Hungary have a significant potential to diversify markets and trade flows and increase the volume of supply of chemical, food, engineering, pharmaceutical and textile industry products. The parties are ready to strengthen mutual partnership in the fields of investment, trade, tourism, financial-technical, cultural-humanitarian and interregional dialogue.

It should also be noted that Hungary is interested in expanding the scope of business activities in Uzbekistan. The country also highly assesses the significant industrial potential of Uzbekistan's economy. To date, preliminary agreements have been reached on the creation of high-tech industries which will allow to manufacture products with high added value and export them to the markets of third countries in the future.

Scientific-educational, cultural-humanitarian exchanges between Uzbekistan and Hungary are expanding. Scientists of the two countries have many years of experience in scientific and technical cooperation in the fields of materials science, microelectronics, instrument engineering, medicine, pharmacology, mechanical engineering, and the production and processing of agricultural products.

In the regional museum of local history in Bukhara, a memorial plaque was installed in honour of Arminy Vambery, a famous Hungarian orientalist and traveller of the 19th century. Arminy Vamberi travelled to Central Asia in 1863 and visited Khiva Khanate, Bukhara Emirate, and Samarkand. Based on the results of his travels, he wrote the books "History of Bukhara or Transoxania from ancient times to the present day" and "Travel across Central Asia".

Since 2018, Hungary has been annually providing scholarships to citizens of Uzbekistan to study at universities in this country. Since 2021, the number of these scholarships has reached 150. Mutual cooperation between universities is implemented within the framework of "Erasmus" projects.

The issue of establishing cooperation between the Tashkent Medical Training Institute and Semmelweis Budapest Medical University is being discussed. Fraternal relations were established between the cities of Tashkent and Budapest, Fergana region and Dabash city. Practical cooperation has been established between the administration of the Surkhandarya region and the mayor's office of Peshtin region.

An agreement on cooperation in the field of tourism was signed within the framework of the meeting of the Intergovernmental Joint Commission held in 2022. The agreement is encouraged to create favourable conditions for strengthening mutual tourist flows. It should also be noted that since February 2018, a simplified visa regime for Hungarian citizens has been in force in Uzbekistan.

In short, Uzbekistan and Hungary are striving to further expand the scope of cooperation. The significant potential of the two countries, a common interest in its implementation, deep historical roots and sincere friendly relations between the Uzbek and Hungarian people are creating a good basis for further development of the strategic partnership.

 

Source: dunyo.info

As part of a working visit to South Korea by a delegation of Uzbekistan, consisting of employees of the Vatandoshlar Public Foundation and the Agency for External Labor Migration, a meeting was organized with the head of the Chungcheongbuk-do province.

Issues of cooperation in the fields of economy, innovation and tourism were discussed at the meeting. Relations on labour migration were also studied, particularly the prospects for attracting citizens of Uzbekistan to seasonal agricultural work.

Representatives of the province of Chungcheongbuk-do expressed interest in establishing cooperation to attract citizens of Uzbekistan to temporary work. 

As a result of the meeting, an agreement was reached on developing cooperation with Chungcheongbukto province in mutually beneficial areas, organizing meetings and visits between relevant organizations of the two states, and hiring citizens of Uzbekistan in various fields.

 

Source: dunyo.info

On September 30 this year, as part of the visit of the government delegation of the Republic of Uzbekistan to Hungary, Deputy Prime Minister - Minister of Investments and Foreign Trade Jamshid Khodjaev held talks with the First Deputy Minister of Foreign Affairs and Foreign Economic Relations of Hungary Levente Magyar.

During the meeting, the prospects for the development of multifaceted Uzbek-Hungarian cooperation in trade, economic, investment, scientific, technical and innovation areas were discussed.

In particular, the parties worked out in detail the economic agenda for the short and medium term, including the development of new high-margin investment projects and trade agreements in such areas as agriculture, water-saving technologies, the food industry, pharmaceuticals, electronics, automotive, textile, chemical and metallurgical industry, as well as science, innovation and education.

Issues of developing industrial cooperation, transport and logistics, interregional cooperation, as well as prospects for the participation of Hungarian investment circles in the process of transformation and privatization of state enterprises and assets of Uzbekistan were discussed separately.

At the end of the meeting, an agreement was reached to support direct contacts and further strengthen interaction in all areas of multifaceted partnership.

On the same day, the Deputy Prime Minister - Minister of Investments and Foreign Trade of Uzbekistan Jamshid Khodjaev held talks with the leadership of leading Hungarian companies and banks, such as Wizz Air, MasterGood, KITE, Eximbank, Rába, at which the prospects for establishing partnerships and implementing joint investment projects were discussed.

 
 

For the first time since 2011, the U.S. Department of Labor (TDA) has ranked Uzbekistan in the best category of “significant progress” in terms of the effectiveness of efforts to eliminate the worst forms of child labour.

It is emphasized that this became possible due to the effective state policy in the fight against forced and child labour, as well as the tightening of criminal liability in this area in full compliance with international standards.

“Uzbekistan is truly becoming a model country that can achieve impressive progress in a short period of time,” said Marcia Eugenio, head of the U.S. Department of Labor’s Office of Child and Forced Labor.

In addition, given the achievements of Uzbekistan, the US Department of Labor announced the exclusion of cotton produced in the country from the so-called. "List of goods produced with the use of child and forced labour." This decision cancels formal restrictions on the import of cotton produced in Uzbekistan and products from it into the United States, thereby opening up new opportunities for the export of textile products.

 

Source: nigoh

By the decision of Shavkat Mirziyoyev:

➖khokim of Asaka region M. Alikhanov and khokim of Ferghana region Sh. Muminov (for non-compliance with legal acts on regulation of land relations and other gross violations of the law in their activities);

➖khokim of Pakhtaabad district E.Usmanov, khokim of Nurabad district Sh.Yuldashev (for non-compliance with the rules of leadership ethics, evasion of the authority of the service and committing other offences);

➖Director of the agency "Uzbekchorvanasl" B.Atamuradov (for inappropriate behaviour in a hotel during a business trip to the Namangan region and other shortcomings in work);

➖Khokim of Andijan region A. Egamberdiev was relieved of his post (for actions that do not correspond to the ethics of a civil servant, do not support the culture of leadership, disrespectful attitude towards citizens at receptions and other shortcomings in work).

A disciplinary measure was applied to the khokim of Surkhandarya region T. Bobolov for not organizing his activities in accordance with state policy and ongoing reforms, for insulting the meeting participants without meeting the requirements for khokims, which caused public discontent

 

Source: nigoh

On September 27 this year, Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan Jamshid Khodjaev received a delegation from the European Bank for Reconstruction and Development headed by EBRD Vice President Jurgen Rigterink.

The meeting was also attended by EBRD Secretary General Koguchi Kazuhiko, EBRD Managing Director for Central Asia and Mongolia Zhuzhanna Hargitai and the leadership of the EBRD Office in Uzbekistan.

During the conversation, the current state and prospects for deepening cooperation between the financial institution and Uzbekistan in priority areas were discussed.

In particular, it was noted that Uzbekistan over the past two years has become the largest recipient of EBRD funds in the region and the 5th largest direction of EBRD investments in 2021. The parties also noted with satisfaction the compliance of the current EBRD country strategy for 2018-2023 with the New Uzbekistan Development Strategy for 2022-2026. We are talking about such areas as supporting the development of the private sector, expanding regional and international cooperation and integration, as well as promoting environmentally friendly energy and resource solutions.

The progress of investment cooperation was considered: from 2018 to the present, the EBRD has been implementing 13 projects in Uzbekistan in the areas of development of the energy sector, water supply and solid waste disposal. In addition, the portfolio of investment projects under development consists of 8 projects worth more than $924 million. The parties outlined the format for further interaction on the accelerated promotion of current and new project initiatives.

The prospects for EBRD support for such priority economic and structural reforms in Uzbekistan as the privatization of state-owned enterprises and the development of the capital market were discussed. Opening the topic, the bank's management highly appreciated the consistency and timeliness of the structural reforms being carried out in the country, expressing readiness to strengthen cooperation in the framework of their implementation.

The parties also considered the preparation of international events at a high organizational level, including the Annual Meeting of the EBRD Board of Governors in Samarkand in 2023. An agreement was reached to continue close interaction with the technical mission of the EBRD, with the aim of holding events at the highest organizational and substantive level.

As a result of the meeting, further actions were identified to promote joint programs and initiatives considered during the negotiations.

 

Source: mift.uz

On September 26 this year, an open dialogue was held at the Ministry of Investments and Foreign Trade of the Republic of Uzbekistan under the leadership of the Deputy Prime Minister - Minister of Investments and Foreign Trade Jamshid Khodjaev with manufacturers and exporters of the country's textile and clothing products.

For reference: During 2017 - 2022. 340 projects worth $2.9 billion were implemented in the industry, facilities for the full cycle of processing cotton fibre were created, as a result of which production volumes increased 5 times to 64 trillion soums, export indicators increased 4 times to $2.9 billion, geography exports amounted to 66 countries, and the total number of jobs in the industry increased from 124 thousand to 378 thousand people.

At the meeting, which was attended by representatives of more than a hundred enterprises, the existing systemic problems that hinder the further development of the textile and clothing and knitwear industry, as well as private issues that entrepreneurs face in their activities, were discussed in detail.

In particular, problems related to the supply of raw materials, an increase in export volumes, the introduction of international standards into production, and constructive proposals were developed to eliminate them.

Responsible managers were instructed to take immediate measures to provide comprehensive support in resolving issues of entrepreneurs and developing centralized measures to systematically improve the situation in the industry.

At the end of the dialogue, a question and answer session was held, during which entrepreneurs received detailed information on all issues of interest to them.

 

Source: mift.uz

The Agency for International Cooperation and Development under the Ministry of Investments and Foreign Trade of the Republic of Uzbekistan, together with the Asian Development Bank (ADB) and the World Bank, held meetings on the analysis of the implementation of current projects implemented in Uzbekistan with the involvement of funds from international financial institutions.

Thus, during a meeting with the ADB, held via videoconference, it was noted that the current portfolio of the Bank in Uzbekistan consists of 21 projects totalling $3.3 billion, implemented in such socially significant areas as the improvement of settlements and infrastructure development, expanding access of the population to clean drinking water, healthcare and other areas. The progress of the implementation of each project is considered, including from the standpoint of the execution of network schedules at each stage of implementation.

In a similar constructive spirit, negotiations were held with representatives of the World Bank (WB). During a personal meeting, the parties analyzed the projects implemented in the country with the assistance of the World Bank. Recall that the Bank finances 28 projects in Uzbekistan for a total of $4.9 billion in priority areas such as agriculture and water management, transport, energy, urbanization, education and healthcare.

During the meeting, a number of constructive proposals were put forward to improve project management processes, including the purchase of equipment and materials, as well as the further development of professional skills and knowledge of employees of ministries and departments responsible for their implementation.

As a result of the meetings, the relevant Roadmaps were approved, which reflected the specific deadlines for the implementation of projects and identified the responsible heads of ministries and departments who received targeted instructions to ensure the development of funds allocated by financial institutions and the timely commissioning of projects.

 

Source: mift.uz

Deputy Prime Minister - Minister of Investments and Foreign Trade of Uzbekistan Jamshid Khodjaev received the leadership of International Development Ireland (IDI, Ireland).

According to the Ministry of Investments and Foreign Trade (MIFT), a group of experts over the past year has been working to develop the investment potential of the Bukhara and Khorezm regions.

Representatives of the company presented reports on the work done on the first block under the contract concluded between the Center for the Development of Investment Projects at the MIFT and IDI. In particular, it was noted that the company has developed comprehensive Strategies for the development of the investment potential of Bukhara and Khorezm regions, and completed training on a professional development program to attract foreign direct investment in a full-time and online format for the leadership and employees of the ministry and organizations responsible for attracting investments. Experts from the Investment Promotion Agency of Ireland took part in the classes.

With the assistance of the khokimiyats of Bukhara and Khorezm regions, the company's specialists also opened regional IDI offices and completed an assessment of investment opportunities for 25 companies in both regions. 620 investors were informed about the existing regional opportunities, and 16 of them showed interest and started negotiations on the implementation of mutually beneficial investment projects. We are talking about the areas of medical and hotel services, food production, animal husbandry, production and sale of finished textile products, building materials, and medical products.

Following the meeting, representatives of the company expressed their readiness to continue their activities in Uzbekistan. IDI will develop and present a concept for further activities, including the direction of transforming and improving the efficiency of the ministry's territorial structures, which will be considered during subsequent negotiations.

 

Source: dunyo.info

On September 26 this year, negotiations were held in an expanded format between the delegations of Uzbekistan, headed by Deputy Prime Minister - Minister of Investment and Foreign Trade Jamshid Khodjaev and Kazakhstan, led by Deputy Prime Minister - Minister of Trade and Integration Serik Zhumangarin. The meeting was also attended by responsible heads of relevant ministries and departments, and industry associations of the two countries.

During the conversation, the current plan of bilateral cooperation were discussed, as well as concrete further steps to expand it. The parties noted the existence of real opportunities for the breakthrough development of multifaceted bilateral cooperation, and also expressed their readiness to take all measures to use them.

In particular, questions about the development of industrial cooperation are considered. An agreement was reached as soon as possible to develop the design and estimate documentation for the organization of the external
and internal infrastructure of the International Center for Industrial Cooperation (ICPC), as well as the corresponding Intergovernmental Agreement on regulating the activities of the ICPC.

At the same time, the parties considered the possibility of implementing joint projects in the automotive industry, the production of phosphate and complex mineral fertilizers, and the electrical industry in the territories of the two states.

Issues of building up cooperation in the field of pharmaceutical production and agriculture were discussed. The parties agreed to simplify the registration of medicines and organize joint production of agricultural products with the conclusion of forwarding contracts for their supply.

The prospects for developing transport and logistics cooperation are analyzed, bearing in mind the diversification of rail and road routes and an increase in the number of flights between the two countries.

The issues of organizing the next 20th meeting of the Joint Intergovernmental Commission on Bilateral Cooperation between Uzbekistan and Kazakhstan and the 4th Joint Interregional Forum within its framework in Tashkent were also considered.

Following the talks, the parties expressed their mutual commitment to continue close joint work in all the discussed areas of cooperation.

 

Source: mift.uz

As part of Milan Fashion Week, another international exhibition of leather, accessories, components, and fabrics - Lineapelle - has started its work. The exhibition brings together more than 26,000 visitors from the world of fashion and the leather industry. More than 10,000 of them are representatives of foreign companies, buyers and retailers from more than 114 countries of the world.

Tannery enterprises, members of the Uzcharmsanoat Association, presented domestically produced leather at a collective stand with an area of ​​48 square meters.

On the first day of the exhibition, negotiations were held with representatives of the Italo-Uzbek trading house. The main topic of discussion is the sale of leather and footwear from Uzbekistan in the Italian market. Also, the Italian company Tecon, along with the technological renewal of the production processes of Uzbek enterprises, expressed interest in purchasing finished products.
Promising areas of cooperation will be discussed in detail at the 13th international exhibition UzCharmExpo-2022 in Tashkent, contracts are expected to be signed.

As part of the Italian exhibition, Uzbek enterprises will sign 15 investment and export contracts with foreign companies.

 

Source: uzcharm.uz

In January-August 2022, the foreign trade turnover of the Republic of Uzbekistan amounted to 32.1 billion US dollars.

This is almost $7 billion more than in the same period last year.

Foreign trade turnover 32.1 billion US dollars

Export - 12.7 billion.

         Goods -10.3 billion

            Services - 2.4 billion

Import - 19.4 billion.

            Goods - 17.8 billion

            Services - 1.6 billion

 

Source: stat.uz

On September 21 this year, under the leadership of the Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan Jamshid Khodjaev, a meeting was held with entrepreneurs providing services in the field of transport and logistics. The focus was on further increasing the volume of international traffic and diversifying transport corridors.

The meeting was attended by heads of ministries and departments, industry associations, and commercial banks, as well as more than 50 heads of large freight forwarding companies, manufacturers and exporters.

During the dialogue, issues and proposals related to the transportation of export products to international markets, particularly the problems facing air carriers, railway and road transport companies, were comprehensively considered.

The consistent growth of the country's production and export potential, which became possible due to the attraction of foreign direct investment in the economy, was emphasized. In 2026, the volume of gross domestic product is planned at the level of 100 billion dollars, and the volume of exports is 30 billion dollars. In this context, the issues and obstacles that arise during export-import operations are analyzed. The heads of relevant ministries and departments reported on the measures taken to solve emerging problems and level their consequences.

Based on the analysis of the voiced questions and proposals, it was instructed to form a working group consisting of the heads of relevant ministries and departments to develop a set of targeted measures to ensure the stability of export supplies by domestic producers.

 

Source: mift.uz

On September 20, a meeting of the leadership of the Government Commission on Foreign Trade, Investments, Development of Local Industry and Technical Regulation with entrepreneurs was organized in Termez.

Each of the more than 100 business people invited to the dialogue voiced their case, which was considered in detail by the members of the Commission. The range of issues mainly consisted of problems related to financial support for initiators of investment projects and exporters from commercial banks, obtaining land plots, empty buildings and structures, promoting domestic products in foreign markets, obtaining various certificates and permits necessary for production activities, connecting to engineering and communication networks, as well as other topical issues.

Each problem was studied and analyzed with the involvement of the heads of relevant ministries, departments and local authorities of districts and cities of the region. Mechanisms for the practical solution of issues were developed and targeted instructions were given to the relevant managers, indicating clear deadlines for implementation.

In addition, entrepreneurs had the opportunity to voice existing proposals to improve the investment and business climate and support the development of entrepreneurship in the country.

In turn, the heads of ministries, departments, commercial banks and local authorities were instructed to take the most active measures for constant, systematic interaction with the business community, promptly resolve all emerging issues and effectively respond to incoming requests.

 

Source: mift.uz

President Shavkat Mirziyoyev held a meeting on September 20 to further accelerate reforms and ensure their effectiveness.

As you know, recent years have been a period of fundamental transformations in our country. Priority problems were solved in many areas.

In particular, free conversion of foreign currency was established. The tax system has been reformed and the number of taxes has been reduced. Opportunities for entrepreneurship have been expanded, customs procedures have been simplified, and information technologies are being introduced in all areas.

In agriculture, the transition to market mechanisms has been completed. An end was put to forced and child labour.

New systems of regional development and solution to social issues have also been introduced. Measures are being taken to improve the quality of education and medicine. In general, today reforms are carried out in more than 100 areas and directions.

Today, given the rapidly changing political and economic situation in the world, it is necessary to implement the next stage of reforms in order to continue stable growth and further improve the living standards of the population. The most important thing is that these reforms be carried out in a logical sequence and systematically, without haste, as was noted at the meeting.

To this end, by decree of the head of our state dated September 9, the Agency for Strategic Reforms under the President of the Republic of Uzbekistan was established.

At the meeting, issues of organizing the activities of this agency were discussed and priority areas of its work were identified.

- As a result of the reforms, there should be positive changes that people should feel in their lives. To do this, the agency should become a structure that determines priority reforms, coordinates and ensures their effectiveness, the President said.

The meeting outlined the main tasks in this direction. Among them is the development of proposals for reforming individual industries and areas, determining the priority and logical sequence of reforms, monitoring the implementation of government programs, identifying systemic problems and taking appropriate measures.

For example, the analysis shows that the goals set earlier in such areas as agriculture and water management, land relations, reducing the presence of the state in the economy, in transport, utilities, and healthcare have not been fully achieved. The Agency for Strategic Reforms will critically analyze such problems and identify concrete measures to accelerate work.

Equally important is the identification of priority sectors of the economy in terms of increasing the number of jobs and increasing the income of the population.

In this regard, the head of our state gave instructions to develop a "road map" for reforms that will have a positive effect on all segments of the population. He stressed that it is necessary to pay attention to those areas that receive the most requests from citizens, specifically indicating what results will be achieved and how this will affect the life of the people.

The task was set to form Project Groups for the reform and coordination of priority areas, consisting of qualified specialists from ministries and departments, and international experts.

 

Source: president.uz

On September 19 this year, the Government Commission on Foreign Trade, Investments, Development of Local Industry and Technical Regulation under the leadership of the Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan Jamshid Khodjaev and consisting of the heads of ministries, departments and commercial banks left for the Surkhandarya region in order to study the current state of the socio-economic development of the region, developing effective measures to further strengthen the investment, industrial and export potential, as well as providing support to entrepreneurs in the region in solving urgent problems that they face in the course of their activities.

The first address to get acquainted with the opportunities was Termez National Carpets LLC, which specializes in the production of carpet products. The cost of the project launched this year is 236 billion soums. Equipment from Germany, Belgium and Turkey is installed in the production. The production capacity of the plant, which employs about 250 specialists, today is 4.5 million square meters of products per year.

Another major investment project on the route is Termez-Agro-Impeks LLC, worth $2.2 million. The enterprise produces 300 tons of agricultural products per year, 80% of which are exported. Here 45 people are provided with work, and the company owns refrigerated storage rooms.

Furthermore, the Government Commission studied the progress of work on the creation of a free trade zone "Termez International Trade Center". The total cost of the project, on which buildings of transport and logistics, service, social services, shopping centres and production facilities are being built, is 750 billion soums. The launch of the facility is expected to take place in December of this year, with the employment of 6,000 individuals, 3,500 of which are women and youth.

During the dialogues on the ground, entrepreneurs shared their problems and proposals for improving the investment attractiveness of the republic. Responsible leaders were given targeted instructions to take measures to resolve all the issues raised and develop constructive proposals in the preparation of comprehensive decisions at the republican level.

The government commission continues its work in the region.

 

Source: mift.uz

On September 19 this year, Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan Jamshid Khodjaev met via videoconference with ADB Vice President for Administration and Corporate Governance Bruce Gosper.

During the conversation, the current state and prospects for expanding bilateral cooperation between Uzbekistan and ADB were discussed.

At the meeting, the leadership of the ADB emphasized the wide opportunities for expanding the attraction of private and foreign investment in various sectors of the economy of Uzbekistan. It was announced that the current portfolio consists of 24 projects in the field of infrastructure construction, energy, housing and communal services, healthcare, and agriculture in the amount of $3.7 billion. As part of the business plan for ADB country operations for 2022-2024, an agreement was reached on the joint implementation of 27 projects worth $2.8 billion. This year, an agreement was signed on 1 investment project worth $274 million and negotiations were completed on 2 projects aimed at developing the mortgage market sector and supporting the budget for a total of $650 million.

Following the meeting, the parties expressed mutual commitment to the consistent continuation of cooperation within the framework of existing and new areas of interaction.

 

Source: mift.uz

In January-June 2022, investments in fixed assets financed from the own funds of enterprises and organizations in the Navoi region amounted to 3292.5 billion soums, or 41.0% of the total investment in fixed assets. 8.4% of the total investment in fixed capital, or 676.4 billion soums, was disbursed at the expense of the population.

 The volume of investments mastered through foreign direct investment amounted to 865.4 billion soums and amounted to 49.6% of the total investment in fixed assets mastered in this territory.

 

Source: stat.uz

On September 19, a videoconference was held under the chairmanship of President Shavkat Mirziyoyev on measures to further increase the potential of domestic and inbound tourism.

Diversification is the key to economic stability. Therefore, large-scale work is being carried out in our country on the structural transformation of the economy. In particular, the tourism industry has been identified as one of the drivers, and the necessary conditions are being created for its development.

For example, the issuance of visas to tourists was simplified, queues and unnecessary checks at airports were eliminated, green corridors were created, and currency exchange was liberalized. The rates of social tax and turnover tax for tourism enterprises are set at 1 percent, and the rates of land tax and property tax are reduced by 90 percent. The number of placements increased 3 times compared to 2017 and reached 125,000. There was a possibility of electronic registration of guests.

This year, tourism is recovering from the pandemic. By September of this year, the number of foreign tourists who came to our country had tripled compared to 2021. Since the beginning of the year, the volume of tourist exports amounted to 926 million dollars. The length of stay of foreign tourists has increased to an average of 4-5 days, and their spending - up to $305.

The number of domestic tourists also increased - 3.5 times compared to last year - and reached 7.5 million people.

It is not for nothing that the President pays special attention to this direction. Because 30 percent of the industry's income goes to people in the form of wages. In industry or other sectors, this figure does not exceed 10 percent. One job created in tourism creates two additional jobs in related industries. That is, tourism is an important resource for providing employment, increasing income and exporting services.

The meeting analyzed the state of tourism in the regions. Huge opportunities for this and tasks for their use are shown.

As is known, on the initiative of the head of our state, the International Tourist Center "The Great Silk Road" was established in Samarkand. Recently, it hosted a summit of the Shanghai Cooperation Organization at a high organizational level. This multifunctional centre includes 8 modern hotels, a congress hall, the Eternal City complex, an amphitheatre and many other facilities. It is capable of serving 2 million tourists a year. The Samarkand International Airport was also reconstructed.

The head of state gave instructions on attracting tourists to this complex, promoting the brand "Samarkand - the tourist gate of New Uzbekistan" in cooperation with embassies and foreign companies.

The Ministry of Transport was tasked with effectively using the capabilities of the modernized Samarkand International Airport, removing restrictions on flights of foreign airlines, and increasing the number of international flights.

At a meeting held on April 26 this year, measures were identified to increase the volume of tourism services in cities and regions, and to allocate 1 trillion soums of credit resources for industry projects. Analyzing the fulfilment of these tasks, the head of state pointed out the insufficiency of tourist places in the regions and the financing of entrepreneurs' projects.

The khokim of the Ferghana region reported on the work on the creation of the tourist ring "Golden Valley", covering 5 districts and 3 cities. The President emphasized the need to implement similar projects in other regions, to provide financial and organizational support to their initiators.

Opportunities for creating tourist zones in safe areas near water bodies and on forest fund lands were also noted. Proposals have been put forward for the development of safari tourism in the steppe regions of Karakalpakstan, Bukhara, Kashkadarya, Navoi, Surkhandarya, Fergana and Khorezm regions.

Another promising direction is pilgrimage tourism. There are more than 1.2 thousand shrines in our country. At the meeting, it was noted that by fully utilizing this opportunity, it is possible to attract at least 1 million tourists a year.

Instructions were given to increase flights from Indonesia, Malaysia, India, Pakistan, Bangladesh and Arab countries, train qualified guides, improve conditions and roads in places of pilgrimage.

In our country, 135 mahallas are defined as tourist mahallas. Since most of them are located in remote areas, the issue of infrastructure is acute.

Therefore, the President instructed to develop a program to solve problems with roads, electricity and water supply, and Internet access in tourist mahallas.

Road infrastructure is essential for travel. But over time, the number of cars increases. For example, five years ago, 25,000 cars passed along the Tashkent-Samarkand route, and today this figure has reached 35,000. Accordingly, the travel time also increased.

In this regard, the need to increase the frequency of rail and air communication between the cities of our country was emphasized.

The President focused on the issues of expanding amenities for tourists and simplifying the rules for the activities of industrial entities.

For example, today there are 97 requirements for opening a hotel. Taking into account the opinions of entrepreneurs, the task was set to simplify these requirements based on international standards.

There are inconveniences in the order of registration of tourists in the internal affairs bodies. In particular, a foreign tourist must be temporarily registered by the hotel within 2 days, and in the case of staying with relatives, within 3 days.

The Home Office has been tasked with reviewing this system and lifting excessive restrictions. Instead of temporary registration of foreign tourists, online notification will be used.

It is also planned to cancel the requirement for licensing the activities of travel agents with the introduction of a notification procedure. This will create an opportunity for the emergence of thousands more travel agents.

- Tourism means investment, exports, new jobs and poverty reduction. Therefore, it is necessary to pay serious attention to this direction in each region and attract more tourists, Shavkat Mirziyoyev said.

In general, it was indicated that there are opportunities to attract 7 million foreign and 12 million domestic tourists next year, increasing the export of tourism services to $ 2 billion. In this regard, specific areas of work were identified and those responsible for their implementation were identified.

 

Source: president.uz

Cooperation in the field of transport between states has a huge potential, and undoubtedly, contributes to the sustainable development of the cooperating countries and the strengthening of their trade and economic relations.

In this process, the further diversification of foreign trade transport corridors, the development of alternative and the creation of new routes is relevant.

It is necessary to separately note the efforts made by the three countries to implement the project for the construction of the Uzbekistan-Kyrgyzstan-China railway.

On September 14, within the framework of the SCO Samarkand summit, a trilateral cooperation agreement was signed between the Ministry of Transport of the Republic of Uzbekistan, the Ministry of Transport and Communications of the Republic of Kyrgyzstan, the State Committee for Development and Reforms of the People's Republic of China on the construction project of the Uzbekistan-Kyrgyzstan-China railway.

The document provides for the completion of all work on the development of a feasibility study for the construction of a railway in the Kyrgyz Republic in the first half of 2023. The parties also established the procedure for financing and distributing costs when developing a feasibility study for a trilateral railway project.

The implementation of the project will serve as the basis for expanding the geography of trade and transportation from China through Uzbekistan to Europe and to the Persian Gulf states through the Southern Corridor.

 

Source: mintrans.uz

In the city of Yangling in the Chinese province of Shaanxi, the 29th Yangling Exhibition of High Agricultural Technologies on the theme "Innovation, Cooperation and Food Security" is being held, which will last until September 19.

Yangling Fair is one of the major agricultural exhibitions in China, has a level of "5A" and has been held on an annual basis since 1997. The demonstration zone maintains cooperation with about 60 countries through 13 different exchange platforms.

At the same time, the SCO-2022 Agricultural Exhibition is being held, organized by the Secretariat of the Shanghai Cooperation Organization and the China Association for the Promotion of International Agricultural Cooperation.

Vice Chairman of the Standing Committee of the National People's Congress Ji Bingxuan, Governor of Shaanxi Province Zhao Yide and other dignitaries spoke at the opening of the event.

They talked about cooperation with foreign countries, China's international trade and economic activities, expanding transport and communication opportunities, and sustainable development efforts under the One Belt, One Road initiative.

The speakers stressed that comprehensive cooperation between Uzbekistan and China is developing dynamically.

Deputy Minister of Agriculture of Uzbekistan Alisher Turaev took part in the opening ceremony with a video message and briefed the participants on the development of Uzbekistan, its investment and export potential, and the achievements of the Uzbek-Chinese trade and economic cooperation.

A number of thematic forums and other events are held within the framework of the exhibition. In particular, on September 15, a round table was held on the development of modern agriculture within the framework of the SCO. The forum topic is "Poverty reduction and cooperation in the field of agricultural technologies."

The speech of the Deputy Minister of Agriculture of Uzbekistan at the round table provides detailed information on the economic and investment potential of Uzbekistan, including in the agricultural sector. Separately, the vast and unique potential of ecologically clean fresh vegetables, fruits, fruits, gourds and finished high-quality products of their industrial processing produced in the republic was noted.

Within the framework of the international exhibition, national stands of more than 50 countries, including Uzbekistan, were organized.

Due to the fact that this year Uzbekistan is the country chairing the SCO, it participates in this exhibition as a "guest of honour".

The exhibition presents confectionery products, mineral waters, natural honey, medicinal plants, agricultural products, dried fruits and other goods.

The Shaanxi Provincial Administration expressed its sincere gratitude to Uzbekistan for participating in the international exhibition as a “guest of honour” and with a large assortment of goods, despite the restrictions of the pandemic.

 

Source: dunyo.info

As of September 1, 2022, the total number of operating industrial enterprises (excluding farms and peasant farms) in the republic amounted to 95,761, an increase of 4.1% compared to the corresponding period of 2021. Of the total number of operating enterprises (565,982), 16.9% were industrial enterprises, of which 94,854 were small businesses.

The number of industrial enterprises operating by regions was distributed as follows:

In Tashkent - 16 419

In Fergana region - 10,591

In Andijan region - 9,748

In Tashkent region - 9,640

In Samarkand region - 8,576

In Namangan region - 7,553

In Kashkadarya region - 5,338

In Bukhara region - 4,970

In Surkhandarya region - 4,756

In Khorezm region - 4,671

In Jizzakh region - 3,936

In Navoi region - 3,860

In R. Karakalpakstan - 3,434

In Syrdarya region - 2,269

 

Source: stat.uz 

As of September 1, 2022, the number of enterprises with foreign capital in the republic amounted to 14,706, an increase of 1,617 compared to the same period last year.

The number of enterprises with foreign capital participation by regions:

Tashkent city - 8 926

Tashkent region - 1,563

Samarkand region - 687

Surkhandarya region - 604

Fergana region - 553

Andijan region - 407

Bukhara region - 376

Namangan region - 313

Navoi region - 251

Kashkadarya region - 242

Jizzakh region - 206

Syrdarya region - 212

Khorezm region - 185

Karakalpakstan - 181

 

Source: stat.uz

In the Republic of Karakalpakstan, in January-June 2022, the share of investments financed from non-centralized sources of financing in total investment in fixed assets amounted to 76.4% or 3190.1 billion soums, and the growth of 122.2%rate compared to the corresponding period of 2021.

Accordingly, the share of investments in fixed assets financed from centralized sources of financing is 23.6% or 985.8 billion soums, and the growth rate was 126.5% compared to the corresponding period last year.

 

Source: stat.uz

On September 14 of this year, in Samarkand, Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan Jamshid Khodjaev held talks with Iranian Oil Minister Javad Avzhiy, who is in our country as part of the visit of the Iranian delegation at the highest level to participate in the Summit of the Shanghai Cooperation Organization.

During the meeting, the prospects for long-term and mutually beneficial cooperation in such areas as interaction in the framework of the exchange of experience and increasing human resources, joint production and organization of equipment supplies for the needs of the oil and gas and petrochemical industries were discussed.

In particular, the parties considered the possibility of joint implementation of projects for the modernization of oil refineries in Uzbekistan, the production of catalysts that meet the highest international standards for the needs of the petrochemical industry and the organization of the supply of drilling rigs under the most attractive conditions. The Iranian side expressed readiness to take measures to attract direct investment in the implementation of projects.

The prospects for establishing cooperation in the scientific field were discussed, bearing in mind the exchange of experience and advanced training of personnel in the oil and gas industry. An agreement was reached on the joint development of a training program for employees of enterprises, including in such priority areas as the production of gas condensate and liquefied gas using GTL technology with leading research centres in Iran.

Following the talks, the parties agreed to support partnerships further and jointly develop a roadmap to implement the discussed projects and initiatives.

 

Source: mift.uz

On September 15, the President of the Republic of Uzbekistan Shavkat Mirziyoyev and the President of the People’s Republic of China Xi Jinping held negotiations at the Congress Center of the Great Silk Road International Tourist Center in Samarkand.

At the beginning of the meeting, the leaders exchanged congratulations on the occasion of the 30th anniversary of the establishment of diplomatic relations and the 10th anniversary of the strategic partnership between the two countries.

The President of our country expressed his sincere gratitude for the signed article by Chinese President Xi Jinping published on the eve of the visit «Working Together for a Brighter Future of China-Uzbekistan Relations», which is of a guided nature and witnesses the long-lasting historical ties between our peoples. The President of Uzbekistan noted the tremendous achievements of the Chinese people under the leadership of the President and wished successful holding of the upcoming 20th Congress of the Communist Party of China.

In turn, Xi Jinping highly appreciated the ongoing program of large-scale reforms in New Uzbekistan, which demonstrates the impressive results in all spheres of life of the state and society.

The leaders held in-depth discussions on further ways of strengthening Uzbek-Chinese relations through a comprehensive strategic partnership.

It was noted that due to the regular contacts at the highest level, an unprecedented level of interstate cooperation has been achieved.

In particular, last year the trade turnover reached a record $8 billion, as well as since the beginning of this year it has grown by more than 30%.

The volume of investments in the economy of Uzbekistan has exceeded $10 billion over the past five years. A five-year program of full-scale economic cooperation is being successfully implemented. The joint projects in the key sectors of the economy and the social sphere are being successfully implemented.

The importance of further expanding trade and economic cooperation, through the development of e-commerce, as well as implementing breakthrough industrial cooperation projects, primarily in such areas as the automotive industry, green energy, and agricultural and infrastructure development, was emphasized.

Special attention is paid to continuing the extensive study and implementing the progressive Chinese experience in the field of poverty reduction, regional development, and professional training.

The sides called for the activation of interregional exchanges. In this context, it is proposed to hold the first Forum of the Regions of the two countries in Uzbekistan by the end of the year.

The historic agreement on the start of construction of the «China-Kyrgyzstan-Uzbekistan» railway, which has high strategic importance for consolidation and development of transport connectivity of the region was noted with deep satisfaction.

Particular attention was paid to humanitarian cooperation, including the expansion of programs in healthcare, vaccine production, science, education and culture.

The parties have agreed to hold the Year of Culture and Art of the Peoples of Uzbekistan and China next year, which shall further consolidate the friendship and mutual understanding between our peoples.

There was also an exchange of views on the topical issues on the regional and international agenda.

 The importance of continuing joint efforts to facilitate an Afghan peace process and economic restoration, as well as a systemic interaction as a part of the international and regional structures, including the «Central Asia-China» mechanism, was emphasized.

The President of China highly appreciated the activities of Uzbekistan as a host country of the Shanghai Cooperation Organization, which resulted in the adoption of important decisions to expand the Organization and strengthen its international authority.

As an outcome of the talks, agreements in trade, economic, investment, financial and technical cooperation on the implementation of priority projects totalling $15 billion were signed.

At the end of the talks, Chinese President Xi Jinping invited the President of Uzbekistan Shavkat Mirziyoyev to pay a return visit to China.

 

Source: president.uz

Following the productive negotiations between the President of the Republic of Uzbekistan Shavkat Mirziyoyev and the President of the People’s Republic of China Xi Jinping, a solid package of bilateral documents was adopted.

The Presidents signed a Joint Statement, which sets out the main agreements, as well as reflects the assessment of the state and prospects for strengthening the two countries’ comprehensive strategic partnership.

As a part of the highest-level visit, 15 documents were also signed, including:

- a memorandum on promoting investment cooperation in the field of «green» development;

- a memorandum of cooperation on strengthening the investment cooperation in the digital economy;

- a memorandum of cooperation in the field of mineral development;

- a memorandum of cooperation in the field of preventing and combating corruption;

- a memorandum of cooperation in the field of construction;

- a program of cultural exchange for 2022-2025;

- an agreement on cooperation between the national news agencies;

- an agreement on establishing a partnership between the Samarkand Region and the Shandong Province;

- an agreement on establishing a partnership between the Tashkent Region and the metropolis of Chongqing;

- an agreement on establishing a partnership between The Bukhara Region and the Yunnan Province;

- an agreement on establishing a partnership between the cities of Bukhara and Kunming.

The arrangements were also reached, as well as agreements were signed in the fields of trade, economic and investment cooperation amounting to $ 15 billion.

 

Source: president.uz

The increased transparency and bold reforms of the last five years have seen Uzbekistan’s economy grow at a speed few predicted. But can President Shavkat Mirzyoyev achieve his dream to create the Commonwealth of Independent States’ second highest economy after Russia?

Only after significant investment, both at home and internationally. At an open dialogue event held in Tashkent on August 22, Mirziyoyev made clear his determination to allay any concerns for potential investors, to tame inflation and to push the country’s sovereign rating higher.

The event was attended by heads of ministries and departments responsible for the economy, trade, construction and investment, as well as business executives.

Creating a fertile business environment

In the 12 months since President Mirziyoyev declared that August 20 would become a national ‘Day of Entrepreneurs’ as part of an ongoing drive to attract foreign investment, the country has seen a record amount of new businesses opening – more than 55,000. Some 26,000 of these enterprises have revenues of over US$1 million.

“We are entering a very important and decisive stage on the path of building a New Uzbekistan,” President Mirziyoyev told those present at the event. “Your selfless work, innovative thinking and approach are more important today than ever, and I believe that you will set an example for the representatives of all spheres.”

The idea of the open dialogue is to address current and potential entrepreneurs’ concerns, in nine thematic sessions.

The number of appeals from business owners has almost halved (8,500 in 2022, down from 15,000 in 2021), and it is clear many issues have already been resolved in the government’s drive to streamline bureaucracy, simplify legislation and protect businesses over the last year.
 
Different ways in which support would be given to local businesses and foreign investors were discussed. A key session covered property, ownership and the division of buildings, since many of the issues raised by entrepreneurs related to this.

Islam Zhasimov, first deputy chairman of Uzbekistan’s Chamber of Commerce and Industry, had reassuring words for those present. “Our most important task is to increase the freedom of entrepreneurship in Uzbekistan,” he said. “This is a very important indicator that determines the attractiveness of entrepreneurial activity. And how free do our entrepreneurs feel, free to get a loan, to get land, to buy a building, to export, to protect their property and interests?”
 
Among the initiatives introduced at the event were a lower flat rate of tax for small businesses, with extra tax incentives during the first 12 months. Around 370,000 entrepreneurs would stand to benefit from this at present.
 
Financing for small businesses has also been announced, and guarantees from the country’s Entrepreneurship Fund are to be doubled. This will enable at least 15,000 entrepreneurs to secure loans.
 
A drop in VAT (to 12 per cent) will take effect on January 1 2023, and should further reduce the tax burden for businesses.
 
Potential foreign investors have been particularly targeted in recent years, and treaties to avoid double taxation have been arranged with 54 countries. To date more than 12,000 businesses have been set up using foreign capital.
 
Uzbekistan is a member of the Free Trade Area of CIS countries, and in tandem with its widescale economic reforms, it is currently negotiating its accession into the World Trade Organization.

A thriving economy against the odds

Despite the pandemic and recent global economic crises, Uzbekistan has exceeded financial predictions. In 2022, according to the World Bank’s report in June, the country’s GDP per capita rose to US$2,100, a rise of 4.3 per cent. The World Bank noted that GDP growth in 2023 could be 5.3 per cent.

Forecasters predict that GDP will reach US$4,000 by 2030, allowing Uzbekistan to join the ranks of “states with an upper-middle income”

The country’s economic growth is spread across various sectors. Its natural resources include natural gas, oil, gold, silver, uranium, coal and copper. It is one of the world’s leading producers of cotton and silk, a practice that dates back to the 4th century.

Mild winters and 320 days of sunshine provide a solid bedrock for agriculture, and Uzbekistan has extensive orchards and vineyards. Other industries include construction, textiles, leather processing, fertiliser production, pharmaceuticals and the automobile industry.

Tourism, too, is on the rise. There are almost 7,500 historic cities in Uzbekistan, and the cities of Bukhara, Samarkand, Khiva and Shakhrisabz have been included in the UNESCO World Heritage list, as has the Tian Shan ‘Heavenly Mountain’ range.

Opening up Uzbekistan’s borders is part of the government’s push to become an international player, and can only increase confidence in those looking to invest in a fast-growing economy.

 

Source: euronews.com

In Navoi region, in January-June 2022, the share of investments financed from non-centralized sources of financing in the total volume of investments in fixed assets amounted to 93.8% or 8023.3 billion soums.

 Accordingly, the share of investments in fixed assets financed from centralized sources of financing is 6.2% or 534.9 billion soums.

 

Source: stat.uz

 

For goods that are not household, kitchen and computer equipment, it is proposed to cancel the restriction on duty-free import in time and quantity (restrictions on the total amount of import remain). The goal is to provide the population with socially significant goods in the face of food shortages in the world.

The Ministry of Investments and Foreign Trade of Uzbekistan proposed to abolish the quantitative norm for duty-free importation of a number of goods imported by individuals through road (pedestrian), railway and river border checkpoints.

We are talking about tableware, as well as goods that are not household, kitchen and computer equipment (except for alcoholic products, including beer, tobacco products, perfumes and toilet water and jewellery).

The proposal is substantiated by the goals of "providing the population in the conditions of a shortage of food products in the world with socially significant goods, preventing an increase in prices for food products in the domestic market and creating conditions for citizens of the country to import products for personal needs."

Now there is a restriction on the import of one set of tableware for six months, for other goods - 2 kg of each item (with the exception of indivisible goods), but not more than 10 kg of total weight during the month.

In the explanatory note to the draft government decree, the MIFT notes that now the listed goods are subject to both quantitative and value import norms.

Due to the presence of quantitative restrictions, individuals cannot pass through the "green" customs corridor with such products but are forced to go through the "red" one.

“In foreign countries, there are no restrictions on the number of goods transported through border posts, only the total value of goods is limited,” the document says.

At the same time, restrictions on the import of household and computer equipment in the form of one unit every six months remain in force.

A quantitative restriction on the duty-free import of a number of goods, including refrigerators, air conditioners, washing machines, vacuum cleaners and other household appliances, as well as computer equipment (one unit per month) was introduced in July 2018. Already in October of that year, this period was extended to six months. When importing all these goods in excess of the established norm and/or frequency, customs payments are levied.

Since February of the same year, there has been a restriction on the total amount of passes imported through road (pedestrian) passes - $ 300 (through railway and river points - $ 1,000, international airports - $ 2,000).

 

Source: www.gazeta.uz

Historically, U.S. foreign policy has been replete with examples of over-involvement and under-involvement with the rest of the world. And we tend to go for ill-advised military adventures, which, when they inevitably go wrong, lead America to head for the exits, forgetting that the rest of the world continues to matter. 

So is the danger for U.S. foreign policy following the 20-year war in Afghanistan. While that exercise in mission creep is rightly being used as a primary warning for the avoidance of fighting wars without clear missions, we must be careful not to “throw out the baby with the bathwater” when it comes to strategy. The war in Afghanistan was a nation-building folly, but Central Asia remains a region where America can and must — based on its national interests — continue to play a role. 

Indeed, the war in Ukraine has heightened awareness among Central Asian states of their vulnerability to pressures from Russia and China. It also has strengthened their resolve to cooperate with each other, and with the West, as a means of retaining strategic agency. The United States can play a constructive role in this geopolitical process by deepening the strategic partnership with Uzbekistan, the key player in a region that forms a crossroads between Asia and Europe. 

At their joint July presidential summit, initiated by Uzbekistan, leaders of the five Central Asian countries set an agenda for cooperation that promotes interconnectivity through free trade, green energy, tourism, water sharing and hydropower investments. The summit also opened the door to deeper American engagement. Washington has been hesitant to pursue closer ties with countries that are not viewed as model democracies, but such an approach is short-sighted in realist terms, especially given the current strategic environment in Eurasia.  

Specifically, Uzbekistan is preparing to hold a referendum in the coming months on a new version of its constitution that includes strengthening civil rights, extending the presidential term from five to seven years, and restarting the count of presidential term limits. The latter proposals have been criticized by Western human rights groups for potentially curtailing democracy even though Tashkent argues that they are designed to ensure political stability — a vital necessity in these dangerous times — and will not afford the president any additional powers. 

Uzbekistan’s government moved quickly to engage in damage control after an earlier constitutional draft envisioned curbing the autonomy of the country’s Karakalpakstan autonomous region. Public protests taught the government the central lesson that open debate and consultations with local leaders are essential to ensure stability and support. Uzbekistan’s President Shavkat Mirziyoyev subsequently dropped plans to curtail Karakalpakstan autonomy, indicating government responsiveness to social demands. 

The planned constitution also includes several amendments intended to boost governmental accountability. One change envisions transferring the authority to appoint the heads of the anti-corruption agency and Accounts Chamber, which has formal oversight over government spending, from the president to the Senate. Over the coming weeks, all these planned constitutional amendments will be put to a nationwide referendum, as the government has pledged, which will be closely monitored by the Organization for Security and Cooperation in Europe (OSCE) observation mission. 

The U.S. ought to play a supportive role in Uzbekistan by encouraging official accountability and public oversight, and developing stronger economic and security links. Since coming to power in 2016, Mirziyoyev has staked his reputation on modernizing Uzbekistan and his reforms have led to economic growth and foreign investment.  

Uzbekistan is Central Asia’s breadbasket and home to some 35 million people — nearly as many as all other countries in the region combined. It won The Economist’s “country of the year” award in 2019 for its far-reaching reforms, including ending child labour in the cotton fields and opening up to international capital markets. Foreign direct investment rose by a stratospheric 266 percent that year and has remained consistent ever since. The International Monetary Fund forecasts that, given the trajectory of economic reforms, the country is well placed to continue its growth. For all these reasons, Uzbekistan amounts to an opportunity for the U.S., not a problem.  

If Central Asian regional security is to be truly promoted, the expansion of transportation routes involving Uzbekistan remains essential. Here, too, there are encouraging signs. On Aug. 2, the foreign, economy and transport ministers of Uzbekistan, Azerbaijan and Turkey signed the Tashkent Declaration to enhance cooperation between the three Turkic-speaking countries. A centrepiece of this initiative is the international transport corridor — the Trans-Caspian International Trade Route (TITR) — that can boost trade and energy flows and bypass an unreliable Russia.  

U.S. big-picture attempts to forge a global international coalition of democracies is too simplistic to work in a world full of as much grey as black and white; America must not neglect states where pluralism is still a promising work in progress and where greater U.S. involvement will help limit pernicious Russian and Chinese Communist Party influence. 

It is also worth remembering that democracy has less chance of bearing fruit in the absence of national security and regional stability and that consistent U.S. engagement can strengthen both. There is a magical middle intellectual ground here between over-involvement and under-involvement. Greater U.S. diplomatic and economic ties with Uzbekistan, and Central Asia as a whole, serve American interests in the challenging era we find ourselves in.

 

Source: thehill.com

On September 7-9 this year, a delegation of SOCAR visited Uzbekneftegaz JSC and production facilities. This visit was carried out in accordance with the "Roadmap", developed in order to expand cooperation in the field of oil and gas between Uzbekneftegaz JSC and SOCAR.

During the visit, a presentation was made on the current state and prospects for the development of the field of deep oil and gas processing in Uzbekistan.

During the discussion, petrochemical projects, as well as areas of activity of SOCAR were considered.

The parties exchanged views on the reforms being carried out in the direction of reforming, transforming and digitalizing the corporate governance system, and the experience gained in the course of activities.

Members of the delegation visited the production facilities of the Uzbekistan GTL plant, the Shurtan gas chemical complex and the Shurtan oil and gas production department in the Kashkadarya region, and got acquainted with the technological capabilities and production processes of the enterprises.

Members of the SOCAR delegation especially noted the contribution of Uzbekneftegaz JSC to the oil and gas industry in the region and in the countries of the Commonwealth of the Independent States as a whole. We highly appreciated the prospects for ongoing projects of Uzbekneftegaz JSC.

Following the visit, the members of the delegation expressed their readiness to continue the joint work of the two companies and establish points of contact between the interests of the parties. The partners noted that Uzbekneftegaz JSC had all the resources to implement modern high-performance projects.

For reference: SOCAR is the largest oil and gas company in Azerbaijan and operates in the Caspian Sea region and in many countries of the world (Georgia, Romania, Kazakhstan, Turkey, etc.).

 

Source: www.ung.uz 

To assess the economic situation in the country, the Center for Economic Research and Reforms conducts a monthly assessment of the state of business activity at the regional and district levels.

Analysis of business activity in the context of the regions of the Republic of Uzbekistan is monthly calculated by CERR on the basis of operational data (monitoring in all regions of the Republic, according to the data of the State Customs Committee, State Tax Committee, Central Bank and UzEX).

The monitoring results showed that the volume of tax revenues of the Republic in the period from January 1 to August 31 this year increased by 16.5% compared to the same period last year.

At the same time, a significant increase in tax revenues was recorded in Ferghana (+38.7%), Samarkand (+36.3%), Syrdarya (+35.5%), Surkhandarya (+34.4%), Bukhara (+32.3%), Khorezm (+31.9%) regions and in Tashkent (+42.8%).

The growth of tax revenues was ensured due to positive changes in the economy, improvement of the tax administration system, including the introduction of new administrative tools, digitalization and automation of processes, legalization of entrepreneurial activity and simplification of the procedure for compliance with tax legislation.

Revenues from customs payments for the analyzed period increased by 40.0% compared to the same period in 2021. The largest increase in customs receipts was observed in the Republic of Karakalpakstan (+59.0%), Andijan (+51.9%), Khorezm (+48.6%), Bukhara (+46.8%), Syrdarya (+44.3%) regions and in Tashkent (+46.2%).

The increase in customs revenues was achieved due to the growth of foreign trade turnover, the increase in the country's production capacity, simplification of customs administration procedures, digitalization and automation of processes, including the widespread use of the risk management system by customs authorities.

According to the State Customs Committee, the volume of exports of goods from the beginning of this year to August 31 increased by 23.0% compared to the same period last year. A significant increase in the volume of exports of goods was noted in Samarkand (+35.9%), Kashkadarya (+35.9%), Andijan (+35.1%), Namangan (+30.7%), Syrdarya (+27.7%) regions and in Tashkent (+45.3%).

The increase in Uzbekistan's exports is explained by the growing growth rates of exports of industrial goods, food products, chemicals substances and agri-food products.

The decrease in exports of goods was observed in Bukhara (-10.7%), Surkhandarya (-7.3%) regions and in the Republic of Karakalpakstan (-16.1%).

The reduction in the volume of exports in the Bukhara region is due to the direction of cotton fibre to the domestic market. In the Republic of Karakalpakstan - the reduction of exports of plastics, pharmaceutical products (from liquorice root) and yarn. In Surkhandarya region, this is due to a reduction in exports of fruit and vegetable products (beans, tomatoes, mash, onions) and yarn.

The volume of loans issued by commercial banks in the period from January 1 to August 31 this year increased by 7.0% compared to the same period last year.

significant increase in the volume of loans issued is observed in Ferghana (+23.1%), Tashkent (+20.2%), Andijan (+16.0%), Samarkand (+7.3%) regions, the Republic of Karakalpakstan (+7.7%) and in Tashkent (+16.6%).

reduction in the issuance of loans is observed in Syrdarya (-48.9%), Navoi (-30.5%), Surkhandarya (-19.3%), Bukhara (-13.0%), Kashkadarya (9.9%), Jizzakh (-8.1%) and Namangan (-0.5%) regions, which is associated with the issuance of large loans in the same period of 2021 for textile and other industrial projects in these areas.

The volume of transactions on the UzEX for the analyzed period increased by 42.6%. A significant increase in exchange activity is observed in Jizzakh (+62.6%), Navoi (+55.7%), Khorezm (+53.4%), Tashkent (+45.3%) regions and in Tashkent (+54.2%).

The growth in the volume of transactions in these regions is ensured by increasing the sale of such goods as mineral fertilizers, technical seeds, automobile gasoline, diesel fuel, construction and household materials, vegetable oil, wheat flour, wheat, sugar, cotton fibre, rolled ferrous and non-ferrous metals, polyethene, polypropylene, ethyl alcohol, etc.

During the analyzed period, 62,685 new economic entities were created, the largest number of which were registered in Samarkand (7,822), Kashkadarya (6,158), Ferghana (5,989), Tashkent (4,604), Andijan (4,089) regions and in Tashkent (10,299).

 

Source: review.uz

From 8 to 10 September, the largest international food and beverage exhibition 
"RIGA FOOD 2022" is being held at the Riga International Exhibition Center.

"RIGA FOOD 2022" is the largest food exhibition in the Baltic States, aimed at marking the development of the industry as a whole, demonstrating new products and providing an opportunity to get acquainted with serious 
and reliable industry enterprises.
Every year, this site is visited by about 20 thousand professional visitors and more than 400 exhibitors take part.

Opening the doors to new opportunities, the exhibition expands from year to year 
and has great worldwide fame, thanks to the promotion of the products of participating companies.

In this regard, Uzbekistan does not miss the opportunity. Products presented at the national stand "Made in Uzbekistan" 
and manufactured according to international standards can arouse serious interest due to their quality.
The stand organized by the Export Promotion Agency under the Ministry of Investments and Foreign Trade of the Republic of Uzbekistan gathered 20 Uzbek companies.

Various products are widely presented at the stand, namely: creamy 
and confectionery products, juices and drinks, pasta and flour products, ice cream and semi-finished products, legumes, dried and fresh fruits and vegetables, ready-made breakfasts for children and adults, and kitchen utensils.
The exhibition opens up a wide range of export opportunities 
for Uzbek participating companies not only in the Baltic countries but also in the markets of the European Union.

We wish good luck to Uzbek companies and look forward to establishing fruitful cooperation with foreign companies!

 

Source: epauzb.uz

On September 15-16, the events of the 22nd meeting of the Council of Heads of State of the Shanghai Cooperation Organization will be held under the chairmanship of the President of the Republic of Uzbekistan Shavkat Mirziyoyev in the city of Samarkand.

The summit will be attended by the leaders of the SCO Member States - the Republic of India, the Republic of Kazakhstan, the People’s Republic of China, the Kyrgyz Republic, the Islamic Republic of Pakistan, the Russian Federation, the Republic of Tajikistan and the Republic of Uzbekistan, as well as the observer states to the Organization - the Republic of Belarus, the Islamic Republic of Iran and Mongolia.

The Presidents of the Republic of Turkey, the Republic of Azerbaijan, Turkmenistan and the Republic of Armenia, as well as the heads of the United Nations and other authoritative international and regional organizations, are invited as honorary guests.

In accordance with the agenda of the Samarkand Summit, the topical issues of further expanding the multilateral cooperation, the practical aspects and priority tasks of the SCO development will be considered. There will be an exchange of views on international and regional issues.

As a result, it is planned to adopt a solid package of documents to expand the Organization’s activities and deepen the regional cooperation in the priority areas.

It should be noted that the upcoming meeting will be the first face-to-face meeting of the SCO leaders in the last three years after the outbreak of the coronavirus pandemic in 2020.

This event will also complete Uzbekistan’s chairmanship in the Organization, within which more than 80 major events have been held.

 

Source: president.uz

Uzbekistan’s chairmanship in the SCO has fallen on a dynamic period, fraught with various events and trends – the period of the «historical rift», when one era comes to an end and another begins – thus far unpredictable and unknown.

The modern system of international cooperation, based on universal principles and norms, begins to falter. One of the main reasons for this is a deep crisis of trust at the global level, which, in turn, provokes a geopolitical confrontation and the risk of reviving the bloc thinking stereotypes. This process of mutual alienation complicates the return of the world economy to its former course of development and the restoration of global supply chains.

The ongoing armed conflicts in different parts of the world destabilize trade and investment flows, exacerbate the problems of ensuring food and energy security.

Along with this, global climate shocks, growing scarcity of natural and water resources, the decline in biodiversity, and spread of dangerous infectious diseases have exposed the vulnerability of our societies as never before. They lead to the destruction of existential common goods, threatening the basis of people’s lives and reducing sources of income.

In these circumstances, it is obvious that no country alone can hope to avoid or cope with these global risks and challenges.

There is only one way out of the dangerous spiral of problems in an interconnected world where we all live today - through constructive dialogue and multilateral cooperation based on consideration and respect for the interests of everyone. It is exactly at the time of crisis when all the countries – whether they are large, medium or small by size – must put aside their narrow interests and focus on such mutual interaction, unite and multiply the common efforts and possibilities to counter the threats and challenges to peace, security and sustainable development that are related to each of us.

Effective international cooperation makes the world more stable, predictable and prosperous. This is the most viable, accessible and closest way to solving common problems of our time as well as a universal insurance policy against future challenges and shocks.

 

A Model for Successful Regional Cooperation

The international cooperation that lies in the interest of everyone is impossible without multilateral institutions. Despite the certain shortcomings, they continue to serve as the most important agents of interaction between the countries - at the regional and global levels. The international and regional organizations help countries to overcome differences and strengthen mutual understanding, to develop political and economic cooperation, expand trade and stimulate cultural and humanitarian exchanges.

These are the goals and objectives that are pursued by one of the youngest multilateral institutions - the Shanghai Cooperation Organization (SCO). In fact, it is a unique interstate structure that has managed to unite countries
with different cultural and civilizational codes, their own foreign policy guidelines and models of national development. In a relatively short historical period, the SCO has come a long way, becoming an integral element of the modern global political and economic world order.

Today, the SCO family is the world’s largest regional organization, which has united a huge geographical space and about half of the population of our planet.

The basis for the SCO’s international attractiveness is its non-bloc status, openness, non-targeting against third countries or international organizations, equality and respect for the sovereignty of all participants, refusal to interfere in internal affairs, as well as prevention of political confrontation and unhealthy rivalry.

The SCO’s success concept is the promotion of multifaceted cooperation through ensuring regional security.

In fact, the Shanghai Cooperation Organization is called upon to become a pole of attraction without dividing lines, in the name of peace, cooperation and progress.

Therefore, the number of states that are ready to cooperate with the SCO is growing every year, and this is especially noticeable in the context of the transformation of the modern system of international and regional relations.

The economic value of the SCO is enhanced by the self-sufficiency of its space, where there are dynamically developing economies of the world with huge human, intellectual and technological potential, and the existence of large volumes of unused natural resources.

Today, the total GDP of the SCO member states has reached about a quarter of the global figure. This is already a very solid contribution to global sustainable development from a regional organization that has just crossed its 20-year threshold.

In a world with new challenges and opportunities, the SCO has excellent prospects for transformation and growth, not only through quantitative replenishment but also through the opening of new strategic vectors. These are transport and connectivity, energy, food and environmental security, innovations, digital transformation and a green economy.

 

Uzbekistan’s Chairmanship: towards Common Success through Joint Development

Accepting the responsible mission of Chairmanship in the SCO, the Republic of Uzbekistan has relied on the strategy of advancing the development of the Organization by opening up new horizons for cooperation and launching usage of untapped reserves that each of its members has.

Our slogan is «The SCO is strong if each of us is strong». Implementing this, we have made serious efforts to make the Organization even stronger from the inside and more attractive from the outside to our international partners.

At the platforms of more than eighty major events held during the year, a comprehensive agenda was formed for the SCO – starting from the issues of further expanding cooperation in security, strengthening transport and economic connectivity and positioning the Organization in the international arena up to the search for new ways and points for development.

All these promising directions of cooperation for the SCO at the new stage of its historical development are reflected in more than thirty conceptual programs, agreements and decisions prepared during our chairmanship period.

I would say even more. Uzbekistan’s chairmanship in the SCO is a logical continuation of an active and open foreign policy course that has been pursued by our country in the last six years. Above all, this policy is embodied in Central Asia, the geographical core of SCO, where positive and irreversible processes of strengthening good-neighbourliness and cooperation are now taking place.

All SCO member states are our closest neighbours, friends and strategic partners.

The Chairmanship has given us a good opportunity to further strengthen multilateral collaboration and expand bilateral cooperation with each of them, as well as set new targets for even deeper partnership. 

I am full of confidence that it is important and necessary for the SCO to share its success story with Afghanistan. This country is an integral part of the larger SCO space. The Afghan people need good neighbours and their support now more than ever. It is our moral obligation to extend a helping hand, to offer them effective ways of overcoming the years-long crisis by promoting socio-economic growth of the country, and its integration into regional and global development processes. 

Afghanistan which has played for centuries the role of a buffer in the historical confrontations of global and regional powers should try on a new peaceful mission of connecting Central and South Asia.

The construction of the trans-Afghan corridor could become a symbol of such mutually beneficial inter-regional cooperation. It is also important to understand that by implementing joint infrastructure projects such as the Termez – Mazar-i-Sharif – Kabul – Peshawar railroad we are not just solving socio-economic, transport and communication problems, but also making a significant contribution to ensuring regional security.

By bringing our positions closer to each other, together we can develop a new SCO agenda for a more peaceful, stable and prosperous Afghanistan. Only in this way can we create a truly stable and sustainable SCO space with indivisible security.

 

 «Samarkand Spirit» - the Embodiment of Cooperation, Mutual Understanding and Friendship

After a three-year pandemic pause that has caused severe disruption in trade, economic and industrial ties, the countries and peoples of the SCO need to communicate directly.

The ancient city of Samarkand, the jewel of the Great Silk Road, is ready to welcome the leaders of fourteen countries with new breakthrough proposals and initiatives designed to serve for good and prosperity of the SCO and each of its members.

There is no doubt that this legendary city will open another chapter of the SCO success story. The glorious historical heritage of Samarkand will contribute to this. 

For many centuries, this city has been threading together countries from Europe to China, merging North and South, East and West into a single node.

Historically Samarkand has been a melting pot of ideas and knowledge, that was “cooking” a common goal of living better, being more successful and becoming happier. And everybody has known that friendly neighbours are half of your wealth, you yourself are a blessing to them because you know that cooperation, trade, oeuvre, science, art and the best ideas do good, enrich and bring nations together. 

These unique qualities of Samarkand, which today has a modern and dynamically developing infrastructure, turn it into the most suitable and demanded platform for joint discussions, searching for necessary responses to regional and global challenges.

The integrity and interconnectivity of mankind are such that most challenges require joint work not only at the regional level but also in the global arena.

Relying on the experience of our many years of joint work, we are confident that the Samarkand SCO summit will set an example of how we can launch a new, inclusive dialogue based on the principles of mutual respect, trust and constructive cooperation for the sake of common security and prosperity.

Samarkand can become the platform that can unite and reconcile states with different foreign policy priorities.

Historically, the world looked upon from Samarkand has been seen as single and indivisible, rather than fragmented. This is indeed the essence of the unique phenomenon of the «Samarkand spirit», which can serve as the basis for a fundamentally new format of international interaction, including within the Shanghai Cooperation Organization.

The «Samarkand spirit» is designed to naturally complement the very «Shanghai spirit», thanks to which more than 20 years ago our countries decided to create a new and eagerly sought organization.

Therefore, we are confident that in Samarkand we shall witness the birth of a new stage in the life of SCO – the number of its members will grow, and its future agenda will be formed, and this is highly symbolic.

We are full of optimism and are convinced that the decisions of the upcoming summit of the Shanghai Cooperation Organization will make a feasible contribution to strengthening the dialogue, mutual understanding and cooperation both at the regional level and on a global scale.

 

Shavkat Mirziyoyev

President of the Republic of Uzbekistan

 

Source: president.uz

IFC has finalized an agreement to finance the first wind power plant in Uzbekistan, a 500-megawatt facility in the Navoi region that will power hundreds of thousands of homes. IFC's investment will support Uzbekistan's efforts to strengthen its electricity supply, diversify its energy mix with clean energy, and address climate-change-related challenges.

The Zarafshon wind power plant is being developed by Abu Dhabi Future Energy Company (Masdar), a leading renewable energy company based in the United Arab Emirates and a longstanding IFC client. IFC is leading a $94 million financing package for Shamol Zarafshan Energy Foreign Enterprise, a special purpose vehicle established by Masdar, to build and operate the plant.

With a capacity of 500 megawatts, the project is set to be among the largest wind farms in Central Asia. Once operational, it is expected to power 500,000 homes while preventing the release of more than 1 million tons of carbon dioxide per year.

Wind is one of the world's fastest growing and most-affordable sources of new power generation, with over 743 gigawatts of global installed capacity. The Zarafshon wind farm will significantly contribute to achieving Uzbekistan's goal of adding 3 gigawatts of wind power capacity by 2026.

"Uzbekistan is aiming to derive 25 percent of its energy from renewable sources by 2026, and we are grateful to Masdar and financial institutions who are contributing to this goal through solar, wind, and other renewable energy projects," said Shukhrat Vafaev, Deputy Minister of Investment and Foreign Trade. "Going forward, we will continue to work with lenders, development partners, and the private sector to promote renewable energy solutions to fuel Uzbekistan's green growth."

IFC is one of the anchor lenders in the Zarafshon project, providing a $42 million loan while mobilizing $52 million from the Japan International Cooperation Agency and the Dutch Entrepreneurial Development Bank (FMO). Further parallel loans will be provided by the European Bank for Reconstruction and Development, Asian Development Bank, Natixis, and First Abu Dhabi Bank.

Wiebke Schloemer, IFC Director, Türkiye and Central Asia, said, "The Zarafshon wind power plant is a landmark project, which demonstrates that the Uzbek government's recent energy sector reforms are conducive to attracting private participation in the development of energy projects in the country. We are very proud to support these reforms and help green Uzbekistan's power sector by adding wind power as an energy source."

IFC has been advising the government of Uzbekistan on attracting private investments in the energy sector on transparent and competitive terms and in line with the highest environmental, social, and governance standards since 2018. Supporting renewable energy projects and opening the sector to private investments is a pillar of IFC's work in Uzbekistan and the Central Asia region.

 

Source: ifc.org

Nail Hannigan, Director of Financial Affairs at Masdar UAE, assessed the current work on the development of renewable energy sources in Uzbekistan, the company's projects and their prospects.

- The first of them is that the Head of State has a clear strategy and big ambitions to get more than 25% of energy from renewable sources by 2030.

At the same time, a strong legal framework in this area strengthens the confidence of foreign investors in your country.

A big plus is the support of the country's renewable energy projects by international financial institutions, including the International Finance Corporation, the European Bank for Reconstruction and Development, and the Islamic Development Bank.

We are currently implementing five projects in Uzbekistan. In the future, we want to actively participate in tenders and implement more joint projects. At the same time, there are plans to expand the already started joint projects.

We entered the country's market through the Nur Navoi project and are proud to be one of the first in Uzbekistan in the field of renewable energy sources.

We are confident in the long-term nature of our cooperation and we would like to note that today we have partnership plans for at least 25-30 years.

This is natural because now we are implementing five projects here with a total capacity of about 1,500 MW. And taking into account the fact that Uzbekistan has set itself big and ambitious goals for the development of renewable energy, we have a lot of joint work to do.

Moreover, the state creates all the necessary opportunities and favourable conditions for this, which constantly increases the investment attractiveness of the country for investors like us. Therefore, we are focused on long-term cooperation with Uzbekistan," said Nail Hannigan.

 

Source: minenergy.uz

On September 3 this year, as part of the visit of the government delegation of Uzbekistan to the Russian Federation, Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan Jamshid Khodjaev held a meeting with representatives of a number of large Russian companies representing such areas as construction, textile industry, agriculture, retail, green economy and real estate.

In the format of open dialogue, the prospects for cooperation in many areas were discussed, including the joint implementation of investment projects, the exchange of experience and technologies, the introduction of innovations, the attraction of investments in the economy of Uzbekistan and other issues of mutual interest.

 

Soure: mift.uz

On September 1-2 this year, as part of the visit of the government delegation of Uzbekistan to the Russian Federation, Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan Jamshid Khodjaev held a series of meetings and negotiations with members of the Government of the Russian Federation, during which the current state and development prospects were discussed bilateral trade, economic and investment cooperation, as well as deepening cooperation in the fields of transport and agriculture.

So, on September 1, during negotiations with the Deputy Prime Minister of the Russian Federation Denis Manturov, a joint analysis of the possibilities of increasing the supply of demanded products of Uzbek manufacturers to the Russian market, including textile, electrical household products and building materials, was carried out. In addition, the progress of the implementation of joint investment projects, which ensure the expansion of industrial cooperation between the enterprises of the two countries, was considered in detail.

During the conversation with Deputy Prime Minister of the Russian Federation Alexei Overchuk, issues of trade and economic cooperation were discussed. Particular attention was paid to the expansion of investment interaction, strengthening cooperative ties in industry and development of international transport and logistics communications in Central Asia.

At a meeting with the Minister of Economic Development of the Russian Federation Maxim Reshetnikov, issues of increasing mutual supplies of products with high added value, expanding interregional cooperation and other issues of the current Uzbek-Russian cooperation agenda were discussed. The parties also discussed holding upcoming bilateral events this year.

On September 2, the meeting with the Deputy Prime Minister of the Russian Federation Victoria Abramchenko was devoted to the issues of ensuring food security and increasing mutual supplies of agricultural products. It was noted that for the period January-July this year, the export of farm products from the Republic of Uzbekistan to the Russian Federation amounted to $222.5 million, an increase of 52% compared to the same period in 2021. An agreement was reached to increase cooperation in this direction.

Also on September 1-2, meetings were held with the leadership of the Ministry of Energy, the Ministry of Agriculture of the Russian Federation, and JSC Russian Railways, as well as with representatives of large Russian companies. Agreements were reached on deepening cooperation and implementing investment projects in agriculture, developing transport and logistics communications in Central Asia, as well as on other issues of mutual interest.

 

Source: mift.uz

The Center for Economic Research and Reform (CERR) estimated the projected GDP figures for 2022 using a novel approach (nowcasting) which is based on high-frequency big data.

Based on the collection of about 250 weekly Google search results for 20 categories of indicators combined with estimates of prices for individual products (including changes in gold and oil prices) as well as fundamental variables of gross imports and reserves, a weekly forecast of the GDP of the Republic of Uzbekistan was carried out.

Uzbekistan's economy has been significantly affected by negative external shocks. The analysis takes into account the negative factors that the country was exposed to in the 1st half of 2022 (political unrest in Kazakhstan, large-scale power outage and the conflict in Ukraine).

The forecasts revealed specific aspects of GDP that cannot be identified in quarterly figures. In particular, a significant slowdown was observed during February and March of this year. Nevertheless, the subsequent economic recovery was also significant.

Uzbekistan's economic growth in the first quarter is usually lower due to seasonal factors. During 2018-2021, Uzbekistan's GDP growth in the first quarter was on average 0.43% less than the annual GDP growth. Therefore, negative factors exacerbated the economic consequences and slowed down GDP growth in the first quarter of 2022.

Forecasted weekly growth rates of GDP for 2022

Taking into account the above-mentioned factors, as well as consolidating weekly forecast indicators of GDP dynamics, the estimated economic growth in the 1st half of 2022 compared to the 1st half of 2021 amounted to 4.99%.

Thus, there is a growing trend in the weekly dynamics of GDP for the 2nd half of 2022, which will increase the GDP growth rate by at least 0.68% yearly. Accordingly, real GDP growth for 2022 is projected at 5.77%.

Based on this, the projected range of economic growth in Uzbekistan is set at 5.67%-5.87% for 2022.

For reference: nowcasting is a method that is widely used in the development of national economic policy in many developed countries, including the Bank of England, the European Central Bank and the OECD. Models of this kind have similar characteristics to current traditional models, but significantly exceed them during "crisis" episodes (for example, 2008-2009, 2020 and the current situation). The current method is relevant because the main statistical data are available with a significant delay, especially for quarterly GDP figures. This forecast is also used to assess specific aspects of the state of the economy, such as the labor market and the welfare of the population.

 

Source: review.uz

On August 28 this year, Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan Jamshid Khodjaev visited the Uzcharmsanoat Association. During the presentations, the leadership of the Association provided detailed information on the current state and prospects for the development of the leather and footwear industry.

The following data are given: if in 2017, enterprises of the industry implemented 17 projects worth $18 million and created 800 jobs, then in 2021 there will be 112 projects worth $202 million with the creation of 12,000 new jobs. Thanks to government support, by 2026 it is planned to implement 555 projects worth over $1 billion, which will create 50,000 new jobs.

Production volumes showed a similar growth: in 2017, products worth 760 billion soums were produced, in 2021 - for 4.4 trillion soums, and in 2026 it is planned to make leather and footwear products for 18.6 trillion soums. In terms of exports, growth was also observed - so in 2017 products worth $105 million were delivered to foreign markets, in 2021 - by 421 million dollars, and in 2026. industry enterprises intend to export goods worth $1.2 billion.

In the course of a detailed analysis of the prospects for the development of the leather and footwear and fur and fur industries, problems and proposals were voiced in terms of high-quality procurement of raw materials, optimization of the production process, implementation of projects as part of clusters, in small industrial zones. In addition, the topics of increasing exports of products, improving the system of training and retraining of personnel, participation of enterprises from Uzbekistan in specialized international exhibitions, financing innovative projects in the industry, and creating shopping centres in the country and large wholesale centres abroad were touched upon.

Based on the discussion results, the Association's leadership was instructed to study the issues raised in detail and develop further steps for the integrated development of the industry.

 

 

On August 25 this year, as part of the visit of a government delegation, to Minsk, Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan Jamshid Khodzhaev held talks with Deputy Prime Minister of the Republic of Belarus Petr Parkhomchik.

During the meeting, the parties exchanged views on the current Uzbek-Belarusian cooperation.

In particular, the possibilities of organizing joint production of special mining and agricultural equipment in Uzbekistan were considered. An agreement was reached to speed up the negotiation process and approve a detailed "Roadmap" for the implementation of the project.

The areas of industrial cooperation and investment cooperation were named promising. In this context, the possibility of implementing new projects was discussed. In particular, it was about the joint production of cable and wire products in the Tashkent region with the Energokomplekt company.

During the talks, the potential for cooperation in the furniture industry was identified as special. The parties agreed to study the possibilities of cooperation and, based on a detailed analysis, develop specific joint investment projects.

Following the talks, a decision was made to prepare a joint action plan to implement the agreements and initiatives reached during the meeting.

 

Source: mift.uz

In Minsk, Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan Jamshid Khodzhaev held a meeting with the Minister of Agriculture and Food of Belarus Igor Brylo.

During the conversation, issues of mutual supplies of food products, the implementation of joint investment projects and cooperation in the field of research activities were discussed.

The process of formation on an annual basis of a joint balance of demanded food products was analyzed, as a result of which an agreement was reached to increase systemic mutual supplies of potatoes, grains and oilseeds, fruits and vegetables using forward and futures contracts. The parties agreed to form a list of reliable suppliers and importers of agricultural products to establish direct supplies of agricultural crops, as well as to adopt a Roadmap that provides for organizational, financial and insurance mechanisms for mutual supplies of food products in demand. 

The prospects for the joint implementation of a project to create a meat and dairy complex in the Yangiyul district of the Tashkent region together with Gomelagropromproekt were discussed. An agreement was reached to intensify the process of implementing the project, including the involvement of funds from Belarusian investment structures.

The parties also expressed mutual readiness to support the establishment of cooperation between scientific and practical centres and research institutes of the two countries in the field of crop production, seed production and veterinary medicine with the organization of mutual visits to agree on a bilateral partnership program.

Following the meeting, the parties expressed their commitment to intensify interaction within the discussed areas of cooperation.

 

Source: mift.uz

Uzbekistan’s president has returned from a trip to Saudi Arabia with $14 billion in promised investments, his office says.

Of that, $12 billion is earmarked to address chronic energy shortages.

The agreements include a pledge for Saudi firm ACWA Power to build a 1.5 GW wind farm in Karakalpakstan. Uzbekistan’s Energy Ministry says it will be the world’s largest and will power 1.65 million homes. ACWA Power has already begun building two smaller wind farms in the Bukhara region.

This is welcome news to Uzbeks still sweating their way through a season of shortages.

With rising summer temperatures and drought putting strain on Central Asia’s hydropower networks, Uzbekistan has begun to experience electricity shortages in the hottest months in addition to the traditional blackout season of winter.

And plans for a Russian-built nuclear power plant look like no sure thing with Moscow under international sanctions. If the Saudis make good on their promises, analyst Kamoliddin Rabbimov suggested on his Facebook page, Uzbekistan may no longer need the Russian plant, which appears to be behind schedule.

ACWA also agreed to research the future of green hydrogen in Uzbekistan.

Shavkat Mirziyoyev and his Saudi hosts did not ignore fossil fuels altogether. A third document signed between the two Energy Ministries envisions investments in Uzbekistan’s natural gas industry. Uzbekistan is one of the world’s largest gas producers, but increasing domestic demand has forced it to phase out exports

Saudi media also reported that the two sides had inked an agreement to increase Uzbek labour migration to the kingdom. Millions of Uzbeks currently work in Russia.

At a meeting with the heads of some 20 large companies, Mirziyoyev pitched his privatization drive, an effort to roll back a legacy of statist policies pursued by the late Islam Karimov during his 25-year rule. By 2025 his government hopes to privatize, fully or partially, 75 percent of Uzbekistan’s nearly 3,000 state-owned enterprises (SOEs) and other assets, such as property. Many are small firms, but also up for sale are large enterprises in strategic sectors including energy and power generation; mining and minerals; and transportation. SOEs account for 55 percent of Uzbekistan’s economy. In the banking sector, that rises to over 80 percent, which Tashkent wants to cut by half.

But banks took a backseat in Mirziyoyev’s presentation. Whereas in the past "transparency" has been the buzzword at these types of conclaves, in Jeddah Mirziyoyev tailored his message to focus on "green energy” – exactly the kind of diversification that Saudi ruler Mohammed bin Salman has been pushing.

Mirziyoyev received an audience with the crown prince, making this the first state visit since Karimov visited in 1992. (Mirziyoyev attended a 2017 summit in Riyadh with Muslim countries and the United States.) The president also performed the umrah pilgrimage to Mecca. Before the trip, he signed a decree adding Saudi Arabia to the list of countries whose citizens can visit Uzbekistan visa-free.

 

Source: eurasianet.org

In January-June 2022, foreign investments and loans in fixed capital were disbursed for a total of 48.0 trillion sum, the growth rate compared to the corresponding period in 2021 amounted to 91.8%.

In its composition, investments through foreign direct investment and loans amounted to 105.2% compared to the corresponding period of 2021, and foreign loans guaranteed by the Republic of Uzbekistan were 44.7%.

 

Source: stat.uz

On August 24 this year, within the framework of the visit of the government delegation to Minsk, a meeting was held between the Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan Jamshid Khodzhaev and the Deputy Prime Minister of the Republic of Belarus Leonid Zaits, at which the course of the current trade, economic and investment cooperation between the two countries.

During the conversation, the parties expressed mutual interest in reaching breakthrough agreements in the framework of the upcoming 9th meeting of the Joint Intergovernmental Commission on Bilateral Cooperation between Uzbekistan and Belarus, which will expand cooperation in the areas of trade and economic cooperation, agriculture, healthcare and pharmaceuticals, transport, education, scientific and technical activities, cultural and humanitarian cooperation and tourism.

Since the beginning of this year, due to the increase in mutual deliveries of food products, non-ferrous metals, textiles, chemical products, petroleum products, timber and ferrous metals, trade turnover has grown by 12% compared to the same period last year and exceeded $250 million. In order to further expand the range and increase the volume of mutual trade, the parties agreed to sign a joint "Road Map" and agreed on the adoption of appropriate measures to create trading houses on the territory of the two countries with the organization of permanent "showrooms", trade and logistics centres in the territories of the two countries. countries.

The prospects for expanding industrial cooperation were discussed. Interest and readiness were expressed to provide all possible assistance to Belarusian companies in the implementation of projects to launch pharmaceutical production, localize the production of Belarusian tractors, as well as commercial, road construction and agricultural equipment in Uzbekistan.

The parties paid special attention to the organization of joint farms for the export of finished agricultural products to the markets of third countries, as well as the establishment of direct supplies of Uzbek fruits and vegetables to the Belarusian market based on the available resources and capabilities of the Agroexpress project.

As a result of the talks, further steps were identified to deepen the partnership and put into practice the agreements reached.

 

Source: mift.uz

The 9th meeting of the Joint Intergovernmental Commission on Bilateral Cooperation between the Republic of Uzbekistan and the Republic of Belarus was held in Minsk. The meeting was co-chaired by the Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan Zh.Khodzhaev and Deputy Prime Minister of the Republic of Belarus L.Zaits. The heads of key ministries and departments of the two countries also took part in its work.

As part of the plan, a wide range of issues of investment, trade, economic, industrial, scientific, technical, cultural and humanitarian cooperation were considered.

It was noted that thanks to the efforts of the Heads of the two states, relations between Uzbekistan and Belarus are characterized by high and sustainable development dynamics, which creates prerequisites for deepening cooperation in priority areas.

The significant progress achieved within the trade and economic partnership framework between the two countries was emphasized. In 2021, the trade turnover between Uzbekistan and Belarus increased by more than 40% and amounted to $337.3 million. An agreement was reached on the establishment of a Working Group on the development of mutual trade among representatives of the responsible ministries and departments, as well as on the development and signing in the near future of an Agreement on the use of an electronic system for certification of the origin of goods.

Positive trends in the development of investment cooperation and industrial cooperation were discussed. Over the past three years, the number of enterprises with the participation of Belarusian capital in Uzbekistan has quadrupled and amounted to 157 units. In just seven months of this year, 58 enterprises were created. In turn, 101 enterprises with the participation of Uzbek capital operate in Belarus. Great prospects were noted for the implementation of new joint projects in mechanical engineering, textile, food, pharmaceutical industries, electronics and the production of building materials based on effective cooperation in the production of high-value-added products and their subsequent export to third countries using the logistics capabilities of the two states.

An exchange of views took place on issues of cooperation in IT and innovation. An agreement was reached to hold the 2nd meeting of the Belarusian-Uzbek Commission for Cooperation in Science and Technology in a full-time format in the first half of 2023 in Belarus, as well as to supplement the approved joint Executive Program for scientific, technical and innovative cooperation with new initiatives and projects in the field of IT, digitalization and high technologies.

Particular attention was also paid to cultural and humanitarian cooperation, in particular, interaction in the development of education and tourism. Readiness was expressed to organize special tour packages for Belarusian citizens, such as "Tourism for the family", "Sunny holidays", "Vitamin tour", and "Study and Travel". Belarusian colleagues were invited to take part in the work of the Tashkent International Tourism Fair in November this year and the 25th session of the General Assembly of the UN World Tourism Organization in 2023
in Samarkand. An agreement was reached on the development and approval of a joint Roadmap for 2023-2026. between the leading higher educational institutions of Uzbekistan and Belarus, as well as holding the Days of Belarusian Cinema in Uzbekistan and the Days of Uzbek Cinema in Belarus.

As a result of the meeting, the final protocol was signed, reflecting the key agreements reached during the events, as well as the Roadmap for the implementation of the agreements reached following the mutual visits of the Heads of Government of the two countries.

 

Source: mift.uz

In January-June 2022, 48 trillion UZS, or 39.4% of the total volume of fixed investments in fixed assets in the Republic of Uzbekistan, came from foreign investments and loans.
In the general structure of assimilated foreign investments and loans, foreign investments reached 18 trillion. UZS and, accordingly, 29 trillion. Soums fall on foreign loans.

 

Source: stat.uz

According to the results of January-July, the largest volume of communication and informatization services in the country was recorded in the city of Tashkent - over 7 trillion. soums.

According to the State Statistics Committee, for the first 7 months of the year in Uzbekistan, the volume of communication and informatization services amounted to more than 12 trillion. soums.

At the same time, in Ferghana (637.6 billion soums), Samarkand (582.4 billion soums), Tashkent (464 billion soums), Andijan (460 billion soums), Kashkadarya (422 billion soums), Namangan (407.2 billion soums) , Bukhara (344.2 billion soums), Surkhandarya (336.7 billion soums), Khorezm (289 billion soums), Jizzakh (222.2 billion soums), Navoi (195.3 billion soums), Syrdarya (155.9 billion soums) regions, as well as in the Republic of Karakalpakstan (301.7 billion soums).

 

Source: dunyo.info

On August 18, the President of the Republic of Uzbekistan Shavkat Mirziyoyev received the President of the Islamic Development Bank (IDB) as part of a state visit to Saudi Arabia Muhammad bin Sulayman Al Jassir.

The President has once again congratulated the IDB President on the successful holding of the 46th Annual Meeting of the Bank’s Board of Governors in Tashkent last September.

The President of Uzbekistan expressed satisfaction with the dynamic development of partnerships with the IDB, emphasizing the strategic role of the Bank in promoting the program of large-scale reforms in Uzbekistan.

Currently, the projects for the modernization of housing and communal infrastructure, rural development, healthcare, education, water management, entrepreneurship and others are being implemented in our country together with the IDB for a total of $1,2 billion.

During the negotiations, the issues of further expansion of cooperation were discussed. A separate program has been adopted, which provides for the Bank's approval by the end of the year of financing of the most important projects and programs in the amount of 1,6 billion dollars. As noted, this will be an important step towards bringing relations with the IDB to a qualitatively new level and adopting a country cooperation program for 2023-2026.

The importance of the earliest organization of the activities of a full-fledged representative office of the Bank in Tashkent and the introduction of new financing instruments were noted.

The confidence was expressed that the Fund for the Expansion of Economic Opportunities of Uzbekistan will be able to make an important contribution to solving the tasks of reducing poverty, improving the welfare of the population, and developing entrepreneurship, especially among women and the youth.

There was an exchange of views on the cooperation in implementing the important regional transport infrastructure projects, environmental programs in the Aral Sea region, as well as the provision of humanitarian assistance to Afghanistan and its socio-economic recovery with the support of a separate IDB trust fund.

An agreement was reached to consider the dates for holding the next meeting of the Arab Coordination Group, headed by the Bank and including the leading financial institutions of the Islamic world in Tashkent.

 

Source: president.uz

The President of the Republic of Uzbekistan Shavkat Mirziyoyev held a meeting with heads of the leading companies and financial structures of the Kingdom of Saudi Arabia in the city of Jeddah.

The Minister of Investment Khalid al-Falih, as well as heads of around 20 major companies and corporations of the kingdom, such as ACWA Power, SABIC, Saudi National Bank, Al Rajhi Capital, Ma'aden, Petromin, Jamjoom Pharma, SEDCO, Salic, Albawani, Ajlan & Bros, Desert Technologies and others, attended the event.

During the course of foreign visits of the President, meetings with representatives of the business community are traditional, they allow to determine the common interests, prospects of industrial cooperation and investment collaboration.

Uzbekistan and Saudi Arabia have tremendous potential to bring relations to a qualitatively new level, primarily in the trade and economic sphere. In recent years, meetings of the Intergovernmental Commission and the Business Council are held regularly. Trade volumes are growing, and joint ventures are being created.

The President noted that during the talks held yesterday with the Crown Prince, agreements were reached on a multiple increases in bilateral trade, full support for business initiatives and financing of investment projects.

All this opens up broad opportunities for business partnerships. In particular, Uzbekistan is creating the most favourable conditions for entrepreneurs and expanding the amount of foreign capital.

The experience of a number of Saudi companies, which have been successfully operating in Uzbekistan for several years, was noted. For instance, a major energy project worth $2 billion 600 million in cooperation with ACWA Power has been launched.

The participant's attention is drawn to the unprecedented outcomes of the Uzbek-Saudi Business Council held prior to the visit. In particular, following the visit, the agreements on the implementation of projects worth more than $14 billion have been signed.

It is emphasized that there have been no such breakthrough agreements for 30 years, and work on creating better conditions for the Saudi partners will be extended.

The Uzbek President called on Saudi companies to work even more closely to develop and implement new projects.

During the meeting, President Shavkat Mirziyoyev revealed his vision of further building bilateral cooperation. Thus, Saudi business is invited to participate in the privatization processes of large banks, and industrial and infrastructure facilities held in Uzbekistan. One of the most promising for the implementation of joint projects is named the sphere of “Green Energy” and “Green Economy”.

The Uzbek side, as noted, is ready for active joint work on the construction of wind power plants, production of «green» hydrogen, development of alternative energy, deepening of the digitalization of industry and conducting joint scientific research.

The President emphasized Uzbekistan’s interest in expanding partnerships in the areas of the digital economy, bio- and nanotechnology, software, innovation and artificial intelligence.

It is proposed to pay special attention to the implementation of projects on the production of food products, in the spheres of healthcare and tourism.

Furthermore, in Uzbekistan, with the participation of the Saudi Fund for Development, it is planned to continue work on improving infrastructure projects in the areas of water and electricity supply.

Referring to the invitation to cooperation, the heads of companies, holdings and corporations of Saudi Arabia highly appreciated the conditions created in Uzbekistan for active business. In their speeches, they shared their plans to implement joint projects in the country, and their vision of the prospects for developing contacts and interaction in a wide range of areas.

President Shavkat Mirziyoyev carefully listened to the proposals and opinions of the Saudi partners and outlined that all projects will be closely monitored.

The responsible officials have been instructed to adopt a complex «Roadmap» with the indication of effective mechanisms and specific terms of implementation. Thus, the heads of the relevant ministries and departments will be personally responsible for the implementation of all the agreements reached as a part of the visit.

 

Source: president.uz

On the 9th of August, this year, in order to ensure the fulfilment of the instructions given during the presentation to the head of state on the development and diversification of international transport corridors, a delegation headed by the Minister of Transport Ilkhom Makhkamov visited the Republic of Poland.

 

During the visit, a meeting was held in Warsaw with the Deputy Minister of Infrastructure of Poland, Rafał Weber, and the President of the Polish Association of International Road Carriers (ZMPD), Jan Buček. At the meeting, the current state and prospects for the development of bilateral cooperation in the field of international freight transport by road were discussed.

 

In particular, an exchange of views took place on the creation of favourable conditions for national carriers in the process of international freight traffic, the exchange of additional permits for bilateral, transit and freight traffic to/from third countries, the development of alternative transport corridors, based on the current situation.

 

The parties agreed to exchange an additional 1,000 permits in order to develop cooperation in the field of international freight transportation by road, as well as to hold a meeting of the Joint Commission on Transport Issues in Tashkent at the first opportunity.

 
Source: mintrans.uz

On August 11 this year, Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan Jamshid Khodjaev received Ambassador Extraordinary and Plenipotentiary of the Kingdom of Saudi Arabia (KSA) to the Republic of Uzbekistan Yusuf al-Utaibi.

During the talks, the current state and prospects for the development of Uzbek-Saudi relations, cooperation within international organizations, as well as preparations for a number of bilateral events in the near future were discussed.

The parties highly appreciated the intensification of the multidisciplinary dialogue between the two countries in recent years and, in particular, the dynamic expansion of partnership in the investment, energy and trade and economic spheres.

It was noted that the volume of mutual trade since the beginning of this year has increased 13 times compared to the same period last year, mainly due to the increase in mutual supplies of textiles, fruits and vegetables, and plastic and metal products. Emphasizing the existence of great opportunities for deepening trade relations, the parties expressed mutual interest in intensifying work to expand the range and increase the indicators of trade.

The parties noted with satisfaction the successes achieved in the field of investment cooperation. Currently, the number of joint ventures with the participation of Saudi capital operating in Uzbekistan has reached 36 units, 4 large investment projects worth $2.7 billion are being actively implemented, as well as a number of socially oriented projects with a total value of $287 million. Mutual readiness was expressed for joint work to find new "points of growth" for investment partnerships and develop specific proposals for the implementation of promising investment projects in various industries.

Measures to prepare for the bilateral events scheduled for the near future, aimed at intensifying interaction between the business and government circles of the two states, were substantively considered.

Following the meeting, the parties agreed to maintain close contact in order to accelerate the promotion of joint projects and initiatives, as well as monitor the implementation of existing agreements.

 

Source: mift.uz

On August 11, Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan Jamshid Khodjaev held a meeting with the Governor of one of the largest provinces of the Republic of Korea Gyeongsangbukto Lee Chol U.

During the talks, the current state and prospects for the development of Uzbek-Korean cooperation were discussed with an emphasis on the areas of investment, trade and interregional cooperation.

In particular, the parties welcomed the opening of the Daegu Gyonbuk Machinery Cooperative marketing centre on the territory of Kor-Uz Textile Technopark, which took place in August this year. The Korean side expressed confidence that the centre will create every opportunity to deepen further industrial cooperation between the two countries, including the production of finished textile products with high added value for their subsequent export to the markets of third countries.

Opportunities were explored for establishing industrial cooperation between manufacturers in the regions of Uzbekistan and Korea, with a focus on the areas of "green" energy, electronics, automotive, pharmaceuticals and other promising areas. The prospects of organizing visits of delegations of business circles from Gyeongsangbukto province and various regions of Uzbekistan, holding joint business forums and negotiations in B2B and B2G formats were noted.

During the conversation, the prospects for cooperation in the field of vocational education were also considered. The Korean side expressed its readiness to assist in organizing the training of students from Uzbekistan in higher educational institutions of the province of Gyeongsangbukto with the prospect of their further employment in leading companies in the region. In addition, the importance of joint work on the implementation of joint start-up projects and the training of qualified personnel in the field of advanced technologies was noted within the framework of the signed quadripartite Memorandum between Inno Technopark and Akfa University from the Uzbek side and Gyeongbuk Technopark and Yongnam University from the Korean side.

Following the meeting, the parties agreed to hold talks on a regular basis, including via videoconferencing, in order to "align hours" on the implementation of current agreements, as well as to develop new areas of interaction.

 

Source: mift.uz

The infographics of the Center for Economic Research and Reforms present the socio-economic aspects of the Development Strategy of “New Uzbekistan" for 2022 - 2026.

To continue the ongoing reforms in all areas, the draft Development Strategy of "New Uzbekistan" for 2022-2026 and the "road map" for its implementation were presented for public discussion.

The draft Development Strategy is based on the election program of President Shavkat Mirziyoyev and consists of seven priority areas. Moreover, the tasks identified in the speech of the head of state at a joint meeting of the chambers of the Oliy Majlis, dedicated to the inauguration of the newly elected President.

The third direction of the “New Uzbekistan” strategy - (the development of the national economy, ensuring its growth rates) is presented in the infographics of the Center for Economic Research and Reforms.

In particular, GDP per capita is expected to increase 1.6 times over the next five years, and Income per capita will reach 4,000 US dollars by 2030, thanks to which Uzbekistan will be able to join the list of "states with an upper middle-income level".

The average annual growth rate of GDP in 2023-2025 will be 6.5 %. The annual growth rate of lending to the economy is planned at 16-18 %.

In the field of ensuring macroeconomic stability, it is planned to reduce the annual inflation rate from 9% in 2022 to 5% by 2023, at the same time, it is planned to decrease the state budget deficit, which from 2023 should not exceed 3% of GDP. A transition to a program budgeting system is also planned. The Civil Budget will be adopted and 5% of the budget of each district will be directed to solving urgent issues, based on the proposals of the population. 50% of the funds allocated for the repair of internal roads will be distributed on the basis of public opinion.

The amount of annual external borrowings will not exceed 4.5 billion US dollars. At the same time, the national debt will remain below 60% of GDP.

 

Source: review.uz

On August 16-17 this year, the II Economic Forum will be held in Tashkent within the framework of the Chairmanship of the Republic of Uzbekistan in the Shanghai Cooperation Organization.

The forum, held for the first time in June 2021 in Dushanbe (Tajikistan), has established itself as an effective dialogue platform that contributes to the development and further strengthening of partnerships within the Organization.

The main goal of the event is to draw the attention of the parties to the problems and prospects for the development of mutually beneficial trade, economic, investment, cultural and humanitarian cooperation, to develop effective measures to build up ties in the SCO space.

Plenary sessions, panel sessions, bilateral meetings, b2b contacts - the rich agenda of the Forum is designed to unlock the potential of the digital economy, green technologies, cooperation between regions, building up investment cooperation, industrial cooperation and other priority areas of partnership.

The SCO Economic Forum is intended to become an effective platform not only for establishing intergovernmental dialogue but also for interaction between representatives of business circles and enterprises, as well as for attracting investors to the regions of the SCO space.

 

Source: mift.uz

On August 3 this year, under the chairmanship of the Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan Jamshid Khodjaev and with the participation of the heads of ministries and departments, industry associations, commercial banks, a meeting was held to discuss the preparation of the planned visit of the delegation of Uzbekistan to the Kingdom of Saudi Arabia.

Reports of responsible leaders on the work done in preparation for the visit were heard. Instructions were given to accelerate the development and approval of investment projects and trade agreements in the petrochemical, mining, construction, agriculture, medicine, banking and financial sectors to saturate the event agenda's content.

In particular, it was instructed to speed up the preparation of a package of joint projects for signing with Acwa Power, to negotiate with Dr Sulaiman Al-Habib Medical Group” and “Sabik” company, to prepare for signing a “Roadmap” for the implementation of joint projects with Al-Raji International. Instruction was also given to hold talks with Saudi companies to expand cooperation. On the sidelines of the visit, it is planned to sign a number of agreements and memorandums that secure the further development of cooperation between the two countries in the fields of energy, agriculture, innovative development, transport, education, tourism, sports, healthcare, etc.

Following the meeting, the heads of relevant ministries and departments were given additional instructions for the qualitative preparation of the upcoming visit.

 

Source: mift.uz

According to the results of January-June 2022, the share of industry in the GDP of the Republic of Uzbekistan amounted to 29.2%.

Navoi (72.3%) and Tashkent (49.3%) regions have the largest shares of industry in the sectoral structure of GRP. The smallest shares of industry were noted in Surkhandarya (6.1%), Khorezm (15.7%) and Jizzakh (15.9%) regions.

 

Source: stat.uz

A working group headed by the First Deputy Minister of Investments and Foreign Trade of Uzbekistan Aziz Voitov and consisting of the heads of ministries, departments and commercial banks yesterday got acquainted with the activities of a number of investment projects in the Andijan region.

According to the Ministry of Investments and Foreign Trade (MIFT), the purpose of the visit is to analyze the current state of socio-economic development on the ground, provide support to entrepreneurs in resolving emerging issues, and develop proposals for using the untapped resources of the region to enhance investment, production and export development.

The starting point of the route was a textile factory organized by Sayyora Favvorasi LLC in the Bustan region. The $10.5 million project covers an area of ​​1.5 hectares. Here, on equipment imported from Switzerland, Germany and Japan, 5.4 thousand tons of knitwear per year are produced. High quality allows the company to export 100% of its products to European countries.

When getting acquainted with the activities of the enterprise "Khantex Oil" LLC, specializing in the production of vegetable oil, special attention was paid to technological equipment from Turkey, Italy, Bulgaria, Spain, India and Germany. Thanks to the built-in production chain, on average, 72 thousand tons of seeds are processed here annually, and 10% of the production worth 1 million dollars is exported to the EU countries.

Another address of the visit was the company "Elegant shoes" LLC. The cost of the investment project is $2.5 million, the production capacity is 1 million pairs of shoes per year. All products are sent to foreign markets, with an annual export volume of 12 million dollars. 500 specialists are employed here, 200 of which are young people from the lists of the “youth notebook” and 250 women from the “iron notebook”.

In total, there were 9 production facilities on the route of this day, during the visit of which the working group paid special attention to the problems faced by entrepreneurs. Responsible managers were instructed to take measures to resolve the issues raised with the introduction of a system for monitoring the execution of instructions.

Also, during the visit to New Andijan, a meeting with manufacturers and exporters of the region was held in the Great Conference Hall. More than 100 entrepreneurs took part in the dialogue. In a relaxed and trusting atmosphere, 87 problematic issues that entrepreneurs face in the course of their direct activities were listened to and analyzed in detail, and algorithms for prompt resolution of each of them were developed. In addition, the voiced proposals to improve the investment attractiveness of the region were accepted for consideration in the development of comprehensive solutions at the republican level.

On August 3 this year, the Forum of Heads of Regions of the Shanghai Cooperation Organization (SCO) countries began its work in Tashkent. The event is held within the framework of the chairmanship of Uzbekistan in the organization and is intended to become a permanent dialogue platform for deepening interregional cooperation in a number of priority areas.

The agenda of the Forum was opened by a plenary session, which was attended by heads of ministries and departments, heads of regions and heads of delegations from Russia, China, India, Pakistan, Kazakhstan, Kyrgyzstan and Tajikistan.

The Uzbek delegation was headed by Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan Jamshid Khodjaev. In his speech on the sidelines of the forum, he noted the importance of further development of multifaceted strategic cooperation between the SCO member countries and emphasized the main goal of the current dialogue - the comprehensive deepening of interregional cooperation in trade, economic, investment, cultural, humanitarian and other priority areas.

In the context of trade and economic cooperation, it was noted that despite the ongoing pandemic, the trade turnover of Uzbekistan with the SCO member states in 2021 increased by 24% and exceeded $20 billion. For the first half of 2022, the figures increased by almost 30% to $12 billion. To maintain positive dynamics, a Joint Action Plan for the development of intra-regional trade within the Organization for 2023-2025 is being developed. The document, which is expected to be signed at the highest level this fall, includes measures to remove trade barriers, unify technical regulations, digitalize customs procedures, and facilitate mutual access to markets, which will bring intraregional trade between the SCO countries to a completely new level.

The achieved results and prospects for the development of industrial cooperation, where positive dynamics are also observed, are noted. The number of enterprises in Uzbekistan with the participation of the capital of the SCO member countries over the past few years has grown 4 times, exceeding the mark of 7.5 thousand. The volume of attracted investments from the countries of the Organization at the end of 2021 amounted to $ 4.6 billion, which indicates the presence of mutual interest to establish a joint business partnership.

An effective platform for the implementation of new joint projects within the framework of the Organization is called upon to become the industrial zone "Uzbekistan - SCO", which is being created in Samarkand. In order to fully reveal the possibilities on the territory of the industrial zone, it was also proposed to create a Center for the Development of SCO Investment Projects, the main task of which will be the mobilization of industrial, infrastructure, raw materials and human potential.

In addition, the Uzbek side put forward specific proposals regarding the intensification of cooperation in the field of food security and agriculture, the expansion of partnerships in the areas of ecology, health, as well as pilgrimage tourism and other issues.

The heads of delegations of the SCO member states in their speeches noted the fruitful chairmanship of Uzbekistan in the organization and expressed their vision for the further development of dialogue within this dialogue platform between the regions.

The event continued with panel sessions, where in an open dialogue experts discussed ways to expand interregional cooperation in trade, economic, investment, cultural, humanitarian and other priority areas. 

On the second day of the Forum, a business forum in the round table format is expected, as well as a series of meetings and negotiations between representatives and heads of business structures. This format will allow business people to exchange contacts and identify real prospects for cooperation.

 

As it is well-known, the President held for the first time an open dialogue with entrepreneurs on August 20, 2021. This day is celebrated as Entrepreneurs’ Day in Uzbekistan, and it was decided to hold such a meeting annually.

The large-scale preparations are being carried out for this year’s meeting. A national headquarters and a call centre were established to collect questions and proposals from the entrepreneurs. To date, more than 7,2 thousand proposals and appeals have been received. The members of the national headquarters discuss, on a daily basis, the systemic and specific issues raised in the appeals. Most of the issues are solved on the spot.

The President specifically focused on the systemic problems in the sphere at the meeting.

According to the analysis, lending, allocation of land and facilities, protection of private property, bureaucracy in obtaining licenses and permits, tax administration, and infrastructure are the most pressing issues. The causes of these problems and measures taken to address them were discussed at the meeting.

The President emphasized the need for taking special control over each appeal, especially the issues concerning small and medium-sized businesses. It was instructed to continue trips to the regions, improve conditions and simplify business processes on the basis of the problems and proposals of entrepreneurs.

The decision was made to hold a week of dialogue with entrepreneurs in mid-August with the participation of ministers and khokims (governors). The closing event and culmination of the week will be the meeting of the President of the Republic of Uzbekistan with businesspeople.

 

Source: president.uz

Under the leadership of the Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan Jamshid Khodjaev, a meeting was held in the building of the Uzeltekhsanoat Association to analyze the current state of the electrical industry and the main tasks for the near future.

In particular, growth trends over the past five years were noted, as well as the results of the implementation of comprehensive measures as part of the implementation of the tasks set by the Head of State at a meeting on the development of the electrical industry held on May 6 this year.

In particular, in order to increase copper production in the Akhangaran district of the Tashkent region, a new Copper Cluster is being created. As part of 7 new projects worth $834 million, additional copper processing capacities in the amount of 128,000 tons will be created.

In addition, it was noted that in order to expand the production of renewable energy sources in the country, the Cluster of Alternative Energy Sources project is being implemented in the Chirokchi FEZ of the Kashkadarya region. 7 projects with a total capacity of 500 MW are being implemented here, and 500 new jobs will be created in parallel. Work is underway to create an innovative research and production cluster.

Within the framework of the meeting, a complex for the production of ultra-thin copper foil was also presented, which is planned to be created jointly with the South Korean company SK NEXILIS, as well as a testing laboratory complex organized by the association Uzeltekhsanoat.

As a result of the meeting, relevant instructions were given on the timing and quality of project implementation, as well as specific tasks were set for the further development of the industry as a whole.

 

Source: mift.uz

On August 2 this year, under the chairmanship of the Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan Jamshid Khodjaev, a regular meeting of the Interdepartmental Commission for Work with the World Trade Organization (WTO) was held.

During the event, the results of the 5th meeting of the Working Group on Uzbekistan's accession to the WTO and the main tasks in the framework of the negotiation process on accession in the near future were discussed.

It was noted that during the multilateral and bilateral negotiations within the framework of the 5th meeting of the Working Group, the WTO member countries were provided with full and comprehensive answers to all questions about the country's foreign trade regime. Also, in accordance with practice, following the results of negotiations by the WTO member states at the end of July this year, sent additional written questions.

The main tasks have been determined until the end of this year. within the framework of accession to the WTO, incl. conducting active bilateral negotiations, as well as preparing and submitting separate additional documents.

It was emphasized that in order to hold the next, 6th meeting of the Working Group on Uzbekistan, by the end of this year. the republic needs to submit to the WTO Secretariat answers to additional questions of the member countries of the Organization and documents updated in accordance with requests, including technical regulation, intellectual property, etc.

The heads of ministries and departments should carry out high-quality, timely and comprehensive work to prepare for the 6th meeting of the Working Group.

In general, the members of the Interdepartmental Commission were given strict instructions to accelerate the process of Uzbekistan's accession to the WTO, ensure the implementation of all tasks at a high professional level and increase the level of coordination between ministries and departments on a systematic basis. At the same time, the inadmissibility of delaying the established deadlines was especially emphasized.            

As a result of the meeting, it was decided to hold weekly workshops to analyze the current accession status and develop proposals for the effective and high-quality organization of further negotiations on the republic's accession to the WTO.

 

Source: mift.uz

On August 2, President of the Republic of Uzbekistan Shavkat Mirziyoyev received the High Commissioner for National Minorities of the Organization for Security and Cooperation in Europe (OSCE) Kairat Abdrakhmanov, who is visiting our country.

Issues of establishing practical cooperation, as well as prospects for the implementation of joint projects and programs in the field of ensuring interethnic harmony and sustainable development were considered.

The current level of constructive dialogue and fruitful interaction with the OSCE institutions in priority areas - in the field of security, the spheres of the economy and ecology, and the humanitarian dimension, was noted with satisfaction. A "road map" is being jointly implemented, which provides for about 50 activities for the medium term.

During the meeting, the High Commissioner praised the policy pursued in our country to develop a culture of tolerance and humanism, ensure interethnic and civil understanding and harmony, and educate the younger generation on this basis.

Uzbekistan supported the initiatives of Uzbekistan to strengthen relations of friendship, good neighbourliness and multifaceted partnership in the Central Asian region, to promote peaceful development and economic reconstruction of Afghanistan.

Agreements were reached on holding a number of joint events - a regional seminar on ensuring interethnic harmony and presentation of international experience and recommendations of the OSCE, as well as the participation of the Uzbek delegation in a round table on interethnic relations.

It is also envisaged to implement projects in the field of multilingual education, including within the framework of the Central Asian Educational Program.

 

Source: president.uz

Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan Jamshid Khodjaev met with the Minister of Trade of the Republic of Turkey Mehmet Mus.

During the meeting, the parties exchanged views on the development of bilateral cooperation with a focus on enhancing mutual trade.

It was noted that over the past five years, the volume of mutual trade has doubled and reached $3.4 billion in 2021. Mutual readiness was expressed to continue joint work in this direction with the aim of bringing the volume of the Uzbek-Turkish trade to $5 billion in 2023 and $10 billion in the foreseeable future.

In this vein, the parties agreed to speed up the process of agreeing on the Preferential Trade Agreement with a view to reaching its ratification in the near future. Further steps are also outlined to eliminate trade barriers, simplify customs procedures in the implementation of trade operations and introduce digital solutions in this area.

The participants of the meeting paid special attention to the issues of deepening cooperation in the transport and logistics sector. Given the positive dynamics of road and air transportation between the two countries, the parties spoke in favour of implementing practical measures to develop transport infrastructure and increase the volume of direct and transit cargo transportation between the two states.

As a result of the meeting, the parties outlined further steps for the practical implementation of the voiced initiatives and determined the format of interaction in all the areas considered.

 

Source: mift.uz

The first trilateral meeting of the ministers of foreign affairs, trade, economy and transport of Uzbekistan, Azerbaijan and Turkey took place. A completely new dialogue mechanism, organized in accordance with the agreements of the Presidents of the three states, made it possible to find points of convergence of interests on many priority issues.

Thus, at the meeting, an exchange of views took place on foreign policy issues and opportunities for regional cooperation, activities to realize the full potential of the partnership of the three countries in the fields of economy, trade, investment and transport.

It was announced that over the past five years, the trade turnover of Uzbekistan with Azerbaijan and Turkey has doubled, by the end of 2021 the figures reached $3.5 billion. First Deputy Minister of Investments and Foreign Trade of the Republic of Uzbekistan Laziz Kudratov noted that there are all prerequisites to double the trade turnover between the countries. This is one of the priority areas for strengthening relations. Uzbekistan has the opportunity to increase the volume of supplies to Azerbaijan and Turkey of equipment, Uzbek textiles, footwear and food.

To facilitate mutual access to markets, it was proposed to create a new e-commerce platform. It will simplify the communication of entrepreneurs, exporters, and importers in order to sell goods at more affordable prices.

They also considered the possibility of implementing joint projects to develop industrial cooperation, and cooperation in the energy sector and use the high transit potential of the three countries. The priority is also the deepening of interregional cooperation, and in this regard, it was proposed to organize an annual interregional forum Uzbekistan-Azerbaijan-Turkey and hold its first meeting in Tashkent.

As a result of the meeting, the Tashkent Declaration was signed, which absorbed all the agreements on the sidelines of the Forum, the implementation of which is designed to strengthen cooperation on many regional and international issues.

 

Source: mift.uz

On August 1 this year, Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan Jamshid Khodjaev met with a deputy of the House of Representatives (lower house of Parliament) of Japan Keiji Furuya.

During the talks, the parties discussed the current agenda of bilateral cooperation and the prospects for its expansion. It was noted that the Uzbek side is determined to continue working closely with the Japanese Parliament to fully implement all the agreements reached earlier and give new momentum to an intercountry partnership.

The important role of legislative bodies in maintaining a high level of relations between the two states and its positive impact on economic and social development was noted, in connection with which the parties expressed their readiness to consistently expand parliamentary diplomacy through the revitalization of the Japanese Parliamentary Friendship League and the Inter-Parliamentary Cooperation Group.

At the end of the talks, the parties reaffirmed their common position on the importance of establishing an exchange of experience in expanding the democratic foundations in the public administration system, exercising parliamentary control over executive authorities and improving the legislative framework, including regulating relations with businesses and investors.

 

Source: mift.uz

On August 2 this year, Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan Jamshid Khodjaev met with the UN Resident Coordinator in the Republic of Uzbekistan Roli Astkhana.

During the conversation, cooperation was discussed within the framework of the implementation of approved projects to improve the standard of living in the Aral Sea region, as well as prospects for developing cooperation within the framework of the UN Multi-Partner Trust Fund for Human Security for the Aral Sea Region.

In particular, the parties considered the implementation of the multilateral "Roadmap" to ensure the ecological balance and socio-economic development of the Aral Sea region, adopted to implement the UN General Assembly Resolution "On declaring the Aral Sea region a zone of environmental innovations and technologies." The document includes 14 priority areas and 230 project proposals totalling $210 million.

The parties discussed the importance of further mobilization of investments in the region and the prospects for expanding the activities of the Trust Fund. So, up to now, within the framework of the Fund's strategy, about 244 million dollars have been mobilized to finance various projects in accordance with the priorities of the socio-economic development of the Aral Sea region. In addition, the Fund has already financed 5 joint programs, which, in turn, has affected the improvement of the quality of life of 48,000 residents of Karakalpakstan.

The parties expressed their commitment to the implementation of the next cycle of the Fund's activities for 2024-2030, in connection with which a new strategy of the Fund will be developed and work to attract donors will be intensified.

Following the meeting, the parties agreed on further steps for interaction within the discussed areas of cooperation
and agreed to maintain close contact for the prompt development of priority issues.

 

Source: mift.uz

Almost 7,000 requests were received from entrepreneurs for an open dialogue with the president. Most of them are related to the problems of financing, credit and subsidies, as well as the tax system and land allocation.

As of August 1, entrepreneurs sent 6916 appeals for an open dialogue with the President of Uzbekistan Shavkat Mirziyoyev. This was reported by the press service of the Ministry of Investment and Foreign Trade.

In particular, 6344 (91.7%) statements represent individual business issues, and 554 (8.3%) concern systemic issues. In 2021, the share of personal problems accounted for 86% of the total number of requests.

Financing, lending and subsidies remain the most urgent problem for entrepreneurs - the headquarters received 2119 (30.6%) applications on this issue. Next come the appeals related to the tax system (755/10.9%) and the allocation of land (707/10.2%).

Businesses also filed 260 applications regarding engineering and communication infrastructure, 159 - corruption and bureaucratic obstacles, 90 - allocation of buildings and privatization, 90 - activities of government agencies and their intervention in the economy, 87 - ideas to start a business, 85 - trade, including tariff and non-tariff customs obstacles.

In addition, the republican headquarters received 73 appeals for the protection of private property, 66 for benefits and preferences, 57 for the construction sector, 51 for issuing permits and licenses, and certification, 24 for the activities of the stock exchange, and 10 for public procurement.

Last year, about 42% of requests were for interest rates and short-term loans, and 21% for access to land and buildings.

In the context of regions, Tashkent is the leader in terms of the number of applications received - 613 (8.9%). Next come Surkhandarya (605), Kashkadarya (580), Namangan (571), Samarkand (558) and other regions.

Entrepreneurs could submit problems and suggestions for their activities by July 31st. The second open dialogue with the head of state is scheduled for August 20.

 

Source: www.gazeta.uz

The Embassy of our country organized online negotiations between the Deputy Khokim of the Tashkent region Nazhmiddinhoja Sharipov, representatives of the Foreign Investment Promotion Agency under the Ministry of Investments and Foreign Trade of Uzbekistan and the director of the Malaysian company LJACK Tew Sing Chew regarding the possible implementation of a copper processing project.

The products manufactured by the LJACK company founded in 1998 are exported to 20 countries of the world, including all the states of Southeast Asia. The company has its own research and development center to continuously upgrade the production line and develop new products.

During the meeting, the Malaysian side was informed about the procedure for purchasing raw materials for the implementation of the copper cathode processing project, as well as about the allocation of land, infrastructure and labor provided by the project.

In turn, the head of the Malaysian company said that this project will be implemented in two stages, the cost of the project at the first stage is about 2 million US dollars, and the products will be fully exported.

As a result of negotiations between the parties, an agreement was reached that the head of the Malaysian company would organize a trip to the Tashkent region to study the possibility of implementing the project.

 

Source: dunyo.uz 

An article about the potential of Uzbekistan in the textile sector has been posted on the professional Belgian Internet platform of the fashion industry Fashionunited.

It reports that in March the International Labor Organization (ILO) confirmed that Uzbekistan had succeeded in completely eradicating forced and child labour from the cotton production cycle, and the Cotton Campaign lifted the global boycott of Uzbek cotton.

“Now the ILO is calling on international buyers to return to the country, which is counting on international companies and retail chains to buy Uzbek cotton again,” the publication says.

“The textile sector of Uzbekistan is once again becoming one of the key sectors of the country’s economy, employing about 350,000 people in 2021,” the article says. - In 2021, textile export growth doubled from the previous year, reaching US$3 billion. Exports are expected to reach $3.8-4.3 billion in 2022 and $7 billion in 2025, putting Uzbekistan on a par with countries like Sri Lanka and Pakistan.”

It is noted that in general in Uzbekistan there are more than 130 economic clusters engaged in the cultivation and processing of cotton, which accounts for almost 18% of the annual cotton production. As a result, fibre processing increased by 2.5 times in just two years.

It is emphasized that the international textile industry is again interested in Uzbekistan. With reference to the German agency Berliner Korrespondentenbüro, it is noted that there are many factors that again make Uzbekistan attractive for German and international companies: in addition to the availability of raw materials, the country has low production costs, a motivated workforce and many years of production experience.

“Moreover, since April 2021, Uzbekistan has been included in the EU Generalized System of Preferences (“GSP+”), which means economic incentives such as lower export duties. This facilitates foreign trade and experts expect annual exports to the EU to reach $250 million by 2022,” concludes Fashionunited.

 

Source: dunyo.info

For the first time, trilateral talks between the heads of the ministries of foreign affairs, trade and transport of Uzbekistan, Turkey and Azerbaijan will be held in Tashkent. “This is a completely new mechanism,” said a spokesman for the President of Uzbekistan.

This week, for the first time, trilateral talks between the heads of the ministries of foreign affairs, trade and transport of Uzbekistan, Turkey and Azerbaijan will be held in Tashkent. This was announced at a briefing on Monday by the press secretary of President Sherzod Asadov. The Uzbek Foreign Ministry specified that the dialogue will take place on August 2.

“This is a completely new mechanism,” he said, recalling that the negotiations are organized in accordance with the agreements of the presidents of the three states.

“The agenda of the talks included issues of further development of interregional cooperation, prospects for cooperation in the areas of investment, innovation, transport, and communications,” Sherzod Asadov said.

It is expected that President Shavkat Mirziyoyev will receive Turkish and Azerbaijani Foreign Ministers Mevlut Cavusoglu and Jeyhun Bayramov.

 

Source: www.gazeta.uz

A consortium of international banks, including JPMorgan Chase, Citi, Societe Generale and Credit Suisse, provided NMMC with a $1.2 billion loan to implement the investment program.

The Navoi Mining and Metallurgical Combine (NMMC) has attracted a $1.2 billion loan from an international consortium of banks to implement an investment program, the press service of the plant reported.

An unsecured long-term syndicated loan was issued for a period of five years. The consortium of banks included American JPMorgan Chase and Citi, French Societe Generale, Swiss Credit Suisse, Chinese ICBC Standard, Kazakh Halyk Bank and German Deutsche Bank.

In September last year, the Russian VTB announced that it would open a credit line for a total of $1 billion to finance NMMC's investment program, the parties then signed a corresponding agreement.

NMMC plans for 2017-2026 to implement 27 projects for the modernization of existing and construction of new production facilities with a total value of more than $3 billion, their implementation will increase the production capacity of the plant by 30%.

 

Source: www.gazeta.uz 

In Delhi, within the framework of the visit of the government delegation to India, Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan Jamshid Khodjaev held a number of bilateral meetings and negotiations with investors, representatives of large companies. Thus, in particular, issues of mutual interest were discussed with the Director of Indorama Industries Prakash Kejriwal, as well as the Chief Executive Officer of Adani Group Sudipta Bhattacharya.

The meetings were of an informal nature, which made it possible to most fruitfully discuss new projects, topical issues and prospects for building up cooperation in a number of areas.

 

Source: mift.uz

On July 28 this year, as part of the visit of the government delegation of the Republic of Uzbekistan to India, Deputy Prime Minister - Minister of Investment and Foreign Trade of the Republic of Uzbekistan Jamshid Khodjaev held talks with the Minister of Agriculture and Farmers Welfare of India Narendra Singh.

During the meeting, it was noted that the two countries have managed to diversify trade in the agricultural sector over the past few years, but there is still significant untapped potential.

The parties agreed on the need to increase the volume of trade, including by creating additional favourable conditions for mutual access of products of national agricultural producers to the markets of the two countries. Uzbekistan has granted phytosanitary permits for the import of 6 Indian commodities, including bananas, mangoes, soybeans and rice. In turn, the Indian side is considering the possibility of granting permits for Uzbek agricultural products, such as grapes, pomegranates, apples, persimmons, chilli peppers, tomatoes, almonds and watermelon.

During the talks, issues of investment plans of individual agricultural companies were discussed. So, at present, the Indian Indo Organics, through direct investment, intends to launch the production and processing of agricultural products in the Namangan region of Uzbekistan. Mutual readiness was expressed to provide practical assistance in the implementation of such technological projects.

Following the meeting, the parties stressed their commitment to further continuation of close cooperation for the effective development of new projects and the implementation of all agreements reached in practice.

 

Source: mift.uz

In Delhi, as part of the stay of the government delegation of Uzbekistan in India, the Uzbek-Indian business forum was held.

The event was attended by Deputy Prime Minister - Minister of Investment and Foreign Trade of the Republic of Uzbekistan Jamshid Khodjaev, State Minister of Trade and Industry of the Republic of India Anupriya Patel, heads of relevant ministries, departments, industry associations, as well as more than 50 representatives of business circles of the two countries.

In their speeches at the opening ceremony of the Forum, the heads of delegations emphasized that relations between Uzbekistan and India over the past five years have reached a qualitatively new level.

Thus, in particular, the trade turnover between the two countries during this period increased by more than 50%. The positive dynamics continue to grow, and in the first half of 2022, mutual trade increased by almost 30%, exceeding $324.5 million.

In the context of the effectiveness of the reforms carried out in Uzbekistan, the effectiveness of measures to support entrepreneurial activity and create a favourable climate for investors was noted. Thanks to this, the number of enterprises operating in Uzbekistan with the participation of Indian capital has increased almost 5 times since 2017. In 2021 alone, about seventy enterprises began operating, and their total number reached 357. Currently, over 80 joint projects worth more than $3 billion are being implemented in various industries.

During the event, the Uzbek side came up with initiatives to mobilize untapped resources in all areas of partnership. Among the promising areas of cooperation are: agro-industrial cooperation through the creation of joint ventures for the cultivation of crops and the production of popular food products, the IT sector and investments in infrastructure projects, the joint production of pharmaceuticals and their export to third countries, close cooperation in the textile industry, as well as production of building materials

As part of the business forum program, presentations on the investment potential of Uzbekistan in various sectors were also held. And the mutual interest of business circles in building ties and working together was revealed by the B2B negotiations session, during which entrepreneurs and investors were able to get to know each other, find common ground and discuss new promising ideas with a focus on reaching firm agreements in the near future.

As a result of the forum, a number of agreements were signed in such areas as private medicine, pharmaceuticals, the production of footwear and leather products, as well as the training of highly qualified personnel.

 

Source: mift.uz

On August 3-4 this year, within the framework of the Chairmanship of the Republic of Uzbekistan in the Shanghai Cooperation Organization, the Forum of the Heads of the SCO Regions will be held in Tashkent.

The main goal of the Forum is to draw the attention of the SCO member countries to the issues of further development of tourism, culture and agriculture.

The program of the two-day event includes a plenary session and three panel sessions, as well as a business forum with representatives of business circles from the countries of the Organization.

Participants during the panel sessions will focus on joint high-tech projects for the production and processing of agricultural products, the introduction of innovative technologies in agriculture, including the food sector, as well as cooperation in tourism and transport logistics.

The Forum of Heads of Regions acts as a dialogue platform that allows the countries of the region to jointly and comprehensively consider promising areas for the further development of the region.

 

Source: mift.uz

In January-June 2022, 41.5 trillion soums of investments in fixed assets, or 34.1% of their total volume, were disbursed from the own funds of enterprises and organizations.

It should be noted that, with an increase in growth rates compared to the corresponding period of 2021 by 35.0%, the bulk of the assimilated investments in fixed assets were disbursed at the expense of enterprises and organizations' own funds.

 

Source: stat.uz 

Deputy Prime Minister - Minister of Investments and Foreign Trade Jamshid Khodjaev received the Ambassador Extraordinary and Plenipotentiary of the People's Republic of Bangladesh to the Republic of Uzbekistan M. Alam. During the meeting, the prospects for expanding multifaceted cooperation between the two countries were discussed.

In terms of mutual trade, it is planned to take specific practical measures to increase its volume, including through the simplification of customs procedures, and the organization of mutual exhibitions and fairs.

It was noted that 36 enterprises created with the participation of Bangladeshi investments were registered in Uzbekistan, including 35 with 100% foreign capital. These figures do not reflect the real potential for interaction between the two countries, in this regard, the importance of building up investment cooperation was emphasized.

When considering promising areas, it was proposed to organize in Uzbekistan, the production of synthetic fibres and mixed fabrics, finished textiles, and medicines, to develop projects for the deep processing of vegetables and fruits.

Other issues of mutual interest were also discussed during the meeting. As a result, the parties expressed confidence that the practical implementation of the agreements would give impetus to the development of relations between Uzbekistan and Bangladesh.

 

On July 25, 2022, under the leadership of the Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan Jamshid Khodjaev, a meeting was held via videoconferencing to discuss the current state of innovation activity in the republic and the prospects for its development.

The dialogue was attended by heads of ministries, departments, industry associations, local authorities, as well as higher education institutions and research centres of the country.

The focus of attention of the participants was on the implementation of the Strategy for Innovative Development of the Republic of Uzbekistan for 2022-2026. It was noted that this program document, approved by the relevant Decree of the Head of State, includes clear target parameters. In particular, it is expected that in 2026 Uzbekistan will enter the 50 most innovative countries in the world, over 1,700 innovative projects will be implemented in various sectors of the economy and the social sphere, and the number of innovative activity entities will increase from 613 to 2,250, and the number of innovative infrastructure entities will increase to 3 times. It is also expected that the number of new jobs created as a result of the implementation of investment projects involving the introduction of innovations will increase by 4 times.

It was emphasized that in order to effectively achieve the set goals, it is important to build a systemic interaction between entrepreneurs, industry associations, research institutes and educational centres.

During the meeting, responsible managers reported on the implementation of the main tasks in the framework of the formation of innovative programs. Targeted instructions were given on the development and approval of network schedules for financing and implementing high-tech innovative projects, which will correlate with the deadlines for completing the tasks stipulated by the Strategy.

The leadership of the Ministry of Higher and Secondary Specialized Education pointed out the need to develop and widely implement educational programs in the areas of: "Innovation Management", "Project Management", "Commercialization", and "Intellectual Property Management".

As a result of the meeting, the responsible executors were given additional instructions in their core areas and the deadlines for their implementation were indicated.

 

Source: mift.uz

On July 25 this year, Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan Jamshid Khodjaev held negotiations via videoconference with Deputy Chairman of the Cabinet of Ministers of the Kyrgyz Republic B.Torobaev. The parties exchanged views on topical issues of bilateral cooperation.

For reference: in 2021, the trade turnover between Uzbekistan and Kyrgyzstan exceeded $953.5 million, and in the first half of 2022 - $590 million (an increase of 39% compared to the same period last year).

During the meeting, practical measures for developing industrial cooperation were considered in detail. Thus, 289 enterprises with Kyrgyz capital are currently operating in Uzbekistan, of which 129 are joint ventures and 160 are with 100% foreign capital. Readiness was expressed to increase the number of joint projects in the energy, light, pharmaceutical, and automotive industries, production of building materials and agricultural products, as well as agricultural machinery, cars and basalt fibre.

Other priority areas of interaction included in the Program for Trade and Economic Cooperation and the Development of Industrial Cooperation between the two countries for 2022-2025 were also discussed.

As a result of the meeting, a mutual commitment was expressed to support the practical implementation of the discussed projects and initiatives.

 

Source: mift.uz

In January-June 2022, the number of newly created small businesses (excluding farms and dekhkan farms) amounted to 49,765

The number of newly created small businesses by type of economic activity:

On sale - 18 353

In industry - 9 249

In agriculture, forestry and fisheries - 7,757

In the field of accommodation and food services - 3,088

In construction - 2 633

During transportation and storage - 1,584

Information and communication - 1 353

In health and social services - 824

In other industries - 4,924

 

Source: stat.uz

On July 19, the President of the Republic of Uzbekistan Shavkat Mirziyoyev received the Vice-President of the Islamic Republic of Iran Sorena Sattari, who arrived in Uzbekistan on a working visit.

The issues of further enhancing the multifaceted relations between Uzbekistan and Iran were considered. Special attention was paid to the promotion of joint programs and projects in science, innovation and technology.

Sorena Sattari conveyed to the President of Uzbekistan the sincere greetings and the best wishes of the President of Iran Ebrahim Raisi.

The sides have noted with satisfaction the intensification of bilateral contacts and mutual exchanges observed in recent years. The trade indicators and the number of cooperation projects are also growing. Last year, the trade turnover increased by 73%, and since the beginning of this year – by another 22%.

The opportunities for enhancing practical cooperation in the joint scientific and applied research, attracting the private sector to finance exploration work and venture initiatives, supporting the university programs, and implementing the joint projects in bio- and nanotechnology, IT sector, pharmaceutical and other industries were noted.

An agreement was reached on the adoption of a «roadmap» for the implementation of joint decisions and signed agreements, including as a part of the upcoming Uzbekistan – Iran Innovation Forum and business events.

 

Source: president.uz

 

On July 19 this year, Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan Jamshid Khodjaev met with the Vice President for Science and Innovation of the Islamic Republic of Iran Suren Sattoriy.

During the dialogue, a positive assessment was given to the effectiveness and growth rates of the Uzbek-Iranian trade cooperation in recent years. So, in 2021, the volume of trade increased by 73%, exceeding $430 million. In the first half of 2022, the figure has already reached $239 million. The importance of expanding the range of supplied goods and services on a mutual basis was noted.

The current state and prospects for expanding investment cooperation between our countries were considered. Currently, 366 enterprises with the participation of Iranian capital operate in Uzbekistan. Mutual interest and government support create favourable conditions for expanding contacts, developing modern projects, and creating new industrial facilities. As a result, in the first 6 months of 2022, another 69 new enterprises created jointly with the Iranian side were registered in our country.

During the dialogue, the parties also touched upon the development of new projects, the introduction of mechanisms to support start-ups, and joint research.

As an example, the Iranian side expressed interest in sharing new technologies for extracting groundwater and treating it.

We agreed to speed up the coordination of a number of documents aimed at intensifying cooperation in the field of fruit and vegetable growing, as well as organizing special training courses in cotton and grain growing.

Following the meeting, the parties expressed confidence that the practical implementation of the agreements reached would give additional impetus to the development of relations between the two countries.

 

Source: mift.uz

In January-March 2022, in the technological structure of assimilated investments in fixed assets, investments in the Syrdarya region for the purchase of machinery, equipment, vehicles and inventory of the region amounted to 1695.5 billion soums. Also, investments in construction and installation works amounted to 479.9 billion soums and other costs of 814.4 billion soums of investment. 

 

Source: stat.uz

In January-March 2022, in the technological structure of assimilated investments in fixed assets, investments in the Tashkent region for the purchase of machinery, equipment, vehicles and inventory of the region amounted to 1868.3 billion soums. Also, investments in construction and installation works amounted to 2376.0 billion soums and other costs 765.9 billion soums of investments.

 

Source: stat.uz

In the Japanese capital, representatives of the Embassy of Uzbekistan held talks with Takayuki Murakawa, General Manager of NIPPON STEEL, Tomohira Kagami, Assistant General Manager of Sumitomo Electric, and Hideaki Kitamura, Assistant Manager, Dunyo news agency reported.

During the meeting, representatives of NIPPON STEEL and Sumitomo Electric presented an electric cable that reduces the loss of electrical energy during transmission. Manufactured using new technologies and a specially designed core by NIPPON STEEL, the cable, compared with existing analogues, can reduce power losses during transmission by 15-25%, increase strength, reduce the diameter and ensure a service life of up to 40 years.

During the meeting, representatives of Japanese companies expressed their interest in cooperation with the Ministry of Energy of our country, National Electric Networks JSC, Thermal Power Plants JSC, Energosetproekt design institute and construction companies of the republic in the design and construction of power lines using the developed technology.

 

Source: dunyo.info

On July 18, a government delegation of Georgia headed by Prime Minister Irakli Garibashvili arrived in Tashkent. At the airport, the distinguished guest was met by the Prime Minister of the Republic of Uzbekistan Abdulla Aripov, Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan Jamshid Khodjaev and other officials.

The program of the visit began with a visit to the Yangi Uzbekiston park, where I. Garibashvili laid flowers at the Independence Monument, as a tribute to the depth of history and bright modernity of Uzbekistan.

The next on the delegation's route was Technopark, where the guests got acquainted with the production process and the range of localized high-tech products.

In terms of economic relations, it is worth noting that there is a free trade regime between the countries. Uzbekistan supplies Georgia mainly with industrial goods, chemical products, beverages, cars and transport equipment. Georgia, in turn, imports pharmaceutical products, transport equipment, food products and other items. On the territory of Uzbekistan, there are 69 enterprises with the participation of the Georgian capital. In Georgia, there are 23 enterprises with the participation of Uzbek investments. Trade between the countries has grown by 34.3% since 2017, reaching $127.4 million. But this, as noted, is far from the limit, the countries have a mutual desire, and hence a real opportunity to achieve much greater results.

When visiting the Technopark, which unites 17 modern, export-oriented and import-substituting industries, the Prime Minister of Georgia drew attention to the huge investment and industrial potential of Uzbekistan, in light of which the priority of bilateral partnership today remains to build up direct contacts between the business circles of the two countries in order to develop and implementation of new joint projects.

 

Source: mift.uz

Deputies of the Legislative Chamber of the Oliy Majlis at a meeting on July 16 considered and approved the candidacy of Jamshid Khodjaev for the post of Deputy Prime Minister for Investments and Foreign Economic Relations - Minister of Investments and Foreign Trade of Uzbekistan, the press service of the lower house of parliament reported.

Earlier today, we reported that Sardor Umurzakov, who previously held this position, was appointed to the post of head of the Presidential Administration.

Jamshid Khodjaev (born in 1979) graduated from the Tashkent State University of Economics (2000) and the University of Birmingham, UK (2003). He has been working in the banking system since 2000, out of 14 years of work in the structure of the Central Bank of Uzbekistan, he held a senior position for 8 years.

In 2017, he worked as First Deputy Chairman of the National Bank for Foreign Economic Affairs of Uzbekistan, where he supervised the departments of the treasury, foreign economic activity, information technology, project financing and others.

In August 2017, he took the position of First Deputy Chairman of the Accounts Chamber - Head of the Inspectorate for Control over the Completeness of State Budget Revenues.

In November 2017, he was approved as Minister of Foreign Trade and in January 2019 appointed as Minister of Agriculture.

 

Source: www.gazeta.uz

By the decree of the President of the Republic of Uzbekistan, Umurzakov Sardor Uktamovich was appointed to the post of head of the Administration of the President of the Republic of Uzbekistan, in connection with which he was relieved of the post of Deputy Prime Minister for Investments and Foreign Economic Relations - Minister of Investments and Foreign Trade.

 

Source: t.me

The Law "On amendments and additions to the Tax Code of the Republic of Uzbekistan" (LRU No. 783 of 12.07.2022) was signed by the President.

The additions made set the deadlines for granting income tax benefits to participants in special economic zones. According to the law, when exempted from income tax, their grace period depends on the size of the investment:

- for investments from 3 million US dollars to 5 million US dollars - 3 years;

- for investments from USD 5 million to USD 15 million - 5 years;

- for investments from 15 million US dollars and more - 10 years.

The specified terms are calculated from the date of acceptance of the production facility into operation.

The law comes into force from the day of its official publication.

 

Source: www.uzdaily.uz

On July 13, 2022, the United Nations Development Program (UNDP) and the Ministry of Agriculture of the Republic of Uzbekistan held a joint training seminar in Tashkent. This workshop, within the framework of the European Union-funded project " Supporting the inclusive transition of the agri-food sector to a "green economy" and developing a climate-oriented agricultural knowledge and innovation system " was conducted by an international consultant, a specialist with 40 years of experience in the development of the agrarian sector, Briton David Kahan.

The event was attended by ACIS Agricultural Services Centers of Fergana, Kashkadarya and Tashkent regions, research institutes in the field of agriculture and their research and experimental stations in the regions, employees of local higher and vocational educational institutions specializing in agriculture, and representatives of farms.

In his speech, David Kahan presented information about the concept of "Innovation groups" in the development of agriculture, identifying and eliminating existing problems and shortcomings in the production of products based on their research.

UNDP National Project Coordinator Ulugbek Islamov emphasized that the main goal of the project is to ensure the effectiveness of links between science, research, services and production, noting the need to establish cooperation with public and private sector organizations in the field of water resources use.

Also, during the training seminar, the participants were divided into groups and, with the help of practical exercises, analyzed the problems associated with grain, cotton, animal husbandry, horticulture, and water resources. They studied the impact of identified problems on the environment and natural resources and made presentations on how to solve them.

As noted at the event, "Innovation Groups" develop and implement innovative projects with scientific and practical solutions to adapt to climate change in agriculture and mitigate its negative consequences. The groups consist of representatives of farmers, dekhkan farms, researchers, representatives of agribusiness, entrepreneurs and other organizations associated with the industry. The best and most innovative projects are awarded special grants from this project based on a transparent competition.

 

Source: www.agro.uz

The ceremony of signing documents following the outcomes of the Uzbek –Turkmen negotiations at the highest level was held at the Kuksaroy Residence.

Shavkat Mirziyoyev and Serdar Berdimuhamedov signed a Joint Statement, which secures the major arrangements and defines the long-term tasks for further building up the multifaceted cooperation and strategic partnership between the two countries.

In the presence of the Presidents, the agreements were also signed by the heads of ministries and agencies of the two countries. A total of 19 documents were signed, including:

- Agreement on the development of transport and transit cooperation;

- Agreement on cooperation in the field of tourism;

- Agreement on the management, protection and rational use of the water resources of the Amudarya River;

- Agreement on holding a joint competition of initiative research projects;

- Program of trade and economic cooperation and development of industrial cooperation for 2022-2025;

- Program on scientific and technical cooperation for 2022-2024;

- Program of cooperation between the Ministries of Foreign Affairs for 2023-2024;

- Action plan for the practical implementation of the provisions of the intergovernmental Agreement on the establishment and regulation of the Uzbek -Turkmen border trade zone - Trade Center.

A number of documents were also signed on the cooperation in the chemical industry, customs issues, railway communication, forestry, museum business, justice, youth policy, television and radio broadcasting, and others.

 

Source: president.uz

On the eve of the visit of the President of Turkmenistan to the Republic of Uzbekistan, the first Uzbek-Turkmen interregional Forum was held in Bukhara.

At the event, the delegations of the two countries were headed by Deputy Prime Minister – Minister of Investments and Foreign Trade Sardor Umurzakov from the Uzbek side, and Deputy Chairman of the Cabinet of Ministers Batyr Atdayev from the Turkmen side. The delegations included heads of ministries, agencies, industry associations, commercial banks, chambers of commerce and industry, heads of local administrations and representatives of business circles from various regions of the two countries.

Addressing the participants of the event with a welcoming speech, the heads of delegations noted the growing dynamics of the partnership between Uzbekistan and Turkmenistan, characterized by depth and intensity. At the same time, the attention of the participants was drawn to the presence of untapped reserves in a wide range of areas in bilateral cooperation.

Emphasizing in this vein the importance of strengthening interregional ties and developing joint breakthrough initiatives, the parties expressed their readiness to implement joint practical measures to advance cooperation in this direction. The organization of regular mutual visits of heads and business missions of the regions of the two countries will be established. In addition, it was announced that permanent working groups will be created between the regions, whose task will be to develop new areas of cooperation, develop and coordinate promising projects, and interact in order to solve all issues related to the implementation of those initiatives and projects.

The Forum participants focused on the most promising areas in terms of investment, and industrial and trade cooperation: agriculture, automotive, chemical, textile, leather and footwear and electrical industries.

In the context of the development of interregional ties, the importance of the accelerated launch of cross-border trade zones, the opening of trading houses and the implementation of joint projects aimed at creating high-tech industries was emphasized.

At the end of the speeches, the heads of delegations expressed their commitment to active cooperation to strengthen direct contacts between the regions of Uzbekistan and Turkmenistan, the implementation of joint projects and the exploration of new growth points for interregional cooperation.

Heads of chambers of commerce and industry, heads of regions and relevant departments of the two countries also spoke during the Forum. The potential and prospects for expanding investment cooperation were presented, as well as specific proposals regarding the organization of industrial cooperation between entrepreneurs of the regions of the two countries.

In addition, targeted meetings of participants in the "B2G" and "B2B" format, as well as a signing ceremony of bilateral documents were held on the sidelines of the event. As a result of the Forum, investment and trade agreements totalling $451 million were signed.

 

Source: mift.uz

On July 13, The President of the Republic of Uzbekistan Shavkat Mirziyoyev received a delegation of the Islamic Republic of Iran headed by the Chairman of the Islamic Council Assembly Mohammad Bagher Ghalibaf.

The issues of further development of the Uzbek-Iranian multifaceted relations, as well as the current regional agenda, were considered.

The President has noted with satisfaction the active contacts and productive exchanges that contribute to maintaining the high dynamics and expanding mutually beneficial cooperation between Uzbekistan and Iran in the priority areas.

There is an increase in the cooperation indicators in the trade and economic sphere – since the beginning of the year, the trade turnover has grown by 40%, the number of joint ventures and projects has exceeded 360. In February, a regular meeting of the Intergovernmental Commission and a business forum were successfully held with the participation of representatives of businesses and the leading enterprises of the two countries. A number of important bilateral events are planned for the coming months.

The Chairman of the Islamic Council Assembly conveyed the sincere greetings and the best wishes of the President of Iran Ibrahim Raisi to the Leader of Uzbekistan, emphasizing the commitment of the Iranian side to deepening the comprehensive relations between the two friendly states and filling them with the concrete substance.

During the negotiations, special attention was paid to the issues of creating favourable conditions for increasing the volume of mutual trade, promoting joint projects in transport and logistics, implementing scientific and technical exchange programs, as well as intensifying contacts at the regional and business levels.

It was agreed to continue a productive inter-parliamentary dialogue to implement agreements in practice and promote promising projects of mutually beneficial cooperation.

There was also an exchange of views on the situation
in Afghanistan. The importance of expanding assistance to achieve long-term peace and socio-economic reconstruction of this country was emphasized.

In addition, the interactions at the international organizations, including the agenda for the upcoming summit of the Shanghai Cooperation Organization in the city of Samarkand in September this year, were discussed.

 

Source: president.uz

On July 12, President Shavkat Mirziyoyev got acquainted with a presentation on the implementation of major energy projects in partnership with the United Arab Emirates.

Uzbek-Emirati cooperation is developing dynamically. Since the beginning of this year, the volume of mutual trade has doubled, and 45 new enterprises have been created in our country with the participation of capital from the UAE.

The mutually beneficial partnership covers many sectors of the economy, of which one of the most important is energy.

Last year, together with the Emirati company Masdar, the first large solar power plant in our country was launched in the Navoi region. Today it supplies 1 million 180 thousand kilowatt-hours of electricity per day.

The implementation of another 5 large energy projects, the total cost of which is almost $3 billion, has been agreed upon. These are the privatisation and increase in the capacity of the Talimarjan TPP with the companies Mubadala and TAQA, the construction of a wind power plant in the Navoi region and photovoltaic stations in the Surkhandarya, Samarkand and Jizzakh regions with the Masdar company.

It should be noted that this year a new mechanism for the development and coordination of economic cooperation with the UAE was launched.

The meeting considered the implementation of these projects based on this system.

Responsible persons provided information on the current status of projects and activities planned until the end of the year.

The head of state noted that these projects would create the basis for the stability of the energy system and a further increase in the inflow of investments in the economy.

Speaking about the privatization of the Talimarjan TPP, the President stressed that the project should become a model for the management of the republic's thermal power plants and efficient electricity production.

The projects to be implemented in the field of renewable energy together with Masdar will be an important step towards bringing the share of green energy to 25 percent by 2030.

In this regard, the need was emphasized to speed up the process of signing the necessary agreements and documents in order to launch practical work on the implementation of these projects.

 

Source: president.uz

On July 4, the President of the Republic of Uzbekistan Shavkat Mirziyoyev received his Adviser for Economic Development, Effective Governance and International Cooperation Suma Chakrabarti.

The issues of further continuation and enhancement of the effectiveness of economic reforms in our country in the context of implementing the New Uzbekistan Development Strategy for 2022-2026 were discussed at the meeting.

Adviser Chakrabarti highly appreciated the large-scale program of socio-economic reforms being implemented under the leadership of the President of Uzbekistan, including the modernisation and improvement of the competitiveness of key economic sectors, transformation and digitalisation of all spheres of society, development of the investment and business environment in the country, as well as a new generation training.

It was noted that the constitutional reform initiated in Uzbekistan, carried out in full compliance with the democratic principles and legal norms, based on advanced national and international experience in the constitutional construction, will contribute to bringing the transformations, carried out in the country, to a qualitatively new level.

Suma Chakrabarti expressed his readiness to make the utmost effort to promote the Government of Uzbekistan in finding and implementing new growth points.

Before the appointment as an Adviser to the President of Uzbekistan, Suma Chakrabarti held the office of the President of the European Bank for Reconstruction and Development for eight years.

 

Source: president.uz

On July 4 this year, Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan Sardor Umurzakov received a French delegation headed by the Chairman of the France-Uzbekistan Business Council of "MEDEF International" French Entrepreneurs Movement, Chairman of the Board of Orano Claude Imauven.

The delegation also included the Ambassador Extraordinary and Plenipotentiary of the French Republic to the Republic of Uzbekistan Aurelia Bouchez, the leadership of the French companies Orano Mining, SUEZ, Voltalia, EDF, MEDEF International and Alstom.

The parties constructively discussed the current state and prospects for expanding investment cooperation with French companies. It was noted that at the moment about 50 French companies are operating in the country in such areas as geological exploration, energy, infrastructure, tourism and agriculture.

The management of MEDEF stressed that Uzbekistan is an active and reliable economic partner of France and expressed readiness to intensify efforts to attract large French businesses to implement new projects in the country.

Representatives of the French business community announced their plans to work in Uzbekistan and spoke about the current cooperation with Uzbek partners in the framework of working out joint projects and initiatives in specialized areas.

Directly during the meeting, the participants, among whom were also representatives of relevant ministries and agencies of Uzbekistan, were able to develop an agenda for further actions to promote the areas of cooperation considered.

The Uzbek side expressed readiness to support every French entrepreneur interested in implementing projects in Uzbekistan.

Following the meeting, an agreement was reached to continue practical cooperation aimed at supporting the business circles of the two countries in establishing partnerships and reaching specific agreements.

 

Source: mift.uz

On July 4 this year, Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan Sardor Umurzakov received a delegation of Afghanistan headed by Acting Minister of Industry and Trade Nuriddin Azizi.

During the meeting, the sides exchanged views on the agenda of Uzbek-Afghan cooperation in the field of investments, trade, transport and logistics. Further steps were agreed to implement joint initiatives in each of the above areas.

An agreement was reached on the joint preparation of proposals to increase bilateral trade and expand the volume of cargo transportation through the territories of the two countries. The prospects of joint work on establishing direct ties between Uzbek and Afghan business circles in order to explore the existing potential for a mutually beneficial partnership were also noted.

In the context of the dialogue, the participants of the meeting considered measures for the implementation of the trans–Afghan railway construction project "Termez – Mazar-i-Sharif – Kabul – Peshawar". The practical aspects of organizing field research along the route of the railway in the second half of July this year were discussed.

The Uzbek side expressed readiness to continue providing humanitarian assistance to the Afghan people and to develop cooperation with Afghanistan in priority areas.

Following the meeting, the parties agreed to maintain a constant contact to discuss and resolve topical issues of Uzbek-Afghan cooperation.

 

Source: mift.uz

Nur-Sultan, Kazakhstan – Sixth Eurasian Business Forum “Green Energy & Waste Recycling Forum” (GEWR) kicked off today gathering over 150 government officials from Central Asia (CA), representatives of the European Union (EU), international organizations, non-governmental organizations and business.

GEWR is the largest forum in Central Asia on waste management and renewable energy, which has been held annually since 2016. It brings together decision-makers and experts to share knowledge, experience, successful cases and the best technologies for the disposal and recycling of waste.

This year, GEWR was organized by the Ministry of Ecology, Geology and Natural Resources of the Republic of Kazakhstan and the KazWaste Association in partnership with the EU-funded project “European Union – Central Asia Water, Environment and Climate Change Cooperation” (WECOOP), UN Environment, UNDP, Green Finance Centre, Green Technology Hub, WestDala, ArcelorMittal, CocaCola, PlastNet, and Bausano.

In the EU, the traditional approach to waste management has been replaced with the concept of circular economy, which defines all types of waste as a resource rather than a material that has to be disposed of. This new concept is based on the strict hierarchy of waste management, that sees avoiding waste generation, reuse of materials and waste recycling as a priority. Furthermore, according to recent statistics, the EU is a global leader in renewables and its leading position is expected to even strengthen in the years to come. Under the new REPowerEU plan to shift away from fossil fuels and fast forward the green transition, the EU is planning to increase the share of renewables up to 45 % by 2030.

Addressing the participants at the Opening Ceremony, Mr Johannes Stenbaek Madsen, Head of Cooperation at the EU Delegation to Kazakhstan, stated: “Under the European Green Deal, we aim to become the first climate-neutral continent by 2050. The promotion of circular economy and green energy together with energy savings and energy efficiency represent the core instruments to achieve this main goal. The majority of concepts and approaches in these fields developed and implemented within the EU are applicable in other countries, including Central Asia. At present, the EU has 15 ongoing regional programmes covering the sustainable use of water, energy, environment and the water-food-energy nexus in Central Asia for a total amount of about EUR 100 million. In line with the EU Strategy on Central Asia, we will continue working with the partners in the region supporting them on their green transition, including through targeted investments.”

At the session “Prospects for Cooperation between the Central Asia countries in green energy and waste management”, co-financed by the WECOOP Project, the participants discussed the development of renewable energy and waste management sectors in the region, ways to improve the national legislations, joint implementation of projects, establishment of the Central Asian Hub of Climate Projects and Green Financing, as well as the EU–Central Asia cooperation in these fields.

Background: The EU-funded project “European Union – Central Asia Water, Environment and Climate Change Cooperation” (WECOOP) (the third phase from October 2019 to April 2023) aims to enhance the environment, climate change and water policies at national levels in Central Asia through approximation to EU standards and to promote investments in relevant sectors with the aim of contributing to measurable reductions in man-made pollution, including CO2 emission. The project activities include support to the EU–CA Platform for Environment and Water Cooperation and its Working Group on Environment and Climate Change, as well as the implementation of the EU Green Deal’s international dimension in Central Asia to advance climate action.

 

Source: eeas.europa.eu

On 4 July, Tashkent hosted the Uzbek-Korean business forum, which was attended by representatives of ministries and departments and business circles of the two countries. In particular, Korean business was represented by such companies as KAKAO Group, Somang Global, Hanshin Engineering & Construction, Posco International, HYUNDAI Construction, DRB Group, Dae Woo Construction, ERA KOREA Co.Ltd, etc.

Opening the solemn part of the Uzbek-Korean business forum, First Deputy Minister of Investments and Foreign Trade L. Kudratov drew the attention of the participants to the special level of bilateral strategic cooperation between our countries. The active desire of the two countries to further expand multifaceted cooperation and establish strong direct ties between business circles was noted. And against this background, the successes in investment, industrial and trade cooperation were emphasized.

As part of the event, speeches were also heard by the Ambassador Extraordinary and Plenipotentiary of the Republic of Korea to the Republic of Uzbekistan Kim Sang-hee, as well as the heads of relevant departments. The speeches noted the untapped potential of the economies of the two countries and a solid potential for building up cooperation in such areas as agriculture, textile, mining, electrical engineering, pharmaceutical industries and other industries.

The interest business in interaction was also reflected in the meetings between representatives of the business circles of the two countries, organized on the sidelines of the forum in the B2B and B2G formats. In an open dialogue face to face, the parties were able to substantively discuss the prospects for business cooperation based on specific project proposals.

The program of the visit of the delegation of business circles of the Republic of Korea will last until 6 July and will include visits to industrial facilities in Tashkent and Syrdarya regions, where business meetings will also be held. Based on the results of familiarization with the economic potential of the regions, a solid package of agreements on the creation of joint ventures is expected to be signed.

 

Source: www.uzdaily.uz

In the first quarter of 2022, the largest share of small enterprises and micro-firms that assessed the prospect of changes for the next three months as favourable was in Kashkadarya region - 65.6%, Jizzakh region - 55.4%, Surkhandarya region - 52.3%, and in the Republic of Karakalpakstan - 43.4%.

 

Source: stat.uz

To assess the economic situation in the country, the Center for Economic Research and Reforms conducts a monthly assessment of the state of business activity at the regional and district levels.

Analysis of business activity in the context of the regions of the Republic of Uzbekistan is monthly calculated by CERR on the basis of operational data (monitoring in all regions of the Republic, according to the data of the State Customs Committee, State Tax Committee, Central Bank and UzEX).

The monitoring results showed that the volume of tax revenues of the Republic in the period from January 1 to June 27 this year increased by 15.3% compared to the same period last year.

At the same time, a significant increase in tax revenues was recorded in Ferghana (+37.6%), Surkhandarya (+37.5%), Samarkand (+35.9%), Bukhara (+35.9%), Khorezm (+35.2%), Andijan (+33.6%) regions and Tashkent (+44.6%).

The growth of tax revenues was ensured due to positive changes in the economy, improvement of the tax administration system, including the introduction of new administrative tools, digitalization and automation of processes, legalization of entrepreneurial activity and simplification of the procedure for compliance with tax legislation.

Revenues from custom duty payments for the analyzed period increased by 41.2% compared to the same period 2021. The largest increase in customs receipts was observed in Khorezm (+77.9%), Syrdarya (+70.6%), and Andijan (+61.3%), Bukhara (+56.3%), Jizzakh (+49.8%) regions and in the Republic of Karakalpakstan (+68.0%).

The increase in customs revenues is associated with the growth of foreign trade turnover, measures taken by customs authorities to simplify customs procedures, accelerate the release of goods into free circulation and the introduction of new methods of customs administration.

According to the State Customs Committee, the volume of exports of goods from the beginning of this year to June 27 increased by 25.4% compared to the same period last year. A significant increase in the volume of exports of goods was noted in Kashkadarya (+61.6%), Navoi (+52.5%), Samarkand (+44.5%), Andijan (+33.5%), Namangan (+26.9%) regions and Tashkent city (+53.0%).

The increase in Uzbekistan's exports is explained by the growing growth rates of exports of industrial goods, food products, chemicals substances and agri-food products.

At the same time, the decrease in exports of goods was observed in Bukhara (-22.2%), Surkhandarya (-6.8%) regions and in the Republic of Karakalpakstan (-17.0%).

The reduction in the volume of exports in the Bukhara region is caused by the fact that in January-June 2022, exports of cotton fiber decreased in the region, which is due to the direction of these products to the domestic market.

The decrease in exports in the Republic of Karakalpakstan is explained by a reduction in exports of plastics and products made from them and yarn, pharmaceutical products and the complete cancellation of exports of cotton fiber with the redirection of these products to the domestic market.

In turn, the decrease in exports to Surkhandarya region is associated with a reduction in exports of fruit and vegetable products and the redirection of cotton fiber and yarn to the domestic market.

The volume of transactions on the UzEx for the analyzed period increased by 42.8%. A significant increase in exchange activity is observed in Khorezm (+68.1%), Navoi (+65.4%), Jizzakh (+54.6%) regions, in the Republic of Karakalpakstan (+49.8%) and in Tashkent city (+68.5%).

The growth in the volume of transactions in these regions is ensured by increasing the sale of such goods as technical seeds, mineral fertilizers, sugar, vegetable oil, ethyl alcohol, automobile gasoline, diesel fuel, construction and household materials, rolled ferrous metals, etc.

At the same time, a decrease of 7.2% was observed in the Syrdarya region, which is explained by a decrease in the number and volume of transactions to trade in polypropylene, cotton fibre, technical seeds, vegetable oil, meal and husk, ferrous metal, cement, wheat, soap product and livestock feed.

 

Source: review.uz

On June 28-29, an Uzbek-Israeli business forum was held in Tel Aviv.

The forum was organised by the Embassy of Uzbekistan with the assistance of the Israel-Uzbekistan Chamber of Commerce, the Israel Export Institute and the Israel Industrialists Association, Honorary Consul of our country.

It is important to note that an event of this format in the history of bilateral relations is held in Israel for the first time in the last decade.

Representatives of official and business circles, in particular, associations of the textile, chemical, electrical, pharmaceutical, leather industries, and enterprises of the Tashkent and Samarkand regions took part in the forum from the Uzbek side.

In his welcoming speech, the President of the Israel-Uzbekistan Chamber of Commerce, Ron Doron, emphasized the significant remaining potential for expanding trade and cooperation between the two countries. The recently created Chamber of Commerce he headed is focused on promoting business interaction.

Ambassador of Uzbekistan Feruza Makhmudova paid special attention to the relevance of opening new areas for Uzbek-Israeli business partnerships and projects, particularly in the chemical, electrical, and pharmaceutical industries, not limited to the traditional areas of agriculture and water management.

The delegation of Uzbekistan, headed by the First Deputy Director of the Center for the preparation of investment projects of the Ministry of Investments and Foreign Trade Murad Mirzaev, held presentations on investment opportunities and export potential of the country, including Samarkand and Bukhara regions.

Within the framework of B2B meetings, contacts were established to promote trade and export operations and cooperation in the fields of textile, electrical, leather, chemical and pharmaceutical industries. Agro-industrial companies of Uzbekistan have reached an agreement on further cooperation in the areas of attracting agricultural technologies, launching dairy farms, and irrigation solutions.

As part of the forum, the delegation visited agro-industrial enterprises, where they got acquainted with the best practices and innovative technologies in the field of animal husbandry and greenhouses.

Representatives of pharmaceutical companies, headed by the Deputy Director of the Agency for the Development of the Pharmaceutical Industry of Uzbekistan, Jamshid Eshmuratov, held talks with the leadership of the Institute for Standardization and Control of Medicines under the Ministry of Health of Israel, as a result of which agreements were reached on the exchange of experience in the fields of registration of medicines, medical devices and medical equipment.

 

Source: dunyo.info

The Cabinet of Ministers approved the procedure for providing infrastructure for large projects implemented by local and foreign investors. The decision was published in the Lex.uz database.

The document notes that the decision is designed to create an attractive investment environment and ensure the flow of funds from private investors to modernize production facilities and provide them with technologies.

The minimum cost of the investment project, which will be provided with communications at the expense of the state budget, is 200 billion soums . This is the amount indicated in the presidential decree in August last year.

An exception is made for Karakalpakstan and Khorezm - there, at the state expense, they will conduct communications to projects from 50 billion soums. At the same time, in a project worth 50-200 billion soums, infrastructure costs should not exceed 20%.

The costs are divided as follows:
  • for access roads, water supply, and sewerage - 90% under the Republican program for the development of social and industrial infrastructure, 10% from the regional budget;
  • for electrification and gasification - 100% from the state budget, in the form of a loan for three years at 5% per annum;
  • for communication infrastructure - at the expense of service providers and the investor himself.

special commission is being established to assess the feasibility of allocating budgetary funds to provide infrastructure for large projects. Its working body is the Ministry of Economic Development.

Locally, it was instructed to create working groups that will consider the proposed investment projects and recommend the selected plans to the commission. They will also calculate the preliminary costs of infrastructure and choose the best places for connection.

Infrastructure works and their financing will begin when the investment project is implemented by at least 50% .

First, the investor must apply to the Center for Due Diligence of Projects and Import Contracts for an assessment of the project for economic feasibility, compliance with the cost-sharing rate (25%) and other criteria. The Center will provide a conclusion within 15 days.

After that, the investor submits to the local working group an application, a business plan for the project, the conclusion of the Center and other necessary information. The group will review the application within 20 days and submit it to the special commission.

Until the end of the quarter, the commission will study the project, make a decision and send a written response to the applicant. With him, the latter addresses the working group after the conditions for the start of work are met, after which he requests the cost of the work from the service providers.
 
 
Source: www.spot.uz

According to the results of January-March 2022, in the structure of the value-added of the manufacturing industry, the largest share fell on:

– metallurgical and metalworking industry (except for machinery and equipment), which reached 43.2%;

- production of textiles, clothing, leather goods and related products -14.7%;

- production of food, beverages and tobacco products - 11.8%;

- production of chemical products - 7.9%;

- production of rubber, plastic products and other non-metallic mineral products - 6.2%;

- production of vehicles, trailers, semi-trailers and other transport equipment - 5.5%;

– production of coke and refined products – 2.0%;

- production of basic pharmaceutical products and preparations - 1.7%;

– production of other manufacturing products – 7.0%.

 

Source: stat.uz

A meeting was held at the Ministry of Investments and Foreign Trade with a delegation of the BNK Financial Group headed by a member of the Board of Directors of BNK Financial Group - Executive Director of BNK Capital Lee Doo-Ho.

During the negotiations, issues of the company's investment plans regarding entry into the banking and financial market of Uzbekistan were discussed in detail. The foreign party provided detailed information about the company's activities and international experience.

For reference: BNK Financial Group is a South Korean financial group consisting of Busan Bank, Kyongnam Bank, BNK Capital and other financial companies, founded in 2011 in Busan (South Korea). BNK Financial Group has 379 branches and 114 branches in South Korea, as well as 28 branches and 3 representative offices abroad. The assets of BNK Financial Group amount to more than 100 billion US dollars.

In the context of mutual interest, special attention at the meeting was paid to a substantive discussion of the legislative framework of Uzbekistan, which secures the protection of the rights of foreign investors operating in the country.

Following the talks, the parties agreed to hold a series of new meetings, the purpose of which is to help the financial group of South Korea enter the market of Uzbekistan in a constructive dialogue. To do this, a joint plan of interaction will be developed.

 

Source: mift.uz

On June 7, Aziza Umarova, CEO of SmartGov Consulting and an international expert on institutional, policy and governance reform, held a master class on “Strategic Management” at the Investment Promotion Agency. During the event, detailed information was provided on the concept of Forsyth, the development of various events and the widespread introduction of other elements of strategic management, as well as the experience of Singapore and a number of other countries in the use of strategic management in public service. At the same time, the participants exchanged views on the experience, opportunities and prospects of using strategic management tools in Uzbekistan. At the end of the conversation, the international expert answered the questions of the Agency's staff.

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Sanoat Energetika Guruhi (operating under the Jizzakh Petroleum brand) has received a license to trust assets in the securities market. This was reported in the Ministry of Finance.

The company applied for the document on May 24. The ministry considered the application in the prescribed manner and decided to satisfy it, the report says.

Trust management  is the transfer of the function of managing an enterprise to a business entity in the interests of the state. This means market management based on market relations, as well as independently of the influence of state bodies.

According to the Ministry of Finance, there are currently 40 companies operating on the stock market with licenses for trust management of investment assets. There are also 50 licensed investment intermediaries (brokers) and 54 investment consultants in Uzbekistan.

In recent years, several enterprises have been transferred to private companies for trust management. The most famous example is SFI Management Group, which from 2018 to 2021 managed state shares in AGMK, Uzmetkombinat and Uzvtortsvetmet.

Sanoat Energetika Guruhi also has experience as a trustee. The company took control of the Fergana Oil Refinery before buying it for $100 million.

Who owns Jizzakh Petroleum now?

The Jizzakh Petroleum JV was established in June 2017 by Uzbekneftegaz and Gazprom's subsidiary Gas Project Development Central Asia. Initially, the Uzbek side owned a share of 60%, the Russian - 40%. In the future, it was planned to increase the share of foreign investors.

After several redistributions, at the beginning of 2021, Uzbekneftegaz owned 49% in the enterprise, Gas Project Development Central Asia - 2%. Another 49% was owned by the Cypriot offshore Belvor Holding Limited.

At the end of October 2021, Uzbekneftegaz withdrew from the founders of the joint venture, transferring its share to Belvor Holding. Now Cyprus offshore owns 98% of Jizzakh Petroleum.

Currently, the company owns subsoil use rights for 103 fields and accounts for about 80% of oil production and about 22% of proven gas reserves. The company also produces high value-added products from hydrocarbons.
 
Source: www.spot.uz

In January - May 2022, the total number of newly created enterprises amounted to 42,652, which, by type of economic activity (excluding farms and dekhkan farms), were formed as follows:

in trade - 14 845

in the industry - 7 587

in agriculture, forestry and fisheries - 6,834

in the field of accommodation and food services - 2,466

in construction - 2 236

during transportation and storage - 1,307

information and communication - 1 121

in health and social services - 737

in other industries - 5,519

 

Source: stat.uz

Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan Sardor Umurzakov held talks with the leadership of the Turkish company Limak Holding represented by its honorary president Nihat Ozdemir.

During the dialogue, the prospects for organizing the activities of a Turkish company in Uzbekistan were discussed, bearing in mind the implementation of large investment projects in the areas of heat and hydropower, processing of agricultural products and the development of tourism infrastructure.

The Turkish side presented an overview of the company's activities, and plans for the near future, and also expressed interest in working in Uzbekistan and readiness for close cooperation to work out the practical aspects of the implementation of the projects under consideration.

An agreement was also reached on the creation of a joint working group with the involvement of experts and specialists from Limak Holding in order to exchange experience and introduce advanced Turkish technologies in the field of construction of energy infrastructure facilities.

Following the meeting, the parties agreed on further steps for interaction within the discussed areas of cooperation and agreed to maintain close contact for the prompt study of emerging issues.

 

Source: mift.uz

On June 7 this year, Deputy Prime Minister - Minister of Investment and Foreign Trade of the Republic of Uzbekistan Sardor Umurzakov received the Deputy Secretary of State for International Trade (Minister for Exports) Mike Freer. The British delegation also included representatives of the London Stock Exchange and financial corporations Standard Chartered and TheCityUk.

During the meeting, the current state and prospects for deepening the Uzbek-British partnership in the field of investment, trade and industry were discussed.

The parties noted with satisfaction the positive trends in the development of mutual trade: in 2021, the volume of trade between the two countries increased by 65 percent, while exports from Uzbekistan to the UK increased by 2.5 times. In many respects, this was facilitated by Uzbekistan's obtaining the status of a beneficiary of Great Britain's Enhanced Generalized System of Preferences scheme (“GSP Enhanced Framework”). The positive dynamics in bilateral trade continue in 2022: between January and April, trade increased by 68 percent compared to the same indicator last year, while Uzbek exports to the United Kingdom increased by 2.6 times.

An agreement was reached on the development of joint measures to attract British investors to the creation of joint export-oriented industries in Uzbekistan, as well as the organization of training and workshops for Uzbek manufacturers and exporters on the effective use of the preferences of the GSP Enhanced Framework system.

The prospects for intensifying investment cooperation were also discussed. It was emphasized that over the past few years, the number of British enterprises operating in Uzbekistan has increased by 40 percent. The prospects for cooperation in the framework of attracting new British companies to implement projects in the field of processing agricultural products, animal husbandry, biopharmaceuticals, the textile industry, information and communication technologies and green energy were discussed.

In this context, the parties agreed to intensify work on the preparation of the 26th Uzbek-British Trade and Industry Council (UBTIC), which will be held in October this year in Tashkent. The event will strengthen ties between the business circles of the two countries, identify new “growth points” for economic partnership and attract British investment and technology to promising sectors of the economy of Uzbekistan.

As a result of the meeting, the format of further interaction within the framework of each of the considered areas of cooperation was determined.

 

Source: mift.uz

On June 8 this year, the Deputy Prime Minister - Minister of Investment and Foreign Trade of the Republic of Uzbekistan Sardor Umurzakov met with the Resident Coordinator of the United Nations in Uzbekistan, co-chairman of the Steering Committee of the Multi-Partner Trust Fund for Human Security for the Aral Sea region Roli Astkhana.

During the meeting, the current results of the work of the Trust Fund in the context of interaction with donor countries, international organizations and development partners, as well as topical issues and mechanisms for further cooperation in mobilizing resources and implementing targeted projects in the Aral Sea region were discussed.

In particular, it was announced that the Fund's Technical Secretariat summarized the results of the assessment and developed recommendations for the co-chairs of the Steering Committee on the selection of specific project proposals for funding and their subsequent approval.

It was also decided to submit to the Steering Committee for consideration three strategic documents developed jointly with the Ministry of Investment and Foreign Trade: the Resource Mobilization and Partnership Strategy, the Communication, Branding and Marketing Strategy and the Monitoring and Evaluation Guide.

These issues will be considered during the 5th meeting of the Steering Committee, which is scheduled to be held in the near future.

A regular meeting of the Fund's Advisory Committee will also be held, which will make it possible to develop specific solutions to all existing issues within the framework of the tasks set.

During the meeting, issues related to the holding of the First Aral Sea High-Level International Forum in Uzbekistan in the autumn of this year were also considered. The agenda of the Forum will be focused on discussing promising solutions for the further development of the "green" economy in Uzbekistan, measures for the practical implementation of the UN General Assembly Resolution on the creation of a zone of environmental innovations and technologies in the Aral Sea region, as well as mechanisms for establishing investment partnerships with development partners for the implementation of projects, focused on the sustainable development of the region.

The parties agreed in an expedited manner to complete the development of the concept of the event and work out all issues of an organizational and substantive nature.

 

Source: mift.uz

The Secretariat of the World Trade Organization circulated a message on the date of the next, 5th Meeting of the Working Party on Uzbekistan's accession to the WTO.
It will take place on June 21-22, 2022 in Geneva.

Joining the organization is an absolute priority, which will follow by the further integration of Uzbekistan into the world economic community and multilateral trading system.

In this regard, the Ministry of Investments and Foreign Trade has prepared a smart release - an infographic in a new informative format, where we tried to reflect the full scale of the work done by Uzbekistan so far in this process.

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Source: mift.uz

On June 6, Ulugbek Kasimkhodjayev, Director of the Investment Promotion Agency, met with Do Xuan Hoang, CEO of Mareven Food Central LLC, and Bernard Vavrzhin, CEO of Mareven Food Tian-Shan. The Mareven group of companies exports its products to more than 20 countries around the world.



During the meeting, the company's representatives shared their plans to implement an investment project worth $ 40 million in Uzbekistan. In the first stage, it is planned to build a logistics & manufacture complex for the production and distribution of a wide-range line of food products (including brands Rollton, Big Bon, Sunbel etc.) and processing of agricultural products, at the cost of about $ 20 million. In the following stages, it is planned to expand production capacities by adding all existing and new types of products (pasta, drinks, sauces, bouillons, purees, spices and other culinary products) and increasing the total investment to $ 40 million.


The implementation of the project will provide products not only for the internal needs of the Uzbek market but also for export markets.

On June 6 this year, negotiations were held at the Ministry of Investment and Foreign Trade with the newly appointed Ambassador Extraordinary and Plenipotentiary of the Republic of Korea to the Republic of Uzbekistan
Kim Hee Sang.

During the meeting, the current agenda of the Uzbek-Korean partnership, the implementation of the agreements reached, as well as the state of preparation for upcoming events were discussed.

A number of successfully implemented projects in the fields of education, healthcare, infrastructure, information and communication technologies and other areas, implemented through direct investment and funds from Korean financial institutions, such as Eximbank, the Korea International Cooperation Agency (KOICA), the Fund for Economic Cooperation and Development ( EDCF) and the Economic Development Promotion Fund (EDPF).

Today, about 100 investment projects totalling more than $14 billion are being implemented in Uzbekistan together with Korean companies. The volume of accumulated direct Korean investments in the economy of Uzbekistan exceeded $7 billion.

Over the past five years, the number of enterprises with Korean capital in Uzbekistan has doubled (900 as of June 1).

No less attention was paid to the intensification of trade between countries. Over the past five years, trade has doubled and reached $1.8 billion in 2021. According to the results of the first quarter of this year, this indicator increased by 51 percent (630.4 million dollars). The parties agreed to intensify efforts to achieve the goals set by the leadership of the two countries and bring the volume of mutual trade to $5 billion by 2025.

The prospects for introducing new mechanisms of interaction between the Ministry of Investment and Foreign Trade, the Ministry of Economy and Finance of Korea, and the diplomatic missions of the two countries aimed at monitoring existing and promising projects, coordinating projects implemented through the Korean Official Development Assistance (ODA) program were discussed.

As a result of the meeting, an agreement was reached to continue an active dialogue in order to accelerate the progress of all the issues discussed.

 
Source: mift.uz

First Deputy Minister of Energy of Uzbekistan Azim Akhmedkhadzhaev held talks with Canadian Ambassador Alison Mary Leclerc. 

During the meeting, the foreign side was informed about the reforms carried out in the energy sector of Uzbekistan, the development of renewable energy, including the wide participation of leading world companies in tenders for renewable energy projects.

Also, information was provided on the activities of the Institute for Renewable Energy Sources, established in 2021 under the Ministry of Energy, the Applied Laboratory for Hydrogen Energy, operating under this Institute.

The Canadian Ambassador noted the importance of the results achieved in the country's energy sector in the course of ongoing reforms.

Alison Mary Leclerc proposed to consider in detail a number of promising areas of partnership, including cooperation with leading technical universities in Canada in the field of experience exchange; joint projects in the field of hydrogen energy and environmental safety (ESG).

As a result of the meeting, the parties reached an agreement to organize a series of webinars to discuss the possibilities of cooperation in the field of training and advanced training of personnel, as well as hydrogen energy.

 

Sorce: minenergy.uz

On June 3-4 this year, a government delegation of Uzbekistan headed by Deputy Prime Minister - Minister of Investments and Foreign Trade Sardor Umurzakov visited Moscow (RF). During the two-day visit, meetings were held with a number of officials of the Russian Federation, in particular, Deputy Prime Minister Alexei Overchuk, Foreign Minister Sergei Lavrov, and Economic Development Minister Maxim Reshetnikov.

During the meetings, the current state of bilateral cooperation, the implementation of existing agreements, as well as aspects of the further development of Uzbek-Russian relations were discussed.

The stable nature of bilateral contacts and active interaction in all areas of the multifaceted partnership between the two countries was noted. A mutual commitment was expressed to work together to promote previously agreed projects, programs and initiatives.

Particular attention was focused on investment, trade, economic, industrial, transport, and logistics cooperation issues. Common positions have been worked out on practical mechanisms for deepening the mutually beneficial partnership between the two states.

Following the meeting, the parties exchanged proposals on further steps to resolve issues of common interest and agreed on a format for practical interaction in all the areas of cooperation considered.

 

Source: mift.uz

The State Assets Management Agency of the Republic of Uzbekistan announces the start of applications collection for pre-qualification in order to select potential investors to participate in the privatization of a share in the equity capital of Ferganaazot in the amount of 99.02%, reported on the official website of the agency.

The number of responses to the previously published announcement of the collection of applications for expressing interest in participating in the transaction showed a high level of interest on the part of market participants. In this situation, in order to ensure maximum transparency and a competitive environment for the transaction, the AUGA decided to include a pre-qualification stage in the process, the statement said.

It should be noted that within the framework of the qualifying stage, all applications of applicants for the purchase of a stake in Ferganaazot will be evaluated for their compliance with the announced criteria. Those who successfully complete the prequalification process will be allowed to participate in the solicitation of binding proposals. The terms and conditions will be announced to them by direct communication via e-mail.

According to the agency, Deloitte's international company will act as the lead consultant on this transaction. Strategic consultant - International Finance Corporation (IFC).

Applications for preliminary selection of applicants can be sent no later than July 18, 2022.

 

Source: kapital.uz

In January - April 2022, the number of newly created business entities amounted to 32,991.

Dynamics of newly created business entities as of January-April by years:

In 2018 - 18 110

In 2019 - 39,147

In 2020 - 28 350

In 2021 - 36,275

In 2022 - 32,991

 

Source: stat.uz

On June 2 this year, at the Investment Promotion Agency under the Ministry of Investments and Foreign Trade of the Republic of Uzbekistan, a meeting was held between the director of the agency, Ulugbek Kasimkhodzhaev, and the ambassador of the Emirate of Kuwait, Ahmad Khaled Aljeeran, on the further development of bilateral cooperation and foreign trade relations with the Republic of Uzbekistan and the Emirate of Kuwait. During the meeting, an exchange of relevant information took place on the development of foreign trade relations and the implementation of investment projects, the investment climate and opportunities created for investors.

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Also, the Director of the agency expressed his gratitude to Ahmad Khaled Aljeeran and provided information on the Ministry of Investment and Foreign Trade, the activities of the agency, the new system is introduced, the "Project Groups" created and the ongoing reforms, and also proposed joint implementation of projects with the Emirate of Kuwait in the fields of energy, electrical engineering, pharmaceuticals, textiles, tourism and agriculture, and said the agency is ready to support Kuwaiti investors.
The ambassador said that oil prices have risen sharply and this has affected the economy of the Emirate of Kuwait, as a result of which large Kuwaiti companies are looking for new markets. It was also noted that among the countries of Central Asia, Kuwait is interested in Uzbekistan because it is a dynamically developing and stable country. During the conversation, special attention was paid to agriculture and animal husbandry. In order to further develop bilateral cooperation, Ahmad Khaled Aljeeran suggested organizing mutual business forums, conferences and round tables with large Kuwait companies, organizing an exhibition of products manufactured in Kuwait and Uzbekistan, holding presentations on the investment potential of Uzbekistan, as well as organizing visits of Kuwaiti investors to Uzbekistan.

On June 2 this year, Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan Sardor Umurzakov received a delegation from the Ivanovo region of the Russian Federation, headed by its governor Stanislav Voskresensky. The meeting was also attended by the leadership of the Chamber of Commerce and Industry of the Republic of Uzbekistan and the Uztekstilprom Association.

During the meeting, issues of establishing interregional cooperation between the Ivanovo region of Russia and the regions of Uzbekistan in the field of industry, trade and education were discussed.

In particular, the prospects for cooperation in the textile industry were considered, bearing in mind the organization of the production of a wide range of high-tech and competitive products. The prospects of creating joint textile clusters, production of garments and knitwear, and development of the design and modelling of clothing using high-tech fabrics were noted.

Measures were also considered to establish cooperation in the field of specialized higher education for specialists in the textile industry of Uzbekistan and to create centres of competence in the field of light industry in the country.

Following the meeting, the parties agreed to intensify work on the implementation of specific initiatives in the framework of the areas considered.

 

Source: mift.uz

Under the leadership of the Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan S. Umurzakov, a videoconference was held to discuss the current indicators of the country's investment and foreign trade activities, as well as further measures to increase them.

The meeting was attended by heads of ministries, departments, industry associations, commercial banks and local authorities of the Republic of Karakalpakstan, regions and Tashkent city.

According to the results for the last 5 months, the volume of assimilated foreign investments exceeded the figures for the same period last year by 42 percent. At the same time, the analysis revealed a number of problems associated with the implementation of investment projects in certain industries and regions. It was instructed to conduct an inventory of ongoing projects, develop targeted measures to address existing issues within the established time frame and identify responsible executors.

Similarly, foreign trade indicators were considered: as of June 1 of this year, the actual volume of exports in the country exceeded the figures for the same period last year by 21 percent. Following the discussion of the current situation with exports in the context of industries and regions, it was instructed to establish control over the prompt response of the responsible ministries, departments and local authorities to emerging problems related to the export activities of domestic entrepreneurs and to intensify work with exporters, meaning the provision of effective support in their activities and the development of measures to increase the volume of export deliveries.

As a result of the meeting, disciplinary measures were taken for omissions and shortcomings in supporting exporters and investors. Thus, in particular, the deputy khokims for investment and foreign trade of the Bozatau district and the city of Zarafshan were relieved of their posts.

Reprimands were issued to 19 deputy khokims who did not provide timely support to the initiators of investment projects, which led to the failure of the commissioning of 32 investment projects and the backlog in the creation of 395 jobs.

In addition, the deputy khokims for investment and foreign trade of Shumanai, Chartak and Kanimekh districts were given a trial period of 3 months to correct the shortcomings in their work.

Additional installations are given for the qualitative and timely completion of the assigned tasks. Responsible managers were warned of personal responsibility for the effectiveness of work to provide timely support to exporters and investors.

 

Source: mift.uz

In Tashkent, on the eve of the visit of the President of the Republic of Tajikistan to the Republic of Uzbekistan, the Uzbek-Tajik business forum was held, which brought together more than 200 representatives of official and business circles of the two countries.

The forum was opened by Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan Sardor Umurzakov and First Deputy Prime Minister of the Republic of Tajikistan Davlatali Said.

During the speeches, the heads of delegations of the two countries noted the significant potential for expanding economic partnership, creating joint high-tech industries, establishing cooperation ties to produce products in demand and develop promising markets and called on representatives of the Uzbek and Tajik business communities for active and successful cooperation, at the same time emphasizing the readiness of the governments of the two countries to provide any necessary support in the implementation of joint projects.

It was announced that in order to intensify mutual trade and stimulate the development of industrial cooperation, in the near future it is planned to create a border trade and industrial zone "Uzbekistan - Tajikistan" in the area of ​​​​the Oybek and Fotekhobod checkpoints, where production facilities, logistics centres and necessary infrastructure.

It was also announced the intentions of the two countries were to intensify work to further deepen industrial cooperation in such areas as light industry, the production of agricultural products and building materials, pharmaceuticals, electrical engineering, mining and energy. In this vein, the opportunities of the Uzbek-Tajik Investment Company established in 2021 as an effective tool to support private sector projects were emphasized.

During the Forum, it was also told about joint projects and initiatives in the areas of transport, logistics and interregional cooperation.

Also on the sidelines of the event, targeted meetings of participants in the B2G and B2B formats took place. As a result of the forum, 75 trade and economic documents worth $1,062.6 million were signed.

 

Source: mift.uz

The meeting of the Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan S. Umurzakov with the First Deputy Prime Minister of the Republic of Tajikistan D. Said was held at the Ministry of Investments and Foreign Trade.

During the meeting, the current state and measures to expand bilateral cooperation in the field of investment, trade, energy, water management, transport and logistics were discussed.

It was emphasized that investment cooperation and industrial cooperation between the two countries are characterized by growing dynamics: now 64 enterprises with Uzbek capital operate in Tajikistan, and 252 Tajik companies operate in Uzbekistan. The parties discussed issues related to the implementation of current projects, and also agreed to speed up work on the development and coordination of new promising initiatives.

It was noted that over the past 5 years, the volume of mutual trade has increased significantly - almost 3 times, and in the first four months of this year, this figure increased by 35 percent compared to the same period of the previous year. The parties spoke in favour of intensifying joint work to increase the Uzbek-Tajik trade in order to bring its value to $1 billion and discussed mechanisms for further cooperation in this direction.

In this vein, opportunities were considered for creating a free industrial and trade zone "Uzbekistan-Tajikistan" in the border zone, which includes manufacturing enterprises, as well as logistics and wholesale distribution infrastructure.

Issues of cooperation in the field of energy and water resources were considered in a separate order, bearing in mind the implementation of joint projects for the construction of new energy-generating capacities.

Following the meeting, the participants outlined further steps for the qualitative and timely implementation of tasks to expand multifaceted cooperation between the two countries.

 

Source: mift.uz

On June 1 this year, Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan S. Umurzakov received the Ambassador Extraordinary and Plenipotentiary of Canada to the Republic of Uzbekistan E. Leclerc.

The conversation made it possible to discuss the most pressing issues of bilateral cooperation in the political, investment, trade and economic spheres.

It was noted that in many areas of interaction there is significant untapped potential, in connection with which the parties developed mechanisms for intensifying cooperation and outlined specific tasks for the near and medium-term.

Thus, in particular, measures were considered to attract Canadian financial and industrial companies to invest and implement projects in Uzbekistan. There are good prospects for Canadian business in the mining, chemical, petrochemical and textile industries, as well as in agriculture in Uzbekistan.

No less attention was paid to the development of mutual trade. It was emphasized that in 2021 the Uzbek-Canadian trade increased by 40 percent, in connection with which the parties agreed to develop specific proposals for diversifying and increasing mutual supplies.

In this context, the prospects for holding the Uzbek-Canadian business forum this year, as well as the Made in Uzbekistan and Made in Canada industry exhibitions in both countries, were discussed.

During the conversation, the parties also discussed the progress of work on Uzbekistan's entry into the World Trade Organization, the participation of the Canadian side in the implementation of projects and programs within the framework of the activities of the UN Multi-Partner Trust Fund for Human Security for the Aral Sea region, issues of establishing close ties and mutually beneficial cooperation between the regions of the two countries, in particular, between the Tashkent region and the province of Ontario, the Navoi region and the province of Quebec, as well as the Kashkadarya region and the province of Alberta.

 

Source: mift.uz

In accordance with the decisions of the Head of State and Government, a number of heads of structural divisions of the Ministry of Investment and Foreign Trade received new appointments:

- Head of the Department of Social Sphere and Pharmaceutical Industry Egamov Ulugbek Abduvalievich was appointed First Deputy Director of the Agency for the Development of the Pharmaceutical Industry;

- Head of the Department of Light and Electrical Industry Sultanov Mirmukhsin Mirsodikovich was appointed First Deputy Chairman of the Association "Uztekstilprom";

- Deputy Head of the Department of Geology, Mining, Metallurgy, Mechanical Engineering and Building Materials Egamberdiev Bunyod Bakhtiyarovich was appointed adviser on trade and economic issues and tourism at the Embassy of the Republic of Uzbekistan in the Republic of Indonesia;

- Head of the Main Department for Cooperation with the People's Republic of China Zhumaev Shokhzhakhon Shokirovich was appointed Deputy Chairman of the Board of the National Bank for Foreign Economic Affairs of the Republic of Uzbekistan.

On June 1, Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan S. Umurzakov, during a meeting with the staff of the Ministry, sincerely congratulated them on their appointment and wished them success in their future professional activities.

 

Source: mift.uz

The State Statistics Committee announced the number of enterprises with foreign capital in Uzbekistan.

According to the Committee, as of May 1, the number of enterprises with foreign capital increased by 2.3 times compared to the corresponding period of 2018.

This figure was 5978 in 2018, 8536 in 2019, 10930 in 2020, 12487 in 2021, and 13877 in 2022.

 

Source: dunyo.info

In order to study the work carried out by the "project groups" of districts and cities of the Tashkent region, and the problems of 37 enterprises with the participation of foreign capital operating in the region, May 24-27 this year. Representatives of the UzIPA conducted a study in a number of districts and cities of the Tashkent region.

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During the study, the work teams carried out the following:
• Studied the activities of the "Project Groups" created in the regions and cities.
• Analyzed the economic potential of the regions and promising projects in the direction of identified "growth points".
• Familiarized with large industrial enterprises created in the regions with the participation of foreign capital.

Based on the observations, the existing problems and proposals of the "Project Groups" and large industrial enterprises with the participation of foreign capital were considered and appropriate instructions were given.

As of May 1, 2022, the number of registered business entities was 517,501, of which 484,935 are active business entities. Of the existing business entities, 481,138 are small businesses and 3,797 are large enterprises.

By organizational and legal form:

- 316 903 limited liability company,

- 89,148 private enterprises,

- 52,495 family businesses

By type of economic activity:

- in trade 157 107 units,

- in industry 91,066 units,

- agriculture, forestry and fisheries 46,045 units,

- construction 43,658 units.

 

Source: stat.uz

The solution from UZCARD and Innotech will help to apply the API for the development of products and services.

UZCARD and the Innotech group of companies have agreed on the joint use of the Universal Integration Platform in Uzbekistan. This is reported by the magazine PLUS.

The parties signed the corresponding agreement on May 26 during the international PLUS forum in Tashkent. The project will be unique for the Uzbek market and will give local players the opportunity to effectively develop in the fintech sector.

The universal integration platform is an ecosystem for the interaction of Uzbek companies and organizations in a one-stop-shop. It includes all required services, and participants will be able to work according to general rules and standards.

“[The platform] opens up new opportunities for digital transformation and growth in business efficiency in Uzbekistan. It will help create personalized recommendations, support products and services based on gender, location, customer behavior and other factors,” said Alexey Volynkin, Director of Business Development at Innotech.

The development of Innotech combines data on accounting for the use of API by external consumers in order to determine the cost of services. Organizations that need data from government agencies, insurance companies, banks, etc. will be able to find the data they need by purchasing access to the platform.

There are no such decisions in Uzbekistan, UZCARD Director-General Farrukh Ziyaev emphasized. According to him, the service will allow companies in Uzbekistan to respond flexibly to user requests in a rapidly changing market and business requirements.

 

Source: www.spot.uz

In May this year, the Ministry of Investments and Foreign Trade, together with the University of World Economy and Diplomacy (UWED), launched a pilot project to improve the skills of the heads of the regional departments of the department, who are also deputy khokims of districts and cities. The courses, which were held in the format of interactive seminars and discussions, were held on the basis of the Executive Education curriculum in the areas of Attraction of Foreign Investments and International Investment Law and Arbitration with the involvement of professors from the University of Glasgow and Oxford University (UK), as well as Columbia University and the University of California, Berkeley (USA). The programs are aimed, among other things, at developing leadership qualities, developing the ability to generate creative ideas,

On May 28, the course participants met with the Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan S. Umurzakov, where they were able to share their impressions and acquired skills.

An open and relaxed conversation made it possible to discuss topical issues and problems that the heads of regional departments of the MIFT face in the course of their work in the regions, consider aspects of interaction with foreign partners, and discuss the most effective mechanisms for attracting investments for the implementation of projects in Uzbekistan on the example of specific cases, taking into account local conjuncture.

The leadership of the Ministry noted the importance of effective application of the acquired skills in work on the ground and direct interaction with entrepreneurs in order to provide them with practical assistance - from the stage of developing investment projects to supporting the activities of enterprises being put into operation.

It is emphasised that in this context, the presence in the regions of specialists with analytical skills, strategic thinking and the ability to work for results is a key factor in the effective operation of the Ministry in the framework of the qualitative implementation of the tasks set.

Following the meeting, the participants exchanged views and proposals on the further organisation of the work of the MIFT in the regions based on the skills and knowledge gained during the courses.

 

Source: mift.uz

The bank will cover up to 75% of expenses for the implementation of international standards and management.

The European Bank for Reconstruction and Development will provide grants to small and medium-sized textile enterprises in Uzbekistan, the press service of Uztekstilprom writes.

EBRD representatives held talks with Textile Standard Services on 24 May. This is a subsidiary structure of the association, which is engaged in the implementation of international industrial standards at local enterprises.

The parties agreed to work together to support small and medium enterprises in the textile industry. We are talking about enterprises with 250 or fewer employees.

The EBRD, together with the company, will help them implement international standards, quality management systems, automation and marketing. The Bank will cover up to 75% of their expenses on a grant basis.

Textile Standard Services remains an accredited partner of the EBRD, the report says. The Bank will continue to invest in projects that facilitate the transition to an open market economy and the development of entrepreneurship.

Prior to this, Shavkat Mirziyoyev approved new benefits for the industry. In particular, exporters of dyed fabrics and finished textile and knitwear, which receive more than 80% of their revenue from abroad, will pay social tax at a rate of 1% until 2025.

 

Source: www.spot.uz

On May 25 this year, the Uzcharmsanoat Association, with the assistance of the Ministry of Investment and Foreign Trade, launched the 12th International Exhibition-Fair of Leather, Shoes, Leather Goods, Fur and Wool "UzCharmExpo - 2022", which is considered one of the largest exhibition events in Central Asia in this industry.

The opening ceremony of the exhibition was attended by the leadership of the Ministry of Investment and Foreign Trade, the Uzcharmsanoat Association, foreign guests, entrepreneurs, manufacturers and exporters from the leather, footwear and other industries.

It was noted that the country is pursuing a consistent policy of transforming the domestic industry in order to deepen the processing of raw materials, increase the output of finished products with high added value and increase the export potential of industries by increasing the competitiveness of manufactured goods.

The leather and footwear industry of Uzbekistan is in this regard one of the fastest-growing industries with significant potential for sustainable growth. The volumes and range of export-oriented finished products based on the deep processing of raw hides are expanding. Practical measures are being taken to provide comprehensive support to entrepreneurs working in this area in order to ensure the smooth operation of existing industries and encourage manufacturers to implement new projects.

Over the past 5 years, the total investment in the industry has exceeded $632 million, the annual production of leather and footwear has increased 5.8 times, and the export volume has reached $420 million.

Traditionally, the geography of the exposition is represented by Russia, Belarus, Great Britain, Italy, Germany, India, Turkey, Spain, Poland and other countries. Among the guests of honour are the heads of the International Council of Tanners, the International Fur Federation, foreign industry associations and unions. This year, representatives of more than 400 domestic and foreign companies submitted applications for participation in the exhibition. The exposition pavilions demonstrate a solid scale, impressive design and, most importantly, become a platform for establishing direct links between local and foreign industry manufacturers.

UzCharmExpo not only introduces the production potential of industrial enterprises from various regions but also invites those who wish to dialogue. The format of "B2B" and "G2B" negotiations, direct communication and presentations allows you to find common ground, develop new projects and sign contracts on the spot, which will undoubtedly be reflected in the final results. But so far, UzcharmExpo has 3 days of fruitful work ahead - until May 27 inclusive.

 

Source: mift.uz

Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan Sardor Umurzakov held a meeting with the head of the Bright Uzbekistan media project Davron Abdullayev.

At the meeting, the author of the project presented the current information policy and content of the magazine, its focus on highlighting and promoting the export-import and investment potential of Uzbekistan in the international arena, including various industrial fairs and exhibitions, international events, meetings and forums, meetings of intergovernmental commissions held as in Uzbekistan and in other states.

The well-established cooperation of the project with a number of ministries and departments of the republic was noted, which makes it possible to receive first-hand information and cover the most relevant events in the field of business and entrepreneurship.

As chairman of the editorial board of the journal, Sardor Umurzakov at the meeting considered a number of new promising projects and agreed on a proposal to develop an appropriate "Roadmap" for their further implementation.

The issue of regular interaction and participation in the formation of the information content of the upcoming issues of the journal with the Agency for Strategic Development was also discussed.

 

Source: mift.uz

On May 23, 2022, a master class was held at the Investment Promotion Agency under the Ministry of Investment and Foreign Trade by Paul Sheahan and Kevin Thompstone, experts from the International Development Ireland (IDI).

Currently, the IDI is carrying out practical work to increase the investment potential of the Bukhara and Khorezm regions of the country, giving priority to the development of the agri-food industry, tourism and industrial development. According to him, in attracting investors, it is important to create and strengthen infrastructure, including roads, telecommunications, high-quality technologies, tax incentives, labour force availability, and transport accessibility.

Mr Thompstone emphasized the need to accurately convey information that investors are interested in so that we can provide complete information to investors who want to invest in our country. Paul Sheahan also shared Ireland's experience in the field of collective approach and legislation and institutional changes. At the end of the meeting, the agency staff received answers to their questions from Irish experts.

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According to UZEX, commodities for nearly 2.5 trillion soums were sold at all stock exchange platforms.

Over the past week, that is, for the period from February 21-27, goods worth 2,495.3 billion soums were sold on all trading platforms of the Uzbek Republican Commodity Exchange JSC, which is 10.5% more than in the previous week Of these, 88.3% of sales came from exchange auctions, 0.5% from the exhibition and fair sales, 10.9% from government purchases, and 0.3% from online auctions of license plates.

The total volume of transactions involving small businesses and private entrepreneurship amounted to 731.5 billion soums. As a result of electronic auctions for public procurement, the total savings of budgetary and corporate customers amounted to 45.4 billion soums.

During the period under review, 3,526 license plates were sold in the amount of 8.7 billion soums through an online auction. As a result of competitive bidding, 5.2% of completed transactions were for premium autonumbers; 7.7% of transactions for the 2nd category; 8.8% for the 3rd category; 11.8% for the 4th category; 23.3% for the 5th category; as well as 43.3% for the 6th category of license plates.

Exchange trading
During the reporting period, commodity resources worth 2,203.8 billion soums were sold at open exchange auctions. Selling enterprises put goods up for exchange auctions in accordance with approved schedules, including:

Sugar
A drop in prices was recorded on the sugar exchange market. During the past week, 7,855.0 tons of sugar were sold.

During the period under review, the daily average price for sugar of all categories decreased from 8,308.5 thousand soums to 8,264.5 thousand soums per ton.

Cement
Last week, 207.9 thousand tons of cement were put up for sale, of which 135.4 thousand tons, or 65.2%, were sold. The daily volume of cement sales averaged 27.1 thousand tons.

During the period under review, the daily average price for cement of all grades decreased from 572.9 thousand soums to 556.8 thousand soums per ton, or by 2.8%. Every day, an average of 310 buyers took part in the exchange auctions.

Liquefied gas
On the exchange market of liquefied natural gas, a decrease in prices was recorded. During the past week, 4,411.0 tons of liquefied gas were put up for sale, of which all 100.0% were sold.

During the period under review, the daily average price for liquefied gas decreased from 3,774.0 thousand soums to 3,730.5 thousand soums per ton, or by 1.2%.

As a result of exchange trading, the weekly weighted average price for liquefied gas amounted to 3,809.4 thousand soums per ton.

 

Source: review.uz

In January-April, the foreign trade turnover of Uzbekistan reached $17.2 billion US dollars.

According to the State Statistics Committee, compared with the corresponding period last year, this figure increased by $6.5 billion.

At the same time, in the structure of foreign trade turnover, exports amounted to $7.1 billion, of which goods ($6.2 billion) and services ($837 million).

Imports ($10.1 billion) - goods ($9.4 billion) and services ($727 million).

The balance was - 3 billion US dollars.

 

Source: dunyo.info 

The Deputy Prime Minister - Minister of Investments and Foreign Trade S. Umurzakov met with the Vice President of the Asian Development Bank (ADB) Ashok Lavas at the Ministry of Investments and Foreign Trade.

During the meeting, the current state and prospects for expanding bilateral cooperation between Uzbekistan and ADB were discussed.

The ADB leadership announced that in recent years Uzbekistan had created ample opportunities to strengthen the role of the private sector in almost all sectors of the economy. In this regard, issues of expanding the attraction of Bank resources to support private sector projects, especially women's and youth entrepreneurship, were discussed.

The parties considered joint projects using public-private partnership mechanisms to develop infrastructure, healthcare, education and the social sphere. Ashok Lavasa noted that the Bank is interested in expanding cooperation in the field of PPP, as evidenced by the inclusion in the cooperation agenda of projects to modernize schools and institutions in Tashkent and the Tashkent region, as well as the construction of multidisciplinary hospitals in Andijan and Bukhara using PPP mechanisms.

During the meeting, measures were agreed upon to promote ongoing projects, involve ADB experts in developing and implementing a public-private partnership mechanism for implementing projects in the transport, electricity and health sectors, and expand the volume of credit lines provided to commercial banks in Uzbekistan.

Issues on individual projects and initiatives were also considered, including the Program for the Modernization and Equipping of Primary Schools in the Regions of the Country, the project “Introduction of STEM Methods (Science, Technology, Engineering and Mathematics) in Secondary Education”, as well as the Program for Supporting Women Entrepreneurs “ WeFi.

Following the meeting, Vice President A. Lavasa informed about the decision of the ADB President to nominate the ADB Governor from Uzbekistan as the Chairman of the ADB Remuneration Committee, which determines the level of remuneration of the President, and Vice Presidents and members of the ADB Board of Directors. Previously, this position was traditionally held by representatives of the G20 countries.

 

Source: mift.uz

On May 20, 2022, a meeting was held between the First Deputy Minister of Investments and Foreign Trade of the Republic of Uzbekistan Laziz Kudratov and the Deputy Minister of Foreign Affairs of Malaysia Kamarudin Jaffar.

During the talks, issues of further building up bilateral trade and economic cooperation were substantively discussed.

Particular attention was paid to increasing bilateral trade, including through the expansion of mutual deliveries of products that are in demand in the markets of the two countries.

Separately, the prospects for deepening cooperation in the field of introducing halal certification standards in order to increase the export potential of enterprises of the Republic of Uzbekistan were considered.

Along with this, the issues of increasing mutual tourist flows through the resumption of regular direct passenger flights between the two countries were discussed.

The parties agreed to organize a visit of representatives of Malaysian business circles to Uzbekistan in November of this year. to negotiate with Uzbek entrepreneurs on the implementation of new joint investment projects and the conclusion of trade contracts.

 

Source: mift.uz

In order to implement projects and create new jobs through direct investment in other industries in addition to the pharmaceutical sector in the Baysun district of the Surkhandarya region, as well as to further expand the activities of the Termez free economic zone, the Decree of the President of the Republic of Uzbekistan DP-37 “On measures to expand the territory of the free economic zone "Termez" was approved.

According to the Decree, as a result of the implementation of projects through direct investment in the Boysun district in various industries in addition to the pharmaceutical industry and the inclusion of the territory of the free economic zone "Boysun-pharm" into the free economic zone "Termez", the state unitary enterprise directorate of the FEZ "Boysun -farm" is being liquidated.

Participants of FEZ "Boysun-farm" are participants of FEZ "Termez" from the date of liquidation of FEZ "Boysun-pharm" in accordance with the established procedure. At the same time, no fee was charged for inclusion in the register of participants in the FEZ "Termez".

Business entities that have become participants in the Termez FEZ in accordance with the document are fully covered by all the benefits and guarantees established by law.

In accordance with the above Resolution, the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan No. 179 dated April 12, 2022 “On measures to further improve the system for providing information on public services provided to the population and business entities” was adopted.

In connection with the liquidation of the state unitary enterprise Directorate of FEZ "Boysun-Pharm", creditors can present their claims to the administration of the free economic zone "Termez".

Address: Surkhandarya region, Termez city, At-Termizi street, house 1A. Contact phone: +998 97 244 00 02.

 

Source: mift.uz

The State Statistics Committee has published information on the activities of structures that are part of special economic zones (SEZ), small industrial zones (SIZ), technology parks and clusters in Uzbekistan.

According to the State Statistics Committee, as of April 1, there are 20 free economic zones, 116 MPZ directorates, 12 technology parks and 440 clusters in the country.

The FEZ included 512 enterprises, MPZ - 1865, technology parks - 58 and clusters - 446 enterprises.

At the same time, the volume of industrial production for the specified period totalled 13877.4 billion soums, including: in the FEZ - 5454.5 billion soums, refineries - 947.9 billion soums, technology parks - 111 billion soums and clusters - 7364 billion soums.

 

Source: dunyo.info

On May 19 of this year, a working group led by the Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan S. Umurzakov and consisting of the heads of ministries, departments, industry associations, commercial banks and local authorities on-site monitored the ongoing work to study the current state and stimulation of accelerated industrial and socio-economic development of the Tashkent region.

Industrial production facilities and enterprises were visited, the example of which issues of the development of various industries were studied, as well as ongoing measures to create new jobs.

The members of the working group, through a direct dialogue with entrepreneurs and exporters, discussed the existing problems that they face in the process of production and export activities and developed algorithms for solving them. Responsible leaders directly on the ground were given instructions for their implementation.

Special attention was paid to the issues of industrial development of the region. The importance of intensifying the attraction of investments in the implementation of projects aimed at increasing the localization of products, for which there is an increased demand in the domestic market, which is mostly met through imports, was noted. In this regard, instructions were given to conduct a detailed analysis of the structure of regional imports, identify specific commodity items and develop project proposals in order to establish the production of these types of products in the Tashkent region.

It was also instructed to make an inventory of the existing problems in providing the population with infrastructure and social services, and develop specific practical measures to eliminate them, indicating the responsible leaders and deadlines.

Currently, the working group continues to work on studying the problems existing in the region and developing effective measures to solve them.

 

Source: mift.uz

On May 17, the Courtyard by Marriott Tashkent hosted an interactive training on attracting investments and servicing new and existing investors by international expert Robert Hayzak. The training was held as part of an IFC project supported by the Japanese government. The event was attended by employees of the Strategic Development Agency under the President of the Republic of Uzbekistan, the Ministry of Investments and Foreign Trade and the Investment Promotion Agency of Uzbekistan. During the event, ways to attract investors, the formation of joint ventures, the principles of the CRM system, as well as measures to address emerging issues were discussed. The training was concluded by a Q&A session where the participants received answers to their questions.

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The Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan Sardor Umurzakov met with the President of the Berlusconi Finanzaria investment fund Paolo Berlusconi and the President of the Energy System company Roberto Tucci.

During the meeting, the prospects for establishing and expanding investment activities in Uzbekistan by Italian entrepreneurs were discussed. The Italian side expressed interest in the implementation of major projects in the fields of energy and household waste processing. Plans were announced to increase the volume of saffron grown in the regions of Uzbekistan, which will strengthen the position of Uzbek farmers in this commodity niche on the international market and create additional jobs.

The parties substantively considered all the existing issues related to the implementation of these projects, and developed mechanisms for interaction for their prompt resolution, which will speed up the process of their implementation.

An agreement was reached to maintain an active and regular dialogue in order to accelerate the progress of the considered projects.

 
Source: mift.uz

The State Statistics Committee has published data on countries with a high share of exports from Uzbekistan, as well as countries importing Uzbek products for January-March 2022.

According to the data, China ranked first in the top ten countries to which Uzbekistan exported products in the first quarter of the year. Export volumes to China amounted to 526 million US dollars.

The countries are listed in the following order:

Russia - $485 million;

Turkey - $381 million;

Kazakhstan - $231 million;

Kyrgyzstan - $183 million;

Afghanistan - $171 million;

Tajikistan - $103 million;

Canada - $67 million;

Ukraine - $35.6 million;

Iran - $35 million.

China and Russia are also leaders in the list of countries from which imports went to Uzbekistan in January-March. The volume of imports from them amounted to 1.661 and 1.380 billion dollars, respectively.

The countries are listed in the following order:

Kazakhstan - $762 million;

Korea - $620 million;

Turkey - $395 million;

Germany - $364 million;

Turkmenistan - $155 million;

India - $154 million;

United States - $116 million;

Ukraine - 104.5 million dollars.

 

Source: dunyo.info

The Deputy Prime Minister - Minister of Investment and Foreign Trade of the Republic of Uzbekistan Sardor Umurzakov received a delegation of the State of Israel headed by the Minister of Tourism, Co-Chairman of the Intergovernmental Commission between Uzbekistan and Israel Yoel Razvozov. The meeting was also attended by the heads of the foreign ministries and diplomatic missions of the two countries.

The conversation was constructive and allowed to discuss a number of important issues of Uzbek-Israeli cooperation in the fields of politics, economy, investment, trade, culture and tourism.

Mutual interest was expressed in strengthening inter-parliamentary ties and intensifying interaction within the framework of global and regional international organizations, in particular, in developing cooperation within the United Nations, as well as increasing the number of mutual visits at various levels.

The parties noted the relevance of joint work to build up trade and economic partnership. An agreement was reached to develop joint measures to increase the volume and diversify the range of mutual trade, and in this regard to create a joint working group consisting of deputy heads of the foreign trade departments of the two countries.

Further steps were also outlined to attract Israeli companies to implement projects in Uzbekistan in such areas as the textile, chemical and pharmaceutical industries, agriculture, healthcare and tourism.

During the dialogue, the prospects for holding this year the first meeting of the Uzbek-Israeli intergovernmental commission on trade, economic, investment, scientific and technical cooperation, as well as a business forum with the participation of representatives of business circles of the two countries, were also considered.

Following the meeting, the parties expressed their commitment to close and constructive cooperation in all areas considered and agreed on further steps to promote joint initiatives.

 

Source: mift.uz

In a recent speech at a meeting of the Senate, the Minister of Justice of Uzbekistan Ruslanbek Davletov noted that Uzbekistan needs to switch to concluding contracts according to the standards of the International Federation of Consulting Engineers FIDIC in the field of construction.

Full article at: uzace.uz

On May 13, Diana Bayzakova, Director of the Tashkent International Arbitration Centre (TIAC) at the Chamber of Commerce and Industry, held a master class at the Investment Promotion Agency under the Ministry of Investments and Foreign Trade. During her presentation, the director of the Arbitration Center spoke about the recent developments and the reforms in this field that took place in our country. At the end of the event, the participants received detailed answers to their questions.

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The money will be allocated for agriculture, handicrafts, small businesses and vocational training.

The Cabinet approved the amount of subsidies allocated to citizens for the development of their own business. This is reported by the Ministry of Justice.

The money will be allocated through the Fund for Involving the People in Entrepreneurship, operating under the Agency for Entrepreneurship Development. The types of subsidies and their amounts are listed below.

Agriculture

Citizens engaged in agriculture can count on the following payments:

 

 

  • for the construction of greenhouses made of lightweight structures - up to 30 BFS ( 8.1 million soums );
  • for the purchase of equipment for irrigation - up to 10 BDS ( 2.7 million soums );
  • for the purchase of seedlings and seeds - up to 3 BDS ( 810,000 soums );
  • unemployed citizens, migrants and people from low-income families who returned from abroad, to join agricultural cooperatives - up to 10 BRF ( 2.7 million soums );
  • to reimburse the costs of training in fish farming, from April 1, 2022 to January 1, 2025 - up to 2 DBF ( 540,000 soums );

Members of the Pasture Development Association will also be able to reimburse the costs of handicraft tools if they create at least one job. The amount is up to 10 BRV ( 2.7 million soums ).

Entrepreneurship

  • Persons included in the “notebooks” who wish to work as self-employed will be given up to 7 million soums for the purchase of the necessary tools and equipment (women - up to 10 million soums );
  • Unemployed people who want to start a business will receive a one-time payment to offset the costs of registering an individual entrepreneur or small business.
  • Beginning entrepreneurs can receive up to 10 BRF ( 2.7 million soums ) to pay for the rent of a building and premises rented less than 3 months ago.

Craft

  • When registering with the Hunarmand Association, artisans will be reimbursed the membership fee.
  • Masters teaching the craft to students will receive at least 2 BRD ( 540,000 soums ) per month for their training, salary and purchase of raw materials, for 6 months.
  • Pupils starting independent activities will receive compensation of 50% of the cost of equipment (the maximum amount is 25 BRD or 6.75 million soums ).
  • The same compensation is due to craftsmen for creating their websites and selling products via the Internet.

Vocational training

Vocational training centers operating in challenging environments may also receive subsidies. Within 3 months, for each student of one teacher, an amount of up to 4 BRD ( 1.08 million soums ) will be paid.

The standard applies to the following areas of professional training:

  • autotuning;
  • installation and repair of household appliances;
  • repair and setup of computers;
  • professional photo and video shooting;
  • assembly and repair of furniture;
  • hairdressing, manicure, pedicure;
  • cosmetology;
  • creation and processing of multimedia, design projects;
  • development and maintenance of software, information systems, mobile applications, websites.

To receive a subsidy, you need to contact the hokim's assistant in the mahalla where they permanently reside, or on the Online Mahalla platform. The money will be allocated after studying the information provided by the applicant.

 

Source: www.spot.uz

The parties will cooperate in the design of solar and wind power plants.

UzAssystem will promote the development of renewable energy in Kyrgyzstan. Writes about it Renewables Now.

The joint venture has signed a memorandum of understanding with the National Energy Holding Company of Kyrgyzstan. The document outlines the intentions to implement joint energy projects in the republic.

The parties will jointly develop projects for hydroelectric power plants, and solar and wind power plants, as well as cooperate in the management of these projects. They will also create a digital model of the Kyrgyz power grids.

In addition, energy companies will work together on smart grid systems and energy storage. Finally, they will be engaged in the modernization of standards in the field of electrical engineering.

It is noted that Kyrgyzstan plans to reduce atmospheric emissions by 44% by 2030. Now the absolute majority of the republic's power generation is accounted for by hydroelectric power plants - 92%.

UzAssystem was established in 2019 at the initiative of the Ministry of Energy and the international engineering company Assystem. She is engaged in the design and management of projects aimed at transforming the energy sector in Uzbekistan.

How is the development of renewable energy in Uzbekistan

In recent years, the government has been betting on "green" energy as a quick and environmentally friendly solution to the energy shortage. The key role is assigned to solar energy - according to the plan of the Ministry of Energy, by 2030 it will account for 17% of all electricity.

The first industrial photoelectric power plant in Uzbekistan started operating in August 2021 in the Navoi region. Now a number of similar facilities are being built around the country.

In addition to them, solar panels are installed in settlements and on the roofs of houses - from Namangan to Karakalpakstan. Enterprises such as the Mubarek Gas Processing Plant are also launching their own solar power plants.

It is getting cheaper to provide a house with renewable energy - according to the calculations of the Ministry of Energy, a block of photopanels for 2 kW, together with the installation, will cost 18-30 million soums. The state budget will compensate part of the costs of their installation, and will also provide a number of benefits.

Solar panel owners can also earn additional income by selling the generated electricity to local grids. The first such agreement was concluded in early November (Spot later published a detailed account of this practice).

 

Source: www.spot.uz

Earlier, the company's deputy chairman announced plans to place shares in Uzbekistan by the end of 2024.

Almalyk Mining and Metallurgical Combine are preparing to list its shares on the stock exchange (IPO). This follows from the data of the tender section of the UZEX website.

The company is looking for an underwriter for the initial placement of securities on local and foreign sites. Now 98.8% of its shares are owned by the state represented by the AUGA.

According to the annexes, AGMK will list up to 5% of its shares on the Tashkent Stock Exchange by the end of 2022. Also, during 2023-2024, the plant will hold a foreign IPO - up to 25% of the company will be put up for it.

The platform for foreign placement and its exact volume will be selected based on the recommendations of the underwriter. It is stipulated that the IPO period can also be shifted depending on market conditions.

 

 

Applicants will be judged on a number of criteria. This includes experience on stock exchanges (in particular, in the CIS and in the metallurgy industry), qualifications for working with investors, working out an IPO plan with calculations of its term and volume, a list of services, and so on.

Foreign companies can only participate in the form of a consortium with a consulting firm holding an Uzbek license. The winner must comply with confidentiality requirements.

The starting price of the services offered by Uzavtosanoat is $9 million , the completion period will be 365 days (1 year). Applications are accepted until June 7th .

Talks about the IPO of the plant have been going on for more than a year. Back in January 2019, Shavkat Mirziyoyev decided to reform the mining and metallurgical industry. The shares of AGMK were supposed to be listed on the stock exchange in 2023.

In November 2020, it became known that the plant had attracted international consultants for the transformation. Specifically, IPO readiness was assessed by KPMG. In addition, the plant plans to issue Eurobonds for $500 million.

As Abdulla Azizov, deputy head of the board of AGMK, said at a recent Tashkent investment forum, the placement on the local stock exchange was intended to be held in 2023-2024. Based on its results, they would prepare for a foreign IPO.

At the moment, only two large companies in Uzbekistan have carried out an IPO. The first was Quartz at the turn of 2017-2018, the second was Jizzakh Plastmassa from the end of 2019 - to the beginning of 2020.

Several other companies are preparing for an IPO. In particular, Uzmetkombinat plans to conduct an initial issue of shares in 2023. UzAuto Motors is looking for an underwriter to offer a 5% stake on the local stock exchange by the end of 2022.

In April, the president instructed to speed up the privatization of the largest state-owned companies. Thus, the IPO of UzAuto Motors and Uzairways should take place before the end of the year.

 

Source: www.spot.uz

The purchase price of wheat for the state reserve will double - from 1.55 million to 3 million soums.

Starting from June 1, the state will start selling and buying grain at market prices. Shavkat Mirziyoyev announced this at a meeting on reforming grain procurement, press secretary of the head of state Sherzod Asadov reports.

The President noted that food prices in world markets are growing rapidly. Today, 1 ton of wheat is sold on international exchanges for $400, which is 30% more expensive than at the beginning of the year.

To ensure price stability, it is necessary to increase the supply on the market - by ensuring the interest of farmers. All conditions will be created for farmers and clusters to sell their grain on the stock exchange, the president added.

Both Uzdonmakhsulot and private enterprises will buy grain through the exchange, at market prices - they are allocated 800 billion soums to replenish their working capital. In the future, the purchase of grain for the state reserve will also move to the stock exchange.

 

 

The Agriculture Fund will start selling previously purchased 1,783,000 tons of grain monthly, depending on demand.

The state will almost double the purchase price of wheat - from 1.55 million soums to 3 million soums. Based on the average prices on the exchange in July-August, farmers will be paid a positive difference.

For example, if the exchange price of a ton of grain in August is 3.5 million soums, the farmer will receive another 500,000 soums. More than 6 trillion soums will be allocated for these purposes .

Within two weeks, it was instructed to register all grain producers on the stock exchange. They will not be charged exchange fees this season.

Besides:

  • 500,000 tons of wheat, which will remain at the disposal of farmers, will be accepted for temporary storage at grain enterprises, and from July 1, for the first time, farmers and clusters themselves will put it up for sale at market prices;
  • the state will cover the costs of temporary storage of 500 thousand tons of wheat in grain farms, for which 100 billion soums will be allocated;
  • if there is a desire to sell the surplus grain grown by farmers and clusters, they sell it to state and private grain enterprises at negotiated prices.

In total, the state will provide 7.6 trillion soums for harvesting the current crop. The allocation of this money to the address, as well as the situation in the bread and flour market, will be monitored daily.

Farmers and clusters are the real owners of grain, Mirziyoyev pointed out . Therefore, it is forbidden to withdraw it from them under the pretext of the need for animal or poultry farming in feed.

The sale of grain through the exchange should not be subject to local restrictions - it must be ensured its unhindered delivery to enterprises in any locality. Khokims must compensate for the cost of its delivery to remote areas.

 

 

By August 1, state shares in 20 grain-growing enterprises were instructed to be put up for sale. The bakery workshops and shops created under them will be entered into the register and also put up for auction.

The heads of the regions are personally responsible for ensuring stable prices for flour and bakery products, the President stressed. According to him, reducing their production or unreasonably inflating prices will be considered sabotage.

 

Source: www.spot.uz

In January-March 2022, the highest share of investments in fixed assets aimed at new construction was observed in the Syrdarya region, where it amounted to 76.2% of the total investment in the region.The smallest share was noted in the Andijan region - 29.4% of the total investment in the region.

 

Source: stat.uz

From a studio in Ferghana, Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan S. Umurzakov held a meeting via videoconference to discuss the progress in the field of innovation and implementation of projects financed by international financial institutions.

The meeting was attended by heads of ministries, departments, industry associations, commercial banks, local authorities of the Republic of Karakalpakstan, regions and Tashkent.

The results achieved in the field of innovations in a number of areas, in particular, in the field of geology, mining and chemical industries, which are the "drivers" of the country's economy, were noted.

At the same time, during the meeting, a number of leaders of industry associations were pointed out the need to expand innovation activities, bearing in mind the organization of systematic work on the creation and implementation of new developments, conducting scientific research, involving the country's research institutions in solving specific practical issues and tasks in various industries.

Clear tasks have been set to staff specialized institutions with qualified specialists to coordinate the process of introducing innovations, develop a plan of measures to improve the country's performance in the international ranking of the Global Innovation Index and improve the material and technical base of scientific and educational organizations.

Targeted instructions were given to analyze the current state of the innovative development of industries and regions, as well as to increase the number of projects aimed at the production of innovative high-tech products.

It was also instructed to study the work of research organizations and higher educational institutions and evaluate the effectiveness of the work of deputy heads of state bodies and heads of scientific and educational institutions responsible for innovative development.

The heads of ministries and departments were instructed to ensure the preparation of "Roadmaps" that provide for the implementation of projects for the commercialization of innovative developments in 2022, as well as to develop and submit targeted programs for innovative development for 2023.

Local authorities were instructed to identify additional districts (cities) as new innovation zones, with proposals on specific development programs for these zones in 2022-2023.

In general, the Ministry of Innovative Development was instructed to prepare a draft Strategy for Innovative Development of the Republic of Uzbekistan for 2022-2026. for its further submission to the leadership of the republic.

During the meeting, the current state of the implementation of projects financed from the funds of international financial institutions was also discussed. It was announced that in January-February of this year, 105 projects implemented with the participation of international financial institutions disbursed $296 million, which is 100% of the planned parameters.

At the same time, the state of work on the coordination of pre-project documentation for a number of projects under development in the areas of water supply, hydropower, railway transport, and healthcare was reviewed in a critical manner. The practical aspects of the implementation of projects in the pharmaceutical, agricultural, and industrial sectors were considered, in connection with which disciplinary measures were taken against a number of responsible employees.

In the context of ministries and departments, the progress of the implementation of 29 projects totalling $2.4 billion, which should be put into operation before the end of this year, was considered.

Based on the results of the meeting, the heads of relevant ministries and departments were given targeted instructions to take prompt measures for the timely implementation and commissioning of relevant projects.

 

Source: mift.uz

 

The Ministry of Infocom and the Uzbekcosmos Agency met in Tashkent with a representative of SpaceX. The company received an offer to open a representative office and attract the Starlink project to Uzbekistan.

On May 10, Minister for the Development of Information Technologies and Communications Sherzod Shermatov held a meeting with  Ben McWilliams, Starlink project manager of the American company SpaceX for access to the markets of the Middle East, South and Central Asia, as part of the Space Technology Conference STC-2022 in Tashkent.

According to the press service of the Ministry of Information and Communications, the minister suggested that SpaceX open a representative office in Uzbekistan "to expand mutually beneficial cooperation."

According to the ministry, a company representative announced his readiness to implement large projects in Uzbekistan, as well as in other countries.

On May 9, Director General of the Uzbekcosmos Agency Shukhrat Kadirov also met with Ben McWilliams.

“The parties discussed the issue of bringing the Starlink project, which is being deployed by SpaceX, to the Uzbek market,” the agency’s press service said.

Starlink is a global satellite system created by SpaceX to provide high-speed broadband satellite Internet access in places where it is unreliable, expensive or completely unavailable.

 

Source: www.gazeta.uz

The International Agricultural University will accept the first students this year. It will train specialists for the agricultural sector on a grant and contract basis and issue a diploma from a partner university - the Royal Agricultural University of Great Britain.

The International Agricultural University will open in Tashkent this year. It is being created by the Ministry of Agriculture of Uzbekistan jointly with the Royal Agricultural University of Great Britain (Royal Agriculture University, RAU).

Gazeta.uz wrote about plans to open a new university last year. Its graduates will receive a diploma from the RAU, the oldest agricultural university in the UK, founded in 1845 and under the royal patronage of the Prince of Wales.

According to the decree of the President of Uzbekistan Shavkat Mirziyoyev dated May 7, the university is granted full academic and financial independence. Education in it will be conducted both on the basis of a grant and on a paid contract basis.

The main activity of the university is the training of "highly qualified, possessing modern knowledge and skills, independently thinking, patriotic, professional personnel based on the principle of "scientifically based, practice-oriented (science-based, practice-oriented) education", which is adapted to reflect the development agrarian sector, global trends and experience combined with national traditions”.

In addition, the university will conduct scientific research "covering the introduction of scientific achievements and innovations into production, the development of agricultural technologies and environmental sustainability practices, business development and operational efficiency in agriculture."

Directions of undergraduate education for the 2022/2023 academic year: smart agriculture, agronomy, biotechnology, agroeconomics, livestock development, food security, agrologistics. In the future, magistracy and doctoral studies will be opened.

The rector of the university will be proposed by Uzbekistan and appointed by the Minister of Agriculture in agreement with the Supervisory Board. The Supervisory Board of the University, consisting of 11 people, chaired by the Minister of Agriculture, will determine the admission parameters, forms, types and language of education, admission conditions, the amount of tuition fees, the opening of areas of education in the bachelor's degree, specialities of the master's and doctoral studies and other issues.

Starting from the 2023/2024 academic year, the university will operate a network Center for retraining and advanced training of personnel (Capacity Building Center) in the field of agriculture. By the end of this year, the university will open the Agro Innovation Incubator Center, which is engaged in the creation and implementation of start-up projects based on the scientific developments of students, undergraduates and scientific researchers, as well as professors-teachers, funded by international financial institutions.

From 2023, a specialized scientific council will begin to work to increase the scientific potential of the university, 50% of whose members will be selected from among international partners and compatriots living abroad.

The university will be located on the territory of the Tashkent Agrarian University. He is allowed to temporarily use the sports complex, hostel and laboratories of the university. By the 2024/2025 academic year, a new educational campus should be built for it - at the expense of grant funds from international financial institutions.

To finance the activities of the new university, funds from the European Union budget support program for the agricultural sector in the amount of $6 million and the World Bank - in the amount of $11 million are attracted. Financing will also be provided from funds coming from student education, economic, and scientific activities and the provision of services, charitable donations, grants and other sources.

 

Source: www.gazeta.uz

With the assistance of the Embassy of Uzbekistan, the China Association for Trade and Services and the Institute for Regional Economic Cooperation of Central Asia, representatives of Uzbek export enterprises and organizations are participating in an international training on the topic “Cross-border e-commerce”.

More than a thousand participants from about 100 countries of the world, including 30 Uzbek entrepreneurs, take part in the trainings, held every Saturday from March 2 to July 19 of this year.

During the trainings, representatives, specialists and experts of the world's leading companies in the field of online commerce will introduce participants to the latest news in the modern globalized world of e-commerce, related opportunities and specific factors, as well as knowledge and skills in using e-commerce platforms and resolving emerging conflicts.

On May 7, an official event dedicated to these trainings took place. It was attended by representatives of the State Council of China, the Asian Development Bank, such large e-commerce companies as ebay and Amazon.

Representatives of the Embassy of Uzbekistan in China informed the participants of the event about the ongoing reforms in our country in the trade and economic direction, their current positive results, as well as the conditions for supporting entrepreneurship created for domestic and foreign entrepreneurs.

The participants were introduced to a wide range of activities carried out for the development of e-commerce in Uzbekistan.

At the end of the event, it was noted that the organization of such trainings and training courses contributes to providing comprehensive support to young entrepreneurs in this industry, as well as creating opportunities for extensive trade between countries through electronic platforms in the future.

 

Source: dunyo.info

Central Asia’s two biggest economies still want in on the craze, but with safeguards for their grids.

Kazakhstan and Uzbekistan have introduced new regulations for cryptocurrency mining. The changes indicate anxieties over the technology’s grid-busting electricity consumption. 

Kazakhstan has added reporting requirements for existing investors in the sector, with would-be miners expected to produce a detailed plan before getting the green light. 

In Uzbekistan, the new rules aim to boost renewable energy, while also, like Kazakhstan, punish illegal farms.

In both cases, the changes entered force in late April but were reported by media this month. 

Central Asia’s relatively cheap energy has made it an attractive destination for crypto miners, with Kazakhstan emerging as a particular honeypot after China all but banned mining last summer.  

But the investments have proven a double-edged sword.  

Kazakh energy officials have for the past year or so been blaming crypto mining – especially so-called “grey miners” – for an unsustainable uptick in energy consumption. 

These new changes to the legal framework governing the industry were approved by the innovation ministry, which has championed crypto investments, and the energy ministry, which has been more sceptical for obvious reasons. 

Those hoping to enter the field should present a plan of their activities to officials 30 days before starting work. All operators will be asked to plan energy consumption in advance and break down their investment plans.

Uzbekistan’s new mining rules are a mixture of carrot and stick. 

On April 27, President Shavkat Mirziyoyev signed off on legislative changes that limit crypto mining to legal entities and offers significant incentives to use renewables.

Registered cryptocurrency miners connected to the national electricity grid will now have to pay double the rates of typical consumers and additional fees during periods of peak consumption. 

Miners that connect to the grid while ignoring these terms – i.e illegally – will be back-charged at five times the regular tariff if they are caught. 

None of this will apply to crypto miners that bring their own solar panels, however. 

Uzbekistan strongly encourages this model by offering tax and customs preferences for anyone bringing panels into the country to set up mining farms.

Illegal crypto-mining takes a variety of forms and can be difficult to stop, even if news of farm busts is now rivalling reports of drug busts in terms of prevalence in local media.  

In Uzbekistan’s central Syrdarya region authorities busted a farm with 1,500 mining installations and 9,280 Graphics Processing Units (GPUs) at the end of March. In its agreement with the grid, the farm had presented itself as a farm of a different sort – breeding rabbits – the national security service said.  

The same month, Kazakhstan said it had shut down more than a hundred grey miners. But officials there admit that many survive the culls. 

Back in 2018, the Uzbek financial news portal Spot.uz calculated that setting up a small crypto farm with 12 GPUs would cost $8,000 and would pay for itself in about half a year. 

Such calculations are changing all the time, in tune with highly volatile crypto prices. At present, cryptocurrencies are in something of a trough, with one bitcoin currently trading around $32,200, or just below half its all-time high. Price surges, such as the one in the second half of last year, typically lead to a boom in mining at the household level

If bitcoin spikes again, it seems, that no amount of regulation will save Central Asia’s embattled grids.

 

Source: eurasianet.org

In January-March 2022, the highest share of construction and installation works in the total volume of investments in fixed assets was observed in Kashkadarya region - 53.5%, or 1962.2 billion soums.

The lowest level of this indicator was noted in the Syrdarya region - 16.1%, or 479.9 billion soums. Jiak region recorded the highest share of expenses for the purchase of machinery, equipment and inventory - 62.3%, or 1123.3 billion soums.

 

Source: stat.uz

IT Park of Uzbekistan has initiated the Tumaris.TECH project, which can be attended by women and girls who conduct entrepreneurial activities in information technology in Uzbekistan, Kazakhstan, Kyrgyzstan, Tajikistan and Turkmenistan.

The development program is designed for a year and is aimed at supporting women's initiatives in information technology. The project will include workshops, acceleration programs, startup exhibitions, financial literacy courses, and other relevant topics.

Beeline Uzbekistan, part of the VEON Group of Companies became a Digital-partner of Tumaris.TECH large-scale international project.

It was noted that the representatives of the Group will become members of the jury and mentors of the hackathon, and share their experience during the June incubation and acceleration program, where Beeline organizes a training module in digital areas. The second wave of the hackathon and incubation program will start in September. The final exhibition of startups created during the entire project is scheduled for February next year.

The first joint event of the partners is Tumaris online hackathon. The HACK is scheduled for May 27-29. Applications continue to be accepted.

Girls from Central Asian countries will have to create prototypes of digital products that solve current socio-economic problems in financial services, e-commerce, Deep Tech, and other areas.

The goal of the project is to provide Tumaris.TECH participants with new knowledge, create favorable conditions for the implementation of interesting startups.

 

Source: uza.uz

The President instructed to take measures to increase the volume of production and exports in the industry.

Shavkat Mirziyoyev held a meeting on the development of the electrical industry, press secretary of the President Sherzod Asadov writes .

Over the past 5 years, $465 million of investments have been attracted to the sphere, for which more than 160 projects have been launched. The volume of production of electrical products quadrupled (up to 17 trillion soums), exports tripled (up to $565 million).

By 2026, the task was set to double production and triple exports. The output of electrical engineering this year should grow by at least 20%. The President outlined the need for a constant search for new initiatives to the leadership of Uzeltekhsanoat.

The current 86 projects planned in the industry are not enough for this, Mirziyoyev added. Khokim of each region should launch new projects in the electrical field for at least $ 100 million , in total - for $ 1.5 billion.

In Tashkent, Samarkand and Fergana regions, it was instructed to create clusters of electrical engineering on the model of the Technopark in the capital.

In addition, the head of state ordered to deepen the processing of local copper for the supply of competitive finished products abroad. By the end of the year, it is necessary to ensure the processing within the country of 50% of the volume of metal, by 2026 - 70% .

A new copper cluster will be created near Akhangaran , which includes 12 projects worth $168 million . Its launch will ensure the processing of 90,000 tons of copper.

The use of renewable energy with local components will also be expanded. Households will be reimbursed 30% of the cost of installing water heaters powered by it.

It was instructed to adopt a special program to install solar water heaters in schools, hospitals and other social institutions, and lamps powered by photo panels on the streets. 100 billion soums a year will be allocated for these purposes.

Mirziyoyev stressed the importance of bringing the export of electrical equipment to $1 billion by the end of 2023. For this, the assembly of household appliances will be organized in the mode of processing on the customs territory - 20 billion soums will be provided to expand its exports.

It was instructed to strictly control the introduction of labeling for household appliances , approved in early April. This will prevent the import of low-quality and counterfeit goods.

Research and development centers (R&D, R&D) will be established at the main enterprises of the industry . They will be provided with grants up to 10 billion soums, as well as tax benefits:

  • social tax - at a rate of 1%;
  • land and property taxes - 1% of the calculated amount.

 

Source: www.spot.uz

On April 19, the President of the Republic of Uzbekistan adopted the Resolution “On measures to further expand the mechanisms for financing entrepreneurial projects in the regions”, which served as an additional incentive for small and medium-sized businesses. We are talking about solid financial support for entrepreneurial projects implemented in the regions, ensuring the timely implementation of entrepreneurial initiatives.

According to the document, commercial banks of the republic are provided with a credit line in the equivalent of 300 million US dollars at the expense of the Fund for Reconstruction and Development - to finance the activities of small businesses.

Any entrepreneur can get a loan, however, its size depends on the time of the enterprise.

  • less than 6 months - up to 1 billion soums;
  • 6-12 months - up to 2 billion soums;
  • 1-2 years - up to 3 billion soums;
  • 2-3 years - up to 4 billion soums;
  • over 3 years - up to 5 billion soums.

A soft loan is allocated for all projects in the field of production and provision of services, but there are restrictions. Within the framework of this initiative, loans are not available to initiators of projects in the field of construction, trade, intermediary activities, manufacturers of excisable goods, in addition, to state-owned enterprises and legal entities with a state share in the authorized capital, as well as to replenish working capital.

On the other hand, entities that meet the criteria will be able to receive a loan at 14% per annum for 5 years (including a 2-year grace period).

It is important to note a significant innovation - at least 70 percent of the loan will be allocated to those entrepreneurs who carry out their business in the territory outside the city of Nukus, administrative centers of regions and cities of regional subordination. Thus, the development of business and infrastructure, the creation of jobs in rural areas is stimulated.

The Ministry of Investments and Foreign Trade, which is entrusted with coordinating the effective use of the credit line allocated under this document, is carrying out a number of tasks to implement its provisions. In particular, work is underway to ensure the distribution of credit line resources by regions and commercial banks based on needs, measures are being taken to develop high-quality design and pre-project documentation by project factories and local groups in cooperation with commercial banks. A mechanism is also being introduced to carry out systematic monitoring of the effective and targeted use of the credit line by all participants in the process.

To prevent various kinds of delays, the document provides for the placement of resources requested by banks within three days after receipt of applications.

It is expected that as a result of the implementation of investment projects financed under this Decree of the Head of State, new jobs will be created - mainly in rural areas of the republic, the introduction of innovations and new technologies will be activated, new modern production facilities will be launched.

 

Source: mift.uz

The authoritative South Korean magazine "The Korea Post" published an article "The Urgut Free Economic Zone continues to provide great opportunities for investors.

The article notes that the Urgut Free Economic Zone (FEZ), created in 2017 at the initiative of the President of Uzbekistan, specializes primarily in mechanical engineering, automotive industry, as well as the processing of fruits and vegetables.

“Currently, 63 projects are being implemented in the economic zone with a total cost of 302.7 million US dollars. About 5,000 people received new jobs in the SEZ, the article says. “There is a special economic regime for investors in the territory, which gives financial and customs preferences, which makes it possible to reduce the cost of starting production.”

In conclusion, the publication gives 11 advantages of investing in the Urgut FEZ:

  • stable macroeconomic indicators and constant growth;
  • strategic location and potential of foreign markets;
  • tax and customs preferences;
  • skilled workforce with competitive wages;
  • the lowest tax rate in the region;
  • well-developed logistics system and convenient access to the CIS countries;
  • visa-free regime in 101 countries;
  • continuous growth of the ease of doing business index;
  • beneficial cooperation with international organizations;
  • economically efficient natural resources;
  • guaranteed installation of engineering and communication systems.

 

Source: dunyo.info

The United Nations Industrial Development Organization (UNIDO) will develop the "Sustainable upgrading of textile and garment industry in Uzbekistan" project, the communications officer of UNIDO Charles Arthur said.

Arthur said the project is in the pipeline, with a tentative budget of $2 million.

"The project will focus on improved access to local and export markets for textile and garment industries. Specifically, it will strengthen the productivity, competitiveness and collective export capacities of manufacturing companies, as well as applying innovative approaches and methodologies for branding, marketing and product design," the communications officer said.

According to him, the project will benefit from UNIDO’s "Branding for Competitiveness and Sustainable Growth" technical module, which focuses on brand creation for a pilot group of enterprises, aiming to strengthen their capacity to enter new market niches with innovative, high-quality, unique products that meet international standards.

"In the Joint Declaration, signed in December 2020, UNIDO and Uzbekistan’s Ministry of Economic Development and Poverty Reduction commit to promoting cooperation in various areas, including green industry, a circular economy, renewable energy and energy efficiency, agro-industrial clusters and light industry modernization. UNIDO has so far developed two projects to support the implementation of the Joint Declaration, "Arthur said.

The joint declaration was signed by the Minister of Economic Development and Poverty Reduction of Uzbekistan, Jamshid Kuchkarov, and the then Director General of the United Nations Industrial Development Organization, Li Yong, for an initial period of four years (2020-2024).

 

UNIDO is also carrying out research and analysis to provide input for the "Industrial Development Strategy of the Republic of Uzbekistan until 2030".

 

Source: en.trend.az

On May 4 this year, the 7th meeting of the Uzbek-Hungarian Intergovernmental Commission on Economic Cooperation (IGC) was held in Tashkent under the chairmanship of Deputy Prime Minister – Minister of Investments and Foreign Trade of the Republic of Uzbekistan Sardor Umurzakov and Minister of Foreign Affairs and Trade of Hungary Péter Szijjártó.

The meeting was attended by the heads of key ministries, agencies, industry associations, commercial banks and educational institutions, as well as diplomatic missions of the two countries.

During the meeting, issues of further development of cooperation in investment, industrial, trade and economic, banking and financial, cultural and humanitarian areas were considered and agreed upon.

During their speeches, the heads of delegations of the two countries noted the regular and systematic nature of bilateral interdepartmental contacts at the level of leaders and experts, as well as the constant focus of the two states on the progressive expansion of mutually beneficial cooperation in areas of common interest. A significant impetus to the development of Uzbek-Hungarian relations was given largely thanks to the efforts and will of the Heads of the two states. Mutual readiness to strengthen partnership in the fields of investment, trade, tourism, financial and technical, cultural and humanitarian and interregional cooperation was expressed.

It was noted that over the past 4 years, the volume of Uzbek-Hungarian trade increased 3 times and showed growth even in 2020-2021, despite the negative consequences of the pandemic. Significant potential for diversification of markets and trade flows, as well as increasing mutual supplies of chemical, food, machine-building, pharmaceutical and textile industries was noted. In this context, the parties welcomed the approval and signing of a Joint Action Plan between the Hungarian Export Promotion Agency and the Export Promotion Agency under the Ministry of Investments and Foreign Trade of the Republic of Uzbekistan on the sidelines of the IGC, stressing that this step will give a significant impetus to the further expansion of mutual trade.

Special emphasis was placed on joint actions to develop industrial cooperation between entrepreneurs of Uzbekistan and Hungary. The prerequisites for this are the growing interest of Hungarian business in expanding its activities in Uzbekistan and the significant industrial potential of a number of sectors of the Uzbek economy, including the information and communication sector, electronics, biotechnology, construction materials production, mechanical engineering, chemical and textile industry. The heads of the relevant sectoral agencies of the two countries made specific project proposals, outlining vectors for further deepening practical cooperation within each direction. Preliminary agreements were reached on the implementation of joint investment projects aimed at creating high–tech industries with the aim of setting up production of with high added value products and, in the future, exporting them to third-country markets.

In this context, the parties spoke in favor of intensifying joint work to bring the business communities of the two countries closer together and agreed to hold a regular meeting of the Uzbek-Hungarian Business Council and a business forum with the participation of Uzbek and Hungarian entrepreneurs this year.

An agreement was also reached on the development and approval of a joint Industrial Cooperation Program for 2022-2023 with the inclusion of promising projects in priority sectors in the near future.

Further steps to promote the activities of the launched Uzbek-Hungarian Startup Program for financing joint investment projects were discussed. It is worth noting that as of now, the implementation of 9 joint projects has already started. The parties considered issues related to their practical implementation and outlined directions for the development and selection of new project initiatives.

Special attention was paid to the development of interregional cooperation. The meeting participants discussed concrete steps to intensify practical cooperation at the regional level within the framework of the Interregional Cooperation Agreement signed last year. An agreement was reached on the establishment of permanent working groups under the leadership of the deputy heads of the regional administrations of the Tashkent, Navoi and Jizzakh regions of Uzbekistan and Pest, Veszprém and Fejér regions of Hungary, respectively, as well as the development of step-by-step interregional cooperation programs, including mutual exhibitions, business forums and trade missions. It was agreed to hold a joint Forum of Regions in Uzbekistan in the second half of this year with the participation of representatives of the business circles of the two countries.

A number of agreements were also reached in the cultural, humanitarian and tourism areas: holding Days of Cinema and Culture of Uzbekistan and Hungary in the second half of this year, allocation of additional quotas for Uzbek students for studying in Hungarian universities within the framework of the scholarship program of the Hungarian government "Stipendium Hungaricum", accelerated launch of activities in Tashkent branch of the University of Debrecen, development of joint educational programs with the involvement of leading Uzbek and Hungarian educational institutions, as well as holding a joint another Forum of Rectors of Universities of Uzbekistan and Hungary. The parties particularly noted the signing of an Agreement on Cooperation in the field of Tourism on the sidelines of the IGC, designed to create favorable conditions for increasing mutual tourist flows.

Following the meeting, the final protocol was signed, reflecting all the agreements reached, as well as the joint projects and initiatives.

 

Source: mift.uz

The starting price of the lot is 80 billion soums

The founder of the project-cluster "Marmar Obod" in the Navoi region (Gazgan city) "NBU Gazgan Invest" put up for auction 99.9% of the company's shares, according to data portal E-auksion.

A 99.9% share in the authorized fund of Marmar Obod is sold subject to the condition that the winner of the auction assumes the following obligations:

- to make an advance payment to the seller in the amount of 50% no later than 2 months and the remaining 50% payments in installments within 5 years without accruing interest on the remaining amount in accordance with the sale and purchase agreement concluded following the auction with the seller;

 on reimbursement of expenses for the provision of collateral, organization and conduct of the auction;

- on joint and several payment of the debt of "Marmar Obod" to the Navoi branch of the National Bank and Asakabank on loans, to "NBU Gazgan Invest" and "NBU Invest Group" on financial assistance and to the contractor;

 to ensure the fulfillment by Marmar Obod of the obligations assumed under the concluded export contracts.

According to the documents, "Marmar Obod" has licenses for the extraction of granite in the following 5 quarries for a period up to 2050:

 Pashot-Gazgan

 Kontahta

- Pashshot-Barkash, located in the Nurata region;

- Pargot-2, located in Gazgan;

- Kurasayskoe, located in the Khatirchi district.

The enterprise occupies an area of ​​6 hectares, excluding the land plot of 5 quarries belonging to the enterprise. The area of ​​buildings is more than 15 thousand square meters. The authorized capital of the company is slightly more than 71 million soums. The net profit of the enterprise for 2021 amounted to 306.8 million soums.

Proposals are accepted until May 13 of the current year. The closing date for applications and the announcement of the winner is at 10:00 am on the same day.

 

Source: kapital.uz

On April 28 this year, in the format of a video conference, under the leadership of the Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan S. Umurzakov, a meeting was held to discuss the issues of investment and trade and economic cooperation between Uzbekistan and Hungary, Kyrgyzstan and Tajikistan, as well as practical measures for its activation.

The meeting was attended by heads of ministries, departments, industry associations, commercial banks, local authorities of regions, the Republic of Karakalpakstan and the city of Tashkent, heads of diplomatic missions of Uzbekistan in Hungary, Kyrgyzstan and Tajikistan, as well as representatives of business circles with counterparts from the above countries.

The high practical significance and effectiveness of the high-level events with Hungary, the Kyrgyz Republic and the Republic of Tajikistan, held in 2021, were emphasized, as a result of which the relevant Roadmaps were adopted. During the meeting, the implementation of the agreed agreements was substantively considered, the existing issues were analyzed, algorithms for their prompt solution were developed, and appropriate instructions were given.

In particular, it was instructed to conduct an inventory of bilateral agreements with these states, organize additional negotiations with foreign partners in order to work out problematic issues, as well as ensure the timely implementation of approved investment projects and the provision of practical assistance to their initiators.

The heads of industry associations presented reports on the current state, as well as plans for the development of investment and trade cooperation. Installations are given to maximize the use of the existing potential for deepening economic partnership with the above countries.

Following the meeting, it was instructed to submit lists of new promising investment projects and trade agreements to the Ministry of Investment and Foreign Trade as soon as possible, as well as to intensify negotiations with foreign partners in order to accelerate the achievement of firm agreements.

 

Source: mift.uz

On April 25 this year, the International Industrial Exhibition "Innoprom. Central Asia" - the largest event in the region aimed at enhancing investment, industrial, trade and economic cooperation, as well as establishing new business contacts and developing industrial cooperation between enterprises of Central Asian countries - started. The organizers are the Ministry of Investments and Foreign Trade of the Republic of Uzbekistan as well as the Ministry of Industry and Trade of the Russian Federation.

The key objective of the exhibition is to build a dialogue between regions and countries in order to find points of common interest to give new impetus to the growth of investment, industrial, trade and economic cooperation, as well as to increase the number of mutually beneficial projects.

This year, more than 5,000 participants, over 200 foreign companies and business delegations from CIS countries, France, Italy, the Netherlands, India, Ireland and Japan have registered to participate in the exhibition as well as official delegations, including from the Russian Federation, Tajikistan, Belarus, the Kyrgyz Republic, Azerbaijan, Turkmenistan and Mongolia.

The key event of the first day of the exhibition was the main plenary session, held under the slogan "Central Asia - space for a technological breakthrough", which was attended by the heads of delegations of the participating countries: Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan S.Umurzakov, Minister of Industry and Trade of the Russian Federation D.Manturov, Minister of Industry of the Republic of Belarus P.Parkhomchik, Minister of Economy and Commerce of the Kyrgyz Republic D.Amangeldiev, Minister of Economy of the Republic of Armenia V.Kerobyan, Minister of Industry and New Technologies of the Republic of Tajikistan Sh.Kabir and other officials.

Speaking during the plenary session, the head of the Uzbek delegation S.Umurzakov outlined the successes achieved by Uzbekistan in implementing large-scale socio-economic reforms, improving the public administration system, building a transparent market economy and increasing the role of the private sector in it, improving the investment climate and eliminating trade barriers. He also announced priority areas for further development of the country's economic and investment potential, including the implementation of effective administrative reforms, reduction of the state's share in the economy, digitalization of industry, business support, infrastructure development, stimulation of production with high added value through deep processing of raw materials and the creation of complete commodity and raw material chains, human capital development and liberalization foreign trade.

"The Central Asian countries have great potential for building up trade and economic relations. Today's realities require us to take decisive steps to form a new model of economic cooperation in Central Asia. Our economic partnership can be much larger and developed on the basis of complementarity and effective cooperation. In Uzbekistan, we have been working on an ongoing basis with each of the neighboring countries in Central Asia and a number of other countries for several years in order to find "growth points" to combine the capabilities of our economies and achieve breakthroughs in industrial cooperation," S.Umurzakov noted in his speech.

In turn, Minister of Industry and Trade of the Russian Federation D. Manturov stressed the international and purely economic nature of this year's exhibition. Innoprom carries the definition of how industry should be represented today in its global cooperative format, and Innoprom is international industrial cooperation. This is not a political, but a purely economic, purely practical platform on which new cooperative relations are being built, which create the basis for the development of the economies of our countries," he said. On the sidelines of the session, the participants exchanged views and identified points of mutual contacts in the context of further development of industrial cooperation and economic cooperation, voicing specific proposals and initiatives for further joint study.

The exhibition will continue its work on April 26 and 27. Within the framework of the business program, panel discussions and thematic sessions are scheduled to discuss issues of international cooperation in the field of introduction of new technologies, coordination and implementation of regional industrial policy, exchange of experience and proven practices of state support for stimulating industrial development, improving the urban environment, building cooperation mechanisms in the field of production, digitalization and automation, introduction of innovative financial products for implementation of joint projects, as well as deepening the economic partnership of the countries of the region.

Presentations of the investment and industrial potential of various sectors of Uzbekistan, educational sessions and other events covering the main issues of industrial production and cooperation with Central Asian countries, as well as a B2B contacts exchange will be organized on the sidelines of the international exhibition. Some events are aimed at building links between the administrations and industrial companies of the regions of Uzbekistan and the participating countries of the exhibition. The whole range of opportunities in this context will be reflected by expositions of innovative industrial developments and products of large manufacturers, a number of national, regional and corporate stands.

[su_image_carousel source="media: 14745,14743,14740,14741,14742,14739,14738,14737"]

Source: mift.uz

 A Presidential Decree (UE No. 115 dated 04.25.2022) "On additional measures to simplify the application of the customs regime" processing in the customs territory "was adopted.

According to the Decree, from May 1, 2022, a simplified procedure for applying the customs processing procedure will be introduced in the customs territory. Wherein:

packaging, packaging (including repackaging), sorting, cleaning of goods, its adjustment to other goods and modernization of equipment are considered processing operations in the customs territory;

when placing goods under the customs regime "processing in the customs territory", mandatory confirmation of the compliance of goods with the requirements of regulatory enactments in the field of technical regulation and the submission of a sanitary and epidemiological conclusion are not required;

the norms for the output of processed products are approved by the subject of processing and submitted to the customs authority;

for the processing of the same type of goods, regardless of the number of contracts, the customs authority issues a general permit for a period not exceeding 2 years;

the procedure for ensuring the payment of customs payments does not apply to participants in special economic zones and authorized economic operators;

when registering waste generated in the process of processing in the customs regime "release for free circulation", customs duty is not levied.

Customs duty rates for the export of goods, benefits, preferences and other export support measures also apply to processed products exported under the "re-export" customs regime.

In cases where the purpose of applying the customs regime "processing in the customs territory" is the repair of goods, a permit for the processing of goods in the customs territory is not required.

A permit for the processing of goods in the customs territory may later be transferred by a participant in foreign economic activity to another person (if this person assumes all obligations under this permit).

According to the Decree, the Department for Improving the Customs Regime "Processing on/Out of the Customs Territory" was established under the State Customs Committee.


Source: uzdaily.uz

Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan S.Umurzakov received Minister of Industry and Construction Production of Turkmenistan B.Annamamedov.

During the meeting, the sides exchanged views on topical issues of bilateral cooperation. The parties stressed the tangible growth in the indicators of economic partnership between the two states and spoke in favor of intensifying joint efforts to expand them further.

It was noted that over the past 4 years, the volume of Uzbek-Turkmen trade turnover has increased 5 times, and in 2021, the growth of mutual trade amounted to 65 percent compared to the previous year. A number of trade contracts signed following the results of the high-level events held in September 2021 are at the stage of practical implementation.

Measures to intensify industrial cooperation and create complete value chains involving production facilities stationed on the territories of the two countries were discussed. Proposals were put forward to expand cooperation in the field of industry in new promising areas identified on the basis of the competitive advantages of the economies of Uzbekistan and Turkmenistan.

The mechanisms for strengthening interregional cooperation were considered. The parties agreed to strengthen the coordination of the administrations of the regions of the two countries in order to develop new projects of industrial cooperation and trade contracts.

Mutual readiness was expressed to organize visits of delegations of ministries and agencies of Uzbekistan and Turkmenistan to exchange experience in the field of food security.

Following the meeting, an agreement was reached to continue constructive interaction in all areas of bilateral relations and to work together to provide practical assistance in elaboration and resolution of existing issues.

 

Source: mift.uz

On April 22 this year an event was held at which the Chairman of the Yakkasaray Interdistrict Court for Civil Cases G. Ergashev and the Deputy Chairman of the Court G. Khamrayeva made a presentation to the staff of the Foreign Investment Agency, the Export Promotion Agency and the Agency for International Cooperation and Development under the Ministry of Investment and Foreign Trade on anti-corruption system in Uzbekistan. During his speech, the chairman of the court spoke about the step-by-step measures taken in Uzbekistan to prevent corruption as part of the implementation of the Development Strategy of New Uzbekistan for 2022-2026, as well as to reduce the human factor through the digitalization of decision-making on the ground.
At the end of the event, the participants received detailed answers to their questions.

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In January-March 2022, the foreign trade turnover of the Republic of Uzbekistan amounted to 13.2 billion US dollars.

Foreign trade turnover - 13.2 billion US dollars

Export - 5.8 billion.

          🔹 goods - 5.2 billion.

          🔸 services - 568 million.

Import - 7.4 billion.

          🔹 goods - 6.8 billion.

          🔸 services - 530 million.

Balance - 1.6 billion.

 

Source: stat.uz

In Uzbekistan, from July 1, certain requirements and conditions for obtaining certain types of licenses and permits in the field of medicine, pharmaceuticals, architectural and urban planning documentation, labour activity and others are cancelled.

From July 1, certain requirements and conditions for certain types of licenses and permits are cancelled in Uzbekistan. This is provided for by the presidential decree of April 20.

In particular:

No. Name of license or permit

Cancellable requirements and conditions of a permissive nature

one License for medical activity The presence of the right of ownership or another legal basis of the relevant buildings, premises, equipment and inventory when organizing remote medical consultations and examinations in the field of medical activity using mobile applications.
2 License for pharmaceutical activity (in the direction of retail sale of medicines and medical products) The presence of a pharmacist in the staff of a legal entity during the delivery of medicines and medical products paid by the buyer
from pharmacies to buyers;

availability of pharmaceutical education
for a pharmacy employee for the delivery of medicines
and medical products
upon consultation by means of communication.
3 License for the development of architectural and urban planning documentation Availability on the right of ownership or other
legal basis of the relevant buildings,
premises, equipment and inventory;

compliance with national standards
and requirements for orders received from
abroad.
4 Registration card of a cash register with fiscal memory The presence of a stationary point for the
use of cash registers
with fiscal memory when accounting for cash
in the sale of goods,
works and services, as well as the existence of an agreement
with a servicing bank on the collection of
cash proceeds.
5 Confirmation of the right to carry out
labour activities in the territory of Uzbekistan
Obtaining confirmation of the right to
carry out labour activities
in the territory of Uzbekistan when
carrying out activities in a remote
(online) form, while abroad.
6

Notification of the commencement or termination of activities for the sale of jewellery and other products made of precious metals and precious stones

The presence of relevant buildings and structures on the basis of ownership or other real rights for business entities in the form of an online store in the direction of selling jewellery and other products made of precious metals and precious stones.

From July 1, the same decree abolishes the collection of public utilities, including business entities, a number of information and documents.

 

Source: www.gazeta.uz

In the first quarter of 2022, the economy of Uzbekistan was under increased pressure from the external environment: instability in the main trading partner countries, increased volatility in the world market of goods, and disruption of logistics chains. Meanwhile, the economy of Uzbekistan in the first three months demonstrated not only resistance to large-scale external challenges, but also positive growth dynamics.

Source: Review.uz

According to the State Statistics Committee of the Republic of Uzbekistan, the gross domestic product (GDP) of Uzbekistan increased by 5.8% in January-March against an increase of 2.6% in the first quarter of 2021.

The economic situation in the main trading partner countries remained generally stable in the first months of this year. In Kyrgyzstan, the economy grew by 4.5% in January-March, against a decline of 9% over the same period in 2021. In Kazakhstan, despite the shocks of January, economic growth of 4.4% is noted, whereas in the first three months of last year there was a decline of 1.4%. China's GDP grew by 4.8% over the period under review, accelerating by 1.3% by the 4th quarter of 2021.

It is still difficult to judge the Russian economy since there are no official statistics for three months. Meanwhile, VEB.RF estimated Russia's GDP growth for January-February at 3.6%. At the same time, it is expected that the events of March will have a serious impact on the economic indicators of the first quarter and the year as a whole. The economic turmoil of March related to the Russian-Ukrainian conflict is likely to begin to affect the economic performance of Central Asian countries in the coming months.

 

Source: review.uz

In January-March 2022, the gross domestic product (GDP) of Uzbekistan at current prices amounted to 162.8 trillion. soums.

Compared to the corresponding period in 2021, the growth was 5.8%.

In January-March 2022, GDP per capita at current prices amounted to 4,604.6 thousand soums ($420), an increase of 3.7% compared to the corresponding period of 2021.

 

Source: stat.uz

During the visit of the Government delegation of the Republic of Uzbekistan to Saudi Arabia, the heads of relevant ministries and departments of the country held a number of meetings and negotiations with Saudi partners and businessmen to discuss promising areas of multifaceted bilateral cooperation and search for new growth points of mutually beneficial partnership.

So, in particular, negotiations were held with the leadership of the Saudi companies ACWA Power, Al Rajhi, Dr. Sulaiman Al-Habib, Saudi German Hospitals, Saudi National Bank, Ma'aden, Dar Al Arkan and Al Hokair.

Prospects for the implementation of new projects in the fields of fruit and vegetable growing and animal husbandry, extraction and processing of natural resources, textile industry and construction were considered in a substantive and constructive manner.

Special attention was paid to the healthcare sector – preliminary agreements were reached on the creation of multidisciplinary medical institutions and medical clusters combining diagnostic, educational and research units, as well as cooperation in the digitalization of medical services.

The possibilities of cooperation in the privatization of Uzbek commercial banks were discussed with representatives of Saudi banks.

Measures to increase the volume of passenger and cargo air transportation between Uzbekistan and Saudi Arabia were also considered.

The parties will continue close cooperation and negotiations at the leadership and expert levels to reach firm agreements and sign relevant contracts in the near future.

 

Source: mift.uz

On April 19, the Investment Promotion Agency of Uzbekistan under the Ministry of Investments and Foreign Trade held a meeting with Botir Arifzhanov, the founder of Astrum Academy and a number of other major projects.

During the meeting, an experienced entrepreneur and investor shared his views on the development of the investment climate in Uzbekistan and the establishment of mutually beneficial relations with investors.
At the end of the meeting, the agency staff received detailed answers to their questions from an experienced entrepreneur and investor.

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On March 31, 2022, in London, the international rating agency Moody's Investors Service assigned ALFA INVEST insurance company JSC an insurance financial strength rating (IFSR) in national and foreign currency with a level of "B2" with a "stable" outlook.

According to a report by Moody's Investors Service, the assigned 'B2' rating reflects the company's stable position in the growing insurance market of Uzbekistan, a diversified range of insurance products, strong capitalization in relation to the risks taken, as well as stable historical results of insurance activities.

Today, ALFA INVEST is one of the ten largest insurers in Uzbekistan with a market share of 5 to 7% in dynamics, and is also one of the largest leading private insurance companies in Uzbekistan, providing insurance services since 2003. A stable position in the insurance market of Uzbekistan is supported by the presence of a wide agent network, branches in all regions of Uzbekistan and a rapidly growing portfolio of general insurance.

The financial results of the company are confirmed by the positive opinion of the audit organization Grant Thornton. The growth rate of the company in collecting insurance premiums in the amount of 160.7% and payments made in the amount of 132.3% at the end of 2021 reflect the stable dynamics and sustainable development of ALFA INVEST.

Separately, it should be noted that the company pays special attention to the development of the service and online insurance. So, in 2021, the company’s website launched the possibility of registering an E-OSAGO, which greatly simplified the interaction between customers and the company.

In turn, ALFA INVEST does not stop at the achieved recognized financial results and strives to become an insurance company whose success is based on continuous cooperation with existing clients and expanding cooperation with international insurance and reinsurance markets. The company prioritizes maintaining first-class customer service, innovation in the field of online insurance, professionalism and teamwork.

 

Source: kapital.uz

Today, at the headquarters of the Shanghai Cooperation Organization in Beijing, a presentation of the Development Strategy of New Uzbekistan for 2022-2026 will take place. 

The event is organized by the Embassy of Uzbekistan in China with the support of the SCO Secretariat, together with the Center for Development Strategies and the Tashkent State University of Oriental Studies.

It will be attended by representatives of diplomatic missions, the SCO Secretariat, ministries and departments, expert, analytical, socio-political, scientific and academic circles and the Chinese media.

The Development Strategy of New Uzbekistan in 2022-2026, at the initiative of the Embassy, ​​was translated into Chinese and published as a separate brochure.

 

Source: dunyo.uz

On April 18 this year, a government delegation of the Republic of Uzbekistan consisting of heads of key ministries and agencies led by Deputy Prime Minister - Minister of Investments and Foreign Trade S.Umurzakov visited Riyadh to hold negotiations on further expansion of bilateral cooperation in priority areas.

The first event during the visit was the meeting of Deputy Prime Minister - Minister of Investments and Foreign Trade S.Umurzakov with Minister of Energy of the Kingdom of Saudi Arabia Prince Abdulaziz bin Salman Al Saud.

During the meeting, the current state of the Uzbek-Saudi partnership in the energy sector, the implementation of joint projects and prospects for expanding the joint investment portfolio in this sector were discussed.

Saudi Arabia is currently one of the largest foreign investors in the energy sector of Uzbekistan. In many ways, this has been achieved thanks to the successful activities of Saudi "ACWA Power" in the country with a total portfolio of projects worth over $2.5 billion. Currently, a project for the construction of a combined-cycle gas power plant with a capacity of 15 GW in the Syrdarya region and projects for the construction of two wind farms with a total capacity of 1 GW in the Bukhara region are under implementation. In February this year, the construction of another wind power plant with a capacity of 100 MW was launched in the Republic of Karakalpakstan.

During the dialogue, significant prospects for further deepening cooperation in the field of renewable energy to bring the share of alternative energy sources in the total energy balance of the country to 25 percent by 2026 were noted. The parties agreed to work out new directions for the implementation of joint investment projects, taking into account the successful experience gained by Saudi investors in this area. In particular, attention was paid to projects to increase the production of natural gas and its further processing in order to produce raw materials for the chemical industry. In the near future, a visit of the heads of leading Saudi companies to Uzbekistan will be organized to develop practical aspects of cooperation.

Following the meeting, further steps were outlined to deepen mutually beneficial cooperation and work out new areas of partnership.

 

Source: mift.uz

In Riyadh, during a personal meeting, Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan S.Umurzakov discussed with Minister of Investment of the Kingdom of Saudi Arabia Khalid al-Falih current state and prospects for expanding investment, trade and economic cooperation between the two states.

Currently, there are about 40 enterprises with Saudi capital operating in Uzbekistan. Projects with such leading Saudi companies as ACWA Power, Al-Habib Medical Group and others have been successfully implemented and are under implementation. At the same time, taking into account the significant untapped potential for the development of investment cooperation, the parties discussed the prospects for the implementation of new projects in such areas as chemical, metallurgical, mining and textile industries, as well as agricultural industry and agreed to work together to attract Uzbek and Saudi businesses to participate in these projects.

Further steps were discussed to increase the success of Saudi companies in the energy sector of Uzbekistan. The meeting participants analyzed the current state of the projects under implementation and exchanged proposals for their accelerated completion as well as commissioning of the generating capacities under construction.

Special attention was paid to projects aimed at ensuring food security. The parties agreed to form a separate investment portfolio in the field of agriculture and processing of agricultural products, providing for the introduction of innovative and water-saving technologies. Cooperation in the textile industry was also discussed.

Also during the conversation, the parties reviewed the implementation of the agreements reached during the 5th meeting of the Uzbek-Saudi Intergovernmental Commission on Trade, Economy, Science and Technology, Culture, Sports and Youth held in March this year in Tashkent and the 3rd meeting of the Uzbek-Saudi Business Council, and worked out a number of questions for more active promotion of agreed projects and initiatives.

In the context of further expansion of the Uzbek-Saudi investment partnership, the possibilities of the Economic Empowerment Fund, established in Uzbekistan in 2021 jointly with the Islamic Development Bank, as well as the potential of Saudi Fund for Development, which has already allocated about $200 million for the implementation of social and infrastructure projects in Uzbekistan, were noted. The parties agreed to work out opportunities for the implementation of new projects involving the resources of the abovementioned financial institutions.

Following the meeting, further joint actions aimed at finding new points of intersection of mutual interests and expanding mutually beneficial investment cooperation between the two countries were determined.

 

Source: mift.uz

Startup Campus will help set up a program to support innovative companies and ideas.

Uzbekistan and Hungary are working on organizing a joint start-up accelerator, the press service of the Ministry of Innovation reported.

Employees of the National Innovation Office arrived in Budapest to study the work of acceleration programs and the startup ecosystem in Europe. As part of the visit, they visited the Hungarian office of Startup Campus, the European partner of the project.

The parties signed a cooperation agreement on March 17. Within its framework, Startup Campus will help organize an accelerator in Uzbekistan according to international standards, as well as bring the companies participating in it to foreign markets.

The accelerator will be open to projects in the areas of healthcare, agriculture, urbanization and energy. The program is divided into two areas:
  • the university accelerator will attract and support university students who develop innovative ideas in one of the listed areas;
  • the corporate accelerator will help small and medium-sized enterprises presenting innovative promising technologies for Uzbek and Hungarian businesses.

The program aims to accelerate companies preparing solutions for projects in the field of import substitution and localization of innovative industries.

In November 2021, Uzbekistan and Hungary signed an agreement to expand cooperation in the field of science and innovation. It provides for an increase in the number of joint research in a number of industries, as well as a quota for Uzbek scientists in Hungarian universities.

 

Source: www.spot.uz

Wind and solar hit a tenth of global electricity, but the global electricity transition needs to sustain very high growth rates to replace coal and reduce emissions.

Solar generation rose 23% last year, and wind by 14%. Combined, this takes them to more than 10% of global electricity generation. All clean electricity sources generated 38% of the world’s electricity in 2021, more than coal (36%).

To be on a pathway that keeps global heating to 1.5 degrees, wind and solar need to sustain high compound growth rates of 20% every year to 2030. That’s the same rate of growth as their average over the last decade. 

This is now eminently possible: wind and solar are the lowest cost source of electricity on a levelised basis, with ever-increasing global experience of integrating them into grids at high levels. With 50 individual countries now generating more than 10% of their electricity from these quick-to-deploy resources, and three countries already generating over 40%, it is already clear that these technologies are delivering.

Governments like the US, Germany, UK and Canada are so confident in clean electricity that they are planning to shift their grid to 100% clean electricity within the next decade and a half. But with coal still rising and electricity demand continuing to increase, all governments with carbon intensive grids now need to act with that same boldness and ambition.

Wind and solar generated over a tenth (10.3%) of global electricity for the first time in 2021, rising from 9.3% in 2020, and twice the share compared to 2015 when the Paris Climate Agreement was signed (4.6%). Combined, clean electricity sources generated 38% of the world’s electricity in 2021, more than coal (36%).

Fifty countries have now crossed the 10% wind and solar landmark, with seven new countries in 2021 alone: China, Japan, Mongolia, Viet Nam, Argentina, Hungary and El Salvador. Three countries—the Netherlands, Australia and Viet Nam—shifted over 8% of their total electricity demand from fossil fuels to wind and solar in just the last two years.

 

Source: ember-climate.org

 

First Deputy Minister of Investments and Foreign Trade A. Voitov held talks with Special Advisor to the Secretary-General on Education Policy, Head of the Department for Education and Skills of the Organization for Economic Cooperation and Development (OECD) Andreas Schleicher, who is visiting our country from April 10 to 13 in order to prepare for international studies in the field of education and participation in them of educational institutions of Uzbekistan.

The purpose of the visit is also to study the work carried out in Uzbekistan on the implementation of the International Student Assessment Program (PISA), as well as the prospects for further expansion of cooperation with the OECD in this direction.

During the meeting, issues of monitoring the quality of education, measures for the practical implementation of the PISA program, providing special assistance to students in the use of knowledge and solving practical problems in the field of economics and production were discussed.

During the conversation, mechanisms for attracting additional investment in this area were also considered in order to ensure wide access of the population to educational services, improve their quality and improve the functioning of the national education system, including through targeted programs of the OECD.

For reference: The International Student Assessment Program (PISA) is aimed at assessing the level of reading, mathematical and science literacy of 15-year-old students using various tests. This project evaluates the creative and critical thinking of young people, their ability to apply the acquired knowledge in practice and motivates them to develop these skills.

 

Манба: mift.uz

The giant plant in Uzbekistan will process 3.6 billion cubic meters of gas per year and produce 1.5 million tons of oil products. These are diesel fuel, jet fuel, naphtha and liquefied gas.

The GTL in the Kashkadarya region of Uzbekistan can start producing oil products in May, and reach full capacity by the summer.

Today, the plant employs about 850 specialists. By the time it reaches full capacity, the number of specialists is planned to increase to 1000 people.
According to Karimov, the main backbone of the staff will be engineering and technical personnel.
The grand opening of the Uzbekistan GTL plant took place on December 25 last year. The President of the Republic Shavkat Mirziyoyev personally participated in the opening ceremony.
The giant plant has 10,000 pieces of equipment from around the world. The enterprise can process 3.6 billion cubic meters of natural gas per year.
It is planned that the plant will produce liquid synthetic fuel worth more than $1 billion. In addition, 307,000 tons of jet fuel, 724,000 tons of diesel fuel, 437,000 tons of naphtha and 53,000 tons of liquefied gas will be produced here.
Also, the plant will annually produce 380 thousand tons of polyethene and polypropylene.
The project was financed by such Russian structures as JSC Gazprombank, JSC Roseximbank, the Russian Export Credit and Investment Insurance Agency (EXIAR).
The total cost of Uzbekistan GTL amounted to $3.42 billion.
 
 

Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan S.Umurzakov held talks with the Minister of Foreign Affairs of the Kyrgyz Republic R.Kazakbaev in Bishkek.

During the constructive and trusting dialogue, the current state of bilateral cooperation and ways to strengthen Uzbek-Kyrgyz relations were discussed.

Practical measures to expand cooperation in the political, economic, transport and logistics, cultural and humanitarian areas, as well as in the field of interregional cooperation were discussed.

The progress of work on updating a number of bilateral interstate documents, including the Intergovernmental Agreement on checkpoints on the Uzbek-Kyrgyz border and the Agreement on Mutual Travel of Citizens, was reviewed.

The issues of organizing a number of international and regional events with the participation of the delegations of Uzbekistan and Kyrgyzstan scheduled for this year, in particular, the consultative meeting of the Heads of Central Asian States, as well as the summit of the Shanghai Cooperation Organization, were discussed.

In addition, the progress made in the framework of cooperation in the field of education and culture was reviewed and prospects for the development of cooperation to increase mutual tourist flows were discussed.

As a result of the negotiations, an agreement was reached to intensify the dialogue aimed at further deepening the multifaceted Uzbek-Kyrgyz cooperation.

 

Source: mift.uz

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On April 13, Sardor Kushnazarov, Founder and CEO of Investa LLC visited the Foreign Investment Promotion Agency under the Ministry of Investment and Foreign Trade. During the visit, the guest speaker and the staff of the Agency had a lively discussion on new trends in world stock exchanges, economic developments and the investment climate in Uzbekistan and measures for its development. During the event, Sardor Kushnazarov gave detailed answers to the questions of the staff based on his rich experience.

 

The Ministry of Energy hosted a meeting with Italy’s Imagro Group CEO, Massimo Pollio.

The parties discussed the possibility of implementing joint projects in Uzbekistan.

According to the Ministry of Energy, Imagro Group CEO noted that all spheres of the country’s economy are developing thanks to the vector of development of Uzbekistan. Economic relations between Uzbekistan and Italy are being strengthened. Italian companies and financial institutions are showing interest in cooperation and project implementation.

The parties considered the possibility of participation of the Italian company in generation projects based on renewable energy sources. Information was provided about upcoming projects.

The sides expressed interest in further elaboration of the discussed issues.

 

Source: dunyo.info

As part of the implementation of the Decree of the President of the Republic of Uzbekistan dated August 21, 2020, No. PP-4812, effective work is being carried out in the system of Uzbekneftegaz JSC to ensure the uninterrupted operation of industrial facilities, increase the volume and range of domestic production, expand the participation of domestic producers in intersectoral cooperative ties and the system purchases, as well as a gradual reduction in the need for imports.

In particular, in January-March of this year, within the framework of 7 projects of the Uzbekneftegaz localization program, products worth 295.5 billion soums were produced, and the plan was fulfilled by 147%.

Also, at the initiative of the Chairman of the Board of JSC "Uzbekneftegaz" Mekhriddin Abdullayev, a completely new form of cooperation has been established with local enterprises for the production of previously imported products for the needs of the enterprises of the system. As a result of this work, this year, within the framework of the import reduction program of Uzbekneftegaz JSC, a reduction in imports is the equivalent of $47.5 million (122.3% of the plan) was achieved.

In particular, 25.5 million dollars (147% of the plan) falls on the previously purchased imported part of the products produced under the localization program, and 21.6 million dollars (101.7% a) - for the expansion of cooperation ties.

In addition, the system of Uzbekneftegaz JSC pays special attention to the issue of establishing links on the principle of "Industry-territory" between the direct producer and the buyer in the shortest possible time, without any intermediaries between them.

At the same time, cooperation processes are organized on the basis of the Single Portal of Electronic Cooperation of the Republic, in the sections on procurement, localization and cooperation relations, on the official website of the society, as well as other procurement portals.

As a result, in January-March 2022, through the electronic cooperation portal, Uzbekneftegaz JSC signed 472 contracts totalling 206.8 billion soums, covering about 100 domestic producers in all regions of the republic, the Republic of Karakalpakstan and the city of Tashkent.

At present, the pace of work on localization, and the development of cooperative ties is being activated in the system of Uzbekneftegaz JSC, and targeted work is being carried out.

 

Source: ung.uz

A delegation of the Ministry of Energy of Uzbekistan paid a working visit to Bangladesh in order to discuss the possibility of developing mutually beneficial relations in the oil and gas sector.

According to the Ministry of Energy, negotiations were held at the PetroBangla National Oil and Gas Company of Bangladesh. During the meeting, the chairman of the company, Nazmul Ahsan, voiced his interest in new technologies and the exchange of experience in drilling wells, in particular, those used in difficult geological conditions with a high content of hydrogen sulfide at the Uzbek M-25 field.

In addition, in Dhaka, the delegation held talks with Bangladesh Energy Minister Nazrulo Hamid and industry experts. The Uzbek delegation also included members of the management of large companies in the oil and gas industry and the construction industry "ERIELL Group" and "Enter Engineering". Over the past 10 years, ERIELL Group has been providing oil and gas services in a number of fields in Bangladesh. Minister of Energy Nazrul Hamidom praised the company's work in drilling and testing 17 exploratory wells, which gave mostly positive results with indications of industrial natural gas inflow of 600-700 thousand cubic meters per day. It was noted that the specialists of Uzbekistan have extensive experience in the petrochemical and hydrocarbon sectors.

Cooperation between the two countries also has great potential in the construction of gas pipelines and in the renewable energy sector.

Taking into account the existing positive experience of joint work, the possibilities of drilling exploratory wells up to 5500-6000 meters deep in various fields were discussed, which had not previously been performed due to the lack of the necessary drilling rigs and blowout prevention equipment.

Energy Minister Nasrul Hamid spoke positively about cooperation in the energy sector, noting that Bangladesh can use the experience of Uzbekistan in the hydrocarbon sector, including in upgrading the skills of Bangladeshi engineers. He also accepted an invitation to visit Uzbekistan for a detailed study of the plans for further cooperation.

 

Source: dunyo.info

A number of toll roads, wind and solar power plants in Uzbekistan are planned to be built on the basis of a public-private partnership. With the involvement of private companies, they will also modernize international airports and the infrastructure of Tashkent and other cities.

A number of tenders are planned for 2022-2023 to attract private companies to implement large projects in partnership with the state. The list of these projects was approved by the decree of President Shavkat Mirziyoyev No. UP-101 of April 8.

The Decree provides for holding tenders for construction in the field of transport:

  • toll road "Tashkent - Andijan" with the assistance of the World Bank;
  • toll road "Tashkent - Samarkand" with the assistance of the European Bank for Reconstruction and Development (EBRD);
  • construction and management of a new toll tunnel at the Takhtakaracha pass;
  • modernization and transfer to management on the basis of PPP of the international airport of Tashkent and other airports with low efficiency, as well as the international airports of Bukhara and Urgench.

Tenders in the energy sector:

  • the second stage of the tender for the construction and operation of photovoltaic plants with a total capacity of 500 MW in the Bukhara, Khorezm and Namangan regions with the assistance of the International Finance Corporation;
  • the second stage of the tender for the construction and operation of a 300 MW solar power plant in the Guzar district of Kashkadarya with the assistance of the Asian Development Bank (ADB);
  • construction and operation of a wind power plant with a capacity of 200 MW in Karauzyak and Beruni districts of Karakalpakstan with the assistance of the EBRD;
  • construction and operation of a wind farm with a capacity of 700 MW in Karakalpakstan with the assistance of the EBRD;
  • construction and operation of a PV power plant with a capacity of 100 MW in the Fergana region with the assistance of ADB;
  • construction of heat and cogeneration stations in Tashkent;
  • organization and management of hydroelectric power plants based on PPP.

It is planned to modernize and manage, with the participation of business, wastewater treatment facilities in Tashkent, modernize the heat supply system of the Bukhara region, as well as reconstruct and manage the city sewerage treatment facilities of Namangan.

The Khokimiyat of the city of Tashkent and the State Committee for Ecology and Environmental Protection will involve businesses in the sorting and processing of household waste in Tashkent and the Tashkent region.

In the healthcare sector, private companies plan to involve in partnership with the state in the following projects:

  • radiotherapy centres in Fergana, Khorezm, Tashkent and Samarkand regions with the assistance of the IFC;
  • multidisciplinary hospital in the Fergana region;
  • medical centres in Bukhara and Andijan regions;
  • acceleration of the organization of hemodialysis services in Tashkent, Khorezm and Karakalpakstan, etc.

Projects in education for private companies and the state:

  • construction, reconstruction and equipping of educational institutions with the assistance of the IFC, EBRD and ADB;
  • 16 secondary schools in Tashkent and the Tashkent region with the assistance of ADB;
  • construction of university dormitories, etc.

For many of the listed areas, project documentation has yet to be developed, and the expected volumes of project financing by the parties are not indicated.

 

Source: gazeta.uz

Uzbekneftegaz, Thermal Power Plants and Uzbekistan Airways are scheduled to be privatized. In addition, UzAuto Motors and transfer airports in Tashkent and in the regions will sell shares and be passed under the control of the private sector. The Road Committee will be reformed with the withdrawal of contracting and manufacturing enterprises.

On April 8, President of Uzbekistan Shavkat Mirziyoyev signed a decree "On the next reforms to create conditions for stable economic growth by improving the business environment and developing the private sector."

By the document, with the involvement of an experienced investment bank by May 1, it is planned to begin work on the privatization of Uzbekneftegaz by the end of the year, including through a public offering of shares (IPO) in the amount of at least 49%. Similar work is planned for the state share of 51% or more in Thermal Power Plants.

By September 1, on the basis of the conclusions of an international consulting company, it was instructed to submit for approval to the Cabinet of Ministers a strategy for reforming the Uzbekhydroenergo company. It is envisaged that in the process of building new small and medium-sized hydroelectric power plants, projects with the participation of the private sector, including those based on public-private partnerships, will now be considered a priority.

By September 1, it is planned to begin work on putting up for auction a state share of 51% or more in Uzbekistan Airways, including through an IPO.

By August 1, with the involvement of an international investment bank and consultants, it was instructed to conduct an IPO on the local stock market up to a 10% stake in UzAuto Motors and submit to the government a strategy for selling the rest of this company's share to strategic investors, as well as UzAuto Motors Powertrain and Samarkand Automobile Plant (SamAuto).

Within two months, it was instructed to prepare a draft resolution on the transfer of regional international airports subordinate to Uzbekistan Airports and Tashkent International Airport to the management of the private sector on the basis of PPP conditions to modernize and increase their operational efficiency. At the same time, measures should be provided for "the effective operation of airports in the Ferghana Valley by optimizing them."

A special working group will be engaged in reforming the Committee on Highways. It must, within two months, submit a draft resolution on reforming the committee by removing contracting and manufacturing enterprises from its composition for a specific delineation of regulatory and economic functions, demonopolization, attracting private sector enterprises and increasing the efficiency of using budget funds.

By September 1, it was also instructed to develop and submit for approval to the supervisory boards the strategies for reforming the companies Uzbektelecom and Uzbekiston pochtasi.

Tax and customs benefits, which were previously enjoyed by the associations "Uzbekipaksanoat", "Uzcharmsanoat" and others, are extended to all entities in these industries. Benefits were given in 2017-2019, their term expires on January 1, 2023. 

From May 1, a number of tax and customs benefits previously enjoyed by the associations Uzbekbaliksanoat, Uzbekipaksanoat, Uzcharmsanoat and others now apply to all manufacturers in these industries. This is provided for by the decree of President Shavkat Mirziyoyev No. UP-101 of April 8.

List of associations and benefits:

  • provided in 2017 to organizations that are part of Uzbekipaksanoat, exemption until January 1, 2023, from customs duties on imported spare parts of silk-winding and silk-weaving equipment, mulberry seeds and seedlings, as well as super-elite, elite and industrial silkworm grains, to extend to all enterprises in industries;
  • provided in 2018 to organizations belonging to Uzbekipaksanoat, exemption until January 1, 2023, from customs duties (excluding VAT) on the import of equipment, raw materials, chemicals, paints, etc. and land tax on mulberry plantations, apply to all organizations in the industry ;
  • provided in 2018 to organizations belonging to Uzbekipaksanoat, exemption from January 1, 2023, from paying property tax and land tax with the targeted direction of the released funds for the modernization of production, including the purchase of technological equipment, to extend to all organizations in the industry;
  • provided in 2017 to members of the Uzbekbaliksanoat association, territorial LLC Baliksanoat and legal entities that are part of Uzbekbaliksanoat, exemption until January 1, 2023, from the turnover tax on the production of larvae, juveniles and marketable fish, harvesting and processing of fish products apply to all manufacturers in the industry;
  • granted in 2017 to the members of "Uzcharmsanoat" when selling products, exemption until January 1, 2023 exemption from income taxes, property and turnover tax - for all organizations involved in the collection and procurement of leather, fur, fur, astrakhan raw materials and wool;
  • granted in 2019 to members of the Association of Organizations for the Production and Processing of Licorice and Other Medicinal Plants until January 1, 2024, exemption from paying land tax from legal entities, property tax for legal entities, income tax, turnover tax and customs payments, - for all organizations under cultivation and processing of liquorice and other medicinal plants.

 

Source: www.gazeta.uz

At the initiative of the Chairman of the Board of JSC "Uzbekneftegaz" Mekhriddin Abdullayev, measures were taken to implement a number of investment projects in order to increase the production of oil and gas chemical products, develop the production of new types of gas chemical products, as well as increase the export potential of the republic.

The projects are being implemented within the framework of the Decree of the President of the Republic of Uzbekistan dated December 30, 2021, No. PP-72 “On approval of the investment program of the Republic of Uzbekistan for 2022-2026 and the introduction of new approaches and mechanisms for managing investment projects”.

It should be noted that this year, within the framework of 10 investment projects totalling $5.9 billion, implemented by Uzbekneftegaz JSC, it is planned to use $1,090.5 million from all sources. Of these, 840.6 million dollars are foreign investments and loans.

According to the results of the first quarter of 2022, $236.3 million of investments were disbursed within the framework of projects. If we compare this indicator with the current period of 2021, then the growth was 142.5 percent.

This year, 50.9% of investments will be directed to the production and preparation of hydrocarbons, 32.1% - to the processing of hydrocarbons, 12.8% - to exploration and drilling of wells, 4.2% - to projects for the implementation of work on new construction, modernization and reconstruction.

In December 2021, in the Guzar district of the Kashkadarya region, the project "Expanding the production capacities of the Shurtan gas chemical complex" was launched for a total amount of about 1.8 billion dollars.

The project provides for the processing of synthetic naphtha and the production of an additional 380,000 tons of high-value new grade polyethene and polypropylene. This will increase the existing production capacity of the complex by 3 times. The project will be launched in 2024.

A program for 2017-2021 is being implemented to increase hydrocarbon production for a total of $3.0 billion. As part of the first stage of the program, drilling operations were completed at 296 wells and workover was carried out at 328 wells.

As part of the second stage, 152 wells were drilled out of 185. A block-modular air compressor unit was also put into operation at the Garbiy field, compressor stations at the Somontepa, Alan and Zevarda fields, a complex gas treatment unit at the Arslan field ”, 6th stage of the installation for gas purification from sulfur compounds at the Uchkir field and a compression compressor station.

As a result of the implementation of a set of measures, the volume of produced natural gas increased by 30.2 billion cubic meters, oil - by 182.1 thousand tons, gas condensate - by 902.2 thousand tons.

Within the framework of this program, this year it is planned to complete the construction of 2 compressor stations at the Denizkul and South Tandyrcha fields with a total cost of 161.9 million US dollars, as a result of the commissioning of facilities, an additional 470 million cubic meters of natural gas will be produced annually and 27 new jobs.

Foreign citizens will now be able to invest in real estate under construction in Uzbekistan (their list will be approved by the government). In addition, the amount of the cost of real estate in Tashkent and the Tashkent region has been reduced, by purchasing which you can get a residence permit in Uzbekistan. From May 1, foreigners will pay personal income tax equal to Uzbek citizens.

Since May 1, citizens of foreign countries have been allowed to invest in Uzbekistan in the form of acquiring new real estate objects under construction (with the exception of land plots) without requiring a residence permit in the country. The list of objects will be approved by the government. This is stated in the presidential decree of April 8 "On the next reforms to create conditions for stable economic growth by improving the business environment and developing the private sector."

The cost of real estate objects for investment should be (in accordance with contracts concluded during the construction period) in Tashkent, Samarkand and the Tashkent region not less than the equivalent of 150 thousand US dollars, and objects accepted for operation - 180 thousand. For other regions, the amount is 70 thousand and 80 thousand dollars, respectively.

The acquisition of real estate under this scheme is not a basis for obtaining permanent registration and residence permit in Uzbekistan.

The decree also reduced the amount of the cost of real estate in Tashkent and the Tashkent region, by purchasing which you can obtain a residence permit in Uzbekistan, from 400 thousand to 300 thousand dollars (for other regions, the amount ranges from 100 thousand to 200 thousand dollars). Citizens of 111 countries have the right to obtain a residence permit in this way.

From May 1, foreigners will pay personal income tax in Uzbekistan at a rate of 12% (previously it was 20%). Exceptions are dividends, interest and freight income.
 
 

Uzbekistan’s growth is expected to slow in 2022 due to lower investment and remittances from the Russian Federation before rising slightly in 2023, while green financing can support the country’s transition to a greener economy, a new Asian Development Bank (ADB) report says.

In its flagship annual economic publication, Asian Development Outlook (ADO) 2022, ADB projects Uzbekistan’s gross domestic product (GDP) growth to be 4% in 2022, slower than last year’s 7.4% growth, as moderating private consumption curbs expansion in industry and services. Growth is expected to rise again to 4.5% in 2023 but risks stem from a tense external environment and the possible emergence of new coronavirus disease (COVID-19) variants.

“Despite the unprecedented impacts of COVID-19, Uzbekistan experienced a strong growth recovery in 2021, mainly due to expansion in industry and services,” said ADB Country Director for Uzbekistan Cindy Malvicini. “Creating an enabling environment for private sector involvement in financing climate change mitigation and adaptation in industry and agriculture can help the government’s priorities for growth.”

Inflation is anticipated to slow to 9% in 2022, from 10.7% last year. The central bank has raised its policy rate from 14% to 17%. To hold down food prices, the government has retained import duty exemptions for essential foods such as edible oils, poultry, wheat flour, and rice until the end of 2022. Inflation is forecast to decelerate further to 8% in 2023.

Expansion in industry is expected to slow to 5% in 2022 after a strong recovery in 2021 in textiles, food, and mining and quarrying, before rising again to 5.5% in 2023. Meanwhile, growth in private consumption is expected to slow to 4.5% in 2022 with cooling post-pandemic demand and the anticipated drop in remittance inflow, which will curtail household income growth. Private consumption is then expected to edge up to 5% in 2023.

Exports of goods and services—notably of copper, gold, agricultural products, and petrochemicals—are projected to grow by 9% in both 2022 and 2023. However, growth in imports of goods and services is forecast to plunge by almost half to 12% in both years as demand cools for transport services and for imported capital and intermediate goods.

To help Uzbekistan transform into a green economy, the report suggests raising climate awareness, strengthening institutional coordination to plan green public investment, and creating an enabling environment to develop green financing. Expanding public–private partnerships and credit guarantees would help mobilize private investment in renewable power generation and other essential infrastructure.

According to the report, transforming into a green economy involves meeting the cost of phasing out or reducing fossil fuel subsidies to state-owned enterprises, mobilizing public and private investment in green technologies, and institutionalizing green finance by adopting in the banking system environmental, social, and corporate governance principles when assessing climate risk.

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.

 

Source: www.adb.org

On April 6 this year Government Commission on Issues of Foreign Trade, Investments, Local Industry Development and Technical Regulation consisted of heads of ministries, agencies, industry associations and commercial banks under the leadership of Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan S.Umurzakov visited Navoi region to examine the current state of social and economic development of the region, elaborate measures on its further stimulation as well as analyze and solve problems in the region.

During the visit to the region, a meeting was held with local business representatives to discuss urgent issues of systemic and private nature.

The event was attended by more than 250 entrepreneurs and exporters. The participants directly addressed the members of the Commission, raising their problems, each of which was subjected to a comprehensive study.

After the analysis of each case, the leadership of the Government Commission gave targeted instructions to the responsible executives to take measures to address the identified problems within a clearly defined time frame.

Also, heads of relevant ministries, agencies, commercial banks and local authorities were instructed to strengthen the work on the study of the economic, investment and industrial potential of the region in terms of cities, districts and mahallas to identify additional opportunities to increase production capacity, develop industries, improve the economic potential of free economic and small industrial zones while paying special attention to the support of the local population.

The event was broadcast online on the official resources of the Ministry of Investments and Foreign Trade, so entrepreneurs and exporters had the opportunity to address the leadership of the Government Commission on Facebook and Instagram social networks. The received appeals were also brought to the members of the Commission and were thoroughly studied, as a result of which specific solutions were developed for each issue.

The Prosecutor General's Office of the Republic of Uzbekistan is responsible for systematic monitoring of the implementation of the Government Commission's instructions.

 

Source: mift.uz

There are many fruit and vegetable processing enterprises in our country. In particular, the demand for frozen foods is growing more and more. In recent years, shock freezing has been actively introduced in the country, which is the most common type of food processing. Today, frozen fruits and vegetables are sold not only in the domestic market but also exported to foreign countries.

There are 9 fruit and vegetable processing enterprises operating in Uzbekistan with a capacity of 80,000 tons per year.

The Ministry of Agriculture plans to set up 20 quick freezing enterprises with a capacity of at least 125,000 tons in 2022-2026 as part of fruit and vegetable processing activities.

Processing enterprises of the country carry out quick freezing of cauliflower. This product is cleaned, sorted and processed before being placed in quick freezers. In 2021, enterprises exported about 13 thousand tons of cauliflower to Kazakhstan, Kyrgyzstan, Belarus, Moldova and Russia.

In 2021, 142.4 thousand tons of cauliflower were grown in the republic on 7.7 thousand hectares of area. In 2022, cauliflower was planted on 8,011 hectares on all types of farms, and 147.1 thousand tons of crops are expected.

According to the analysis, 15-20% of fruits and vegetables are processed worldwide, in particular 20% in the EU, 20% in France, 17% in Sweden, 10% in Belarus and 15% in Russia.

Some of the most popular food processing methods in the world today are blast freezing (57%), canning (38%) and drying (5%), and more recently, the demand for canned fruits and vegetables (the production of canned products with vinegar and sugar over the past 20 years has decreased by 10%) is declining from year to year, while the demand for frozen foods is increasing by more than 10 percent per year.

Prepared by the Multimedia Center of the Ministry of Agriculture of the Republic of Uzbekistan on the basis of information from the Department for the Development of Horticulture, Viticulture, Melon and Potato Growing and the Department for the Development of the Food Industry.

 

Source: www.agro.uz

Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan S.Umurzakov held a meeting in Navoi city on issues of complex development of Navoi region.

The meeting was attended by heads of ministries, agencies, sectoral associations and local authorities of districts and cities of the region.

It is worth noting that a week earlier a working group comprising representatives of the aforementioned agencies, whose task was to deeply analyze the current state of economic growth, development of entrepreneurship and service sector, investment and export activity, improvement of infrastructure, agriculture and water management and social sphere, had been sent to the region.

During the meeting, heads of ministries, agencies and sectoral associations reported on the results of the work done and proposals submitted on further measures of socio-economic development of the region in the context of sectors and directions with reference to particular districts and cities.

Instructions were given to pay more attention to identifying untapped opportunities and reserves, the full use of which will stimulate the growth of investment, industrial and export volumes in the region.

The need to increase high-tech productions of full cycle in the region focused on the production of competitive products with high added value, the development of related industries, the introduction of modern technologies and the creation of new jobs, was pointed out.

The commission issued an instruction to improve the mechanism of targeted work with entrepreneurs and exporters, aiming to ensure an immediate response to incoming calls and the rapid resolution of issues raised.

As a result of the meeting, specific tasks were set before the responsible executives in the framework of further work in the region.

 

Source: mift.uz

The Decree of the President of April 6, 2022 “On additional measures to support foreign trade activities” was adopted. 

The decree establishes that from April 1, 2022:

  • until April 1, 2023:

- domestic enterprises (their authorized representatives) when exporting products with high added value to the countries of the European Union are provided with subsidies to compensate for transportation costs in the amount of up to 70 percent;

- when exporting high value-added products exported to neighbouring states, subsidies are provided to compensate for transportation costs in the amount of up to 50 percent;

  • the costs associated with the accreditation of conformity assessment bodies by an accreditation body that is a member of international organizations ILAC / IAF are compensated by the Export Promotion Agency;
  • the amount of prepayment required when exporting goods (except for special types of goods), works and services by business entities on the basis of invoices (invoices) without concluding an agreement is reduced from 100 percent to 50 percent.

 

The document also cancelled the ban on the use of benefits on customs payments during customs clearance of goods that are in the customs warehouse regime for more than six months.

 

The Government Commission for Foreign Trade, Investments, Development of Local Industry and Technical Regulation has been given the authority to extend the maturity of loans allocated from the Export Support Fund to finance pre-export and export-related trade operations for an additional six months in accordance with the requests of domestic enterprises -exporters. Also, based on the decisions of the Government Commission, it is allowed to allocate loans up to 500 thousand US dollars at the expense of the Young Entrepreneurs Support Fund.

 

In order to provide foreign trade companies with working capital, Uztrade and Uzsanoatexport joint-stock companies were allocated 10 million US dollars from the Export Support Fund.

 

The Decree also introduced amendments and additions to some legislative acts.


Source: www.norma.uz

An article titled “Business in Uzbekistan is a great opportunity for Polish logistics companies” was published on the Polish Internet portal “Obserwator logisticzny” (“Logistics Observer”), a Dunyo news agency correspondent reports.

The article was prepared by the Honorary Consul of Uzbekistan in Poland, Piotr Kotson, who took part in the Tashkent International Investment Forum on March 24-26 as part of a mission of Polish entrepreneurs.

According to the author of the article, the organizers set themselves the task of gathering in one place those who represent the most dynamic sectors of the economy of Uzbekistan and investors looking for new directions for developing their business. He believes that Uzbekistan has great potential, especially today when the geopolitical situation in the world puts many subjects at the same time in a difficult position. On the other hand, it opens up completely new possibilities.

“Uzbekistan is an interesting market for investors,” the article says. - It is characterized by access to many types of raw materials and natural deposits, such as gold, uranium, silver, tungsten or copper. It is also a producer of rare metals such as cadmium and bismuth. Energy resources, such as oil, gas or coal, are enough to easily cover the country's own needs, as well as establish export cooperation. The chemical, automotive and engineering industries are also experiencing dynamic growth.”

The purpose of the trip of Polish entrepreneurs was not only to participate in the International Investment Forum but primarily to meet with local businessmen and representatives of the government of Uzbekistan.

“Entrepreneurs and government representatives have been very helpful in organizing our economic mission. Thanks to the cooperation, we could count on comprehensive support in establishing new contacts that fully correspond to investment plans in many sectors of the country's economy. The visit, which was crowned with success for both the Polish and Uzbek sides, will be continued,” writes the honorary consul.

At the same time, he notes that the potential for cooperation between Poland and Uzbekistan is not limited only to interest in raw materials - it covers a much wider range, and logistics turned out to be one of the interesting areas. Thus, it is reported that during the visit, the president of the Polish company Świat Przesyłek met with the general director of Uzbekiston Pochtasi Alisher Fayzullaev. The parties discussed the development of the courier and postal sectors, as a result of which plans were outlined to start cooperation.

The incentive for open cooperation is the growing demand for postal and courier services and the significant development of e-commerce in the world, including in Uzbekistan. The economic mission initiated by the Honorary Consul is a project that will be continued and supported by the Uzbek side. The next trip to Tashkent is scheduled for May 2022.

“Uzbekistan is interested in the socio-economic reforms carried out in recent years,” the author sums up. “In 2021, Polish exports grew by 138.4% compared to 2020, making it one of the most attractive markets for the entire economy.”

On April 5 this year, the Government Commission on Foreign Trade, Investments, Development of Local Industry and Technical Regulation, led by Deputy Prime Minister of the Republic of Uzbekistan S. Umurzakov and composed of heads of ministries, departments, industry associations and commercial banks, left for the Samarkand region in order to study the current state of socio-economic development and the development of proposals for using the existing investment, industrial and export potential of the regions of the region.

During a visit to the region, a meeting was organized with entrepreneurs and exporters of the region at the Palace of Youth in Samarkand.

The purpose of the meeting was to discuss and analyze systemic issues and solve business problems through their prompt study with the involvement of responsible structures.

The event was attended by more than 200 entrepreneurs who had the opportunity to voice the issues they face during the implementation of investment projects, production and exports.

During the discussion, it became clear that most often entrepreneurs in the region face problems related to the allocation of credit funds for expanding production, implementing investment projects or replenishing working capital, allocating land, obtaining permits, certificates and licenses, as well as connecting to engineering and communication networks.

Each issue raised was comprehensively considered by the members of the Commission with the participation of the heads of relevant ministries, departments, local authorities. Mechanisms for the practical solution of each problem were developed and targeted instructions were given to the relevant leaders for their comprehensive solution, indicating clear deadlines for implementation.

Also, the heads of ministries, departments, commercial banks and local authorities were instructed to intensify interaction with entrepreneurs in order to promptly respond to incoming requests.

As a result of the meeting, responsible managers received targeted instructions for solving the problems of entrepreneurs and exporters. Control over the execution of the Commission's instructions will be carried out by the Prosecutor General's Office of the Republic of Uzbekistan.

 

Source: mift.uz

On April 4, Ambassador of Uzbekistan Abat Fayzullaev held talks with the head of the department of the Federal Economic Chamber of Austria (FEPA) David Pölzleitner and the country's trade representative for Central Asia Clemens Mahal.

The main subject of negotiations was the issue of joint development and organization on June 1-3 in Tashkent of the largest economic conference for Austrian companies - "Austria Connect Central Asia" under the motto "Uzbekistan - a rising star: new opportunities along the Great Silk Road."

The purpose of this event is the development of investment and trade and economic cooperation between Uzbekistan and Austria, the conclusion of new investment and export agreements, as well as the attraction of Austrian economic entities that are in search of promising trading partners.

Austria Connect is an initiative of the Austrian government aimed at promoting Austrian business abroad. As part of the initiative, the Austrian Federal Economic Chamber holds conferences of the same name in the most attractive regions annually or every two years.

"Austria Connect Central Asia", which will be held in the capital of Uzbekistan, consists of a two-day conference, during which Austrian business structures will be provided with comprehensive information about the economic potential, investment opportunities, legislation, fiscal policy and other most important aspects of doing business in our republic.

The event consists of an official opening ceremony and four sections dedicated to the activities of international financial institutions in the country, logistics infrastructure, investment and fiscal policy, as well as opportunities for doing successful business in Uzbekistan.

As part of the Austrian business mission to Uzbekistan, it is also planned to organize meetings in the G2B and B2B format, visit the production facilities of domestic manufacturers of export products and present investment projects. In addition, the "Silk Road Biz Award" ceremony will be held to reward the most active Austrian companies in the CIS region.

During the meeting, Clemens Mahal expressed gratitude for the support provided by the government of Uzbekistan in the development of Austrian-Uzbek trade and economic relations and emphasized the high level of organization of the visit of the Austrian business mission to Uzbekistan in November 2021. 

Also, the Trade Representative of Austria for Central Asia noted that the image of Uzbekistan in the international arena as a reliable partner with a diversified economy, promoting a neutral and balanced regional policy, is attracting more and more attention not only from Austrian business but also from companies from neighbouring European countries.

The head of the FEPA department, David Pölzleitner, emphasized that Austria Connect will be held for the first time in Uzbekistan, and noted the importance of this event for both new companies and business structures operating in the market of the countries of the Eurasian continent.

The event will be an exclusive opportunity for Austrian and domestic companies in the framework of the conclusion of export and investment agreements, as well as finding new partners.

In this regard, the Austrian side invited all companies of Uzbekistan to take an active part on June 1-3 in Austria Connect Central Asia.

 

Source: dunyo.info

The infographic of the Center for Economic Research and Reforms (CERR) presents a set of measures taken, announced at a meeting chaired by the President of the Republic of Uzbekistan Shavkat Mirziyoyev on March 31 this year, at which external economic factors were analyzed, the necessary further steps were identified.

On March 31, the President of Uzbekistan held a videoconference on ensuring macroeconomic stability and additional business support.

In the decisions taken at the meeting, much attention was paid to measures to support the economy and business.

About the set of measures taken in the CERR infographic.

Banks will provide entrepreneurs with an additional 10 trillion soums of "revolving" loans for the purchase of raw materials and working capital, which will be directed primarily to exporters, and manufacturers of food and consumer goods.

The volumes and preferential rates on loans for horticulture (2 trillion soums in 2022), family businesses (10 trillion soums), mortgages (13 trillion soums) and education (1 trillion soums) provided under state programs will be preserved.

Until the end of the year, fines and other sanctions will not be applied under new mechanisms, such as mandatory accounting and coding of goods in a warehouse during tax administration, electronic registration of property and lease agreements. The term for applying customs preferences for raw materials, equipment, and spare parts imported for own needs will be extended from the current 6 months to 1 year.

Until the end of the year, companies operating in Russia, Ukraine and Belarus will not be fined for receivables. Currently, 179 exporters are working with these countries, which have a debt of 4 trillion soums. It was decided that their debt on bank loans would be extended, and fines and penalties would not be collected.

Wholesale trade zones will be created in Navoi, Samarkand, Tashkent, Bukhara and Surkhandarya regions, which will supply products to the markets of neighbouring countries.

To maintain macroeconomic stability, it will be necessary to reduce regional and network spending by 10 trillion soums, in connection with which instructions were given to reduce costs in regions and industries, suspend spending on repairs, purchase of cars, furniture and office supplies.

An important source of replenishment of the necessary funds should be proceeds from privatization, from which at least 3 trillion soums should be received in the first half of the year.

185 trillion soums will be allocated this year to ensure economic growth (in 2021, 166 trillion soums were allocated).

To date, 67 types of activities are classified as forms of self-employment. It was noted that the number of such professions will be increased by 20 to 87, which will provide jobs for 150,000 people.

Additionally, 100 thousand jobs will be created for citizens returning from labour migration.

Currently, footwear, leather, and products made from it, produced by domestic enterprises, are exported to more than 40 countries around the world. The goal of this stage is to gain a foothold in the EU market. The main requirement for entering this market is the availability of international quality certificates, which reflect the compliance of industry enterprises with all established production standards. 

During the meeting of the leadership of the Uzcharmsanoat Association with representatives of the International Organization SFL, an exchange of views took place on the measures that need to be taken to speed up the procedure for obtaining international certificates. 

It should be noted that the organization for the sustainable development of leather SFL is engaged in helping tanneries to improve various scientific and quality indicators, implements projects in the leather industry of developed countries, and also issues certain quality certificates. 

At the meeting, the parties discussed the work to obtain certificates necessary for our domestic enterprises to enter the European market and export products. The international organization expressed its readiness to cooperate with Uzbekistan.

 

 

Source: www.uzcharm.uz

 

Trading volume up 160%

Uzbekistan's stock indices rose over the week. UCI added 4.23% to close on Friday at 1065.63 points, while EqRe Blue rose to 2095.35 points (+1.94%). What contributed to such results.

The EqRe Blue basket includes nine liquid securities. For one of them, the auction is not yet held (Uzmetkombinat). The four components of the index showed gains over the week. The shares of Hamkorbank grew by 8.51%. This is followed by Uzvtortsvetmet (+6.01%), Kizilkumcement (+4.71%) and Quartz (+0.03%).

A negative correction was observed at Kuvasaycement (-4.18%), Ipoteka-Bank (-4.08%), Uzbek Republican Commodity and Raw Materials Exchange (-2.43%) and Uzpromstroybank (-0 .08%).

All in all, 1,357 transactions with securities worth 8.44 billion soums took place on the stock exchange during the week. Volume is up 160%. This growth was due to several large transactions. With the securities of the insurance company Kafolat, transactions were made for 3.91 billion soums, and with shares of Kattaqo'rg'on yog'-moy - for 2.64 billion soums.

 

Source: uz.kursiv.media

The new project of the Italian company TECON, worth about 300 thousand euros, will include production facilities and a service centre for servicing enterprises. During the meeting at the Uzcharmsanoat Association, organizational and practical issues related to its implementation were discussed in detail. 

For reference, Tecon is a company that has been specializing in the supply of technologies and components for the footwear industry for 40 years. For the time of its existence, Tecon has managed to become a national brand in Italy and occupies its own special place in the world.

Camilla Tavitti, manager of the company, shared at the meeting that the head of Tecon, Giorgio Meniconi, having visited Uzbekistan 8 years ago, got acquainted with the possibilities and production capacities of the country, was inspired by the huge potential. Today, this potential is being revealed, Camilla Taviti noted - the country has comfortable conditions for investors, an open and liberal monetary policy, and all-around support for business and state guarantees. It was these factors that prompted the implementation of the new project. 

The meeting also included presentations on the production potential of the leather and footwear industry in Uzbekistan and the geography of exports. The Italian company shared its impressions of visiting manufacturing enterprises in the regions of the country, and highly appreciated the technological processes and the potential of the regions. 

In the coming days, a memorandum of cooperation will be signed and preliminary work will begin on a project to create a new production facility.

 

Source:www.uzcharm.uz

An article on the results of the Tashkent International Investment Forum has been published on the electronic portal of the leading Latvian news agency LETA (Leta.lv).

It notes that this event has become a large-scale business event, bringing together more than 2 thousand participants - large investors and high-ranking guests from 56 countries of the world.

The atmosphere of the forum, as well as its rich business program, favoured a confidential dialogue, a constructive exchange of views and the establishment of new contacts and partnerships.

Through the forum, the country's leadership outlined for the international business community a vector for consistent work to create the most comfortable and attractive conditions for investors and comprehensively deepen mutually beneficial partnerships with foreign partners and international organizations.

LETA reports that within the framework of the panel sessions and events of the Forum, the investment and economic opportunities of various industries and regions of the country were revealed, the results achieved in the socio-economic reform of Uzbekistan, as well as priority areas for its further development, prospects for the development of regional and global trade relations, mechanisms for attracting investments, liberalizing trade and increasing the competitiveness of the national economy, further steps to industrialize the country and orient the industry towards the production of products with high added value, measures to transform the domestic energy sector and switch to alternative energy sources, issues of strengthening the transport interconnectedness of the countries of the region and increasing their transit potential.

Representatives of government, business and expert circles discussed mechanisms for restoring and stimulating the accelerated development of economic activity in the post-COVID period, reducing poverty, regulating monetary policy, supporting business, and developing the banking sector and the financial market.

On the sidelines of the Forum, the 5th meeting of the Intergovernmental Commission in the field of trade, economy, science and technology, culture, sports and youth between the Republic of Uzbekistan and the Kingdom of Saudi Arabia, the Uzbek-Chinese investment forum “Industrial cooperation. New Opportunities”, as well as the Country Platform on Uzbekistan, which was attended by the heads of international financial institutions, foreign government financial institutions and development partners. Also, the Forum participants actively exchanged views and discussed the prospects for cooperation during bilateral meetings and negotiations.

The practical significance of the event was noted - as a result of the Forum, a package of firm contracts and investment agreements worth $7.8 billion was signed. Preliminary agreements were also reached on the implementation of projects worth $3.5 billion.

The source summarizes that TMIF, having declared itself as a large-scale communication platform for strengthening and developing interregional and international relations, has simultaneously become a powerful catalyst for intercountry and interregional investment and foreign economic cooperation. The Forum is expected to become a permanent platform for attracting foreign investment and modern technologies to the economy of both Uzbekistan and the entire Central Asian region, as well as identifying areas of mutual interest for establishing direct links between entrepreneurs in the region and foreign business circles.

 

Source: dunyo.info

The Government of the Republic of Uzbekistan (GOU) is implementing a large-scale renewable energy strategy to deploy 12 GW of cost-effective and environment-friendly renewable energy generation by 2030 to the increasing energy demand across the country. Under this initiative, the GOU has signed a memorandum of understanding with the European Bank for Reconstruction and Development (EBRD) to cooperate on the development of large-scale wind power projects up to a total capacity of 2,000 MW (Wind Program). GOU has successfully awarded the first project under the Wind Program with a capacity of 100 MW in October 2021.

Through the current tender process to select an independent power producer, GOU wishes to advance the second project of the program, a 200 MW wind power plant, a BESS and an associated evacuation infrastructure (Project), at a site situated in the Beruniy and Qorao’zak district of the Republic of Karakalpakstan in the Republic of Uzbekistan.

A two-stage tender process with the Request for Qualification (RFQ) process, followed by a Request For Proposal (RFP) process is implemented in order to attract and select a qualified private developer-investor for the Project (the Private Partner).

GOU is pleased to announce the launch of the RFQ for the Project and now invites interested developer-investor to submit their Statement of Qualifications (SOQ) by the latest [30 June 2022], 18:00 Tashkent time.

All the interested developer-investor can participate in the RFQ process by expressing their interest over the below mails. The interested developer-investor is also requested to share the list of email addresses (up to 5 email addresses) for providing them access to the VDR for downloading the RFQ document.

● wind.nukus.tender@minenergy.uz

● tilabov.s@minenergy.uz

● xxasanov@ppp.mf.uz

● mf210@mift.uz

● projectuzbek_wind_fa@synergyconsultingifa.com

 

Source: minenergy.uz

The Specialized International Exhibition of the Leather Industry - APLF Dubai 2022 has opened in Dubai, UAE. composition. The national exposition of Uzbekistan is represented by over 100 products from 10 member companies of the Association.

The international exhibition APLF-2022 is one of the largest events demonstrating the achievements of the global leather industry. It currently covers three topics: "Leather", "Special Materials" and "Step into the World of Fashion". 15 national pavilions are attended by 500 companies and firms with more than 10,000 products.

Domestic enterprises at their exposition presented their foreign partners with finished leather, footwear, leather goods, gelatin. On the first day of the exhibition, negotiations were held with representatives of Portugal, Egypt and Pakistan on the export of leather goods from Uzbekistan. A dialogue was held with Spanish, Chinese, Turkish and Italian companies in the direction of finished leather.

As part of the international exhibition APLF-2022, it is expected to sign export agreements with foreign partners.

 

Source: www.uzdaily.uz

From 2017 to 2021, the production of the leather and footwear industry in Uzbekistan increased from $90 million to more than $450 million, as follows from the review on the Business of Russia portal.

In physical terms, the production of shoes and accessories under the Made in Uzbekistan brand increased from 10.8 million to over 115 million pairs. The volume of processing raw hides and leather production reached 1.6 billion dm². There is a good dynamics in the production of wool and astrakhan products.

The industry has managed to become investment-attractive — since 2017, the volume of investments has increased 11 times from $18.4 million to over $200 million last year.

The production of high value-added finished products has increased due to the increase in the volume of processing of raw materials - now it is 13.5 million skins per year, with the potential to reach 37 million.

Uzbekistan is gradually becoming a raw material hub of Central Asia for the deep processing of hides into leather. New production facilities will produce exclusively finished leather of the third processing stage - the last stage before cutting.

In the next 2 years, it is planned to implement 490 investment projects , mainly focused on expanding the production of finished products.

The state spent approximately $8.3 million to create production clusters and industry-specific MPZs with a full production cycle - from slaughtering livestock and processing leather to the production of finished shoes and leather goods.

Fully automated shoe factories are being launched in the regions, such as, for example, Vodiy-Shoes in the Fergana region with the participation of French capital. The $8.5 million project provides more than 1 million pairs of men's, women's and children's shoes made of natural leather.

38 investment projects launched last year made it possible to launch the production of import-substituting products worth $33.7 million .

Uzbek brands are gradually conquering foreign markets. Now they can be found in more than 30 countries, in the next 3-5 years they intend to open another 15 new export destinations - mainly in Europe and Southeast Asia.

This, among other things, will be facilitated by state support measures, including compensation for part of the costs of manufacturers and exporters for transportation, certification and registration, advertising campaigns, participation in international tenders and competitions, and other expenses.

 

Source: www.spot.uz

The 3rd Ministerial Conference of Neighboring Countries of Afghanistan was held in Huangshan city (PRC) on 30-31 March and attended by government members and foreign ministers from Russia, China, Iran, Pakistan, Tajikistan, Turkmenistan and Uzbekistan.

The conference also included a meeting of foreign ministers from neighbours of Afghanistan with the delegation of the Afghan Interim Government headed by Acting Foreign Minister Amir Khan Muttaqi in presence of foreign ministers of Indonesia and Qatar.

Deputy Prime Minister and Minister of Investments and Foreign Trade Sardor Umurzakov represented the Republic of Uzbekistan at these events.

Issues of multilateral cooperation in stabilizing the social and economic situation in Afghanistan in the post-conflict period were discussed at the conference. Views were exchanged on the most effective approaches to supporting Afghanistan in addressing domestic and external challenges. In this regard, the efforts of the country’s Interim Government were noted.

The parties stressed the importance of consolidating efforts of countries of the region for a peaceful solution to the Afghan crisis, accelerating the formation of an inclusive government based on broad representation of all ethnic and political groups as well as ensuring human rights, including those of women and ethnic minorities. Emphasis was placed on the importance that the Afghan Interim Government must fulfil its commitments not to allow terrorist organizations to operate in the country and prevent any threats from Afghanistan to its neighbours, as well as other requirements of the international community.

Addressing the conference, S.Umurzakov underlined the need to strengthen coordination of regional cooperation aimed at supporting Afghanistan in overcoming the current challenges, revitalizing the national economy, resolving social issues and normalizing life in the country. It was proposed to work out a mechanism and criterium for international recognition of the Interim Government of Afghanistan, which will speed up the integration of the country into the regional area and international communities.

The Uzbek side expressed commitment to continue cooperation with countries of the region, partner nations and Afghanistan in all priority areas, including the implementation of major infrastructure projects that can accelerate economic rehabilitation and improve the living standards of the Afghan people.

Following the conference, the parties adopted a joint declaration and the Tunxi Initiative for supporting the economic reconstruction of Afghanistan.

On the sidelines of events, S.Umurzakov also held a number of bilateral meetings and negotiations with foreign counterparts. In particular, he discussed bilateral cooperation with Wang Yi, State Councilor, member of the Leading CPC Members Group of the State Council, and Minister of Foreign Affairs, Sergey Lavrov, Minister of Foreign Affairs of the Russian Federation, Hossein Amir-Abdollahian, Minister of Foreign Affairs of the Islamic Republic of Iran, and Amir Khan Muttaqi, Acting Minister of Foreign Affairs of Afghanistan. During the meetings, the sides discussed the current state of affairs and identified further steps to deepen bilateral cooperation in priority areas.

 

Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan S. Umurzakov held a number of bilateral meetings and negotiations with foreign counterparts on the margins of the Third Ministerial Conference of the Neighbouring Countries of Afghanistan held in Huangshan (PRC).

In particular, issues of bilateral cooperation were discussed with Wang Yi, State Councilor, member of the Leading CPC Members Group of the State Council, and Minister of Foreign Affairs, Sergey Lavrov, Minister of Foreign Affairs of the Russian Federation, Hossein Amir-Abdollahian, Minister of Foreign Affairs of the Islamic Republic of Iran, and Amir Khan Muttaqi, Acting Minister of Foreign Affairs of Afghanistan.

During the meetings, the sides discussed the current state of affairs and identified further steps to deepen bilateral interaction in priority areas.

 

Source: mift.uz

On March 31, a videoconference was held under the chairmanship of President Shavkat Mirziyoyev on issues of ensuring macroeconomic stability and additional business support.

International experts predict that the current difficult situation in the global economy will last for a long time. This, of course, cannot but have a negative impact on domestic prices, especially on food, and inflation.

This circumstance is regularly analyzed at meetings with the President, and the necessary response measures are taken. This gave its results - the situation in the domestic market is stable.

In particular, the rise in prices for meat, milk, potatoes, eggs and rice is not allowed. At the Commodity and Raw Materials Exchange, the volumes of exhibiting food products from foreign suppliers have been expanded. The foreign exchange market and the exchange rate have stabilized.

– Our people should not have excessive anxiety and trouble about this. We have enough reserves to prevent sharp fluctuations in the foreign exchange market,” the head of state said. 

It was emphasized that the reduction in food prices in the coming month of Ramadan is a good deed, for this, it is necessary to provide practical assistance to entrepreneurs. To this end, until the end of the year, the effect of benefits on funds allocated for the import of food products has been extended.

A republican headquarters headed by the Prime Minister and regional headquarters under the leadership of khokims have been formed. They are instructed to monitor market prices on a daily basis and take measures for additional supplies of products based on consumer demand. The task was set to establish daily control over the listing of food products and raw materials on the stock exchange, to prevent an artificial rise in prices.

– - Now the world is going through a difficult period, and every day we face new challenges. But you can not sit and wait for what will happen tomorrow. We need to quickly identify and solve problems, find new opportunities,” said Shavkat Mirziyoyev.

Additional support measures for entrepreneurs have been identified to reduce the impact of external risks.

In particular, banks will provide entrepreneurs with an additional 10 trillion soums of "revolving" loans for the purchase of raw materials and replenishment of turnover. Both volumes and preferential rates of loans allocated under government programs for horticulture, family businesses, as well as mortgage and educational loans will be preserved.

- No matter how difficult it is, we will not reduce funds and increase the load, - said the President.

It was also instructed not to apply fines under the new tax administration mechanisms until the end of the year, as well as to extend the period of customs benefits.

The meeting touched upon the results of the Tashkent Investment Forum.

Contracts and agreements worth almost $8 billion were concluded during the forum. Many foreign entrepreneurs have expressed a desire to start or develop their businesses in our country.

It was noted that all conditions will be created for investors for the full implementation of these agreements and initiatives. The heads of economic sectors have been tasked with negotiating with foreign companies on integration into their production chains. The need was noted to create wholesale trade zones in Navoi, Samarkand, Tashkent, Bukhara and Surkhandarya regions, which will supply products to the markets of neighbouring countries.

Strict instructions were given to reduce costs in regions and industries, suspend spending on repairs, car purchases, furniture and office supplies.

In the current unstable situation in the international financial market, it will become more difficult to attract funds from abroad. In such circumstances, the most correct way is to use the available resources wisely and efficiently, it was noted at the meeting.

For example, to date, funds raised by 105 projects worth $9 billion are not being used or are being developed slowly.

In this regard, the Deputy Prime Minister was instructed, together with the heads of industries and khokims, to carefully study each project, speed up implementation, and stop inefficient and unpromising projects. 

Particular attention at the meeting was paid to the issues of ensuring employment of the population.

- This issue should be considered not only as an economic indicator but also from the point of view of the social protection of our people, - said Shavkat Mirziyoyev.

The indicators of job creation by regions and districts are analyzed, and the shortcomings are indicated.

To date, 67 types of activities are classified as forms of self-employment. It was noted that the number of such professions will be increased to 20, which will provide employment for an additional 150,000 people.

The Government was instructed to expand the scale of social support for the population in need of assistance.

Government officials responsible for improving the above-mentioned issues shared their input and available information on the matter.

 

Source: president.uz

Employees of the Consulate General of Uzbekistan held talks with representatives of the business community in Jeddah.
During the meeting, the sides discussed in detail the economic and investment potential of Uzbekistan, the favorable conditions created for foreign tourists, the large-scale reforms being carried out in the country in the field of tourism development.

The participants also got acquainted with the favorable business opportunities created for private investors in Uzbekistan, the activities of free economic zones.

The representatives of Saudi Arabia acknowledged that the comprehensive political, socio-economic, and other reforms being carried out in Uzbekistan are bearing fruit today.

As a result of the talks, an agreement was reached on attracting Uzbek products to the Saudi market, implementing joint investment projects, and establishing new contacts with Uzbek partners.

 

Source: dunyo.info

The Embassy of Uzbekistan in Washington held a business reception with the participation of a delegation of the Regional Chamber of Commerce of the city of San Diego (California, USA), headed by the president of this organization, Jerry Sanders.

The event was attended by authoritative representatives of the official, business, cultural and humanitarian circles of the state of California, as well as from the cities of Mexico bordering this state.

The Ambassador of Uzbekistan Javlon Vakhabov acquainted the participants with the modern development of our country, the progress of ongoing reforms to liberalize the economy, create a favorable investment climate, and strengthen human capital.

The delegation was also presented with the main results of the first Tashkent International Investment Forum, the prospects for running a successful business in Uzbekistan, information on benefits and preferences for foreign investors interested in entering the country's market.

Jerry Sanders stressed that Uzbekistan and San Diego have great potential for deepening cooperation in the field of pharmaceuticals, biotechnology, and various industries.

San Diego has been recognized as the most favorable place in the US to start a new business. It was emphasized that the San Diego Regional Chamber of Commerce, which unites more than 2.5 thousand companies, is interested in establishing partnerships with Uzbek companies in order to implement joint business projects.

Jerry Sanders expressed his readiness to establish direct contacts with interested departments and institutions of Uzbekistan on issues of mutual interest. He assured of his readiness to provide practical assistance in establishing close cooperation between the parties to expand trade and economic ties.

During her speech, the vice president of the largest private telecommunications company in the United States with an annual income of $ 13 billion, Cox Communications, Chanel Hawken, noted that she was impressed by the transformations being carried out in Uzbekistan. She also expressed her support for strengthening her company's close ties with Uzbekistan, especially in the field of digitalization and expanding access to the Internet.

Vice Mayor of Manhatton Beach (California) Richard Montgomery thanked the Embassy for organizing the event and the opportunity to get acquainted with Uzbek culture and traditions, which deeply impressed all guests of the US West Coast. “I plan to visit your country in July this year and get even closer acquainted with its rich historical heritage and potential,” he said.

The event also presented the latest collection of domestic designer Markhamathon Umarova, which clearly showed the beauty and historical value of the Uzbek school of textiles.

Recall that San Diego is one of the leading regions of California and is among the top twenty largest US cities in terms of GDP (240 billion dollars). The main economic drivers of the city are the defense industry, tourism, IT, R&D and others. San Diego is home to the largest US Navy in the world with more than 50 ships, and the development of the tourist infrastructure allows to receive more than 30 million visitors annually. In addition, San Diego is also known for its innovative IT developments. In particular, the city hosts the headquarters and centers for innovative developments of such large IT companies of the world as Qualcomm, Nokia, LG Electronics, Kyocera International, Cricket Communications and others.

California is the most populous US state (about 40 million people) and the 3rd largest (after Alaska and Texas). California ranks first among US states in terms of GDP ($3 trillion). The most important sectors of the economy are information technology, the aerospace industry, oil production and refining, show business, and agriculture.

 

Source:dunyo.info

According to the State Statistics Committee, as of March 1, 2022, the number of enterprises and organizations with foreign capital registered in the country amounted to 13,982, of which 13,531 are operating.

The number of operating enterprises with foreign capital increased by 1,462 compared to the same period last year.

Countries with the highest number of enterprises with foreign capital in Uzbekistan:


🇷🇺 Russia - 2 348 units
🇨🇳 China - 1,958 units
🇹🇷 Turkey - 1,940 units
🇰🇿 Kazakhstan - 1,095 units
🇰🇷 Korea - 891 units

 

Source: t.me

The city of Jizzakh hosted a regional intersectoral industrial fair organized by the Ministry of Investments and Foreign Trade jointly with the Khokimiyat of the Jizzakh region and the Center for Electronic Cooperation Portal. The fair was attended by representatives of the Administration of the President of the Republic of Uzbekistan, the Ministry of Investment and Foreign Trade, as well as domestic entrepreneurs, manufacturers and exporters from the Jizzakh region and other regions of the country.

In total, 775 industry and regional enterprises took part in the fair, of which 142 presented more than 3,000 types of domestic products. The event was an effective platform for establishing contacts between manufacturers of various industries and regions, discussing the possibility of creating cooperation and trade ties, as well as opportunities for implementing joint projects to create new industrial facilities.

The heads of industry associations, in particular, the Associations "Uzeltehsanoat", "Uztukimachiliksanoat" and the Agency for the Development of the Pharmaceutical Industry, as well as a number of commercial banks, who took part in the fair, made presentations on the investment and industrial potential of the respective industries, the specifics of production in various regions, as well as on measures of state support for entrepreneurs and exporters. The relevance of expanding existing and creating new industries was noted in order to master the production of new types of products that are in demand by domestic industry and consumers, which will allow localizing complete value chains within the country,

As part of the fair, a working group consisting of the heads of ministries, departments and local authorities organized trips to local industrial enterprises, such as Newland, ADM Jizzax, Global Optical Communication Uzbekistan, Minguan Silu Industry, Master building products”, “Jada Color Tekstil”, where she got acquainted with the technological process of production and talked with managers and employees of enterprises. During the visit, the existing issues related to production and export activities were studied, measures were developed to address them, and the prospects for expanding existing industries and establishing industrial cooperation with other domestic enterprises were discussed.

As a result of the fair, 467 contracts were concluded through the Electronic Cooperation Portal for a total of 75.9 billion soums. Of these, the total value of contracts concluded by regional producers amounted to 60.2 billion soums, and contracts concluded by industry enterprises - 15.7 billion soums.

 

Source: mift.uz

In Termez, under the leadership of the Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan S. Umurzakov, a meeting was held with the participation of heads of ministries, departments, industry associations, commercial banks and local authorities of the Surkhandarya region, as well as the city of Termez and all districts.

During the meeting, measures were considered to further stimulate investment, industrial and export activities, develop entrepreneurship and ensure employment in the region. The heads of local authorities reported on the current investment and export figures, provided information on ongoing projects, and also talked about plans for further work.

In particular, according to the Regional Investment Program, in 2022 it is planned to introduce 762 projects in the Surkhandarya region for a total of $672 million. Within the framework of these projects, 14,795 jobs will be created. Thanks to the organization of new production sites and the adoption of targeted measures to support exporters, by the end of the year, export indicators in the region should exceed $400 million.

The progress of work on building up the industrial potential of the region by reviving enterprises that have suspended production or are not operating at full capacity was discussed. The heads of the relevant ministries and departments were tasked with speeding up the resolution of existing issues, as well as regularly monitoring the activities of industrial production in the region.

It was instructed to actively engage the "project groups" created in the region in order to develop new high-margin projects that correspond to the industrial potential of each individual region, ensure constant monitoring of their practical implementation and provide support to their initiators. At the same time, the importance of focusing on the localization of the production of products with high added value, which is in high demand in the domestic and foreign markets, was noted.

The progress in fulfilling the instructions of the Head of State given during his visit to the region in June 2021, as well as the instructions of the Government Commission on Foreign Trade, Investments, Development of Local Industry and Technical Regulation was also studied.

As a result of the meeting, the responsible heads of ministries and departments, as well as local authorities, were given targeted instructions with the designation of specific deadlines for their implementation on the issues discussed.

 

Source: mift.uz

On March 12 this year, a working group led by the Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan S. Umurzakov and consisting of the heads of ministries, departments and commercial banks left for the Surkhandarya region to study the current state of socio-economic development, as well as investment, industrial and export activities.

During the trip, targeted meetings were held with local entrepreneurs, manufacturers and exporters, during which the current state of enterprises, aspects of the technological process and existing problematic issues were studied. The voiced problems were subjected to a comprehensive analysis, as a result of which specific solutions were developed, the deadlines for their implementation and responsible executors were determined.

The entrepreneurs also briefed the members of the working group on plans for further expansion and modernization of production, mastering the production of new types of products that are in demand in the domestic and foreign markets. During the discussion, issues were raised that require the assistance of relevant ministries, departments, commercial banks and local authorities. Directly during the meetings, measures were developed to promote the presented new projects, and responsible managers received targeted instructions to provide support to their initiators.

In addition, during visits to enterprises, opportunities were explored for further intensifying investment, industrial and export activities in the region through the use of unused reserves, targeted interaction with entrepreneurs and providing them with practical support in the implementation of new projects.

Also, the heads of relevant ministries, departments, commercial banks and local authorities were given separate instructions to promote entrepreneurial activity, develop intersectoral cooperation, localize high-tech industries, increase the export potential and create new jobs.

 

Source: mift.uz

Alexey Sim, Deputy Head of the Agency for Strategic Development, cited investment statistics for 2021 at an interview for the Economic Review.

At the end of last year, Uzbekistan mastered $11.1 billion of foreign investments, which is 113% of the annual forecast. Investments in fixed assets amounted to $9.8 billion, demonstrating a growth rate of 110% compared to 2020.

Foreign direct investment and loans were disbursed for $9 billion, which is 117 of the forecast. Here, investments in fixed assets reached $ 8.2 billion with a rate of 124% compared to 2020.

International financial institutions and foreign government financial organizations have allocated $2.1 billion to the country , which means that the annual forecast is 100% fulfilled .

Industry companies through foreign direct investment and loans were able to master $ 3.8 billion ( 103% of the forecast). For regional projects, this figure reached $5.2 billion , or 130% of the forecast.

The sectors leading in terms of investment are energy, metallurgy, chemical industry, electrical engineering, IT, construction, pharmaceuticals, light industry, agriculture, etc.

In total, more than 50 countries invest in the economy of Uzbekistan. The top five investor countries are as follows:

  1. China - $2.2 billion;
  2. Russia — $2.1 billion;
  3. Turkey — $1.18 billion;
  4. Germany - $800.7 million;
  5. South Korea - $137.4 million

 

 

Source: www.spot.uz

On March 10, President Shavkat Mirziyoyev chaired a meeting on preparations for the Tashkent International Investment Forum.

The event is scheduled for March 24-26. It is expected to be attended by 1.5 thousand large investors and high-level guests from 56 countries, representatives of international organizations and financial institutions. Presidents of the European Bank for Reconstruction and Development, the Asian Development Bank, ministers of several states, heads of large corporations and companies will take part in the forum.

Over 40 events will be held within the framework of the forum, including a plenary session and industry meetings, roundtable discussions, presentations, briefings and others.

The forum will become a platform for the presentation of promising projects that are important for the country’s economy. Opportunities for attracting foreign capital, the created conditions and attractive areas of activity for foreign investors will be presented.

The President of Uzbekistan was informed about the preparations for the forum.

Noting that such an investment forum is being held in Uzbekistan for the first time, the President gave instructions to organize the event at a high level.

The task was set to demonstrate the openness of Uzbekistan to the international business community, the investment potential of each industry and region. The need was noted for achieving concrete results in attracting advanced technologies and investments to large projects.

 

Source: yuz.uz

On March 9 this year, in the format of a videoconference, under the leadership of the Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan S. Umurzakov, a meeting of the organizing committee on preparations for the Tashkent International Investment Forum was held.

During the meeting, the progress in the implementation of measures to prepare for the event was considered - the heads of relevant ministries, departments, diplomatic missions of Uzbekistan abroad and local authorities of the Republic of Karakalpakstan, regions and the city of Tashkent reported on the ongoing work and provided information on the current state of elaboration of issues of organizational and content in various areas.

The importance of holding a high-level event in the context of strengthening the country's image in the international business community, increasing its investment attractiveness, strengthening investment cooperation with partner countries and deepening interaction with international financial institutions and international organizations was emphasized.

During the meeting, a number of issues were raised, the solution of which requires prompt coordinated actions of the relevant ministries and departments. Interaction algorithms were developed, and targeted instructions were given to responsible managers.

The business program of TMIF events was also considered and measures were discussed to fill it with practical content, meaning the formation of lists of specific investment and trade agreements for signing on the sidelines of the forum. The importance of the event as a unified platform for reaching firm agreements on ongoing projects and programs, demonstrating the investment and economic potential of industries and regions, as well as discussing promising areas for further attracting business communities of foreign countries to expand activities in Uzbekistan was noted.

In a separate order, the need to comply with all the prescribed sanitary and epidemiological measures in order to ensure the safety of participants and guests of the event was emphasized.

As a result of the meeting, responsible managers received targeted instructions to address existing issues of an organizational and substantive nature.

 

mift.uz

On March 10 of this year, a conference was held in Tashkent dedicated to the launch of a new Multi-Year Indicative Program for 2021-2027. European Union for Uzbekistan. The Deputy Prime Minister, Minister of Investment and Foreign Trade Sardor Umurzakov and EU Commissioner for International Partnership Jutta Urpilainen addressed the participants. The event was also attended by: the leadership of the Ministry of Investment and Foreign Trade, Ambassador of the European Union Charlotte Adrian, heads of key ministries and departments of Uzbekistan, as well as diplomatic missions of EU countries and international organizations in Uzbekistan.

In his address, S. Umurzakov emphasized the long-term, multifaceted and dynamically developing nature of cooperation between Uzbekistan and the EU member states and expressed gratitude for the support provided by the European Union in the implementation of large-scale structural reforms, as well as socio-economic projects in the country. He also announced the commitment of the Government to the accelerated promotion of joint initiatives and programs, close cooperation with the EU countries, aimed at finding new promising areas of mutually beneficial cooperation.

During the event, key areas for further bilateral financial and technical cooperation with the European Commission were discussed as part of the next program cycle for 2021-2027. It was announced that the new Multi-Year Indicative Program will initially allocate 83 million euros for 2021-2024, including 76 million euros for the implementation of jointly developed projects, technical assistance programs and budgetary support, as well as 7 million euros to support activities for the development of civil society and human rights. It was noted that the priorities of the Program are fully consistent with the key tasks outlined in the Development Strategy of Uzbekistan for 2022-2026.

On the sidelines of the discussion, the parties comprehensively considered aspects of the implementation of projects and activities in the areas of supporting agriculture and green growth, improving the system of land and water management, introducing innovations, improving the efficiency of public administration and digitalization, including judicial and transport and logistics systems, improving the investment climate, as well as the socio-economic development of the Aral Sea region.

During the event, the parties answered the questions of the participants regarding the practical implementation of the cooperation program, and also spoke about the priorities in this direction.

 

Source: mift.uz

The Business Climate Index in Uzbekistan was introduced according to the methodology of the German analogue of the Business Climate Index of the IFO Institute (IFO Institute), one of the key indicators of economic activity in Germany.

The Center for Economic Research and Reforms (CERR) conducted another round of a survey among enterprises across the country. More than 1,000 companies took part in the survey in two areas: a qualitative assessment of the current state of the business and the expectations of entrepreneurs regarding the prospects for the development of their business for the next three months.

The sampling methodology is sectoral stratified random sampling according to the World Bank Enterprise Survey methodology.

In February this year, the consolidated indicator of the business climate amounted to 60 points and compared to January of this year increased by 1 point, which assesses the state of the business climate in the country as positive (in February 2021 - 60 points; in January of this year - 59 points).

In the sectoral context, the indicator of the business climate in the field of agriculture amounted to 67 points, services - 56 points, in construction - 56 points and industry - 59 points.

Changes in the summary indicator of the business climate are associated with changes in the following components of the indicator:

The indicator of the current state of the business was 43 points, which characterizes the positive mood of entrepreneurs regarding the current state of the business (February 2021 - 44 points).

43% of the entrepreneurs surveyed rated the current state of their business as good.

When asked how the state of business has changed over the past 3 months, 29% of entrepreneurs answered that it has improved, 53% believe that it has not changed, and 18% have worsened.

Demand for goods/services improved in 39% of enterprises, while the number of employees increased in 22% of enterprises.

In the context of industries, the business climate indicator was:

- in the construction of 30 points;

- in industry 39 points;

- in the field of agriculture 48 points;

- in the service sector 44 points.

The indicator of expectation of business development prospects amounted to 79 points, which reflects the expectations of entrepreneurs about the prospects for the development of their business for the next 3 months as optimistic.

80% of entrepreneurs estimated that their business prospects would improve. It is expected that the demand for goods and services will improve in 73% of enterprises, the number of employees will increase in 68%.

22% of entrepreneurs expect an increase in prices for goods/services in the next 3 months. 29% believe that prices will not change, 3% - they will decrease. 46% of respondents do not know how prices for their goods/services will change in the near future.

The indicator of expectations of business development prospects by industry was:

- in agriculture - 88 points;

- in industry - 81 points;

- in construction - 84 points;

- in the service sector - 69 points.

In general, the relationship between the values of the current situation and expectations means that, according to business entities, the positive trend in the development of the economy will continue in the next 3 months.

 

Source: review.uz

On March 9 this year, Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan S. Umurzakov met with the leadership of the international coalition Cotton Campaign and the American non-profit human rights organization (NGO) Responsible Buyers Network.

The parties comprehensively discussed the progress made by the Government of Uzbekistan in implementing socio-economic reforms, creating an open economy built on market principles, strengthening legal mechanisms for protecting human rights, and eradicating the practice of forced labor in the country.

The foreign delegation recognized the successes achieved by Uzbekistan in these areas, in particular, the country's obtaining the status of a beneficiary of the EU's Generalized System of Preferences "GSP +" in 2021 and its accession to the UK's GSP Enhanced framework, as well as the eradication of in a country of systemic forced labor.

The active nature of interaction with the International Labor Organization, the Confederation of Employers, the Federation of Trade Unions, representatives of civil society, heads of farms and cotton clusters was emphasized in order to increase the effectiveness of monitoring and preventing violations in the field of labor, as well as ensuring the protection of labor rights and freedoms.

According to the parties, these measures effectively contribute to an increase in the number of responsible suppliers and employers in the country and their integration into global supply chains, which in general will have a positive impact on the further deepening of trade and economic ties between Uzbekistan and partner countries.

During the meeting, the parties considered further joint actions to create conditions for the development of civil society in Uzbekistan, introduce the principles of corporate social responsibility at domestic enterprises, stimulate cotton clusters and farms to use energy-efficient and water-saving technologies in production, as well as ways to further strengthen cooperation in data areas with specialized international organizations.

As a result of the meeting, a mutual commitment was expressed to an active and constant dialogue in all the discussed areas of interaction and an agreement was reached on the consistent deepening of practical cooperation.

 

Source: mift.uz

On March 7, under the chairmanship of President Shavkat Mirziyoyev, a videoconference was held at which the progress of the government's implementation of measures to achieve the targets set for the current year for the socio-economic development of industries and regions was discussed.

It was noted that in January-February of this year, 687 million dollars of foreign investment was disbursed, including 615 million dollars of foreign direct investment and loans. Since the beginning of the year, production facilities have been commissioned for 506 projects worth $337 million, which ensured the creation of over 7,000 new jobs. 

For 2 months, the volume of exports of goods and services exceeded $1.7 billion and increased by 20 percent compared to the same period in 2021. In particular, the export of building materials produced by domestic enterprises increased almost 2 times, electrical products - 1.5 times, textiles and fruits and vegetables - 1.3 times.

At the meeting, the heads of industries and regions were instructed to promptly resolve logistical issues in the implementation of investment projects and export deliveries.

Separately, the head of state dwelled on the issues of ensuring price stability in the domestic consumer market.

It was noted that for 2 months of the current year, the inflation rate amounted to 1.38 percent, which is lower than in the same period of 2021 (1.7 percent).

At the same time, sharp price fluctuations in global markets require that the heads of responsible departments and regions of the country take additional measures to prevent sharp price changes in the domestic market, primarily by saturating the food market with goods in the required volumes.

The President gave a critical assessment of the work carried out by the leaders of the regions to allocate an additional 80,000 hectares of land to the population for the development of household plots and the cultivation of agricultural products in demand on the domestic market.

Specific instructions were also given to improve the efficiency of allocated public funds in the amount of 2 trillion soums for the development of horticulture and accelerate the development of these funds.

The heads of the regions were instructed to take measures to ensure the uninterrupted supply of products to food markets and to form the necessary reserves for this purpose. 

 

 

Source: president.uz

On March 7 this year, negotiations were held between the Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan S. Umurzakov and the Director-General of the Swiss Agency for Development and Cooperation Patricia Danzi.

During the meeting, topical issues of the current bilateral financial and technical cooperation, as well as prospects for its expansion within the framework of the new program of cooperation between Switzerland and the countries of Central Asia for 2022-2025, were discussed.

The head of the Swiss delegation highly appreciated the positive results achieved by Uzbekistan in a relatively short period of time in such areas as the development of international and regional cooperation, ensuring stability and sustainable development.

It was announced that within the framework of the program of cooperation with Central Asia for 2022-2025. The agency will allocate $240 million. The parties discussed priority areas of cooperation and considered the most promising projects for further development within the new cooperation program.

An agreement was also reached on taking joint measures to accelerate the practical implementation of 2 projects totaling $31.7 million in the areas of improving the system of vocational education and water management in the Zerafshan river basin.

As a result of the event, further steps were agreed to deepen financial and technical cooperation in priority areas.

 

Source: mift.uz

In accordance with the order of the Government of the Republic of Uzbekistan, in order to implement the measures specified in the "Road Map" for the development of international transport corridors, to further improve the efficiency of regular transportation of foreign trade goods to foreign markets, as well as to ensure the smooth operation of rail transport and timely delivery of goods in JSC "O'zbekiston temir yo'llari" an office is opened for consultation of freight owners around the clock in 24/7 mode.

Hotline numbers:

  1. JSC "Uzbekistan Railways" - 90-938-40-00 (+ Telegram).
  2. RRJ Tashkent - 71-238-98-59.
  3. RRJ Kokand  - 98-558-05-18.
  4. RRJ Bukhara  - 94-362-14-04.
  5. RRJ Kungrad - 97-220-99-55.
  6. RRJ Karshi  - 93-603-31-35.
  7. RRJ Termez  - 90-975-26-53.

 

Source: www.spot.uz

The Embassy of Uzbekistan in the UK, together with the South London Chamber of Commerce (LSCC), organized a briefing dedicated to the presentation of the trade and investment potential of our country.

The event was attended by representatives of investment funds, legal and consulting companies, manufacturing enterprises from such areas as the automotive industry, construction, information technology, as well as education, healthcare, the hospitality sector and others.

The participants of the event were informed about the priorities of the economic development of Uzbekistan, the measures taken to ensure high growth rates. Separately, major upcoming events were touched upon, including the Tashkent International Investment Forum and the regular meeting of the Uzbek-British Trade and Industry Council (UBTIC).

During the discussions, the participants welcomed the dynamic changes in Uzbekistan, including the government's efforts to comprehensively and accelerate the development of economic sectors, create modern jobs and reduce poverty. British participants noted the dynamic development of multifaceted bilateral relations between the UK and Uzbekistan in recent years and expressed interest in establishing partnerships with Uzbek enterprises.

LSCC Executive Director Jerry McDonnagh announced the ongoing preparation of the next LSCC trade mission to Uzbekistan this fall as part of a memorandum of cooperation with the branches of the Chamber of Commerce and Industry of the Kashkadarya and Namangan regions of Uzbekistan, signed following the visit of the LSCC delegation to Uzbekistan in 2019.

At the end of the event, compatriots from among students studying in the UK held a presentation of their own startup projects in the field of technologies using artificial intelligence and educational services. In addition, the participants were acquainted with the permanent exhibition of products of decorative and applied arts of Uzbekistan, organized at the Embassy with the support of the Hunarmand Association.

 

Source: dunyo.info

In January and February 2022, the total volume of transactions on all trading floors of the Uzbek Republican Commodity Exchange increased by 44.7% compared to the corresponding period in 2021 and amounted to 16.0 trillion soums. At the same time, 89% of the volume of transactions fell on the exchange trading, and the rest - on e-commerce trading systems, including exhibition and fair trading, electronic public procurement, online auctions of car and mobile numbers.

At the central office of the Uzbek Republican Commodity Exchange, a press conference was held with the title of  “Results and prospects for the development of exchange trading and e-commerce”.

During the event, representatives of the media were provided with detailed information on the issues of ensuring transparency and the introduction of market principles in commodity markets, the introduction of innovations in the e-government procurement and e-logistics portals, as well as other topical issues related to exchange activities.

As noted at the press conference, as part of the implementation of the Decree of the President of the Republic of Uzbekistan dated March 17, 2021 PP-5031 “On measures to further introduce market mechanisms in the processes of selling highly liquid and monopoly goods”, several new projects in the field of exchange trading and e-commerce.

In accordance with the above Resolution, the list of goods sold through open exchange auctions has been expanded, as well as access to commodity resources for all economic entities, including entrepreneurs, fair competition has increased and a modern pricing mechanism for goods has been introduced, taking into account real market conditions.

At the same time, in May 2021, the Uzbek Republican Commodity and Raw Materials Exchange, as the operator of the electronic public procurement system, launched a new single portal xarid.uzex.uz in order to increase transparency and create additional convenience in the public procurement system.

This portal combines all types of public procurement and introduced a single classifier of goods and services, reflecting all the parameters of goods. This, in turn, facilitates the placement of lots on the portal and helps to reduce the problems associated with the delivery of low-quality goods by customers.

Customers and participants in public procurement can also go through a one-time online registration on a single portal of public procurement and use a single personal account in the settlement and clearinghouse of the exchange.

The total volume of transactions concluded in January-February 2022 in the electronic public procurement system xarid.uzex.uz increased by 2.2 times compared to the corresponding period in 2021 and amounted to almost 1.7 trillion soums. At the same time, savings from budget and corporate clients increased by 44.5% and amounted to 222.4 billion soums.

In order to introduce new trading instruments for exchange trading, as well as to create an electronic logistics trading portal, in which services for the transportation of goods by road are digitized on the principles of a transparent queue, Decree of the Cabinet of Ministers of the Republic of Uzbekistan No. 777 was adopted on December 27, 2021.

In accordance with this resolution, the electronic logistics trade portal e-logistika.uzex.uz, launched last year, is being improved in order to ensure transparency and create healthy competition in the field of freight transportation of goods sold at exchange auctions.

Currently, transportation of goods sold at exchange auctions by road is carried out through this portal in the order of an auction for a decrease. To do this, customers and carriers go through online registration in the electronic system for participation in electronic trading and make advance payments to the clearinghouse of the exchange.

The customer, in order to use the service of transportation of products purchased at the exchange auction, places an ad on the portal independently or through a dispatcher agent. In turn, the carriers make their proposals for the announcement posted on the portal through their account.

Within 24 hours after the deadline for accepting offers from carriers, the customer reviews the received offers from carriers and chooses the most suitable one for himself. The carrier that offered the lowest price among the eligible bids is automatically determined by the electronic system as the winner, and a contract is concluded between the customer and the winning carrier.

Shipment of goods sold through exchange auctions is carried out according to the principle of "transparent queue" taking into account the sequence of payments made. Buyers can track the movement of goods in real-time using GPS trackers installed on vehicles.

In turn, the Antimonopoly Committee, together with the Ministry of Transport, can monitor the bidding process for the transportation of exchange goods on the portal, exchange the necessary information, identify unscrupulous carriers and apply appropriate measures to them.

Currently, 799 carriers, 2,235 vehicles and 626 customers are registered online on the portal, and more than 800 contracts worth more than 1.5 billion soums have been concluded.

 

Source: review.uz

Negotiations were held between the Deputy Minister of Investments and Foreign Trade B. Abidov and the Chairman of the Committee on Northern Economic Cooperation under the President of the Republic of Korea Park Chung-soo, whose visit was organized as part of the celebration of the 30th anniversary of the establishment of diplomatic relations between the Republic of Uzbekistan and the Republic of Korea.

During the meeting, topical issues on the bilateral agenda were considered, as well as the implementation of the agreements reached following the state visit of the President of the Republic of Uzbekistan to the Republic of Korea in December 2021.

The Korean delegation expressed interest in joint interaction in key areas of cooperation, in particular, in expanding the multilateral partnership within the framework of the "New Northern Policy", which was initiated in 2017 by the President of the Republic of Korea Moon Jae-in in order to strengthen economic and political cooperation with countries to the north of the Republic of Korea.

The Uzbek side noted the readiness to deepen the multilateral and strategic partnership with the Republic of Korea within the framework of the "New Northern Policy" this year through the implementation of joint projects with the Eximbank of Korea, attracting grant funds through KOICA and gratuitous assistance from the government of the Republic of Korea, as well as expanding an extensive program "green" development of Uzbekistan.

As a result of the event, joint practical actions were agreed to further deepen cooperation in priority areas of the bilateral agenda.

 

 

Source: mift.uz

According to the State Committee on Statistics, in January 2022, Uzbekistan exported finished textile products worth $72.3 million to 26 foreign countries.The volume of exports of finished textile products increased by 16.2 million US dollars compared to the corresponding period last year.

Countries where Uzbekistan exported the most finished textile products in January 2022:

Russia – 39.4 million USD

Kyrgyz R. – 24.1 million USD

Kazakhstan – 3.1 million USD

Ukraine – 1.2 million USD

Germany – 828 thousand USD

Tajikistan – 725 thousand USD

Regions with the largest exports of finished textiles in January:

Andijan region – 21.9 million USD

Namangan region – 14.1 million USD

Tashkent region – 11.7 million USD

city ​​of Tashkent – 8 million USD

Ferghana region – 4.6 million USD

 

 

Source: stat.uz

In January-December 2021, 57,611.3 billion soums of investments in fixed capital were disbursed in Tashkent, at the expense of own funds of enterprises, organizations and the population 24,962.8 billion soums (share in total investment 43.3%). Due to centralized sources of financing in the current period, the share of investments in fixed assets is only 20.4% or 11,765.3 billion soums.

 

Source: stat.uz

President of the Republic of Uzbekistan Shavkat Mirziyoyev and Prime Minister of the Islamic Republic of Pakistan Imran Khan continued negotiations in an expanded format with the participation of official delegations of the two countries.

Issues of developing multifaceted cooperation, primarily in the political, trade and economic, investment, transport and logistics, tourism and humanitarian spheres, were considered.

- The peoples of Uzbekistan and Pakistan located on the ancient Great Silk Road have been linked by a common history, similar languages ​​and a rich spiritual heritage since ancient times. Today we are reviving these traditions. We are glad that our interstate relations have risen to the level of strategic partnership, Shavkat Mirziyoyev said.

A stable dynamics of the development of interaction was noted despite the pandemic. In particular, in 2021, the volume of bilateral trade increased by 50 percent. This is more than in previous years, but still does not match the existing potential between the two countries.

The head of our state noted that in the near future we have the opportunity to increase mutual trade up to $500 million, and in the future - up to $1 billion.

 First of all, the need for joint development of a program of industrial cooperation, as well as a comprehensive "road map" to expand the structure of trade turnover was emphasized.

The second important area is the strengthening of cooperation between our countries in the field of multimodal transport, cargo and air transportation. Recently, the Agreement on Transit and Trade came into force, laying the foundation for regular freight traffic.

The President again noted the importance of implementing projects to develop cooperation in the transport and logistics sector.

- The railway "Termez - Mazar-i-Sharif - Kabul - Peshawar" is our common future. When the construction of this route is completed, we will create the closest, cheapest and safest corridor connecting Pakistan to Central Asia, and Uzbekistan to the ports of Karachi, Gwadar and Qasim. This railway will completely change the face of our regions, the President of Uzbekistan said.

During the negotiations, an agreement was reached on the further promotion of this project.

The prospects for the resumption of regular flights were discussed.

Interaction between the regions of the two countries is also developing. In particular, many projects are jointly implemented by the business community of Namangan region and Punjab province. During the negotiations, the parties agreed to establish similar cooperation between the Surkhandarya region and Khyber Pakhtunkhwa province and other regions.

Another important area is pilgrimage tourism. For the purpose of systematic organization of pilgrimages, the President proposed to create a joint group and open representative offices of the ministries of tourism in the two countries.

Issues of cooperation in the field of science, ecology, higher education, art, cinema and sports were considered.

The co-chairs of the Intergovernmental Commission, the ministers informed about the agreements reached and future plans. Shavkat Mirziyoyev and Imran Khan supported their proposals and gave relevant instructions.

- I think that today's open and fruitful dialogue, the signed documents will open up new prospects for our strategic partnership. Most importantly, we - two brothers - have a complete mutual understanding. To achieve the big goals set today, our governments must be in constant contact, the President said.

The talks that took place once again confirmed the strong will and desire of our people to bring cooperation to a new level.

 

Source:president.uz

The 7th meeting of the Intergovernmental Commission on Trade, Economic, Scientific and Technical Cooperation between the Republic of Uzbekistan and the Islamic Republic of Pakistan (IPC) was held in Islamabad. The meeting was co-chaired by: from the Uzbek side - Deputy Prime Minister - Minister of Investment and Foreign Trade S. Umurzakov, and from the Pakistani side - Advisor to the Prime Minister on Trade and Investment Abdul Razzak Dawood.

The agenda of the meeting included a wide range of issues of trade and economic, investment, transport and logistics cooperation, interaction in the areas of food security, education, innovation, science, information technology, tourism and interregional relations.

The event has become a platform for a comprehensive discussion of existing issues in various areas of interaction, also made it possible to identify promising areas for expanding mutually beneficial partnerships and determine further steps to establish practical cooperation in each of them.

The parties noted with satisfaction the successful completion of the agreement on the Preferential Trade Agreement between the two countries and agreed after its signing to develop a joint "Roadmap" for its practical implementation. Also in this context, an agreement was reached on active work to use the existing potential of mutual trade in order to bring the volume of Uzbek-Pakistani trade to $1 billion in the near future.

Measures to deepen industrial cooperation between entrepreneurs of the two countries were considered. Mutual readiness was expressed to jointly develop a program of industrial cooperation between Uzbekistan and Pakistan for 2022, which will include specific projects in such areas as agriculture, agricultural engineering, light, pharmaceutical and electrical industries, the production of building materials, as well as information about the initiators these projects and the timing of implementation. For these purposes, it was proposed to create a joint project office between the Ministry of Investment and Foreign Trade of Uzbekistan and the Ministry of Trade of Pakistan.

No less priority was given to the development of cooperation in the field of transport and transit. Further steps have been worked out to accelerate the implementation of the project for the construction of the trans-Afghan railway "Termez - Mazar-i-Sharif - Kabul - Peshawar", the establishment of direct flights and the implementation of joint infrastructure projects. In order to introduce a systematic approach to solving the tasks set, it was decided to create a separate subcommittee on transport and logistics within the framework of the IGC.

Special attention was paid to cooperation in the field of food security: the parties worked out solutions to accelerate the implementation of existing agreements in this area, and also agreed to develop a separate cooperation program in the near future.

Also on the sidelines of the event, the issues of establishing relations between higher educational institutions, technoparks, research centers, research laboratories and business incubators of the two countries, promoting bilateral tourism, developing interregional cooperation, bearing in mind, among other things, the exchange of experience in the field of regional development, digital economy, architecture, urbanization and infrastructure.

As a result of the meeting, an appropriate protocol was signed, which reflected all the agreements reached during the event.

 

Source: mift.uz

The growth rate of assimilated investments in fixed assets in the Fergana region in January-December 2021, compared to the corresponding period last year, amounted to 108.2%. The share of investments financed from non-centralized sources of financing in the total volume of investments in fixed assets amounted to 84.0% or 10851.9 billion soums. Accordingly, the share of investments in fixed assets financed from centralized sources of financing is 16.0% or 2068.7 billion soums.

 

Source: stat.uz

The State Assets Management Agency of the Republic of Uzbekistan (hereinafter referred to as UzSAMA) announces the start of the privatization process of the share in Hyatt Regency Tashkent Hotel (hereinafter referred to as “the Hotel” or “the Asset”) through a competitive sales process (hereinafter referred to as “the Deal”) in accordance with the relevant privatization programs. The hotel will be sold through the sale of a 100% share in the business entity, which is currently being created through the transformation of SUE "Poytaxt qurilish va xizmat" (the current owner of the Hotel).

In preparation for this transaction, following the selection on the best offer basis, “KPMG Valuation and Consulting” LLP (hereinafter - KPMG) was selected as the exclusive financial consultant for the privatization of the asset.

One of the international companies "Big Four" (BIG4) will be attracted in the valuation of the Hotel as a share (business), and the recommended value, based on their Asset valuation report, will be taken as a benchmark in the sale process. 

The sale is organized as a competitive bidding process, open to all interested parties (hereinafter referred to as "the Participants"). Participants are currently invited to express their interest in participating in the sale process of the Hotel.

Brief information about the Asset:

  • 5-star hotel “Hyatt Regency Tashkent” was opened in 2016 in the center of Tashkent and became the first hotel of the international brand Hyatt in Uzbekistan;
  • it is the 5-star hotel in Uzbekistan directly managed by an international hotel chain;
  • the Hotel has an advantageous and exclusive location in the center of Tashkent, within walking distance of the main attractions of Tashkent and the central structure of ministries and departments;
  • the total land area - 3.1 hectares, the area of buildings and structures - 60.1 thousand square meters;
  • the Hotel is located on 8 floors and offers 300 rooms for accommodation, including 248 standard and 52 junior / suite rooms;
  • the Hotel has several conference halls of different capacity, equipped at the level of international quality standards, as well as a banquet hall of 850 square meters, indoor swimming pool and SPA-center;
  • compliance with quality standards has been tested and confirmed by experts accredited by the Hyatt Group.

Interested parties are invited to submit an application in the form of a letter in English, Russian or Uzbek (at the discretion of the applicant, the letter in Russian or Uzbek must be accompanied by a letter in English), and signed by an authorized representative of the applicant (hereinafter - the Application), sent to e-mail addresses:

DKalazhanov@kpmg.kz;

SSandykbayeva@kpmg.kz;

VPolyakov@kpmg.kz.

 

The Applications will be accepted until March 28, 2022, 18:00 (Tashkent time).

 

The application process is open to all interested participants. All applicants will be included in the register of potential participants in the sale process.

Non-Disclosure Agreement (NDA) will be signed with potential investors who are qualified for the next step, and access will be granted to a Virtual Data Room (VDR) where general information about the Asset's activities will be available.

Besides, the detailed sequence of the sale process, its conditions and the next steps will be published additionally.

If you have any questions, you are invited to reach out to the emails listed above.

 

Additional terms

UzSAMA reserves the right to change the sequence of the sale process or refuse to sell to any potential buyer (s) or to negotiate with them at any time without giving a reason.

This announcement, or any part of its content, should not be construed as a form of commitment on the part of UzSAMA, Hotel and KPMG in relation to the sale of the Asset, which might be assumed in connection with the publication of this announcement. UzSAMA and KPMG reserve the right in their sole discretion at any time and in any respect, without assuming joint or individual responsibility

(i) amend the application deadline

(ii) follow different procedures in relation to different stakeholders, and / or negotiate with one or more potential buyers within the framework of the schedule and procedure provided jointly by UzSAMA, the Hotel and KPMG, excluding any other potential buyer (s) without prior notice;

(iii) terminate the sale process for any reason; and / or

(iv) terminate any discussion and negotiations with any potential buyer (s) in relation to the deal at any time and without giving reasons.

 

Source: davaktiv.uz

On February 25, the government approved a unified procedure for notifying authorized bodies about the start or termination of activities. The document is available in the Lex.uz database and will come into effect on March 1.

The notification procedure operates in those areas where the business does not need the decision of the authorized body to start work, but records and control over the entities involved in the relevant activities are kept.

Notification of the beginning or termination of activities is sent electronically through the UPIPS or the information system " License ". Notifications are accepted 24/7, including weekends and holidays. From the moment of acceptance of the application, the authorized body is considered notified.

The procedure applies to 33 types of activities, including:

  • work with precious metals and stones, manufacture and sale of jewelry from them;
  • activities of an investment consultant;
  • activity of a pawnshop;
  • import of cash foreign or national currency;
  • opening/closing of a bank branch or banking service office, etc.

Start of activity

The notification is certified by the electronic digital signature of the applicant. From the existing list, the type of activity or part of it planned for implementation is selected, and the corresponding passport is filled in. It reflects the requirements and conditions related to the selected type (subtype) of activity. Additional required documents are attached to the passport in a scanned form in PDF, PNG or JPEG format.

The certificate of notification of the start of construction and installation work has not yet been approved. The Ministries of Construction and Justice were instructed to jointly develop and submit it to the Cabinet of Ministers by April 1 .

In this case, it is mandatory:

  • observance and fulfillment of the requirements and conditions stipulated by the passport;
  • ensuring the accuracy of the information specified in the notification;
  • registration in the UNLS of existing and new employment contracts, changes to them and their termination - if this requirement is prescribed for the corresponding type of activity;
  • notification of the authorized body within 10 working days after the registration of a change in the name, location (address of residence) of the notifier or the opening of a branch and representative office.

To start working on a notification basis, you need to pay a fee - up to 50% of the BCV (except for the retail sale of alcoholic products and the sale of alcohol in public catering).

A notification that meets all the criteria is automatically accepted by the electronic system and entered into the general register. The notifier is sent a confirmation to his personal account or, at his request, in the form of an SMS message to the specified mobile number. The authorized body has the right not to accept the notification only if

  • it contains inaccurate or false information;
  • the fee for sending the notification has not been paid;
  • compliance with and fulfillment of the requirements and conditions established for the specified activity has not been confirmed;
  • the notifier has already been entered in the register for current activities (re-notification);
  • the activity of the notifier has been suspended for a certain period by an authorized body or a court;
  • by a court decision, this activity is prohibited to the notifier.

Refusal to accept a notification for reasons other than those listed is prohibited .

Termination of activity

Activities carried out in a notification manner may be terminated on the basis of:

  • notification sent to the authorized body by the notifier;
  • relevant court decision.

In the first case, you can also use the UPIPS or the " License " platform. The fee in this case is not charged. The activity is considered terminated from the date specified in the notice. A note about this is automatically entered in the register of notifications.

In turn, the court may decide to terminate the activities carried out in a notification manner, at the request of the authorized body in the following cases:

  • identification of false or inaccurate information specified in the notification of its beginning;
  • failure to eliminate deficiencies associated with violation of existing requirements and conditions within the prescribed period;
  • systematic (two or more times during the year) or a single gross violation of the requirements and conditions, if this led to harm to the life and health of citizens, damage to someone's rights and legitimate interests, public safety, and environmental damage.

The authorized body notifies the subject in advance by sending him the act in electronic form, after which he submits an application to the court within 5 days. A note on the termination of activities in the register of notifications is made within 3 days after the entry into force of the court decision.

If the court refuses to satisfy the application, the authorized body is obliged to compensate the business entity for the losses incurred by it.



Source: www.spot.uz

A Presidential resolution "On Approval of an International Treaty" was adopted on 25 February.

In accordance with the resolution, the Agreement on Transit Trade between the Governments of Uzbekistan and Pakistan was approved (signed on 15 July 2021 in Tashkent).

The Ministry of Investments and Foreign Trade, the Ministry of Transport and the State Customs Committee have been identified as the competent authorities responsible for the implementation of this international treaty.

The Cabinet of Ministers and the heads of the relevant ministries and departments provide control over the fulfillment of the obligations of Uzbekistan after the entry into force of this international treaty.

 

Source: t.me

On February 27 of this year, negotiations were held in the VKS format between the Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan Sardor Umurzakov and the Minister of Investments of the Kingdom of Saudi Arabia Khalid al-Falih.

During the meeting, topical issues of bilateral investment and trade and economic cooperation, as well as the implementation of the agreements reached following the visit of the government delegation of the Republic of Uzbekistan to Saudi Arabia, held in May last year, were substantively considered.

Particular attention was paid to the opportunities for attracting additional Saudi investment in the energy sector and the development of energy infrastructure. A special role in this direction was noted for the Saudi company ACWA POWER, which is already implementing projects in Uzbekistan totaling about $3 billion.

The Saudi side expressed its readiness for close cooperation in attracting investments for the implementation of additional projects in the fields of agriculture, chemistry and petrochemistry, as well as metallurgy in Uzbekistan.

An agreement was reached to organize a meeting of the IGC this year, a joint meeting of the Business Council between the business circles of both countries, as well as an exhibition of Uzbek domestic products "Made in Uzbekistan" in the cities of Riyadh and Jeddah.

The issues of increasing mutual tourist flow through the establishment of regular direct passenger flights between the two countries were touched upon.

As a result of the event, practical actions were agreed on to further deepen cooperation in priority sectors.

 

Source: mift.uz

On 22 February 2022, two events were held within the framework of the Organization for Economic Cooperation and Development (OECD) Forum on Due Diligence in the production of clothing and footwear, held by the German Society for International Cooperation GIZ together with Belgian business association Amfori and United Nations Economic Commission for Europe (UNECE).

Both events were held in the form of a videoconference, attended by representatives of international organizations and companies such as the International Labor Organization (ILO), the United Nations Capital Development Fund (UNCDF), the Swiss State Secretariat for Economic Affairs (SECO), Better Cotton, Adidas AG, Tom Tailor Sourcing and many others interested in Uzbekistan as a new supplier of textile products.

At a virtual session hosted by GIZ and Amfori, the presenters presented the latest achievements in the cotton and textile sector of Uzbekistan, including reiterating that there were no cases of forced and child labor in the cotton fields during the harvest. UNECE Representative Maria Teresa Pisani spoke about the ongoing project at INDORAMA KOKAND TEXTILE to implement the ERP system, which is a specialized integrated application software package that provides a common data and process model for all areas of activity.

At the next online session organized by the UNECE, the audience was introduced by the presenters to the latest innovative technologies introduced in the textile and leather industries, for example, Blockchain Pilot technologies in Peru and Cluster technologies in Uzbekistan, which definitely gave their results in the form of better quality cotton and finished products, and increased countries' exports.

According to the international experts who spoke at the sessions, further cooperation of the Uztekstilprom Association with GIZ, Amfori and UNECE will be comprehensively developed through the implementation of new and ongoing projects, including, in the future, the joint efforts of the parties involved will provide an additional impetus to the knowledge exchange that is so necessary today and experience in the textile and garment-knitwear industry.

 

Source: uzts.uz

The head of state got acquainted in the city of Nukus with the activities of the situational center for investment projects.

The Center is a unified system for the formation, implementation and monitoring of business projects. Here, ministries, departments, regions and organizations interact promptly on the principle of "single window". 

Three groups operate in the center - regional projects, strategic development and operational assistance to entrepreneurs. Also, the Council of Entrepreneurs was created, which discusses new ideas and proposals with project teams attracts business people to their implementation.

In addition, specialists from the Ministry of Investments and Foreign Trade and the Chamber of Commerce and Industry develop and offer the population ready-made projects, taking into account the specifics of the region.

Representatives of leading industries are assigned to the center. The President was provided with information on the planned sectoral projects for Karakalpakstan.

As previously reported, regional khokimiyats were involved in the joint development of the Aral Sea region. They developed projects for each district of Karakalpakstan. The presentation of these plans took place in the center.

On this, President Shavkat Mirziyoyev completed his trip to the Republic of Karakalpakstan and arrived in Tashkent.

 

Source: president.uz

Non-residents can now buy government securities of Uzbekistan, the press service of the Ministry of Finance reported.

The corresponding resolution was issued by the Cabinet of Ministers on February 21. The Cabinet is amending the document regulating the issue and circulation of Uzbek government bonds.

In particular, all residents of Uzbekistan, both legal entities and individuals, as well as non-residents , received the right to purchase sovereign bonds at primary auctions . Prior to that, non-residents and resident individuals could not buy them.

The volume of liabilities placed for purchase by non-residents will be determined by the Ministry of Finance and the Central Bank. Accounting for the results of auctions will be carried out on the basis of T+0, T+1, T+2 settlement modes.

Interest on sovereign bonds will be paid every 6 months, in accordance with international standards. The formulas of the International Association of Capital Markets will be used to calculate interest.

In addition, the Ministry of Finance will consider measures to increase the issuance of government securities and develop their secondary market. This will help diversify the public debt portfolio and reduce the level of currency risks.


The first auction for the placement of government bonds took place on December 26, 2018. Since then, the Ministry of Finance has held 104 auctions and placed securities worth 12.042 trillion soums. In 2021 alone, 64 auctions were held, during which bonds for 4.86 trillion soums were placed (net - 4.14 trillion soums).

It has been planned for several years to allow the purchase of government bonds for non-residents and citizens. Deputy head of the Central Bank Ilkhom Norkulov promised in 2019 to open the market for them “as soon as [it] starts to function normally.”

In particular, they planned to allow foreigners to this market in 2019. In October 2021, President Shavkat Mirziyoyev approved the issuance of inflation-linked government bonds — they are able to protect the investor from price increases and receive a guaranteed income.

 

Source: www.spot.uz

A hydrogen production unit has been launched at the Uzbekistan GTL plant, the press service of the Ministry of Energy reports.

After the plant is fully commissioned, the plant will be able to receive up to 300 million cubic meters of hydrogen annually. The resulting volume will be used in the production of synthetic oil and fuel.

As previously reported, Uzbekistan GTL will be able to produce 307,000 tons of jet fuel, 724,000 tons of diesel fuel, 437,000 tons of naphtha, and 53,000 tons of liquefied gas. The volume of production of the most demanded products at the moment can be increased dynamically.

It is noted that GTL fuel, when used, creates 40% less atmospheric emissions compared to traditional fuel. Due to this, annual emissions will be reduced by 13.5 thousand tons.

President Shavkat Mirziyoyev instructed to create the first gas chemical cluster in Uzbekistan on the basis of the plant and the Shurtan GCC. It will launch the production of a wide variety of products - from synthetic oils and alkylbenzene to polyethylene and polypropylene.

By 2025, it is planned to increase the volume of production by 6 times - up to $1.8 billion. For every $1 of the cost of raw materials used by the cluster, there will be $10 of added value.

 

Source: www.spot.uz

The foreign trade turnover of Uzbekistan in January 2022 reached $3.5 billion, according to the data of the State Committee on Statistics (Goskomstat).
The volume of exports amounted to 1.4 billion dollars. The republic sold products worth 1.2 billion to foreign partners, and services - 176.5 million.
The volume of imports in foreign trade reached $2.1 billion. Uzbekistan purchased products worth $1.9 billion, and services - $147.1 million.
Earlier it was reported that last year Uzbekistan's foreign trade turnover reached $42.1 billion, having increased by 16 percent over the year.
Russia ranked first among major partner countries with a share of 17.9 percent in the total volume of trade, China moved to second place with a share of 17.7 percent.
The leadership of Russia in the State Statistics Committee was associated with the growth of Uzbek imports by 1.3 times - up to 5.458 billion dollars. The structure of Russian deliveries is dominated by metallurgical products, foodstuffs, industrial goods and equipment, as well as oil products.
 

The State Assets Management Agency informs about achievement of agreement (Transaction) with PJSC “Sovcombank” (Russian Federation) on sale of 100% state block of shares of JSCB “Uzagroexportbank” for 4.0 mln.

In accordance with the Decree of the President of the Republic of Uzbekistan "On the strategy of the banking system reform of the Republic of Uzbekistan for the years 2020-2025" ¹ УП-5992 dated May 12, 2020, proceeding from the world practice, the results of the activity analysis of the JSCB "Uzagroexportbank" (due diligence), and following recommendations of the consultant on privatization, the process of selling 100% of state block of shares was realized on the competitive basis by means of public tender

For the sale process as a privatization consultant was attracted an international company "Grant Thornton", the assessment was conducted by the international company "KPMG".

Interest in purchasing the state block of shares of JSCB "Uzagroexportbank" was expressed by 4 bidders, from which applications were received.

Each bidder was given an opportunity of access of the Virtual Data Room (VDR) to study financial, legal, organisational and tax information related to the bank, carry out analysis of the activity (due diligence), receive answers from the consultant on privatisation, the bank management and were given a possibility to visit the bank.

It was taken into account that among the received proposals, “Sovcombank” meets the requirements as a contender directly engaged in banking activities, able to bring not only foreign investment in the country, but also the experience of a foreign bank, modern financial products and services.

Taking into account the compliance of “Sovcombank's” proposal with the legal and regulatory requirements governing banking activities and the recommendations of the privatization consultant, as well as taking into account the price parameters of the proposal and “Sovcombank's” intention to develop JSCB “Uzagroexportbank”, “Sovcombank” was chosen as the winner of the public tender, in connection with which legally binding documents on the Transaction were signed between it and the State Assets Management Agency.

For reference: PAO “Sovcombank” is a universal bank, one of the ten largest banks of the Russian Federation. As of September 30, 2021, the bank's assets consists of RUR 1.9 trillion with equity of RUR 224 bln. The Bank has 23,000 employees working in over 2,300 offices in 1,000 locations across the Russian Federation. The Bank serves 12 million customers. The bank's international credit ratings are as follows: S&P - "BB", forecast "positive", Moody's - "Ba1", forecast "stable", Fitch - "BB+".

JSCB “Uzagroexportbank” was established in 2017 to create favorable conditions for producers of agro-industrial products and financial support of exporting organizations. The head office of the bank is located in Tashkent. At the end of 2021, the assets of JSCB "Uzagroexportbank" exceeded 69 billion soums.

At the same time, we inform that in line with international practice, in the interests of the participating bidders we don't disclose the names and content of their proposals.

 

Source: davaktiv.uz

In order to further develop the construction industry and the production of building materials in the country, ensure the construction of affordable housing in the regions, reduce the imbalance of supply and demand in the housing market, the President issued a decree.

According to the decree:

For the implementation of geological exploration in 2022-2023, 100 billion soums will be allocated from the State Budget to the State Committee for Geology and Mineral Resources, within the funds allocated for geological exploration.

The State Committee for Geology and Mineral Resources, together with regional khokimiyats, will put up for auction 400 mineral deposits within a month;

For the Khorezm region, the cost of investment projects with the provision of external engineering and communication networks at the expense of the state budget is set at least 50 billion soums;

At the same time, according to this provision, the cost of providing investment projects worth from 50 billion to 200 billion soums with external engineering and communication networks should not exceed 20% of the cost of these projects.

 


Source: sof.uz

On February 21, the Cabinet of Ministers approved the procedure for electronic licensing in certain areas of business. The decision is available on the Lex.uz portal.

From March 1, licenses for a number of activities that require permission can be issued online - through the information system "License" or UPIPS.

The list includes 28 activities, including:

  • non-state educational services;
  • tourism activities;
  • sending workers abroad by private employment agencies;
  • retail sale of medicines and medical goods (pharmacies);
  • veterinary services;
  • production of ethanol and alcohol;
  • production of tobacco products and others.

To obtain a license, you need to send an application along with the required documents through the "License" system or UPIPS.

Applications are accepted 24 hours a day, every day, including weekends and holidays. The "License" system will automatically check the information in the application, comparing it with information from interdepartmental systems.

After payment of the fee, the application will be sent to the licensing authority. The decision to issue a license or refuse it will be automatically sent to the applicant's personal account.

If the licensing authority does not make a decision in time, the applicant has the right to proceed with the performance of the activity subject to licensing with the notification of the authority.

The conditions for refusal to issue a license are as indicated:

  • the applicant did not provide all the required documents;
  • the application contains false or incorrect information;
  • non-compliance with the requirements and conditions of licensing;
  • negative conclusion of inspections, studies, or scientific and technical expertise.

Refusal of licensing for other reasons is not allowed.

The President decided to speed up the digitalization of the licensing sector - in particular, to create the "License" system - in August 2020. The Ministry of Justice calculated that this would reduce corruption and business costs, as well as save more than 13 billion soums on printing forms.
 
Source: www.spot.uz

An extended meeting of the delegations of Uzbekistan and Afghanistan took place in Kabul. The Uzbek side was headed by Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan S. Umurzakov, and the Afghan side - by Deputy Head of the Interim Government of Afghanistan Abdul Gani Baradar.

During the meeting, the parties exchanged views on the agenda of Uzbek-Afghan cooperation in the field of investment, trade, transport and logistics, energy, agriculture, education and healthcare.

The Afghan side provided information on the measures taken to ensure security in the country, restore the economy and social sphere, as well as fight against corruption.

Particular attention was paid to enhancing cooperation on the construction of the trans-Afghan railway "Termez - Mazar-i-Sharif - Kabul - Peshawar". The parties discussed the practical aspects of the project implementation and expressed their readiness to jointly resolve all existing issues.

During the dialogue, opportunities were also considered for attracting companies from Uzbekistan to participate in joint projects for the construction and restoration of infrastructure, the development of agriculture and the extraction of natural resources. An agreement was reached on the development and approval in the near future of the Action Plan for the development of Uzbek-Afghan trade and economic cooperation and joint work on its implementation.

It was also agreed that the parties will soon develop mechanisms to increase the volume of mutual trade and increase transit through the territories of the two states.

During the meeting, the heads of the ministries and departments of the two countries, in turn, put forward proposals for the further development of cooperation in the context of individual areas and expressed their readiness to intensify bilateral contacts in order to accelerate the resolution of existing issues.

Following the event, the heads of delegations emphasized the priority of expanding bilateral partnerships within the discussed areas of cooperation and identified further steps to implement the agreements reached.

 

Representatives of the Embassy of Uzbekistan met with the Vice President of China Chamber of Commerce for Import and Export of Machinery and Electronic Products (CCCME) Shi Yonghong, reports.

The parties discussed the implementation of the initiatives put forward at Uzbekistan – China meetings at various levels.

The leadership of China’s largest chamber of commerce, specializing in the development of industry and electrical engineering, expressed its readiness to develop interregional ties with Uzbekistan and support the implementation of new projects in the country at the expense of Chinese investors.

The parties agreed to distribute weekly digests in newspapers, magazines and on the websites of the Chamber of Commerce and Industry and the Ministry of Commerce, creating a new mechanism for informing about the development of industry and trade in Uzbekistan and new projects proposed for joint implementation.

 

Source: dunyo.info

In Tehran, a meeting was held between the Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan S. Umurzakov, who arrived in the country as part of a visit by a delegation of government and business circles, with the President of the Islamic Republic of Iran Seyyed Ibrahim Raisi.

An exchange of views took place on a wide range of areas of Uzbek-Iranian cooperation with a focus on issues of trade, economic, investment, transport and logistics, cultural and humanitarian cooperation.

The existing prerequisites for increasing bilateral trade were noted. The parties expressed confidence in the availability of the potential and the necessary resources for a multiple increases in the volume of mutual trade in the near future and confirmed their mutual readiness to implement specific practical measures in this direction.

No less broad prospects, in the opinion of the parties, are available in the field of investment cooperation. This is evidenced by the steadily growing number of projects implemented jointly with Iranian investors, as well as the growing interest of Iranian business circles in the market and economic resources of Uzbekistan. It was announced that within the framework of the upcoming 14th meeting of the Uzbek-Iranian Intergovernmental Commission on Trade, Economic, Scientific and Technical Cooperation, it is planned to sign agreements on the implementation of a number of new investments projects, which was welcomed by both parties during the negotiations.

Tasks were set to deepen industrial cooperation between entrepreneurs of Uzbekistan and Iran. The priority areas for partnership in this area were the agro-industrial sector, water resources management, production of building materials, ferrous metallurgy, mechanical engineering, light industry and medicine. The prospects of establishing industrial cooperation between the subjects of special economic zones, in particular, between the FEZ "Chabahar", "Aras" (Iran) and the FEZ "Navoi" and "Angren" (Uzbekistan) were also emphasized. An agreement was reached on joint work on the preparation and approval of specific investment projects in the above sectors and the identification of their initiators from among the interested entrepreneurs of the two countries.

The parties welcomed the success achieved in bilateral negotiations held between the relevant ministries and departments of the two countries in the field of transport and logistics. Thus, during the visit of the interdepartmental delegation of Uzbekistan to Iran, which took place in January of this year, agreements were reached and a number of important agreements on cooperation in the direction of developing transport corridors and increasing the transit of goods through the territories of the two states were signed.

The parties noted the priority of continuing consistent and effective joint work in this direction in order to form new, more profitable trade routes connecting the two states and countries of the region, as well as to increase the efficiency of using the transport and transit potential of both countries.

In addition, the agenda of the talks included measures of bilateral cooperation within the framework of the participation of the two countries in international organizations, cooperation to ensure regional security, economic development and strengthening of transport links between the countries of the region, as well as issues related to the implementation of joint projects of regional importance.

Following the meeting, the parties expressed mutual commitment to the implementation of the agreements reached and an active dialogue aimed at deepening mutually beneficial cooperation between the two states.

Analysis of business activity in the context of the regions of the Republic of Uzbekistan is monthly calculated by CERR on the basis of operational data (monitoring in all regions of the republic, according to the data of the State Customs Committee, State Tax Committee, Central Bank and UzEX).

The results of monitoring showed that the volume of tax revenues of the republic in the period from January 1 to January 31 of this year increased by 24.6% compared to the same period last year.

The significant growth of tax revenues was observed in Kashkadarya (by 55.3%), Bukhara (by 53.5%), Syrdarya (by 52.8%) regions, the Republic of Karakalpakstan (by 45.7%) and in Tashkent city (by 70%).

The growth of tax revenues was achieved through the creation of equal competitive conditions for business activity and by decreasing the regulatory and administrative burden, automation of procedures and simplifying procedures for compliance with tax legislation.

Revenues from custom duty during the analyzed period increased by 40.6%. The largest increase of revenues was observed in Andijan (2.7 times), Khorezm (2 times), Tashkent (71.6%), Bukhara (66.4%) regions and Tashkent city (4 times).

The increase in the volume of custom duty payments indicates the growth of foreign trade turnover. Machinery and equipment and industrial goods have a significant share in the structure of imports. This trend indicates the creation and modernization of production facilities, which in the long term will contribute to an economic growth.

According to the State Customs Committee, the volume of exports since the beginning of the year increased by 18.9% compared to the same period last year. The growth of export volumes of goods was noted in Kashkadarya (by 67%), Surkhandarya (by 65.5%), Samarkand (by 53.8%), Ferghana (by 46.6%), Namangan (by 46.1%) and Khorezm regions (by 31.0%).

The increase in the volume of Uzbekistan's exports is explained by the growing volume of exports of industrial goods, foodstuffs, chemicals and agro-food products. The volume of loans issued by commercial banks decreased by 0.9% from January 1 to January 31 this year compared to the same period of the previous year.

The growth in the number of issued credits was observed only in Andijan region (by 3.2 times), Samarkand region (by 95.8%) and Republic of Karakalpakstan (by 6%). In all other regions the issuance of credits decreased in comparison with the same period of last year.

According to the Central Bank of Uzbekistan, the decrease of this indicator can be explained by the issuance of large loans in the base period (January 2021) for a total of 1.52 trillion soums, which were not observed in January this year.

During this period, 7,013 new business entities were created, the largest number of which were registered in Samarkand (909), Andijan (756), Tashkent (590), Fergana (572) regions and Tashkent city (1,277).

Volume of deals at Uzbek Republican Commodity Exchange during analyzed period grew by 47.3%. Considerable growth of exchange activity is observed in Tashkent (by 89.4%), Namangan (by 71.4%), Khorezm (by 45.4%) provinces, Republic of Karakalpakstan (by 50.5%) and in Tashkent city (by 81.7%).

Growth of transactions volume in these regions is provided with growth of certain goods such as automobile gasoline, diesel fuel, rolled ferrous metal, cathode method, polyethylene, forage wheat, building materials, spirits and etc.

 

Source: review.uz

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By the end of this year, 7 new stations will be put into operation in the country - 6 thermal (TPP) and one solar photoelectric power plant with a total capacity of 1,474 MW.

In particular, in January, two new thermal power plants with a capacity of 270 MW were put into operation in the Bukhara region and 240 MW in the Tashkent region.

It is also planned to launch a solar photovoltaic plant with a capacity of 100 MW in the Samarkand region by April.

Two TPPs with a capacity of 230 and 240 MW in the Tashkent region and one TPP with a capacity of 174 MW in the Khorezm region will be put into operation in March, and a TPP with a capacity of 220 MW in the Syrdarya region - at the end of the year.

As a result, the total capacity of the energy system of Uzbekistan will exceed 16,000 MW.

 

Source: minenergy.uz

A meeting was held at the Ministry of Investment and Foreign Trade of the Republic of Uzbekistan with a delegation of the Islamic Republic of Pakistan headed by First Deputy Minister of Commerce Muhammad Saleh Farooqi.

During the meeting, issues of deepening Uzbek-Pakistani cooperation in investment, trade, economic, transport and logistics areas were discussed.

In particular, measures were discussed to speed up the coordination of the draft Agreement on Preferential Trade between the two countries.

The issue of developing a "Roadmap" for the practical implementation of the terms of the Agreement on transit and trade, signed during the visit of the Prime Minister of the Islamic Republic of Pakistan to the Republic of Uzbekistan (July 15-16, 2021) was considered.

Further steps were discussed on the practical implementation of the project for the construction of the trans-Afghan railway corridor "Termez - Mazar-i-Sharif - Kabul - Peshawar".

An agreement was reached on organizing visits of Pakistani business delegations to Uzbekistan to deepen industrial cooperation.

Following the meeting, the parties agreed to maintain active interaction in all areas of cooperation considered.

During the visit of the Pakistani delegation, additional meetings are planned with the leadership of the Ministry of Transport, the Central Bank, the State Customs Committee, other ministries, departments, industry associations and commercial banks of Uzbekistan.

 

Source: mift.uz

JSC "Uzbekneftegaz" with its exposition takes part in the international exhibition "Dubai Expo-2020" in Dubai (UAE).

Members of the delegation of JSC "Uzbekneftegaz" provide the participants of the event with detailed information on the ongoing transformation processes in the Republic of Uzbekistan in the oil and gas industry, on the ongoing work to enter the international financial market, and on investment projects. In turn, issues of cooperation with representatives of foreign companies are discussed and agreements are reached.

As part of the project for the production of liquefied synthetic fuel based on purified methane of the Shurtan gas chemical complex, implemented by Uzbekneftegaz JSC, meetings were organized for the supply of products necessary for the needs of the Uzbekistan GTL LLC plant.

Also, a meeting was held with Clariant (Germany) to purchase a licensed catalyst required for the Fisher Tropsch reactor of the project of Uzbekistan GTL LLC. As a result of the meeting, a Memorandum of Understanding was signed.

At the meeting, representatives of Clariant expressed interest in another major project being implemented by Uzbekneftegaz JSC - “Expanding the production capacities of the Shurtan gas chemical complex”, the project provided for the supply of catalysts for equipment for the production of polypropylene and the advantages of Clariant catalysts were discussed before other catalysts.

After that, a meeting was held with the head of KPMG (USA) for the CIS countries Vasily Savin. The possibilities of reducing the harm caused to nature by carbon dioxide (SO2) at the enterprises of the industry of Uzbekneftegaz JSC, as well as the use of new technologies in this process, were discussed.

A representative of a foreign company expressed interest in cooperation with Uzbekneftegaz JSC on the implementation of standards that reduce the negative impact of industry (ESG) on the environment and social sphere.

Specialists of JSC "Uzbekneftegaz" expressed interest in cooperation with foreign consulting companies (BCG (USA)) in developing a strategy for the development of the oil and gas industry, as well as in implementing standards that reduce the negative impact of industry (ESG) on the environment and social sphere.

In addition, the possibility of producing an environmentally friendly polymer (polylactide) was discussed with the Sulzer company (Germany), which, during the implementation of small-tonnage projects, which fell on the ground as waste, disappear along with the soil.

An important aspect of the innovative technology proposed by Sulzer is that these types of polymers make it possible to efficiently process waste from renewable agriculture and obtain an environmentally friendly new type of high value-added polymer product. Specialists of JSC "Uzbekneftegaz" and "Sulzer" agreed on a mutual in-depth study of the project.

Representatives of Uzbekneftegaz JSC also informed about the ongoing work with foreign consulting companies (BCG) to develop a strategy for the development of the oil and gas industry, in particular, to reduce the industrial impact on the environment, as well as plans to develop ESG standards.

As part of the exhibition, Uzbekistan GTL LLC and Himma Middle East ZFE (Dubai) signed an agreement for the provision of services for safe shutdown, control, automatic control of emergency shutdown systems for technological systems.

In addition, a meeting was held with the director of the Dubai Expo 2020 pavilion, a representative of the Ministry of Energy of the Republic of Turkmenistan Maksat Borzhakov. During familiarization with the exposition of Uzbekneftegaz JSC, they were provided with detailed information about the GTL project. During the week, an agreement was also reached in the pavilion of Turkmenistan to hold a meeting with representatives of the Turkmennebit State Concern.

Representatives of Uzbekistan GTL LLC met with representatives of foreign companies DGA Iron ore Trading and REX Resources FZE. They showed interest in the products of the Uzbekistan GTL plant and offered their services for the possible export of products to a number of foreign countries, in particular to Iran, the UAE and other countries.

The possibilities of localizing drill pipes in Uzbekistan were discussed with representatives of Petro Pipe (UAE). They were provided with information on the needs of JSC "Uzbekneftegaz" in pipe products. A preliminary agreement was reached with the Petro Pipe company on organizing the production of high-pressure tanks in the Kashkadarya region.

This company is recommended by Sasol (South Africa), which is the licensor of the GTL technology, according to which Himma Middle East ZFE (Dubai) has been providing related services for a long time.

 

Source: www.ung.uz

The relevant resolution of the Government approved the administrative regulations on the provision of public services to citizens and legal entities of Uzbekistan on the privatization of land plots on the basis of permanent use (possession), lease and inherited lifelong ownership.

According to the administrative regulations, land privatization services are provided through the Center of Public Services or the Single interactive public services portal (my.gov.uz).

The application, power of attorney, the decision on privatization of the land plot (if the applicant is a legal entity) are attached.

The application is sent to the information system "Land Privatization" for consideration by the district (city) construction department, cadastral branch. The cadastral branch checks the information within 5 working days from the date of receipt of the application.

The district (city) construction department within 3 working days considers the compliance of the location of the land plot with the approved documents on urban planning and development of the land area (settlement or the area between them).

In the information system "Land Privatization" on the results of the application (agreed or rejected) a notification is formed and sent to the applicant.

Accordingly, the applicant will make a land purchase payment within 10 working days. When the payment is made on time, a state order granting the right of ownership to the land is formed.

On the basis of the order, the Cadastre Office within 2 working days registers the right to land in the state and sends an extract from it to the applicant or the Center of Public Services.

A fee of 10% of the BCV (27,000 soums) is charged for the provision of public services. The fee for services provided through the Single interactive public services portal is 24,300 soums.

Confirmation of payment of fees and purchase price of the privatized land plot is made through the information system "Land Privatization".

The regulation does not apply to land plots allocated to participants of small industrial, youth industrial and business zones.

 

Source: uza.uz

On February 15 this year, Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan Sardor Umurzakov held talks via videoconference with the Director-General of the World Trade Organization (WTO) Ngozi Okonjo-Iweala.

During the conversation, the current state of the process of Uzbekistan's accession to the WTO was discussed, as well as urgent tasks for further advancing negotiations in this direction, outlined in the new "Roadmap" of events for 2022, developed jointly with the Secretariat of the Organization in order to intensify the negotiation process.

The key topic of the negotiations was the issues of preparation
for the upcoming 5th meeting of the Working Group on Uzbekistan's accession to the WTO. The progress of the elaboration of new documents submitted by Uzbekistan to the WTO Secretariat for the meeting, as well as other issues of a substantive and organizational nature, was considered.

The WTO leadership expressed its commitment to providing comprehensive support to Uzbekistan in the process of joining the Organization and intensifying bilateral cooperation for the prompt resolution of emerging issues. In this vein, N. Okonjo-Iweala voiced the readiness of the WTO Secretariat to expand technical assistance to Uzbekistan to support bilateral and multilateral negotiations with the member countries of the Organization.

The Uzbek side emphasized the priority importance given in Uzbekistan to the issue of early accession to the WTO. In particular, it was noted that this issue is one of the key tasks outlined in the Development Strategy of New Uzbekistan for 2022-2026.

Following the meeting, the parties agreed to maintain a close and regular dialogue for accelerated progress in resolving the issues discussed.

 

Source: mift.uz

Deputy Prime Minister - Minister of Investments and Foreign Trade S. Umurzakov met with the rector of the Moscow School of Management "Skolkovo" Y. Levin.

During the meeting, the parties discussed promising areas of cooperation in the field of education and professional training.

In particular, the dialogue touched upon the initiative to create a joint educational ecosystem in Uzbekistan to raise the professional training of managerial personnel to a qualitatively new level.

Since the introduction of this educational ecosystem is focused not only on training the staff of state structures but also on top managers of private businesses, the parties also considered the prospects for establishing cooperation in training the teaching staff of educational institutions of Uzbekistan in the field of business management.

The relevance of interaction in the development and implementation of training programs for representatives of the business community of Uzbekistan using the practice of the active method of teaching in groups, providing for the solution of project tasks, taking into account the local market conditions, was noted.

The practical aspects of creating a specialized "Training Center" under the Ministry of Investments and Foreign Trade were also considered. The purpose of its creation is to improve the skills of specialists in foreign trade and investment activities with the organization of training courses for employees of various levels with subsequent monitoring of the effectiveness of their professional activities. The contingent of listeners will consist of both employees of state structures, including heads of local authorities, and large private companies of the Republic of Uzbekistan. It is planned to organize training courses for advanced training, both within the framework of short-term and medium-term programs in such areas as investment management and project cycle management, administrative and legal support of projects,

Partnership with the Moscow School of Management Skolkovo will allow developing and launching an educational system that will combine the level of strategic and operational management, as well as provide access to a wide range of knowledge and competencies to improve the efficiency of foreign economic activity.

As a result of the meeting, a Memorandum of Cooperation in the field of training and retraining of specialists in international economic relations, investment, and foreign trade was signed. The document was signed by the rector of the School Y. Levin and the Deputy Minister of Investments and Foreign Trade of the Republic of Uzbekistan Kh. Teshabaev.

According to the terms of the document, Skolkovo will act as a partner in projects to improve the skills of employees of state institutions, as well as public and private companies in Uzbekistan. It is planned to conduct on-site internships, create special educational modules and conduct events for the exchange of experience.

 

Source:mift.uz

In January-December 2021, 8399.9 billion investments in fixed assets were disbursed in the metallurgical industry as part of the manufacturing industry.The volume of these investments amounted to 3.4% of the total volume of investments in fixed capital in the republic.

 

Source: stat.uz

As of February 1, 2022, the number of enterprises and organizations with foreign capital registered in the republic is 13.8 thousand, of which 13.4 thousand carry out their activities. The number of operating enterprises with foreign capital increased by 1,474 compared to the corresponding period last year.

When considering the number of enterprises with foreign capital by state:

Russia - 2 313

China - 1948

Turkey - 1 912

Kazakhstan - 1071

Korea - 900

The number of newly created enterprises with the participation of foreign capital in January 2022 by country:

Turkey - 31

Russia - 23

China - 12

Korea - 9

Kazakhstan - 8

 

Source: stat.uz

The government has developed measures to accelerate the development of the building materials industry in the Bukhara region.
The authorities intend to attract investments in the processing of local minerals, the production and export of competitive products using the cluster method.
The following tasks were set before the Ministry of Investments and Foreign Trade, the Khokimiyat of Bukhara region and the Association "Uzstroymateriallari":
 
extraction of cement, dolomite, gypsum and other raw materials, production of new types of building materials;
 
development of marble and granite deposits, production of modern decorative facing stones, including mosaics, production of marble and granite slabs;
 
a complete study of the graphite deposit, its industrial extraction and deep processing, organization of the production of graphite electrodes, graphite rods for fast-charging batteries and spare parts for the modern electrical industry;
 
extraction of the mineral dye ocher and the production of finished products from it - dyes, mineral fillers and other products;
 
development of sand-gravel deposits, construction of screening and crushing facilities and organization of production of finished reinforced concrete products, asphalt and road-building materials from inert materials (sand, crushed stone).
The government also approved the lists of subsoil plots in the Bukhara region, including minerals, which will be put up for auction.
In addition, the authorities have compiled address lists of investment projects for 2022-2023 in the production of building materials.
In November 2021, the Gijduvon free economic zone was expanded with unused agricultural land. It is planned to organize the production of building materials in these territories.
 

On February 12 this year, Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan S. Umurzakov held a meeting via videoconference on expanding multifaceted cooperation with the People's Republic of China (PRC).

The meeting was attended by heads of ministries, departments, industry associations, commercial banks, local authorities of the Republic of Karakalpakstan, and regions. The leadership of the diplomatic mission and consulates-general of the Republic of Uzbekistan in China also participated.

During the meeting, urgent tasks were considered to further strengthen trade, economic, investment and industrial cooperation, intensify interregional dialogue and exchange of innovative experience between Uzbekistan and China.

Measures were discussed for the qualitative and timely implementation of bilateral agreements reached during the visit of the President of the Republic of Uzbekistan to China in February this year.

The heads of ministries and departments were tasked with developing new proposals for using the industrial and innovative potential of China in the development of the national economy. In the near future, targeted Roadmaps will be developed to deepen investment cooperation and develop industrial cooperation, including through the introduction of advanced Chinese industrial technologies and innovative developments in the context of industries. It was also instructed to carry out work to attract leading Chinese companies and industrial holdings to participate in the work of the Tashkent International Investment Forum in order to discuss the potential of priority sectors for the economy of Uzbekistan in terms of establishing industrial cooperation with Chinese manufacturers.

Special attention was paid to further steps to increase the volume of mutual trade. It was instructed to analyze the structure of Chinese imports and develop proposals for increasing the supply of high-quality and competitive domestic products that are in demand on the Chinese market. The management of the Agency for Technical Regulation was instructed to develop a separate "Roadmap" to expand exports to China by harmonizing technical regulation standards and eliminating existing trade barriers. It was also instructed to pay attention to the development of trade with China through the creation of special online trading platforms for retail trade.

The importance of intensifying cooperation in the transport and logistics sector was also noted. The heads of relevant ministries and departments were instructed to organize bilateral working groups with colleagues from the PRC in order to identify and solve problems related to cargo transportation between the two countries, as well as to ensure the smooth delivery of supplied goods.

Separate instructions were given in the field of deepening interregional cooperation: the leaders of the regions, through direct negotiations with Chinese counterparts, will promptly draw up targeted Roadmaps for investment, industrial, trade, innovation, cultural and humanitarian cooperation with economically developed provinces and major cities of the PRC.

No less attention was paid to establishing cooperation in the field of innovation - the leadership of the Agency for Strategic Development and the Agency for the Promotion of Foreign Investments was tasked with developing an action plan to attract advanced Chinese experience and implement innovative projects in the IT sector, healthcare, education, agriculture and other directions.

Also on the agenda of the meeting were issues related to preparations for events planned under the chairmanship of Uzbekistan in the Shanghai Cooperation Organization, including the organization of the upcoming SCO summit and the establishment of the industrial zone "Uzbekistan - SCO" in Samarkand. Topical tasks of an organizational and substantive nature, as well as the current state of elaboration of bilateral documents planned for signing as part of the planned events, were considered.

As a result of the meeting, the responsible managers were given additional instructions as part of the fulfillment of the tasks assigned to them.

 

Source: mift.uz

In Brussels, within the framework of the visit of the government delegation of Uzbekistan, a meeting was held between the Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan S. Umurzakov and the Executive Vice President of the European Commission Valdis Dombrovskis.

During the meeting, the current state and prospects for further strengthening the strategic relations between Uzbekistan and the European Union were discussed.

The dynamic nature of the development of bilateral relations in key areas and active dialogue at various levels were emphasized, which reflects the mutual intentions of the parties to strengthen and expand cooperation.

Issues related to holding bilateral events were considered, including the EU-Central Asia Summit, the EU-Central Asia Ministerial Conference, as well as the visit of high-level EU representatives to Uzbekistan. An agreement was reached to create a joint working group to prepare for these events and fill their agenda with practical content. Also, the European side was invited to take part in the Tashkent International Investment Forum, which will be held in March this year.

The course of trade, economic and investment cooperation was discussed. At the end of 2021, the volume of trade between Uzbekistan and the EU countries amounted to $3.9 billion, while there was an increase in exports from Uzbekistan of equipment, as well as products of the textile, chemical and leather and footwear industries. Germany, Lithuania and Italy became the country's largest trading partners in the EU. The parties agreed on the need to intensify joint efforts to increase the volume of mutual trade through the use of additional tools.

Thus, in particular, the importance of full use of the opportunities provided to Uzbekistan by obtaining the status of a beneficiary of the EU Generalized System of Preferences (“GSP+”), due to which the export of Uzbek goods to the EU countries in 2021 increased by 30 percent, was noted. The Uzbek side expressed its commitment to maintaining close cooperation with the EU Delegation in Uzbekistan and relevant EU institutions for the joint implementation of initiatives on labor protection and human rights in the country, as well as the effective implementation of the provisions of all 27 international conventions that were ratified by Uzbekistan in the process of obtaining this status.

The course of joint work on agreeing on the text of the Enhanced Partnership and Cooperation Agreement with the EU (EPCA) was studied. An agreement was reached on the intensification of the negotiation process and the organization of the next round of negotiations in Tashkent.

Issues of interaction in matters related to Uzbekistan's accession to the World Trade Organization (WTO) were discussed. The parties agreed to speed up the process of bilateral negotiations, as well as to work out the possibilities of organizing the 5th meeting of the Working Group on Uzbekistan's accession to the WTO in Geneva (Switzerland).

Issues of financial and technical cooperation were discussed separately. The parties identified further actions for the practical implementation of the Indicative Cooperation Program with Uzbekistan for 2021-2024, which provides for the allocation of grants from the EU for 83 million euros for the implementation of significant projects to promote reforms, protect human rights and support civil society organizations in Uzbekistan.

The active nature of the development of cooperation with the European Investment Bank (EIB) was emphasized. Currently, several projects in the field of heat and water supply, healthcare, business support and development of the Aral Sea region are under consideration.

Issues related to the activities of the Human Security Trust Fund were also addressed. The European side was thanked for the financial assistance provided to the activities of the Fund and the implementation of socially oriented projects in the region. It should be noted that the EU is currently one of the Fund's largest donors.

Following the meeting, the parties expressed their mutual readiness for the consistent expansion and strengthening of bilateral partnership and close cooperation to solve common problems.

 

Source: mift.uz

Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan S. Umurzakov met with the Minister of Agriculture and Forestry of the Republic of Turkey Bekir Pakdemirli, who is on an official visit to the country.

During the meeting, the prospects for intensifying bilateral cooperation in the field of agriculture and forestry were discussed, bearing in mind the implementation of joint projects and programs. The Turkish side emphasized the significant untapped potential for developing cooperation in this direction, as well as the constructive nature of the meetings and negotiations with relevant ministries and departments held during the visit of the Turkish delegation to Uzbekistan.

It is worth noting that on February 7 this year, the 3rd meeting of the Joint Working Group in the field of agriculture was held in Tashkent, during which the parties exchanged proposals for further practical cooperation in 14 priority areas, and on February 9, the corresponding "Road Map" was signed including specific joint initiatives and activities.

The parties noted the prospects of introducing Turkey's successful experience in the field of agriculture in Uzbekistan and considered the possibility of developing and approving a joint declaration on technology transfer and exchange of experience in this area, which will include measures to introduce advanced Turkish developments in the agricultural sector of the country, train local specialists and improving the skills of farmers.

The parties also expressed their readiness to provide practical assistance in establishing direct ties between entrepreneurs of the two countries in the field of agriculture. In this vein, the relevance of the Uzbek-Turkish business forum of agricultural entrepreneurs currently taking place in Uzbekistan, in which representatives of the largest companies and enterprises of the two countries take part, was emphasized.

As a result of the meeting, further actions were agreed to promote and implement the discussed areas of cooperation.

 

Source: mift.uz

In Tashkent, within the framework of the visit of the delegation of government and business circles of the Republic of Latvia to the Republic of Uzbekistan, the Uzbek-Latvian business forum was held. The event brought together more than 100 representatives of the business circles of Latvia and Uzbekistan. Also from the Uzbek side, the heads of many ministries, departments, industry associations and commercial banks took part in it.
During the opening ceremony of the forum, the heads of delegations - Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan S.Umurzakov and Minister of Foreign Affairs of the Republic of Latvia E.Rinkevics addressed the participants.
The heads of the delegations of the two countries outlined the commitment of the two countries to intensify interaction to create the most favorable conditions for attracting Latvian and Uzbek entrepreneurs and investors to practical cooperation, meaning the implementation of mutually beneficial projects in promising industries, as well as increasing the volume of mutual trade.
It was noted that Uzbekistan pays great attention to increasing the role of the private sector in the country's economy, in connection with which practical measures are being actively developed and implemented to improve the investment climate and business environment, reduce the tax burden on business, strengthen mechanisms for the legal protection of private property and foreign capital, as well as identifying new untapped economic reserves in the context of districts and cities of each region of the country to ensure their accelerated and balanced development.
Priority areas for establishing business partnerships between entrepreneurs of the two countries were listed. Among them are the textile and electrical industries, pharmaceuticals, biomedicine, the IT sector and other industries. The heads of the relevant ministries and industry associations, in the format of presentations, revealed in detail the investment, industrial and trade potential of each industry, and also spoke about the available mechanisms to support and stimulate the attraction of foreign investment and the implementation of projects with the participation of foreign capital. Also, perspective project proposals, developed in a targeted manner for further study with interested Latvian investors and entrepreneurs, were presented to the attention of the forum participants.
At the end of the event, the heads of delegations of the two countries called on the business community to actively interact and establish a constructive dialogue to develop new "growth points" for bilateral economic partnership.
As a result of the forum, the Minutes of the second meeting of the Uzbek-Latvian Business Council and the Memorandum of Cooperation in the field of development of information and communication technologies and innovations between "IT-Park" (Uzbekistan) and the Latvian company "ShipleArt" was signed, which provides for raising funding for the implementation of start-up projects in Uzbekistan.

 

Source: mift.uz

On February 9 this year, Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan S. Umurzakov met with the Minister of Foreign Affairs of the Republic of Latvia Edgars Rinkevics, who is in Uzbekistan as part of a visit by a delegation of Latvian government and business circles.
During the meeting, topical issues of bilateral cooperation were considered, including in the areas of investment, trade, transport and logistics, as well as in other priority areas.
The growing interest of Latvian enterprises in business development in Uzbekistan was emphasized: for example, over the past five years, the number of enterprises in the country with the participation of Latvian capital has doubled. Mutual readiness for active cooperation was expressed to support the investment activities of the Latvian business circles in the implementation of projects in Uzbekistan.
Significant prospects for expanding trade cooperation were noted - Latvia is one of the largest trading partners of Uzbekistan among the countries of the European Union. Over the past five years, trade between the two countries has almost doubled. The parties welcomed the opening of a trading house of Uzbekistan in Riga in September 2021 and expressed the hope that this step will give an additional impetus to deepening trade relations between the two countries. In this vein, an agreement was reached to hold a joint industry exhibition and business forum in Latvia soon to establish direct ties between entrepreneurs of the two countries and explore opportunities for expanding investment and trade cooperation.
Issues of deepening cooperation in the transport and logistics sector were considered separately. The parties welcomed the holding of the 1st meeting of the Uzbek-Latvian Working Group on Transport on February 7 this year, which resulted in the signing of the Protocol of Understanding between the Ministries of Transport of the two countries and the Roadmap for the development of practical cooperation in the field of transport and logistics between Uzbekistan and Latvia. In this vein, opportunities were noted for expanding the volume of exports of products of Uzbek manufacturers to the EU countries through the use of the logistics infrastructure of Latvian ports.
Emphasizing a wide range of areas of bilateral cooperation, the meeting participants noted the relevance of developing a dialogue on the platform of the Uzbek-Latvian Intergovernmental Commission on Economic, Industrial, Scientific and Technical Cooperation and discussed the issue of holding its next meeting in the second half of this year.
Also during the conversation, aspects of interaction in other areas of mutual interest, such as digital technologies, innovations and start-ups, forestry and ecotourism, were touched upon.
As a result of the meeting, an agreement was reached on the mutual promotion of the discussed areas of cooperation and active interaction in the implementation of joint projects and initiatives.

 

Source: mift.uz

After years of economic stagnation and isolation, Uzbekistan launched a critical reform process in 2017 to build a competitive and inclusive market economy. Key reforms included exchange rate liberalization, reduction of import tariffs, price liberalization of selected goods and services, and establishment of the Anti-Monopoly Committee.

These initial pro-market efforts were an important step forward in developing the private sector and creating more and better jobs. But there is much more to do.

The 2021 World Bank Country Economic Memorandum for Uzbekistan highlights several areas where continued effort is needed. Let’s take a closer look.

Competition is still perceived as weak. According to the Bertelsmann Transformation Index, the perception of market competition in Uzbekistan improved from 2016 to 2020, but today still lags behind several other countries in the Europe and Central Asia region, such as Tajikistan, Ukraine, Poland, and Russia.

Entrepreneurship remains limited. The entry density of new firms into the formal private sector – a standard proxy for entrepreneurship – has improved over the past few years, but remains well below the regional average, and is lower than predicted by Uzbekistan’s income per capita.

Formal private firms do not grow in size as they age. Analysis based on data from the 2019 World Bank Enterprise Surveys indicates that formal private firms, especially in manufacturing and service sectors, have not grown as quickly in comparison to those in other major transition economies such as Vietnam and Russia. In addition, these firms tend to remain small over time: Uzbek formal private firms up to 10 years old employ, on average, 20 workers compared with 33.6 workers in similar firms in Vietnam. This gap of 13.6 employees grows wider (to 78.6 employees) for firms that are more than 20 years old.

Decreasing labor productivity. The same micro-level analysis showed that labor productivity (defined as sales revenue per worker) in the formal private sector has decreased continuously over the past decade, with -1.2 percent annual growth during 2010–13 and -6.7 percent during 2016–19. These recent decreases reveal low performance in other entrepreneurship domains, such as insufficient trade exposure, low innovation intensity, and weak firm capabilities.

All of this points to a common interpretation: the stagnant performance of the private sector reflects a distorted business environment that does not reward firms with growth potential and impedes resource allocation towards more efficient firms.

There are multiple reasons behind this. One important factor is limited competition in product markets, a typical challenge for transition economies. Indeed, discriminatory interventions and regulations still keep the playing field uneven, especially in markets where state-owned enterprises compete against private firms.

Moreover, data from the 2019 World Bank Enterprise Surveys reveals other business environment barriers hindering private sector development – including tax rates, informal sector practices, and access to electricity and finance (see graph below.)

Graph on Top 10 Business Environment Constraints

Source: Enterprise Surveys. Uzbekistan 2019 Country Profile (World Bank Group)

This evidence reinforces the need for a comprehensive policy agenda to streamline the business environment and boost private sector development in Uzbekistan. Seven  pressing reforms and policies to focus on are:

Continued fostering of competition. Creating a conducive environment for private firms to compete is as important as advancing privatization and restructuring of state-owned enterprises. It is crucial, therefore, to continue reducing the distortive discriminatory interventions and regulations that tilt the playing field, especially in markets where state-owned enterprises compete against private firms. Strengthening competitive neutrality is a must, as well as controlling state aid to avoid favoritism and minimize distortions on competition.

Ensuring the tax system supports firm growth. The tax system needs to stimulate firm growth, by balancing tax rates and administrative burden. A tax system should increase rates gradually with the size of firms, so as not to discourage growth, and reduce marginal rates to encourage investment and employment in growing and large companies.

Mitigating practices from the informal sector. To limit the size of the informal sector and redirect resources to the most efficient firms, government policies need to: improve labor market flexibility, reform social protection, rationalize the tax system, and improve the regulatory framework and the justice system. Plus, conditions must exist to create good formal jobs so informality regresses over time.

Improving access to finance for micro, small and medium enterprises. This can be achieved by fostering competition in the banking sector, reducing state ownership in commercial banking, further lowering directed state lending, improving bank governance, and boosting human capital in the banking system. And by continuing to strengthen institutions to safeguard fast credit growth and ensure financial resources are allocated to the most productive projects.

Advancing electricity sector reforms. This is critical to updating aging infrastructure and improving service quality and reliability. The Uzbek government is implementing relevant sector reforms to transition to market-based mechanisms that enhance efficiency and update aging infrastructure. Ensuring effective regulation of competition and pricing is also essential.

Introducing active policies to support entrepreneurship. While implementing the above-mentioned reforms, introducing active policies that address the current weaknesses hindering entrepreneurship growth is crucial. Business support measures should follow two important principles. First, prioritize firms’ growth potential and performance, not firm survival. Second, combine financial with non financial instruments to fortify firm capabilities, so firms are able to manage production, recognize new opportunities in the market, take the risk of developing new projects, adopt new technologies, and expand activities.

Closing the skills gaps to cater for private sector growth. Before the COVID-19 crisis, many enterprises had reported inadequate skills as a significant constraint to business development in Uzbekistan. It is estimated that the pandemic has resulted in a learning loss equivalent to two years of schooling for children, which impacts the potential productivity of the future labor force. As such, skills development in the education sector is an area for urgent action.

Uzbekistan faces the complex challenge of nurturing the private sector while distancing from the legacy of a centrally planned economy. Making private firms the backbone of the country's business and economic future is the only sustainable way forward. This will require the coordination of all stakeholders and public institutions, building broad consensus, and creating a robust framework to monitor coordination and implementation of reforms.

Unleashing the full potential of the private sector and entrepreneurship is critical to Uzbekistan achieving its 2030 development goals and improving the lives of all its people. In this context, the upcoming Country Partnership Framework for Uzbekistan will put private sector development as one of the main areas of focus over the next five years.


Source: blogs.worldbank.org

On February 7, 2022, the Minister of Energy of Uzbekistan Alisher Sultanov held talks in Tashkent with a delegation of Volkswagen Group Rus LLC, headed by CEO Stefan Mecha.

During the talks, the foreign side was provided with information on plans to develop the production of Euro-5 motor fuel in Uzbekistan in the coming years, including gasoline and diesel.

In particular, it was noted that in December 2021, a GTL plant for the production of synthetic liquid fuel based on purified methane of the Shurtan gas chemical complex was launched in Uzbekistan, which will significantly diversify and increase the volume of diesel fuel that meets the quality of the Euro-5 standard. The design capacity of the enterprise is 307.3 thousand tons of kerosene, 724.6 thousand tons of diesel fuel, 437.3 thousand tons of naphtha, 53.4 thousand tons of liquefied gas per year.

In addition, a project is being implemented to modernize and reconstruct the Bukhara oil refinery, as a result of which it is planned to produce 1.75 million tons of Euro-5 oil products from 2025.

Of great interest on the part of Volkswagen Group, Rus LLC was the development in Uzbekistan of such a direction as the production of electric vehicles. It was noted that the import of electric vehicles is currently not subject to excise and customs duties in Uzbekistan. Gas stations for electric cars operate on the basis of a number of filling stations, and private business is developing in this direction.

The foreign delegation was also familiarized with the development of renewable energy (RES) in the republic, whose share in the total energy balance by 2030 should reach at least 25%. In 2021, the first solar power plant with a capacity of 100 MW was put into operation, and the second is expected to be commissioned in March 2022. In 2024, it is planned to commission renewable energy facilities with a total capacity of 2.2 GW, as well as hydroelectric power plants with a capacity of 326 MW.

The parties during the meeting exchanged views on the possibilities of implementing joint projects, agreed on a detailed consideration of promising proposals.

 

minenergy.uz

On February 7 this year, a working group led by the Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan S. Umurzakov and consisting of the heads of ministries, departments and commercial banks left for the Republic of Karakalpakstan to study the current state of socio-economic development and the implementation of investment and infrastructure projects.

During the trip, targeted meetings were held with entrepreneurs and initiators of investment projects to identify existing problems and develop effective algorithms for solving them. An analysis of the current state of infrastructure and social facilities was also carried out, following which responsible managers were instructed to develop a comprehensive strategy for further operation for each facility, providing for self-sufficiency and wide coverage of the population with social services.

Further steps to enhance investment and industrial activity in the region were discussed - responsible managers were instructed to develop systemic measures aimed at creating optimal conditions for the formation of value chains based on the existing raw material potential and industrial capacities. In this vein, the importance of identifying and using "points of economic growth" in the development of project proposals was emphasized, which will make it possible to achieve a significant economic effect from attracted investments.

It was instructed to take measures for the active practical application of the new system for stimulating investment and foreign trade activities, the effective organization of the activities of "project groups" and the Councils of Entrepreneurs created in the regions in order to identify untapped economic reserves and develop new investment projects in promising industries.

At the same time, the need was noted for creating conditions for employment and providing a stable source of income for the local population, including through the establishment of industrial cooperation based on work from home method.

The heads of relevant ministries, departments, commercial banks and local authorities were given targeted instructions aimed at boosting entrepreneurial activity, developing intersectoral cooperation, building up export potential and creating additional jobs.

 

mift.uz

Fulfilling one of the most important tasks to increase hydrocarbon production, Uzbekneftegaz closely cooperates with a number of foreign companies, including companies from the Russian Federation.

The result of such joint efforts is the ANDIJANPETRO joint venture, established in the Andijan region jointly by Uzbekneftegaz JSC and Zarubezhneft JSC (Russia).

Since December 2019, the joint venture, using modern technologies, has been working to increase oil production at the Khartoum, East Khartoum and South Alamyshyk fields that have been developed for a long time.

Since the beginning of the operatorship, US$10.7 million has been disbursed (under the project US$13.9 million), including US$3.1 million in 2021.

In 2021, as a result of the implementation of 43 geological and technical activities, the daily production of 27.3 tons of crude oil and 3.9 thousand tons of additional oil was achieved.

As part of the investment project, a new line heater was installed at the Yuzhny Alamyshik oil treatment facility, oil gathering collectors were replaced, and a high-pressure water pipeline with a total length of 19.6 km was laid.

A new chemical-analytical laboratory was also built and put into operation, which received the approval of technical competence from the accreditation center of the Republic of Uzbekistan.

In addition, work was completed on the installation of telemechanics system equipment at 20 wells of the Yuzhny Alamyshik field. Start-up and adjustment works are currently underway. This year, it is planned to expand telemechanics at 20 wells of the Khartoum and East Khartoum fields.

In addition, as part of investment projects, energy-saving equipment is being introduced at production facilities to reduce costs. For this purpose, pilot field tests of 2 units were successfully carried out. hydraulic drives of rod pumps.

Based on the results of the pilot surveys, it is planned to introduce 6 units. hydraulic drives, which will allow achieving a reduction in operating costs for maintenance up to 80% per well. Also, when using a hydraulic drive, a reduction in electricity consumption of up to 50% is achieved.

 

www.uzdaily.uz

On February 2 this year, Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan S. Umurzakov held talks via videoconference with the President of the Asian Development Bank Masatsugu Asakawa, during which issues of bilateral cooperation and implementation of joint projects were discussed.

It was noted that ADB cooperation with Uzbekistan is multifaceted and long-term, and the portfolio of projects in the country, worth more than $10 billion, is the largest among all other development partners. While providing financing for socially and economically significant projects, the Bank also provides technical and advisory assistance in the implementation of program reforms in Uzbekistan.

In this vein, ways of further cooperation on the implementation of the goals and objectives of the ADB Partnership Strategy with Uzbekistan for 2019-2023, which correlate with the Uzbekistan Development Strategy for 2022-2026 adopted this year, were discussed. Common priorities, in particular, are supporting the private sector, promoting regional cooperation, reducing inequality by promoting inclusive growth and other important areas.

The current status of 29 projects implemented jointly with ADB with a total value of $5 billion in the areas of infrastructure development, energy, housing and communal services, healthcare and agriculture was considered. As part of the ADB Country Operations Business Plan for 2022-2024, Uzbekistan plans to implement 27 projects worth $2.8 billion, of which 3 projects worth $524 million will be implemented in 2022. The parties agreed on close cooperation to accelerate the implementation of approved initiatives and the coordination of projects under consideration.

Steps were outlined to further improve the efficiency of preparation and implementation of joint projects, in the context of which the mechanisms for interaction between ADB and the Agency for International Cooperation and Development under the Ministry of Investment and Foreign Trade, which is designed to be the main coordinating link at all stages of the project cycle: prioritization, design, evaluation project, procurement and practical implementation. An agreement was reached to provide technical assistance from the ADB by sending experts to Uzbekistan to advise on further capacity building and institutional development of the Agency.

Special attention was paid to cooperation in promoting projects implemented in the country on the basis of public-private partnership (PPP). The progress made in the preparation and implementation of large-scale PPP projects in the energy sector together with ADB was emphasized: a separate ADB Solar Energy Development Program in Uzbekistan with a total capacity of 1 GW is currently being actively implemented. The parties noted the significant potential for expanding cooperation in this area and expressed their readiness to explore opportunities for expanding the introduction of PPP tools in the areas of water supply, modernization of electricity distribution networks, healthcare and development of transport infrastructure.

The issues of expanding cooperation with the ADB in matters of financial support for private sector projects and commercial banks in Uzbekistan, implementing road infrastructure expansion projects, developing the system of secondary and vocational education by improving curricula in the fields of technology, engineering and mathematics, increasing employment, modernizing the health sector, empowering women and promoting women's and youth entrepreneurship.

During the dialogue, the Bank's management was invited to participate in the work of the Tashkent International Investment Forum and related events.

As a result of the talks, agreements were reached to intensify cooperation in a number of areas that are priorities for both sides.

 

mift.uz

Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan S. Umurzakov met with a delegation of the Turkish company "OYAK" headed by its General Director Suleyman Savash Erdem.

During the meeting, the prospects for organizing the activities of the Turkish investor in Uzbekistan were discussed, referring to the implementation of projects to create high-tech industrial production in the country.

It should be noted that during the visit to Uzbekistan, representatives of the company held targeted negotiations with the leadership of Uzkimyosanoat JSC, the State Assets Management Agency and the Tashkent city administration. The talks made it possible to study the prerequisites for establishing investment activities of Turkish investors in promising sectors and to exchange proposals for further cooperation.

During the dialogue at the MIFT, the Turkish side expressed interest in further cooperation with the aim of a substantive discussion of specific projects and the development of practical aspects and conditions for their implementation. In particular, it was announced that the company's management is exploring the possibility of creating in Uzbekistan a cluster production of agricultural chemicals and plant protection products, enterprises for the production of melamine and carbon black, as well as implementing projects in the automotive industry.

The prospects for the participation of OYAK in the privatization of state shares in large chemical enterprises of Uzbekistan were also considered.

The Uzbek side expressed readiness to support Turkish investors in the implementation of their business initiatives and provide comprehensive practical assistance in resolving existing issues. As soon as possible, the Turkish side will be sent specific project proposals and the necessary information about the investment and industrial potential of the sectors in question.

As a result of the meeting, further steps were outlined to develop promising areas of cooperation and specific projects in the designated sectors.

For reference: OYAK was founded in 1961 and since its inception has achieved significant success in implementing projects in the automotive, agriculture, chemical industries, as well as in the construction, oil and gas and financial sectors.

 

mift.uz

On February 1 this year, in Moscow, a meeting was held between the Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan S. Umurzakov and the Minister of Industry and Trade of the Russian Federation D. Manturov.

The constructive dialogue, which has acquired a regular character in recent years, made it possible to substantively discuss a wide range of issues of bilateral cooperation in the investment, industrial, trade and economic spheres.

The progress of the implementation of the agreements reached during the meeting of the Heads of the two states and the joint events preceding the meeting held in November last year was considered, and this is a package of agreements that includes 143 investment projects worth about $7.5 billion and 455 trade agreements worth $1. 6 billion dollars. The parties discussed the current status of the implementation of projects and contracts and agreed to develop joint practical measures to promote them.

The course of activity of the “Project Office”, created between the Ministry of Investments and Foreign Trade of the Republic of Uzbekistan and the Ministry of Industry and Trade of the Russian Federation, was studied, meaning both support for the implementation of already agreed projects, and the development of new areas of investment cooperation in such promising industries as metallurgy, mechanical engineering and the chemical industry. It was agreed that the parties will speed up the consideration of projects under development, as well as develop and approve individual Roadmaps for their high-quality and timely implementation, including specific mechanisms and deadlines for their implementation.

Special attention was paid to the issues of interaction in the pharmaceutical industry, which is especially important in view of the high level of Russian technologies in this area and the favorable conditions created in Uzbekistan for the activities of foreign companies in the pharmaceutical sector. An agreement was reached to intensify joint work in this direction with the involvement of relevant ministries and scientific and medical centers of the two countries.

Further steps have been outlined to deepen cooperation between the regions of Russia and Uzbekistan, bearing in mind, first of all, the expansion of partnership in the investment and trade and economic spheres. It was announced that this year it is planned to organize business missions of the leaders of all 14 regions of Uzbekistan in 42 constituent entities of the Russian Federation, as well as to conduct regular online negotiations in order to develop proposals for the implementation of new investment projects and trade agreements.

They also considered the prospects for organizing special sectoral missions in the near future with the participation of Russian large importers and retail chains that are interested in cooperation with Uzbek companies in the textile, leather and footwear, food, electrical and chemical industries, the building materials and engineering industries, and in agriculture. economy, in order to reach specific agreements on establishing business partnerships.

Following the meeting, separate areas of bilateral cooperation were also discussed, for each of which further joint actions were determined.

 

mift.uz

In Moscow, the leadership of the Ministry of Investments and Foreign Trade of the Republic of Uzbekistan and the Russian biotechnology company Geropharm signed an agreement on the start of practical measures to develop a project for the production and supply of vital insulin drugs.

The document implies the creation of a working group between the Ministry of Investment and Foreign Trade of the Republic of Uzbekistan, the Ministry of Health of the Republic of Uzbekistan and the Geropharm company to develop a project to localize the production of insulin in Uzbekistan.

The implementation of the project will significantly increase the availability of a number of vital medicines for people with diabetes and will be an important step in reducing the dependence of the health care system of Uzbekistan on the import of these drugs, ensuring drug safety and developing biotechnological production in the country.

In accordance with the document, the Ministry of Investments and Foreign Trade of Uzbekistan will provide comprehensive support to the Russian manufacturer in resolving issues related to the implementation of the project. In the near future, the parties will develop and approve a "Roadmap" for the practical implementation of the project, which includes specific activities and deadlines for their implementation.

For reference: Geropharm LLC is a leader among Russian developers and manufacturers of biotechnological products in the CIS countries and the EAEU. For export, the company supplies high-tech products in the field of endocrinology. GEROPHARM insulins are in high demand in the market of Uzbekistan and Central Asian countries.

 

mift.uz

Representatives of the Consulate General of Uzbekistan in Shanghai met with the chief executive officer of the manufacturer of electric vehicles under the Modern Auto brand, Liu Xin, Dunyo news agency reported.

Shanghai businessmen were provided with information about the investment climate in Uzbekistan and the benefits and preferences provided to foreign investors, as well as the ongoing work to modernize the automotive industry, including the creation of production facilities for international brands of cars.

It is emphasized that at present, there is a progressive increase in demand for modern electric vehicles in the domestic market of Uzbekistan.

Liu Xin informed that Modern Auto was founded in 2019 jointly with partners from Australia and the United States and headquartered in Shanghai. At present, the company manufactures and supplies to the Chinese market one kind of electric hatchback model, developed on the basis of modern technology and intelligent systems. The volume of annual production of this type of electric vehicle is 40 thousand units.

The Chinese businessman said that his company is currently developing two more models of sedan and SUV electric vehicles, and is also considering the possibility of entering its products into the international market and establishing cooperation with foreign countries. To this end, the issue of signing a memorandum of understanding with partners in Italy is being considered.

After a presentation about the promising automotive market in Uzbekistan, the management of Modern Auto expressed interest in establishing mutually beneficial partnerships with relevant companies in Uzbekistan.

As a result of the meeting, an agreement was reached that the Chinese side would consider the possibility of sending a delegation of Modern Auto to Uzbekistan to study the market and conduct further negotiations with relevant departments and potential partners on the prospects for creating the production of electric vehicles in Uzbekistan.

 

www.uzdaily.uz

On January 29 of this year, the opening ceremony of the first branch of National Industrial Holding LLC (NIH) in the Fergana region took place in Fergana. The event was organized by the Ministry of Investments and Foreign Trade with the support of the Khokimiyat of the Fergana region.

The ceremony was attended by the leadership of the Direct Investment Fund (JSC UzDIF) under the Ministry of Investments and Foreign Trade, Khokim of the Fergana region H. Bozorov, representatives of the regional division of the Ministry, employees of the Fund, local entrepreneurs and media representatives.

During the event, a presentation was made, revealing the key aspects of the activities of the Direct Investment Fund, as well as the goals, objectives and principles of the functioning of the NIH being created.

The aim of the project is to co-finance projects in the regions of the country in order to stimulate entrepreneurship, develop industry and strengthen cooperation ties between domestic producers. This initiative is one of the components of a new system for stimulating investment and foreign trade activities, which is being actively implemented by the Ministry of Investments and Foreign Trade.

The NIH will help support small and medium-sized businesses by attracting direct investment and creating modern industrial zones - ready-made areas with the necessary industrial and commercial infrastructure and production facilities for the subsequent implementation of industrial projects by entrepreneurs.

The concept implies the acquisition of land plots with the subsequent construction of industrial zones and technology parks on them, corresponding to industry specialization based on the potential and needs of the region, which will be determined jointly with the regional divisions of the Ministry, the Agency for Strategic Development of Uzbekistan and regional project groups, also created under the aforementioned new system .

In the future, industrial estates may become attractive to foreign investors as an integral low-risk commercial real estate asset that generates regular returns.

The NIH will organize the development of the concept of industrial zones together with international experts, coordinate the design and construction of adjacent infrastructure, buildings and structures necessary to accommodate entrepreneurs' projects on the basis of competitive procedures. Thus, a significant part of investments in the projects of regional entrepreneurs will be covered by the NIH.

In general, the initiative is designed to help increase regional domestic product, increase industrial potential, create new jobs, unite entrepreneurs and consolidate capital, strengthen technological capacity and increase budget revenues.

 

mift.uz

The Embassy of our country in the UK, with the assistance of the Scottish Chamber of Commerce in the city of Aberdeen, organized a round table on the investment and trade opportunities of Uzbekistan, a Dunyo news agency correspondent reports.

The round table was attended by representatives of companies from the oil and gas industry, the renewable energy sector, logistics and agriculture.

Representatives of the ministries of energy, investment and foreign trade, the Investment Promotion Agency under the Ministry of Foreign Trade, Uzbekneftegaz JSC, as well as the Khokimiyat of Kashkadarya region also made online presentations.

The British side was familiarized with information about the ongoing large-scale reforms in Uzbekistan, the progressive nature of the Uzbek-British interaction, wide opportunities for further intensification of investment and trade and economic ties. The investment opportunities in the oil and gas and petrochemical industries, the field of alternative energy, the priorities of the modernization of industries with the involvement of innovative solutions and advanced technologies were discussed in detail. Separately, the export potential of agricultural and textile products of the regions of Uzbekistan is presented.

The participants of the event highly appreciated the large-scale transformations in Uzbekistan, including in the field of economic liberalization, development of foreign trade, and showed interest in establishing cooperation in these areas.

During the talks, priority steps were outlined for the practical implementation of the proposals voiced and the agreements reached. In particular, representatives of a number of Scottish companies expressed their intention to visit Uzbekistan in March to hold meetings with potential partners.

Separately, bilateral negotiations were held with representatives of the regional administration, the regional office of the UK Department for International Trade, the Chamber of Commerce, the Scottish Development Agency, a number of technology centers and companies.

It should be noted that Scotland is the main center in the UK for the development and implementation of the latest technologies in the field of renewable energy sources, which provide a significant part of the region's needs. Also developed are such sectors of the economy as fisheries, chemical, pulp and paper, food and shipbuilding industries.

 

dunyo.info

On 25 December 2021, with the participation of the President of Uzbekistan, the ceremony of launching the GTL plant and laying the foundation for the start of construction work as part of the investment project "Expanding the production capacities of the Shurtan Gas Chemical Complex" were held.

At present, the investment project "Expanding the production capacities of the Shurtan gas chemical complex" in Guzar district of Kashkadarya region is being implemented at an accelerated pace.

The technical and economic basis of the project was developed by a specialized institute of UzLITIneftegaz JSC. The estimated cost of the project is US$1.85 billion.

The project stipulates the production of up to 280,000 tons of highly liquid bimodal polyethylene and 100,000 tons of polypropylene per year by processing 430,000 tons of naphtha produced at the GTL plant.

The new plant is designed for blowing and molding high density polyethylene and polypropylene, the production of pipes, films and fibers, as well as extrusion processes.

To finance the project, a loan in the amount of US$300 million was attracted from the Russian Gazprombank JSC.

In addition, funds from international financial institutions, credit agencies and commercial banks are attracted without state guarantees.

In particular, within the framework of the Uzbek Economic Forum, which took place on 29-30 September 2021, memorandums on financial cooperation were signed between Deutsche Bank, LBBW and Helaba banks. At the same time, in November-December, the project was presented to the export credit agencies of Germany "Euler Hermes", Holland "Aradius" and Italy "SACE".

In addition, work is underway to attract funding from the export credit agencies of China "SINOSURE", Saudi Arabia "ICIEC" and Russia "EXIAR".

The South Korean companies Hyundai Engineering and GS Engineering & Construction are involved in the detailed design, and their highly qualified and experienced engineers, together with the leading specialists of Uzbekneftegaz JSC and the Shurtan gas chemical complex, carry out design work.

To date, 387 highly qualified specialists have been involved in the project as an ERS contractor. Detailed design is 52.2 percent complete.

A 30% 3D (three-dimensional) Model has been developed and approved by Design and the development of a 60% 3D Model is ongoing, which in turn forms the basis for the creation of a 90% final 3D Model. 

Currently, the preliminary selection of suppliers of the main equipment is ongoing. In total, 144 out of 374 pieces of basic technological equipment were ordered. 

One of the main factors for the successful implementation of the project is the training of professional personnel. At present, a personnel training center has been organized on the territory of the Shurtan Gas Chemical Complex, selected young specialists, including the best graduates of higher educational institutions of the oil and gas industry, are undergoing practical and theoretical training in production workshops and facilities.

As a result of the implementation of this project, the production of polyethylene and polypropylene will be increased in Uzbekistan, which will create the basis for the production of high-quality and export-oriented goods.

 

www.uzdaily.uz

On January 25 this year, the Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan S. Umurzakov held talks via videoconference with the Advisor to the Prime Minister of the Islamic Republic of Pakistan on trade and investment Abdul Razak Dawood.

The agenda of the talks included a wide range of issues of bilateral cooperation in such areas as investment, mutual trade, industrial cooperation and the transport and logistics sector.

The implementation of the agreements reached during the visit of the Prime Minister of Pakistan to Uzbekistan in July 2021 was substantively reviewed. The progress achieved in the promotion of joint projects and initiatives was discussed, the existing issues in each direction were considered and worked out. A commitment was expressed to close cooperation in order to accelerate the implementation of agreed projects.

The success developed by the two states in increasing trade turnover was noted: at the end of 2021, the volume of mutual trade increased by 46 percent compared to the previous year. In this context, the progress of work on the draft Preferential Trade Agreement was studied. The parties agreed to intensify joint work in this direction in order to agree on the document and speed up its signing during the current year.

The Uzbek side welcomed Pakistan's ratification of the Transit and Trade Agreement. It was discussed that in the near future negotiations will be organized between the leadership and experts of the transport and customs departments of the two countries in order to agree on the mechanisms for the practical implementation of the Agreement.

In a separate order, proposals were considered to deepen investment cooperation, strengthen ties between the business circles of the two countries, as well as establish cooperation in the banking sector. An agreement was reached to organize a visit by a delegation of the leadership of Pakistani companies and commercial banks in February this year to discuss promising areas of cooperation and the implementation of mutually beneficial projects.

Issues related to the implementation of joint projects in the transport and logistics sector were also considered. In particular, further steps were discussed on the practical implementation of the Termez-Mazar-i-Sharif-Kabul-Peshawar railway construction project. In addition, the relevance of enhancing bilateral passenger and freight traffic between the two countries was noted.

The dialogue also made it possible to discuss preparations for a number of planned bilateral events, including a regular meeting of the Intergovernmental Commission on Trade, Economic, Scientific and Technical Cooperation, as well as a business forum with the participation of representatives of the private sector of the two countries.

As a result of the negotiations, additional agreements were reached as part of the implementation of common tasks and the promotion of the considered areas of cooperation.

 

mift.uz

According to the State Statistics Committee, at the end of 2021, the share of small business (business) in the country's GDP amounted to 54.9%. In terms of regions, its largest share was observed in Jizzakh (81.2% of the total gross value-added created in the region), Surkhandarya (77.3%) and Bukhara (75.4%) regions. The smallest share of small business (business) was noted in Navoi (27.1%) and Tashkent (46.8%) regions.

According to preliminary data, the GRP of the Republic of Karakalpakstan for 2021 increased by 7.4% and amounted to 26,250.7 billion soums. GRP growth is due to positive growth rates in the main sectors of the region's economy, such as agriculture, forestry and fisheries - 103.7% (share in the GRP structure - 28.8%), industry - 107.4% (26.7%) , construction - 110.5% (8.5%) and services - 109.7% (36.0%). GRP per capita increased by 6.0% and amounted to 13,558.6 thousand soums.

 

www.uzdaily.uz

On January 24 this year, Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan S. Umurzakov received a delegation of the leadership of the Council of Higher Education of the Republic of Turkey, headed by Chairman of the Council E. Uzvar. The meeting was also attended by the Ambassador Extraordinary and Plenipotentiary of the Republic of Turkey to the Republic of Uzbekistan O. Bekar and representatives of the Ministry of Trade of the Republic of Turkey.

During the meeting, issues of bilateral cooperation in the field of higher education were discussed. In particular, measures were considered to accelerate the creation of the Uzbek-Turkish University in Uzbekistan with the participation of leading educational institutions in Turkey. The corresponding agreement was reached in August 2020 during the visit of the government delegation of Uzbekistan to Ankara. The parties outlined further steps in this direction and agreed to agree on the existing issues in the near future.

Other successes achieved in cooperation in the field of education were also noted. Thus, in particular, the Tashkent branch of the University of Economics and Technology of Turkey and the faculty of the University of Medical Sciences of Turkey, established at the Bukhara State Medical Institute, are successfully functioning.

Mutual readiness was expressed to expand mutually beneficial partnership, in connection with which the possibilities of creating new branches of leading educational institutions of Turkey in the regions of Uzbekistan in such areas as engineering, art, medicine, agriculture and tourism were considered. The prospects for deepening cooperation on the exchange of faculty, researchers and students were also discussed.

In this context, an agreement was reached on improving the qualifications of researchers and the level of knowledge and skills of students, as well as organizing lectures, practical classes, interactive seminars and training between the universities of the two countries.

Following the meeting, the parties exchanged additional proposals to enhance cooperation and agreed to maintain close contact in order to accelerate the promotion of agreed programs and initiatives.

 

mift.uz

Uzbekistan intends to provide 80% of the drug market with its own products by 2026. The corresponding decree was signed by Shavkat Mirziyoyev.

This document approves a targeted program of investment projects implemented in the pharmaceutical industry for the next 5 years, as well as a list of projects that need to be finalized. During this time, it is planned to increase the volume of drug production by 3 times.

The implementation of these projects will be monitored by a special commission led by the head of the MIFT, Sardor Umurzakov. It will also be able to replenish and change the list of investment projects implemented in the targeted program.

Starting from February 1, the Fund for Support and Development of the Pharmaceutical Industry will cover 75% of the expenses of local companies for registering medicines and other products abroad. To do this, you will need to provide a registration document.

From April 1, registration in Uzbekistan of new pharmaceutical products of local production will become indefinite. Previously issued registration certificates upon expiration of their validity period will be exchanged for unlimited ones within 15 days.

In addition, from April 1, a mechanism for guaranteed purchase of localized pharmaceutical products at the expense of the state budget is being introduced. For this, a special contract for 3 years will be concluded.

Suppliers for guaranteed purchases will be selected through an open tender. These competitions are held as part of the list of medicines, medical devices and medical equipment that were not previously produced in Uzbekistan and are subject to localization.

A number of restrictions in the pharmaceutical industry are canceled:

  • a ban on private organizations to collect donated blood and produce pharmaceutical products based on it;
  • restriction on conducting clinical trials of drugs on healthy volunteers;
  • restriction on the production of drugs with the same composition by one manufacturer under different trade names.

New pharmaceutical companies - manufacturing and trading enterprises - from April 1 will be created in accordance with the requirements of good practices (GxP). The mandatory GxP certification period is extended until January 1, 2024.

From July 1, the mandatory certification of medicines from local manufacturers with a GMP certificate is canceled. Certification of medical equipment from companies that have received an ISO: 13485 certificate from an authorized organization in Uzbekistan is also canceled.

At the same time, from January 1, 2023, only certified suppliers are allowed to public procurement :

  • drug manufacturers - according to the GMP standard;
  • suppliers of medical equipment and other medical products - according to ISO: 13485;
  • wholesale pharmaceutical distributors - according to the GDP standard.

In addition, exporters of pharmaceutical products operating under GMP standards will receive benefits:

  • subsidies to cover up to 50% of export-related costs (up to 5% of the total export value when transported by road, up to 7% by rail);
  • revolving loans for replenishment of working capital - for a period of up to 1 year, at 4%, up to $ 3 million.

Until January 1, 2025, the following are exempt from customs duties:

  • raw materials, materials, medical products used for pharmaceutical production and preclinical studies;
  • technological and laboratory equipment, components and spare parts for them, "clean rooms", sandwich panels and ventilation systems for pharmaceutical production facilities.

 

www.spot.uz

On January 21 this year, Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan S. Umurzakov received a delegation of one of the largest regions of the Russian Federation, which is in Uzbekistan on a three-day visit, consisting of heads of ministries and departments, industry and scientific and educational institutions, as well as representatives of business circles of Tatarstan. The event was also attended by the Ambassador Extraordinary and Plenipotentiary of the Russian Federation to the Republic of Uzbekistan O. Malginov. The meeting was also attended by counter-partners from the Uzbek side - heads of relevant ministries and departments.

It should be noted that during the visit, members of the delegation visited a number of ministries, departments, scientific and educational centers and large industrial enterprises, such as the Chirchik-Khimgrad industrial pa