On June 26 of this year,  Investment Promotion Agency under the Ministry of Investments, Industry and Trade of the Republic of Uzbekistan conducted a meeting with representatives from the Kazakh companies "Shin-Line" and «Qaz Package».

The discussion focused on investment projects within the logistics sector, notably «Shin-Line» has committed to investing up to $10 million to establish a modern robotic logistics center in Uzbekistan.

During the meeting, the Agency provided detailed information on the various incentives available to investors, along with opportunities for executing projects within special economic zones.

As a result of these discussions, both parties expressed their willingness to collaborate in identifying a suitable land plot for the implementation of the investment project aimed at constructing a modern warehouse.

🟠The forum highlighted several key areas for potential growth in the trade and economic partnership that would be mutually beneficial. These areas spanned various sectors, including mining, agriculture, construction materials, healthcare, pharmaceuticals, food products, and banking sector development.

✍️In 2023, Mongolia's GDP reached $18.5 billion, with the economy showing a solid growth rate of approximately 7%. The country's foreign trade turnover hit $24.4 billion. Mongolia's wealth of natural resources includes gold, silver, iron, coal, copper, molybdenum, tungsten, tin, nickel, zinc, and fluorspar.

🟠Promising initiatives were identified, such as the joint exploration of new rare metal and basalt deposits and the creation of collaborative livestock and agro-clusters aimed at boosting exports.

🟠The event also saw the signing of several bilateral agreements in healthcare, construction materials, automotive, and agriculture sectors.

🟠In the B2B and G2B negotiation sessions, business delegates from both countries succeeded in forging new connections and engaged in discussions about the practical implementation of upcoming joint ventures.

Over the past 7 years, the cooperation between French Development Agency (FDA) with Uzbekistan has reached a new level. Currently, 5 projects have been implemented in our country with the participation of the French Development Agency. Today, 4 projects on the development of energy, livestock, water supply and sewage networks are expected to be implemented in Uzbekistan. Prospective investment projects of the Investment Attraction Agency were presented at this conference. In addition, in order to strengthen effective cooperation, it is planned to successfully implement the "2023-2025 cooperation program" between Uzbekistan and FTA in order to further expand financial and technical cooperation in various sectors of the republic's economy.

🟠The event was held within the framework of the Foreign Investors Council under the President of the Republic of Uzbekistan and was organized by the Ministry of Investment, Industry and Trade with the support of the EBRD and IFC, in cooperation with the Ministry of Digital Technologies and IT-Park.

🟠During the meeting, the priority tasks of the Strategic Plan for the creation of the International Financial and Technology Center, with a focus on attracting technology companies by the year 2024, were discussed. The main attention was paid to issues related to the development and adoption of the law governing the Center's operations, creating conditions for investor activities, promoting the Center, and improving Uzbekistan's investment attractiveness on a global level. Additionally, issues concerning the development of the legal environment for investors in terms of corporate governance and contractual regulation, as well as the modernization of the national financial market, were discussed.

🟠Constructive proposals developed during the meeting were adopted by the Working Groups for further implementation.

🟠The meeting focused on the practical aspects of collaboration in the area of infrastructure development across Uzbekistan's regions, aiming to involve leading Italian firms in these initiatives.

🟠Additionally, the parties explored opportunities for establishing partnerships in higher education. This included discussions on the potential establishment of branches of prominent Italian universities in Uzbekistan and Uzbek universities in Italy.

🟠At the conclusion of the negotiations, both sides reached an agreement on the framework for ongoing cooperation and outlined the steps for the practical execution of the projects and initiatives discussed.

🟠During the meeting, practical aspects of developing joint investment projects and prospects for cooperation in the banking and financial sector were discussed.

🟠In particular, the progress of the comprehensive transformation and pre-privatization preparation of state-owned enterprises based on a wide competitive selection was reviewed.

🟠As a result of the meeting, agreements were reached to intensify efforts to attract investors to promising projects.

On June 10 of 2024, the “Shenyang Yuanda Intellectual Industry Group” Co., Ltd. and representatives of the Investment Promotion Agency held a meeting. Shenyang Yuanda is a leading manufacturer of elevators in China and exports its products to 140 countries. Shenyang Yuanda's interest in Uzbekistan indicates recognition of the country's potential for economic growth and investment opportunities. Establishing partnerships and understanding the legal and economic landscape of a country are crucial steps for any company looking to expand its operations internationally. It seems like Shenyang Yuanda and the Investment Promotion Agency are laying the groundwork for potential future collaboration that could be mutually beneficial.

🟠During the meeting, current issues of bilateral trade and economic cooperation were discussed, as well as measures to further support Uzbekistan in the process of accession to the World Trade Organization, and prospects for increasing investment interaction in priority sectors of the economy.

🟠Joint plans were agreed upon to expand the range of bilateral trade, harmonize and mutually recognize standards, and ensure effective tariff and non-tariff regulation. Readiness was expressed to continue providing comprehensive support for Uzbekistan's accession to the World Trade Organization.

🟠Special attention was given to issues of diversifying transport corridors, increasing the volume of cargo transportation, optimizing prices, simplifying transit processes, and developing transport infrastructure.

🟠In the area of investment interaction, an agreement was reached to expand the participation of Turkish companies in privatization programs and the implementation of projects based on public-private partnership principles.

🟠Following the meeting, both parties confirmed their commitment to further strengthening bilateral cooperation and developed a format for interaction to expedite the implementation of the discussed projects and initiatives.

🟠Negotiations were held with leaders of major Turkish companies, including Onur Group, IC Ictas Insaat, YDA Group, Rönesans Holding, Ostim, Doğan Holding, Aksa Energy, Çalık Holding, Akfen Holding, Yildiz Group, and others.

🟠Agreements were reached on the implementation of projects in sectors such as agriculture, healthcare, textiles, geology, electrical engineering, pharmaceuticals, leather and footwear production, construction, and energy.

🟠At the end of a busy agenda, both leaders of new companies and long-standing partners of Uzbekistan highly praised the work being done in the country to improve the investment climate and create favorable conditions for investors, expressing their readiness to further develop investment and trade relations with Uzbek partners.

Sorry, this entry is only available in Russian, Uzbek and O’zbekcha.

Sorry, this entry is only available in Uzbek and O’zbekcha.

🟠During the visit, the 10th session of the Uzbek-French Intergovernmental Commission on Trade and Economic Cooperation was convened, along with a joint business forum that saw participation from over 80 representatives of the business communities of both nations.

🟠The parties identified a series of new promising directions for mutually beneficial partnerships in sectors such as construction materials production, mineral extraction, aviation and automotive manufacturing, green energy, water supply, and the expansion of transportation infrastructure, among others.

🟠Additionally, the visit included a number of meetings with French Presidential Advisors on Continental Europe and Türkiye, Bertrand Bouchez, Export and Trade Policy, Victoire Vandeville, French Delegate Minister Franck Riester, as well as executives from major French corporations such as Saint-Gobain, Eramet, Schneider Electric, Renault, Voltalia, Eiffage, Airbus, Orano, and others.

🟠A strong commitment was expressed to further increase the volumes of trade-economic, industrial, and investment cooperation, as well as to engage new major French companies in the implementation of joint projects with Uzbek partners.

🟠The major event gathered representatives of the Administration of the President of Türkiye, heads of ministries and departments, leading political scientists and experts from both countries at the National Library of Türkiye to discuss and develop conceptual decisions for increasing the scale of strategic partnership between Uzbekistan and Türkiye.

🟠Expert opinions and specific proposals were put forward for the development of cooperation in the fields of trade, investment, and industrial cooperation, based on the symbiosis of Turkish experience and technologies on one hand, and the qualifications of specialists, resource capabilities, and advantages of the investment climate of Uzbekistan on the other.

🟠The 12th meeting of the intergovernmental joint committee on trade and economic cooperation between Uzbekistan and Korea was held as part of the visit program.

🟠The parties discussed important aspects of cooperation in energy, information and communication technologies, infrastructure and other fields. The next steps for the expansion of bilateral cooperation were determined and strengthened by the Protocol of the Meeting signed at the end.

🟠In the framework of the visit, meetings were also held with the Minister of Trade, Industry and Energy of the Republic of Korea, leaders of Eksimbank and Korea International Cooperation Agency (KOICA), as well as leading Korean companies, including KIA Corporation, Samsung, Lotte Chemicals and others. .

🟠During the visit, the first session of the Intergovernmental Commission on Trade and Economic Cooperation between Uzbekistan and Malaysia also took place, along with meetings with the leaders of leading companies.

🟠The parties discussed measures to accelerate the implementation of agreements reached during the visit of the Prime Minister of Malaysia to Uzbekistan in May this year and prospects for increasing cooperation in the financial, trade, and investment areas.

🟠With major Malaysian businessmen, practical steps were identified for the implementation of investment projects in the gas chemical sector, automotive industry, production of electrical products, ceramic household appliances, food products, specialized equipment for agriculture, medicine, IT, and digitalization.

On May 30 of this year, the opening of the Third International Pharmaceutical Forum have been held in Tashkent. European and Asian pharmaceutical companies participated in the forum.

During the forum, O. Elmuratov, the head of the Investment Promotion Agency under the Ministry of Investment, Industry, and Trade of the Republic of Uzbekistan, made a speech about Uzbekistan's investment opportunities, support for pharmaceutical manufacturers, and increasing volume of export information about the reforms being carried out.

At the end of the forum, a small circle (G2B) meeting have been held between O. Elmuratov and O. Kasparov, head of the "Bayer".

In the forum current issues in the pharmaceutical market of the Republic and neighboring countries are discussed.

The forum will last two days, May 30 and 31. 

The first meeting of Regions of Uzbekistan and Russia was chaired by the President of the Republic of Uzbekistan Shavkat Mirziyoyev and the President of the Russian Federation Vladimir Putin.

On May 24 of this year, the Investment promotion agency under the Ministry of Investments, Industry, and Trade of the Republic of Uzbekistan held a meeting with the delegation of Aksu, China. The meeting was attended by the Chinese delegation led by Aksu Mayor Lo Meiyin and the directors of "Tianyu,"  "Jin Fengyuan Seed Company,"  "Three Crops,"  "Julin Housing Management Company,"  "Huahe International,"  and "Peng Sheng" companies. The delegation emphasized its interests in agriculture and the implementation of projects on cotton processing. During the meeting, the representatives of the agency provided information about the trade, economic, and investment potential of Uzbekistan and answered the questions of the Chinese delegation on agriculture. they answered.

At the end of the meeting, the representatives of the two countries agreed to continue cooperation in the fields of trade and production in the future.

🚛 At the beginning of 2023, road freight transportation amounted to 3 million tons, including 0.8 million tons of export goods, 1.7 million tons of import goods, and 493 thousand tons of transit goods. In 2024, the volume of road freight transportation increased to 3.3 million tons, which is 9.6% more compared to the same period last year. Export goods grew to 960 thousand tons (+19.0%), import goods increased to 1.8 million tons (+7.0%), and transit goods rose to 509 thousand tons (+3.2%).

✈️ In the first three months of 2023, the volume of air freight transportation amounted to 17.69 thousand tons, including 2.23 thousand tons of export goods, 13.7 thousand tons of import goods, and 1.8 thousand tons of transit goods. In 2024, the volume of air transport increased to 18.49 thousand tons, which is 4.5% more compared to the same period in 2023. Export goods grew to 2.3 thousand tons (+3.3%), import goods increased to 14.3 thousand tons (+4.7%), and transit goods rose to 1.9 thousand tons (+4.5%).

🛫 JSC "Uzbekistan Airways" from January to March 2023 performed 7,117 flights and transported 1,097.8 thousand passengers. In 2024, the number of regular flights increased to 8,096, which is 13.1% more, and the number of transported passengers rose to 1,231.8 thousand people, which is 12.0% more compared to the same period last year.

🚅 At the beginning of 2023, the volume of rail freight transportation reached 15.1 million tons, including 2.8 million tons of export goods, 6.1 million tons of import goods, and 3.2 million tons of transit goods. In 2024, the volume of rail transport decreased to 11.3 million tons, which is 6.0% less compared to last year. This is due to a decrease in the transportation of import goods - down to 5.2 million tons (-15.1%). However, the transportation of export goods increased to 2.9 million tons (+5.2%), and transit goods to 3.2 million tons (+1.6%).

🟠The co-chairs of the Forum were: Laziz Kudratov, Minister of Investment, Industry and Trade of the Republic of Uzbekistan, from the Uzbek side, and Mikayil Jabbarov, Minister of Economy of the Republic of Azerbaijan, from the Azerbaijani side.

🟠New directions for cooperation development have been identified. First and foremost, this includes deepening trade relations based on the complementarity of economies, and the implementation of joint industrial cooperation projects in light industry, agriculture, pharmaceuticals, electrical engineering, mechanical engineering, chemical, and jewelry sectors using the advantages of Special Economic Zones (SEZs).

🟠On the sidelines of the forum, bilateral talks between the heads of the two delegations, as well as B2B and G2B meetings were held.

🟠As a result of the Interregional Forum, Memorandums of Understanding on cooperation in trade-economic and cultural-humanitarian spheres were signed between Termez and Bilasuvar, Namangan and Mingachevir, Gulistan and Fizuli, as well as investment agreements and trade contracts in the field of agriculture and textile industry.

On May 18 of this year, the Uzbek-Malaysian business forum was held in the city of Samarkand, in which the Prime Minister of Malaysia Anwar Ibrahim took part as part of his official visit to Uzbekistan. “One of the main pillars of this economic cooperation is the expansion of business ties. Uzbekistan's large young population and growing economy create great opportunities for Malaysian companies seeking to expand their presence in the region,” said Malaysian Prime Minister Anwar Ibrahim.

Trade and economic relations with Malaysia have been strengthening in recent years. At the forum, businessmen of the two countries had the opportunity to get answers to their questions from the heads of government officials of Uzbekistan and Malaysia.

In addition, within the framework of the forum, documents were exchanged on trade, economic and educational cooperation, which was an important step towards further strengthening cooperation between the two countries.

On May 16 of this year, the Ambassador of Portugal to Uzbekistan, Madalena Fischer, visited Investment Promotion Agency under the Ministry of Investments and Foreign Trade of the Republic of Uzbekistan.

Uzbekistan and Portugal exchanged information on further strengthening of relations with the IT sector, renewable energy, and reforms in the field of education. In recent years, trade and economic cooperation between our countries have been developing rapidly.

The agency works as a "one-stop shop" for investors and provides information on the work have being done to support investors, the investment environment in the country, and the reforms implemented throughout the Republic.

At the end of the meeting, the parties agreed to organize a visit by business delegations between Uzbekistan and Portugal to discuss practical aspects of cooperation face-to-face.

Those wishing to participate in the Forum can apply at the link: https://forms.gle/6McgvcEoFz8LfVHB9

On May 14 of this year, a meeting was held between representatives of the Investment Promotion Agency under the Ministry of Investment, Industry and Trade of the Republic of Uzbekistan and “Sinowise (Beijing) Technology Co” Ltd.

“Sinowise (Beijing) Technology Co” Ltd was founded in 2009 and is engaged in investing in projects in the production of energy-saving technologies and materials. The company analyzed the investment climate in the countries of Central Asia and, based on preliminary data, decided to consider implementing a project in Uzbekistan for the production of multi-layer plywood products for the needs of the construction and furniture sectors. The volume of estimated investments is about 2 million US dollars. Currently, the investor is searching for a project location with a ready-made production building.

During the meeting, the Agency presented information on the investment climate of the Republic of Uzbekistan and the provision of services to foreign investors on the “single window” principle.

To consider the placement of the proposed project, information was also provided on the free areas of special economic zones and the Agency organized a visit by the Company to the Chirchik Technopark and a number of free economic zones in the Tashkent, Sirdarya and Jizzakh regions.

🟠A delegation of Uzbek entrepreneurs, led by Nozimjon Kholmurodov, First Deputy Minister of Investment, Industry and Trade of the Republic of Uzbekistan, participated in the event.

🟠In his speech, the head of the delegation provided detailed information about the reforms being carried out in our country, the comfortable conditions created for entrepreneurial activities, and the tourism and industrial potential of Uzbekistan.

🟠The exhibition featured products from over 40 manufacturers of construction materials, food, pharmaceuticals, textiles, and agriculture. Meetings were held with the management of major Kuwaiti companies.

🟠To strengthen ties between Uzbek and Kuwaiti businessmen, it was agreed to hold the next business forum in September this year in Tashkent.

The event was attended by more than 30 representatives of enterprises and key figures of Chinese business, including: Yu Jiazhu, Secretary General of CCPIT Hubei, Shi Minghui, Vice President of CCPIT Hubei, Liu Yu, Executive Director of the China Business Association in Uzbekistan, Chen Liang, Deputy Director of the Committee for Ezhou Airport Economic Zone Management and Yan Xiaoqin, Chief Officer of Wuhan Economic and Technological Development Zone. The participation of these senior officials highlights the high level of interest and willingness to cooperate with Uzbekistan.

The opening of the forum was, marked by welcoming words from Shi Minghui, who emphasized the importance of the event for further strengthening friendly relations between the countries.

Several promising projects have been proposed by the Agency, including the production of mini-tractors, mini-excavators and spare parts for heavy trucks, water treatment and water-saving equipment, heavy equipment for the mining industry, medical products and instruments, and solar panels.

The results of the forum led to a new level of interaction between the business circles of Uzbekistan and China, which creates favorable conditions for further economic growth and innovative development of both countries. The presented projects and initiatives open up broad prospects for investment and technological exchange, helping to strengthen economic ties and increase the competitiveness of the economies of both countries.

On May 15, 2024, the China (Hubei)-Uzbekistan Trade and Investment Forum was held in Tashkent. The event, attended by more than 100 representatives from business circles, heads of ministries and departments, and experts, discussed current issues of cooperation, identified new promising areas for joint projects and expanding trade relations.

The forum was attended by O. Elmuratov, Acting Director of the Agency for Attracting Foreign Investments under the Ministry of Investments, Industry, and Trade of the Republic of Uzbekistan, Yu Jiazhu, Secretary General of CCPIT Hubei, and Shi Minghui, Vice President of CCPIT Hubei. Participants expressed their firm readiness to further strengthen long-term relations and comprehensively support the business communities of both countries.

One of the key aspects of the forum was a presentation on Uzbekistan's investment potential. The head of the agency detailed the wide opportunities for mutually beneficial cooperation and investment in various sectors of Uzbekistan's economy.

During the forum, presentations of investment projects were held, as well as meetings in "B2B" and "G2B" formats, where participants successfully discussed practical aspects of establishing joint ventures and concluding mutually beneficial trade agreements.

The forum concluded with active discussions and the establishment of contacts between representatives of the business communities of China and Uzbekistan.

The event attracted the attention of business representatives from both countries, who gathered to discuss the potential for mutually beneficial cooperation.

The opening of the forum was marked by welcoming remarks from Sunaryo Kartadinata, the Ambassador of the Republic of Indonesia to Uzbekistan and Kyrgyzstan, emphasizing the significance of the event for further strengthening the friendly relations between the countries. Following him, O. Elmuratov, Deputy Director of Investment Promotion Agency under the Ministry of Investment, Industry, and Trade, warmly welcomed the delegation from Indonesia, led by Deputy Minister of Industry of the Republic of Indonesia Taufik Bavazier.

Special attention at the forum was given to a presentation dedicated to the investment potential of Uzbekistan. A representative of the Foreign Investment Promotion Agency provided participants with detailed insights into extensive opportunities for mutually beneficial cooperation and investment in various sectors of the Uzbek economy.

The event concluded with active discussions and networking among business representatives from Indonesia and Uzbekistan, laying the groundwork for new partnership relations and the implementation of joint investment projects. This forum marked an important step towards strengthening economic ties and expanding cooperation opportunities between the two countries.,

At the event, with the participation of more than 200 representatives of the business community, heads of ministries andagencies, and, experts, the current issues of future cooperation werediscussed, and new promising directions for the implementation of joint projects and the expansion of trade relations were determined.

Thee Minister of Investments, Industry and Trade of the Republic of Uzbekistan, Laziz Qudratov and the Minister of Foreign Affairs and Trade of Hungary, Peter Siyarto, took part in the opening ceremony. The parties stressed their determination to strengthen long-termpartnershipsp and provide comprehensive support to the representatives of the business circles of the two countries.

During the forum, investment projects were presented, and 137 meetings were organized in B2B and G2B formats, where the participants established strong relations for the development of new joint venture projects and the conclusion of mutually beneficial trade agreements.

A number of bilateral documents, investment agreements, and export agreements were signed as a result of the forum.

✍️ Today, strong investment projects and trade agreements are being implemented with the Hungarian side in the banking and financial sector, agriculture, transport and logistics, mechanical engineering, pharmaceuticals, water management, and other fields.

The 3rd Tashkent International Investment Forum (TIIF) has successfully completed its work in Uzbekistan.  The event gathered more than 2.5 thousand participants from 93 countries, providing a platform for global dialog and exchange of best practices in the investment sphere.
One of the key events of the forum was the presentation of regional energy projects (construction of Kambarata HPP-1 and Yavan HPP) to foreign investors.  The presentation was attended by the Prime Ministers of the Republic of Uzbekistan and the Kyrgyz Republic, which emphasized the importance of these projects for the entire region. 
The forum attracted the attention of international media and was covered by more than 110 foreign publications from 30 countries, including the world's leading media: "CNN", "Euronews", "London Post" and "Associated Press". 
As a result of the TIIF, agreements totaling $26.6 billion were signed, which testifies to the high investment attractiveness of Uzbekistan and the success of the forum.  For comparison, 167 documents worth $11 billion were signed at TIIF in 2022, which demonstrates a significant increase in investment interest to the country.

In particular, agreements were reached on the realization of the following major investment projects:
- "Data Volt" from Saudi Arabia will be engaged in the construction of urban infrastructure in "New Tashkent" for the amount of $1 billion, as well as create a "data center" based on green technologies for the amount of $3 billion.
- Saudi Arabia's Acwa Power will implement projects to build a 5 GW wind farm in the Republic of Karakalpakstan and create 2 GW of electricity storage capacity for a total of $6.2 billion.
- UAE-based Amea Power will implement a $1.1 billion project to build a 1,000 MW wind farm in the Republic of Karakalpakstan.
- “Saudi Tabrid” will start modernization of the heat supply system in Nukus, Fergana and Kuvasay at a cost of $750 million.
- Egypt's “Nil Shugar” will grow sugar beets and produce sugar in Jizzak region at a cost of $500 million.
- Chinese company "Shanghai Knud International" will implement a project on production of textile and garment products in Namangan region for the amount of $205 million.

- “Wilmar International" company (Singapore) will produce food products and confectionery in Tashkent region for the amount of $200 million dollars.

In addition, the forum reached agreements with a number of the world's largest companies, such as "Orascom Investment" (Egypt), "Bonafarm Grup" (Hungary), "Sayar" (USA), "Goldwind", "Sinoma" (China), "Sam Yapi" (Turkey), "Pasha Development" (Azerbaijan), "Lasselsberger" (Austria), "Petrosat Chexelsoton" (Iran) on realization of new investment projects worth $6.6 billion.
The event included a rich program of panel sessions, discussions, business breakfasts and round-tables, where the most important aspects of economic development were discussed. The central topic was the role of the government, investors and entrepreneurs in supporting small and medium-sized businesses.

At the session devoted to anti-corruption, experts emphasized that the effective fight against corruption and crime in the economy is a key factor for improving the investment climate. They noted that creating a safe and transparent business environment plays an important role in this process. 
"A successful fight against corruption requires a comprehensive approach that includes strengthening legislation and increasing transparency of government actions," said Akmal Burkhanov, Director of Anti-corruption Agency of Uzbekistan.
The session devoted to retail trade outlined the main problems and opportunities of the industry. Participants expressed the need to improve tax legislation and simplify import procedures. They also noted that it is important to create conditions for successful adaptation of new brands in the market. 
"Thanks to the decree on the reduction of customs duties, we managed to set fair prices like in the UK and Kazakhstan," shared Ilya Lyapustin, Commercial and Marketing Director of Tashkent City Mall.

The business breakfast dedicated to women's entrepreneurship emphasized the significant impact of businesswomen on society. Speakers presented inspiring examples and strategies for striking a balance between profitability and social responsibility.
The focus was on attracting foreign investment through residence permit programs. 
"Over the past few years, Uzbekistan has established itself as an attractive destination for global investors due to its openness to cooperation and prospects in the real estate sector," said Akram Mukhamatkulov of Head of Office Henley & Partners.
The round-table "Supply Chains and Sustainability: finding a balance in times of uncertainty" discussed the challenges and strategies to ensure the sustainability of global supply chains. 
"Turkey and Uzbekistan have a strategic partnership, and we can significantly strengthen cooperation by working together," said Deputy Minister of Trade of Türkiye Sezai Uçarmak.
The experts also emphasized the importance of integrating digital technologies into investment strategies. They noted that digitalization is not the future, but already today, and plays a key role in accelerating investment processes and increasing transparency.
At the pitch session " IT-PARK Uzbekistan: new perspectives of development", plans to turn Uzbekistan into a regional center of information technologies by 2030 were presented.

Sherzod Shermatov, Minister of Digital Technologies of Uzbekistan, spoke about the significance of recent investments. "Yesterday we witnessed an important event - the start of construction of the $5 billion Data Volt green data center, which is a major foreign direct investment project. We are creating a favorable environment for IT companies and launching the “Zero Risk” program to cover all risks associated with opening and running offices in Uzbekistan," he said.
At the round-table "Connectivity: revitalization of the Great Silk Road", international experts and representatives of government agencies explored opportunities to expand ties, economic cooperation and cultural exchange along the ancient routes of the Silk Road.
At the round-table "Integrated urban planning: quality investments, environment and comfort for people", leading urbanists, architects and representatives of the business community discussed approaches to the development of the city of Tashkent. In particular, BCG Managing Director and Senior Partner Vladislav Boutenko emphasized the importance of integrating innovative solutions into urban planning to achieve sustainable urban development. He emphasized that both economic and social aspects should be taken into account in integrated planning, ensuring a balance between them.

The Forum has played an important role in attracting investments for various ministries and regions of Uzbekistan. Signed agreements demonstrate the development of key sectors such as industry, energy, pharmaceuticals and automobile manufacturing.

One of the main achievements of the forum was the agreement between the Ministry of Digital Technologies, the Ministry of Energy and IT company “Data Volt” on the construction of a data center based on "green" technologies. Experts noted the importance of such projects for Uzbekistan. Minister of Investment, Industry and Trade Laziz Kudratov and CEO of Data Volt Rajit Nanda took part in the signing ceremony.

TIIF is one of the significant events not only for the New Uzbekistan but also for the region. Its program traditionally includes a plenary session at the head of state level, over 50 expert discussion meetings, including panel sessions, round tables, and B2B negotiations.

Each participant of the Forum will be able to find points of interest, study specific investment cases, discuss the latest trends in dozens of different sectors, and consider advantageous prospective offers. The special agenda of the Forum is the presentation of Uzbekistan's potential - a country that, against the backdrop of economic turbulence in the world, continues to demonstrate stable growth, gradually transforming into a true investment hub of Central Asia. The reforms carried out here and the comfortable business conditions, including substantial benefits and preferences, as well as guaranteed protection of investors' rights, stimulate investor interest.

On April 17, 2024, Tpm Medical (Germany) and the Investment promotion agency under the Ministry of Investment, Industry and Trade of the Republic of Uzbekistan held a meeting, where they discussed the prospects of attracting investment for the project to create a technology center tpms in Uzbekistan. The main directions of the center's work will be the production of DUB SkinScanner systems for the Central Asian market and training of qualified operators. This will create jobs as well as introduce advanced technologies in the region.

         Note: DUB SkinScanner is an affordable and modern diagnostic method, which is successfully used in oncodermatology and dermatology.

         In addition, Tpm Medical also announced that it is planning to invest in the “Rural Doctor Van” project, which will take a dermatologist and a technical assistant on a mobile diagnostic van to rural areas. This project will provide medical care and mole scans, enabling timely detection of skin problems and preventing the development of serious diseases.

         These initiatives represent an important step in the development of the medical industry in Uzbekistan and an opportunity to improve access to medical care for people living in rural and distant areas.

         The outcome of the meeting was very positive and the parties expressed their readiness to cooperate and develop the project in the field of medicine in Uzbekistan.

The Investment Promotion Agency, as part of the monitoring work of foreign investors in Uzbekistan, is assisting in the resumption of the activities of the JV «INTEGRA DD» LLC with the participation of company «Manjukov Pharma» (Bulgaria), which invested about 2 million US dollars in the pharmaceutical industry.

To date, as a result of the Agency’s practical assistance, a license has been obtained for the production of medicines by JV «INTEGRA DD» LLC.

Also, on March 27 of this year, negotiations were held between the founders of the joint venture and representatives of a commercial bank regarding the resolution of problematic credit issues.

As a result of the meeting, the parties reached an agreement on concluding a settlement agreement in order to resume operations and implement a business plan in the period 2024-2026.

Meeting with representatives of "Sunda International Group"from China

On March 12 of this year, a meeting was held with representatives of the Chinese company "Sunda International Group", Eddy Wang, Hubert Zhou and Salawat Hairatal, who visited the Investment Promotion agency to study the possibilities of implementing investment projects in Uzbekistan.

"Sunda International Group" was established in 2000. The company is engaged in the production of ceramics, sanitary-hygienic cleaning products and cosmetics also has a marketing network covering more than 20 countries and regions.

During the meeting, the investment climate and privileges of Uzbekistan have been presented,and IPA provision of services to foreign investors based on the "Single Window" principle and the list of free economic zones for investment project placement in Uzbekistan were presented.

"Angren" SEZ and "Syrdaryo" SEZ were selected by the company for the visit and were organized by the Investment promotion agency

On February 26 of this year Investment Promotion Agency held a meeting with representatives of the Singapore company “SME Center @ SMCCI” to discuss issues of exploring the possibilities of implementing projects in Uzbekistan. From the side of the company “SME Center @ SMCCI” participated the chairman of the group Azhar Bin Othman and the executive director Ahmad Bin Mohamed, they informed about the activities of the company.
For over 18 years, the company has worked closely with small and medium-sized enterprises to help their businesses remain relevant and competitive in a challenging global economic environment.
Following the meeting, the parties agreed on further cooperation within the framework of the investment activities of Singaporean companies in Uzbekistan. In turn the Agency will facilitate the implementation of investment projects of Singapore companies in Uzbekistan.

On May 2-3, 2024, the third Tashkent International Investment Forum will take place in Tashkent.

TIIF is one of the significant events not only for the Uzbekistan but also for the region. Its program traditionally includes a plenary session at the head of state level, over 50 expert discussion meetings, including panel sessions, round tables, and B2B negotiations.

Online registration is already available on the website www.iift.uz and will last until April 25, 2024.

The Uzbek-Italian business forum took place on June 6 in Rome, Italy, prior to the official visit of Uzbekistan's President Sh.M. Mirziyoyev. The forum brought together government officials and over 200 representatives from business circles in both countries.

During the forum's opening, Edmondo Chirielli, the Deputy Minister of Foreign Affairs and International Cooperation of Italy, highlighted the increasing interest of the Italian business community in Uzbekistan. President Mirziyoyev's visit to Italy was seen as a historic event, reflecting the strong modern relations between the two nations. Chirielli emphasized Uzbekistan's potential as a bridge between Europe and Asia. Italian entrepreneurs expressed their willingness to collaborate and contribute to Uzbekistan's development by offering advanced technologies and quality products. They pledged to support the growth of bilateral cooperation and explore all partnership opportunities.

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Laziz Kudratov, the Minister of Investments, Industry, and Trade of Uzbekistan, emphasized the importance of hosting such significant events. He recognized Italy as a strategic partner for Uzbekistan, particularly in trade, economy, and investment. Kudratov also highlighted the substantial increase in Italian investments in Uzbekistan over the past four years and the growing number of Italian-backed enterprises in the country.

The participation of major Italian companies, including Danieli, Pietro Fiorentini, Terranova, and Fin opera, operating in sectors such as metallurgy, electrical engineering, jewelry manufacturing, and agriculture, showcased the expanding cooperation and diversity of Uzbek-Italian relations.

The forum provided insights into Uzbekistan's investment opportunities and the ongoing reforms aimed at creating a favorable business environment for both domestic and foreign investors. The most promising areas for long-term and mutually beneficial cooperation were identified as the textile industry, agriculture, production of building materials, metallurgy, chemical industry, automotive industry, electronics, and other sectors.

B2B and G2B meetings held during the forum facilitated discussions on specific investment initiatives and showcased real cases demonstrating the investment potential in key sectors of the Uzbek economy.

The forum concluded with the signing of a comprehensive package of investment agreements and trade contracts, encompassing various industries such as energy, agriculture, chemical industry, textile and engineering industries, ecology, transport, logistics, and banking. These agreements signify the active development of bilateral cooperation and the practical and qualitative advancements in Uzbek-Italian relations.

On April 27-28, the second Tashkent International Investment Forum was held in the Congress Hall Tashkent City in the capital, bringing together more than 2.5 thousand participants from the USA, EU, UK, CIS, Turkey, China, Southeast Asia, India, Egypt, Middle East countries, within which more than 30 discussion meetings of experts, including panel sessions, are planned, round tables and B2B negotiations.

During the conduct of the second Tashkent International Investment Forum, 164 investment agreements and contracts were signed. The total amount of the agreements amounted to $11 billion. For comparison, 105 documents worth $7.8 billion were signed at the investment forum in 2022.

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A panel session "Modern construction and building materials industry" was held on the sidelines of TMIF-2023, where experts discussed the prospects for the development of the industry.

Opening the session, Murat Mirzaev, Director of the Investment Promotion Agency under the Ministry of Investments, Industry and Trade of the Republic of Uzbekistan., spoke about what steps have been taken in Uzbekistan to start construction in the country using materials produced using new "green" technologies. According to the speaker, taking into account the use of green technologies in construction, it is necessary to attract more private households to the sphere.

Experts noted that significant reforms in this area have been carried out in Uzbekistan in recent years, including the liberalization of the foreign exchange market, systematic work continues on the privatization of state-owned banks, conditions are being created for the development of digital platforms, the quality of customer service has increased significantly.

Source: Sport.uz

Republic of Karakalpakstan 

Andijan Region

Bukhara Region

Jizzakh Region

Kashkadarya Region

Navoi Region

Namangan Region

Samarkand Region

Surkhandarya Region

Syrdarya Region

Tashkent Region

Fergana Region

Khorezm Region

Tashkent City

The Investment Promotion Agency under the Ministry of Investments, Industry and Trade hosted a meeting with the delegation of the International Finance Corporation (IFC) to discuss further cooperation in the investor aftercare program implementation in Uzbekistan.

Mr. Murat Mirzaev, the Agency’s director confirmed the interest to continue the partnership in the implementation of the investor aftercare program. Mr. Emil Abdykalykov, IFC Project Manager noted that the Agency has been cooperating successfully with IFC since 2022. The parties also discussed the next steps of mutual work in the implementation of the program.

IFC also conducted a three-day training for the Agency’s staff on the investor aftercare program with the participation of Mr. Robert Hejzak, an international consultant on investment promotion. The training was focused on FDI account tiering and the types of services the agency could be providing to individual tiers. The training also included preparation for meetings with foreign investors on data collection. During the training, the IFC team presented an investor tracking system (ITS) developed in MS Access software.

Face-to-face meetings with FDI companies were held in the “Angren” special economic zone during the practical part of the training. The meetings helped to investigate problems FDI companies faced in their work that hamper their expansion.

Proposals for the improvement of the ITS system and the next steps in the implementation of the program were developed based on the training results.

On March 1 this year, the International Hotel Tashkent hosted the Uzbek-Spanish business forum, organized by the Ministry of Investment, Industry and Trade of the Republic of Uzbekistan and the Ministry of Industry, Trade and Tourism of Spain.

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The Forum was attended by Deputy Minister of Investment, Industry and Trade of Uzbekistan Oybek Khamraev, Deputy Minister of Industry, Trade and Tourism of Spain Xiana Mendez, heads of ministries, departments and over 100 leading companies of both countries.

In their speeches, the speakers noted the effectiveness of the reforms carried out in Uzbekistan. Thanks to the measures taken, the investment climate is improving, and the volume of foreign trade is increasing.

Thanks to the GSP+ beneficiary status, in 2022, the export of Uzbek products to the EU market increased by almost 50% and to the Spanish markets by nearly 2.5 times. At the same time, along with the significant potential for the development of bilateral trade, the need to provide additional support for the two countries' business circles to expand the list and increase the volume of goods supplied was noted.

During the event, the Uzbek side took initiatives to enhance the use of the competitive advantages of the two countries to expand bilateral investment cooperation in priority sectors of the economy. The most promising areas are the automotive industry and production of components, pharmaceutical, textile, and food industries, agriculture, development of public services and infrastructure. Moreover, both states are members of large regional associations with free trade regimes, which creates additional prerequisites for expanding trade ties between entrepreneurs of the two countries.

The commitment to use the available opportunities to increase the volume of bilateral trade by increasing the volume of mutual supplies of pharmaceuticals, textiles, non-ferrous metals, agricultural products, electrical equipment, the opening of trading houses, holding joint business forums and "Made in Uzbekistan" and "Made in Spain" exhibitions were emphasized.

As a result of the forum, agreements were signed in the areas of water resources management and the construction of hydrotreating facilities in different regions of Uzbekistan, and the introduction of new approaches and technologies for developing sericulture and karakul breeding.

Within the framework of the business forum program, B2B negotiations were also held, during which entrepreneurs and investors had the opportunity to find points of intersection of interests and discuss new promising projects in the food sector, green energy and production of construction materials.

In the afternoon, the first meeting of the Intergovernmental Commission between the Republic of Uzbekistan and the Kingdom of Spain on trade and economic cooperation was held, which was attended by the heads of relevant ministries and departments of the two countries. Among the key agreements is developing a roadmap for implementing further joint measures within the framework of expanding bilateral trade, removing trade barriers, organizing joint exhibitions and fairs, and opening joint ventures to produce high-value-added goods.

Specialists of the Institute for Forecasting and Macroeconomic Research (IPMI) analyzed changes in the geography and nomenclature of Uzbekistan's exports for 2017-2022.

According to the results of the analysis, it was established that in recent years, an increase in the number of countries to which Uzbekistan supplies products has been achieved, as well as an expansion of the product range of exports. 

According to their data, in 2017-2022, the geography of exports expanded by 16 countries, and now Uzbekistan's products are exported to 117 countries worldwide. In particular, domestic products began to be supplied to Peru (3,965.9 thousand US dollars), Albania (3,196.3 thousand US dollars), North Macedonia (1,454.7 thousand US dollars), Senegal (311.7 thousand dollars) and Mauritius (303.1 thousand dollars). In 2017, there were 179 items in the export commodity nomenclature, and in 2022 their number exceeded 200. 

The export of cotton fibre has completely stopped, and the domestically processed fibre is now supplied to foreign markets as higher value-added products. So, in 2021, cotton yarn was exported for a total of 1,613.5 million US dollars, finished knitwear and garments - for 644.9 million US dollars, printed fabrics - for 242.8 million US dollars, gauze fabrics - by 131.6 million US dollars, silk and silk products - by 78.1 million US dollars and carpets - by 42.1 million US dollars. 

In addition, Uzbekistan is increasing the export of household appliances. In recent years, the following have been exported to foreign countries: 

• vacuum cleaners - to Kazakhstan, Russia, Ukraine, Kyrgyzstan, Tajikistan, and Azerbaijan; 
• washing machines - to Tajikistan, Kazakhstan, Russia, Kyrgyzstan, Azerbaijan, Moldova, Turkmenistan, and Turkey; 
• gas stoves - to Kazakhstan, Russia, Tajikistan, Turkmenistan, and Armenia; 
• TVs - to Russia, Azerbaijan, Kazakhstan, Tajikistan, Turkmenistan, Armenia, and Kyrgyzstan.

Source: kun.uz

In recent years, efforts have been made to increase the country's investment attractiveness and the inflow of foreign direct investment into the economy.

In particular, to legally protect the rights and interests of investors, a new "Tax Code", the Law "On Investments and Investment Activities", and the Law "On Mediation" were adopted.

To create more favourable conditions for investors, the International Tashkent Arbitration Center was created, and new mechanisms were introduced, such as "investment credit", "investment subsidy", and "investment visa".

If by the beginning of 2017, there were only 3 free economic zones (FEZ) operating in the country, by 2022, their number reached 22. Of these, by specialization: 12 FEZs are industrial, 6 are pharmaceutical, 2 are tourism, and 2 are agricultural.

Changes in legislation and created opportunities have a positive impact on the investment climate in the country. For example, in 2019, Uzbekistan was included for the first time in the OECD’s Index of Regulatory Restrictions on Foreign Direct Investment, ranking 43rd in the world by 2020 and 7th in the Asian region.

In 2017-2022, Uzbekistan improved its position in the world ranking of the Index of Economic Freedom by 31 positions, rising from 148th to 117th place.

The volume of foreign direct investment in the republic by the end of 2022 increased by 1.5 times compared to 2017 and reached 3.3 billion US dollars.

Source:t.me 

At the end of 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 40.1%,
• production of textiles, clothing, leather goods and related products - 14.1%,
• production of food, beverages and tobacco products - 13.9%,
• production of chemical products – 7.4%,
• production of rubber, plastic products and other non-metallic mineral products - 7.2%,
• production of vehicles, trailers, semi-trailers and other transport equipment - 5.6%,
• production of coke and refined products – 2.6%,
• production of wood and paper products; printing activities and replication of recording media - 2.0%,
• production of other products of the manufacturing industry - 7.1%.

Source: stat.uz

In January 2023, the CERR survey showed that entrepreneurs are optimistic about the business climate in the country. At the same time, agriculture stands out with the highest optimism among other industries.

Starting from 2023, information on indicators of the business climate in Uzbekistan will be published periodically on the information portal Trading Economics.

According to the results of the January survey, the consolidated business climate indicator has shown a slight decrease since the beginning of the year. In particular, in January, the decline was significantly influenced by the dynamics of indicators in the agriculture and services sector.

Analysts estimate the state of the business climate in the country in January as positive. So, despite the decrease in the consolidated indicator by 3 points, it amounted to 54 points.

41% of respondents rated the current state of their business as "good", and the share of those who noted it as "bad" was 14%.

20% of enterprises increased the number of employees, and 41% of entrepreneurs noted an increase in demand for goods/services.

In January of this year, the indicator of the current state of the business climate decreased by 13 points. It amounted to 34 points, which is explained by the deterioration in agriculture, industry and services. Nevertheless, there was a jump in the construction sector.

The indicator of expectations of business development prospects in the next 3 months remains at a reasonably high level – 76 points- supported by optimism in all industries.

Analysis of changes in indicators

In January this year, 50% of entrepreneurs noted that they faced various barriers. Thus, as the most pressing problems, respondents note difficulties in accessing finance and land plots, interruptions in the electricity and gas supply system, as well as in tax administration and high tax rates.

Problems with gas and electricity supply have become more frequent in the industrial sector. At the same time, the share of entrepreneurs reporting problems with access to land has decreased.

At the same time, agriculture stands out with the highest optimism among other industries – 84% of respondents expect improvement in the next 3 months.

In the construction sector, entrepreneurs have become less likely to report problems with high tax rates. At the same time, the sector's need for financing remains the highest among other industries.

In the service sector, problems with tax administration, electricity and gas supply have become more frequent due to the deterioration of weather conditions.

Source: review.uz 

The selection of an investor for the construction of a photovoltaic plant with a capacity of 40-60 MW is carried out in strict accordance with the Terms of Reference for the selection of an investor for the construction of a photovoltaic plant (PV) with a capacity of 40-60 MW for the needs of Almalyk MMC JSC.

This project aims to provide environmentally friendly electrical energy for the production of copper and zinc at the enterprises of JSC "Almalyk MMC", meaning the reduction of emissions into the atmosphere and obtaining a "green certificate".

Under the project, the winning bidder will design, finance, operate and maintain a solar photovoltaic plant with a 60 MW or more AC capacity in the city of Almalyk, Tashkent region, for at least 25 years.

The winner is selected according to the tariff proposed by the participants for the electrical energy generated by the newly built solar photovoltaic station.

At this stage, the tariff must be clarified by the participant and presented as final.

The participant is responsible for the authenticity and reliability of the information and documents provided.

E-mail address for submitting technical and commercial proposals - info@agmk.uz

If you have any questions, you can contact Almalyk MMC JSC:

o.jansaidov@agmk.uz
j.tohtaev@agmk.uz

Applicants should be aware that the deadline for submitting proposals is 21:00 Tashkent time on March 12, 2023.

According to the statistics agency, as of February 1, 2023, the number of enterprises and organizations with the participation of foreign capital operating in the republic amounted to 15,481.

Russia leads in the number of foreign enterprises in Uzbekistan

The number of operating enterprises with the participation of foreign capital increased by 2,088 compared to the corresponding period last year.

The number of enterprises operating with the participation of foreign capital by country:

• Russia - 3151;
• Turkey - 2152;
• China - 2104;
• Kazakhstan - 1,227;
• Korea - 903;
• USA - 350;
• Kyrgyzstan - 307;
• Tajikistan - 293;
• Azerbaijan - 259;
• Germany - 215;
• Turkmenistan - 174;
• others - 4 346.

Source: kun.uz

On February 15 this year, a meeting was held at the TECHNOPARK in Tashkent between representatives of state bodies responsible for investments and the business mission of the Representative Office of the German Economy in Central Asia, dedicated to discussing current joint projects and identifying promising initiatives and opportunities for cooperation.

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The event was attended by Deputy Minister of Investments, Industry and Trade of the Republic of Uzbekistan B. Abidov, Director of the Investment Promotion Agency U. Kasimkhodjaev, and representatives of German business at the head of the Representative Office of the German Economy in Central Asia.

During the meeting, U. Kasimkhodjaev informed the German side in detail about the work done by the Uzbek government to improve the investment climate, in particular, accomplishments in achieving the goals set by the head of state in the 2022-2026 reform program. In addition, answers were given to business representatives of Germany who were interested in the information provided.

Additionally, discussions were held with each of the representatives on promising areas of cooperation in the framework of investments and the implementation of potential projects.

At the end of the event, representatives of the Uzbek side expressed their desire to expand cooperation and readiness to provide timely assistance in implementing investment projects. In turn, representatives of the business mission expressed their interest in investing in Uzbekistan and establishing relationships with local partners.

GDP per capita rose by 9% in 2022 but remains the lowest among comparable countries.

S&P Global Ratings predicts Uzbekistan's GDP growth by 5% in 2023 and 5.5% in 2024. This was reported in the rating agency report dedicated to analysing the banking sector of Uzbekistan.

In 2022, the influx of remittances from Russia, along with increased trade flows with it, helped the Uzbek economy cope with the consequences of the military conflict in Ukraine.

GDP growth for this year is projected at about 5%, but in the next two years, it will be 5.5%. Despite the difficult geopolitical situation in the region and the world, the economy will continue to recover.

However, the economic outlook remains volatile amid the Russian-Ukrainian conflict, economic slowdown and inflationary pressures. The growth in remittances, as well as the inflow of capital and migrants, will be temporary, starting to change in 2023.

S&P positively assesses Uzbekistan's economic reform program to improve the efficiency of state-owned enterprises and carry out privatization. This will positively impact an economy dominated by the public sector. Large-scale privatization will take time due to regional geopolitical tensions and the global economy's unstable outlook.

Last year, GDP per capita increased by 9.3% and amounted to $2146.7 - this is the lowest level of well-being in comparable countries. However, the population's real incomes may be higher than the official ones due to the significant volume of the shadow economy.

The net debt of the general government will be 23% of GDP by 2025 - a low level in the international context. The current account deficit will widen to 6% over the next three years but will be financed by FDI inflows and debt buildup.

Source: www.spot.uz

Analysis of business activity is calculated monthly by CERR based on operational data. According to CERR estimates, tax receipts increased moderately, despite the reduction in the VAT rate in the country from 15% to 12% from January 1, 2023, and the weather crisis (interruptions in the supply of electricity and natural gas to production facilities due to abnormal weather conditions in mid-January).

The monitoring results showed that the volume of tax revenues of the republic in January this year increased by 5.3% compared to the same period last year.

At the same time, a significant increase in tax revenues were recorded in the Jizzakh (by 47.9), Navoi (by 29.4%), Samarkand (by 27.1), Andijan (by 19.0%) and Tashkent (by 18.6%) regions, in the Republic of Karakalpakstan (by 19.7%) and in Tashkent (by 28.7%).

According to the analysis, tax receipts increased moderately, despite the reduction in the VAT rate in the country from 15% to 12% from January 1, 2023 and the weather crisis (interruptions in the supply of electricity and natural gas to production facilities due to abnormal weather conditions in mid-January).

In addition, in terms of sources of tax receipts, VAT increased by 20%, and income tax receipts by 15%, property tax by 37%, land tax by 38%, which allowed to maintain a moderate increase in the level until the end of the month.

Receipts on customs payments for the analyzed period increased by 28.9% compared to the same period in 2022. The largest increase in customs receipts was observed in Surkhandarya (by 73.9%), Samarkand (by 43.1%), Tashkent (by 34.2%), Namangan (by 34.0%), and Ferghana (by 10.9%) regions, and in the Republic of Karakalpakstan (by 73.8%) and Tashkent (by 59.5%).

The main factors that influenced the increase in revenue from customs duties were the increase in imports in January 2023 by 42.3% compared to the same period of the previous year.

According to the State Customs Committee, the volume of exports of goods from the beginning of this year to January 31 decreased by 3.6% compared to the same period last year. Exports decreased in Surkhandarya (by 40.1%), Bukhara (by 27.8%), Jizzakh (by 19.3%), Fergana (by 19.0%), Tashkent (by 17.8%), Namangan (by 9.8%) and Samarkand (by 9.3%) regions, and in the Republic of Karakalpakstan (by 41.2%).

The decline in exports in Surkhandarya region is due to a reduction in exports of yarn and textile products; in Bukhara region — the direction of cotton fibre to the domestic market; in Jizzakh, Ferghana and Namangan regions — a reduction in yarn exports; in Tashkent region — a reduction in exports of metals and products made from them, in Samarkand region — a reduction in exports of fruit and vegetable products, and the Republic of Karakalpakstan — a reduction in the export of plastics and yarn.

Export growth was observed in Navoi (by 70.5%), Syrdarya (by 55.5%), Khorezm (by 23.6%), Andijan (by 9.2%) and Kashkadarya (by 7.6%) regions, and in Tashkent (by 5.7%).

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

The volume of loans issued by commercial banks in the period from January 1 to January 31 this year increased by 21.8% compared to the same period last year.

A significant increase in the issuance of loans was noted in Tashkent (by 102.3%), Syrdarya (by 73.5%), Khorezm (by 71.4%), Ferghana (by 44.6%) regions, in the Republic of Karakalpakstan (by 17.8%) and Tashkent (by 32.7%).

The volume of transactions on the UzEx for the analyzed period increased by 32.1%. A significant increase in exchange activity is observed in Kashkadarya (by 93.2%), Syrdarya (by 86.2%), Samarkand (by 67.0%), Khorezm (by 62.8%) regions, and in the Republic of Karakalpakstan (by 68.2%) and Tashkent (by 28.5%).

The growth in the volume of transactions in these regions is ensured by increasing the sale of such goods as liquefied gas, mineral fertilizers, technical seeds, automobile gasoline, diesel fuel, construction and household materials, wheat flour, wheat, sugar, cotton fiber, rolled ferrous and non-ferrous metals, polyethylene, etc.

During the analyzed period, 6,046 new economic entities were created, the largest number of which were registered in Fergana (553), Tashkent (513), Samarkand (469), Khorezm (453), Bukhara (402) regions and in Tashkent (1,362).

Source: review.uz

MANILA, PHILIPPINES (February 9, 2023) — The Asian Development Bank (ADB) has approved a $150 million loan and a $400,000 grant to improve economic governance in Uzbekistan.

The first sub-program of Phase 2 of ADB's Economic Governance Improvement Program continues and deepens ADB's previous support for public sector governance reforms. The Program supports the Government in its efforts to reform the legal, regulatory and institutional framework to improve the efficiency and transparency of financial management, improve the governance and performance of state-owned enterprises (SOEs), including antitrust systems to encourage competition and increase public sector accountability through sound systems anti-corruption and audit.

“Uzbekistan has demonstrated a strong commitment to reforms that will help transform it into a more open and competitive market economy,” said Evgeny Zhukov, ADB Director General for Central and West Asia. "ADB will continue to help the country achieve this goal while maintaining macroeconomic stability and inclusive and sustainable growth."

Reforms under the first subprogramme aim to strengthen fiscal risk and public debt management, improve public resource allocation through gender-responsive budgeting and green budgeting, and improve domestic resource mobilization through information technology-based tax administration. They also expand social protection coverage and improve the effectiveness of anti-corruption and audit systems.

The program also supports the development and implementation of Uzbekistan's transition strategy to a green economy. A clear national plan will help the Government meet its obligations under the Paris Agreement, modernize infrastructure and train its workforce for the skills required for green jobs.

“Improving fiscal transparency, corporate governance, and professional governance of SOEs, along with strengthening antitrust systems, are essential to creating fiscal space for public sector investment, improving the quality of public service delivery, and creating an enabling environment for private sector development in Uzbekistan,” said ADB Chief Economist for Public Administration Chidem Akin.

A $400,000 technical assistance grant will support the implementation of the reforms.

Uzbekistan joined ADB in 1995. Since then, ADB has provided the country $10.8 billion in loans, grants, and technical assistance.

ADB is committed to achieving a prosperous, inclusive, stable, and resilient Asia and the Pacific while continuing its efforts to eradicate extreme poverty. Founded in 1966, it is owned by 68 members - 49 from the region.

Source: www.adb.org

Today, the University of World Economy and Diplomacy (UWED) hosts a presentation dedicated to the official opening of the Institute for Advanced International Studies.

The event is attended by the heads of the Senate and the Legislative Chamber of the Oliy Majlis, ministries of foreign affairs, investments, industry and trade, diplomatic missions and international organizations accredited in Uzbekistan, leading public and private companies, media, faculty and students of UWED.

 The event aims to familiarize representatives of ministries and departments, research centres, the diplomatic corps, international organizations and large companies with the activities of the Institute and its centres, as well as discuss cooperation with the Institute's specialists in relevant areas and essential areas.

Source: dunyo.info

As part of the second day of the stay of the working group of Uzbekistan in Hanoi, Minister of Investment, Industry and Trade Laziz Kudratov held meetings and negotiations with the President of the Vietnam Chamber of Commerce and Industry, heads of leading companies and associations of this country. The key topics on the agenda are the activation of business contacts and the expansion of investment cooperation.

Thus, further measures to deepen cooperation between the two countries' business circles were discussed with the President of the Vietnam Chamber of Commerce and Industry, Pham Tan Cong.

The meeting, which was held in the format of a "round table", was also attended by the heads of 10 companies operating in electrical, chemical, textile, food and agricultural fields. The session of "G2B" and "B2B" negotiations allowed the business community to exchange views on topical issues of cooperation and reach an agreement on the joint development and implementation of a number of significant investment and trade projects. It was about producing finished textile and leather goods and organizing the supply of Uzbek goods in demand in the Vietnamese market.

The issues of implementing joint projects in the agricultural sector of Uzbekistan, where the company has already implemented two projects, were discussed with the director of MTT, Nguyen Van Than
. Based on the successful experience of doing business in our country, the company's management shared its intention to expand its activities through new fish farming and feed production projects.

In a dialogue with the Chairman of the Vietnam National Textile and Garment Group V.Anyom, issues of implementing joint investment projects in the textile industry were agreed upon.

For reference: Vietnam National Textile and Garment Group is currently one of the largest manufacturers of textile products in Vietnam. The company has 12 production plants and exports products to 50 countries.

The possibilities of implementing joint projects in the oil and gas and petrochemical industries were discussed with the Chairman of the PetroVietnam State Corporation, Le Man Hung. Emphasizing the significant potential for developing cooperation in this area, the parties agreed to jointly develop investment initiatives for producing chemical products and geological exploration.

Deputy Chairman of the Vietnamese National Chemical Group Vinachem Ngo Dai Quang was provided with detailed information on the investment potential of Uzbekistan and presented project proposals in the chemical industry. An agreement was reached to create a joint working group to work out a number of investment projects.

1954 COMPANY Chief Executive Officer A. Phung expressed interest in implementing projects to create large rice-growing clusters based on advanced Vietnamese experience. We are talking about a new technology for sowing germinated sprouts and spraying fertilizers using unmanned aerial vehicles, which can significantly increase crop yields.

Following the results of the meetings, the participants expressed mutual readiness to intensify cooperation in all discussed areas of interaction. They outlined further steps for implementing the voiced projects and initiatives.

Source: miit.uz

On February 8 this year, UzIPA, with the support of the Ministry of Investments, Industry and Trade, organized the Uzbekistan-Slovenia Business Forum in Tashkent. Participants varied from heads of key ministries and departments and more than 100 representatives of the business community of the two countries.

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During the opening ceremony, Deputy Prime Minister of the Republic of Uzbekistan Jamshid Khodjaev and Deputy Prime Minister - Minister of Foreign Affairs of the Republic of Slovenia Taney Fayon made speeches.

During their stay in our country, the Slovenian delegation took part in the work of the Uzbek-Slovenian Business Forum, which became an effective platform for the dialogue of entrepreneurs.

The speakers revealed the potential of many industries in Uzbekistan and Slovenia. Furthermore, representatives of both sides discussed proposals to deepen relations in the economy's electrical, pharmaceutical and other sectors. The forum also hosted meetings between representatives of the business community of the two countries, during which the parties discussed the possibilities of implementing joint investment projects and concluding mutually beneficial trade agreements.

Within the forum framework, Deputy Prime ministers from both countries signed an agreement on developing cooperation in trade, economic and investment spheres between the Republic of Uzbekistan and the Republic of Slovenia.

On February 7 this year, the Director of the Investment Promotion Agency under the Ministry of Investments, Industry and Trade of the Republic of Uzbekistan, Ulugbek Kasimkhodjaev, held a meeting with the Director of the Annual Investment Meeting (AIM) Walid Fargal via videoconference.

During the dialogue, the parties discussed investment potential, cooperation in international forums to develop trade and economic areas, and support for the international delegation of AIM Global visiting Uzbekistan.

In the future, the parties agreed to establish contacts between organizations, companies and entrepreneurs in partner countries worldwide, including the Republic of Uzbekistan, to promote and implement investment projects.

As a result of the video meeting, the parties came to an agreement on cooperation to attract investors, exchange experience and joint activities of the Parties as part of UzIPA's participation in events held under the auspices of AIM.

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For reference: The Annual Investment Meeting (AIM) is an initiative of the AIM Foundation, an independent international organization fully committed to empowering the global economy by improving the effectiveness of promotion strategies and creating opportunities for economic productivity and expansion. The Fund also operates and manages the AIM Global Investment Network and its 15 subsidiaries, including overseeing the global and regional chapters of the Annual Investment Meeting.

The Investment Promotion Agency under the Ministry of Investments, Industry and Trade hosted a meeting with the "International Financial Corporation" to provide consulting services to strengthen the development of the private sector in the Republic of Uzbekistan.

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The event's central theme was developing and implementing the project to implement an investor service program in the Republic of Uzbekistan.

The event was attended by the director of the Investment Promotion Agency, Ulugbek Kasimkhodjaev, and from the side of the International Financial Corporation - operational specialist, IFC project manager for the transformation of the fertilizer sector in Uzbekistan Emil Abdykalykov.

During the dialogue, the parties identified priority areas that need to be improved. This cooperation will provide an opportunity to create favourable conditions for investors and effectively provide timely support from the Agency for foreign investors operating in the Republic of Uzbekistan.

For reference: The International Finance Corporation was established in 1956 to ensure a steady flow of private investment in developing countries. The Corporation is an international financial institution that is part of the structure of the World Bank. The organization is headquartered in Washington, DC.

On February 3 this year, the Investment Promotion Agency under the Ministry of Investment, Industry and Trade signed a Memorandum of Understanding between Kimberly-Clark on the prospective implementation of the expansion of the company's activities in the next five years.

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The Investment Promotion Agency was represented by Ulugbek Kasimkhodjaev - Director of the agency, and Kimberly-Clark was represented by Sibel Demir - the company's general manager.

The signed document defines the specific tasks of each party in implementing investment and social projects in the field of healthcare and hygiene. The success of this collaboration will have a positive impact on the economic growth of Uzbekistan. It will increase the awareness of young girls about women's health, motherhood and child care.

For reference: Kimberly-Clark was founded in 1872 in Neenah, Wisconsin,  by John Kimberly and Charles Clark. The corporation is one of the leaders in producing healthcare, personal, professional and industrial hygiene products. The company's headquarters is located in Irving, Texas.

Ambassador of Uzbekistan Javlon Vakhabov met with the mayors of Manhattan Beach and El Segundo (California, USA), Richard Montgomery and Drew Boyles.

The American side was informed about the socio-economic reforms in Uzbekistan, achievements in the field of urban planning, and efforts to develop interregional cooperation. Particular attention was paid to the interest in strengthening the partnership relations of the US territories with Uzbekistan, as well as increasing American investors' entrepreneurial activity in our country's market.

During the meeting, the Mayor of Manhattan Beach, Richard Montgomery, supported initiatives to expand interregional partnerships with Uzbekistan, noting that such a format of cooperation allows for more effective study and exchange of best practices in urban development. He expressed readiness to promote cooperation between Uzbek companies in the field of cinematography and similar companies in his city, mainly "Manhattan Beach Studios" (video production service).

The city of El Segundo, in turn, is home to dozens of Fortune 500 companies and is recognized as the world capital of the aerospace industry. There are also companies specializing in biological sciences, information technology and energy.

During the conversation, the American side expressed its readiness to promote cooperation with Uzbek companies in producing electric vehicles, space and other fields.

Following the meeting with the mayors of the cities of the US state of California, an agreement was reached on establishing relations in various fields of industry, organizing a series of online negotiations and mutual visits of representatives from the two countries.

Source: dunyo.info

On January 30 of this year, Minister of Investment, Industry and Trade Laziz Kudratov held a meeting with the Head of the Delegation of the European Union to the Republic of Uzbekistan Charlotte Adrian. On the agenda are issues of strengthening cooperation in trade, economic and investment spheres, cooperation within the framework of Uzbekistan's accession to the WTO and others of mutual interest.

During the talks, the dynamics of the growth of mutual trade was emphasized, the volume of which increased by 15.7% in 2022, reaching 4.4 billion dollars. The top five EU countries in terms of trade turnover with Uzbekistan included Germany, Lithuania, Italy, Poland and France. The growth trends are connected, among other things, with Uzbekistan obtaining the status of a beneficiary of the GSP+ Universal System of Preferences, thanks to which it was possible to increase and diversify our country's exports to the EU market by almost 50% over the previous year.

The European side expressed gratitude for the technical and consulting support provided in the process of our country's accession to the World Trade Organization, in particular, through the implementation of the project "Assistance to the process of Uzbekistan's accession to the WTO" funded by the European Union.

In a separate order, the possibilities of expanding the key areas of bilateral financial and technical cooperation were considered. In particular, the progress of the implementation of the new Multi-year indicative EU program for Uzbekistan for 2021-2024, under which 76 million euros were allocated, was reviewed. The compliance of the program with the Development Strategy of the New Uzbekistan, including the transformation to a "green" economy, effective public administration, support for agriculture and other areas, was emphasized.

As a result of the meeting, the commitment of the parties to further expand cooperation in priority areas and bring multifaceted bilateral relations to a qualitatively new level of development was confirmed.

Source: miit.uz

The changes that have occurred in the trade of Uzbekistan with the countries of the Eurasian Economic Union (EAEU) are presented in the infographics of the Center for Economic Research and Reforms (CERR).

Source: review.uz

Source: gazeta.uz

Russia has strengthened as the leading trading partner of Uzbekistan, while China remained in second place but took over the leadership from the Russian Federation in terms of imports. At the same time, the Russian market has become more attractive for Uzbek exporters, while supplies to Turkey have fallen sharply.

In 2022, Russia strengthened as the leading trading partner of Uzbekistan, according to the data of the Statistics Agency under the President.

Dynamics of major partner countries in the foreign trade turnover of Uzbekistan (for January-December 2022, million US dollars). Source: Statistical agency.

Trade with Russia increased by 22.9% to $9.28 billion. The volume of exports to the Russian Federation increased by 46.8% (in 2021, the growth was 33.4%) to $3.07 billion, while imports increased by 13.7% to $ 6.2 billion.

China remained in second place with a trade turnover of $8.92 billion (+19.7%), exports - of $2.5 billion, and imports - of $6.4 billion. Next comes Kazakhstan - $4.6 billion, Turkey - $3.22 billion and the Republic of Korea - $2.3 billion (4.8%).

Top nine countries with the most significant trade turnover with Uzbekistan (2022, million dollars)

While the growth of trade with Kazakhstan slowed down (and the share decreased by 9.3% to 9.2%), if the indicator for the same period in 2021 increased by 30.4%, this year it is only by 17.8%. %.

Foreign trade with Turkey began to fall: if last year the indicator increased by 61.9%, then this year the decrease was 5.5%, mainly due to the fall in Uzbek exports (the share decreased from 8.1% to 6.7%) . This may be due to the devaluation of the lira and problems with logistics.

Trade relations with the Republic of Korea after falling in 2021 (-11.7%) increased by 23.2% due to the growth of Korean exports.

Trade with Kyrgyzstan increased by 32.1% ($1.26 billion), with Turkmenistan  - 2.7% ($926.3 million), Tajikistan  - 11.3% ($674.4 million), Afghanistan  - 12.8% ( $759.9 million). With the latter country, performance has improved, but it is still lower than in 2020.

Uzbekistan is increasingly expanding trade relations with the CIS countries. Due to the decrease in trade turnover with other foreign countries, the share of the Commonwealth states increased to 38.4% (was 37.8%). Dependence on export markets in the CIS also increased from 32.6% to 40.7%, mainly due to Russia.

Share of six major partner countries in exports of goods and services

The Russian market has become more attractive for Uzbek exporters due to the withdrawal of Western companies. Exports to China decreased slightly (0.4%), but to Turkey fell immediately by 10.9%.

At the same time, Uzbekistan became less dependent on imports from the CIS (decrease from 41.1% to 36.9%) due to an increase in supplies from China (an increase of $1.48 billion or 30%), the Republic of Korea (+24.5 %) and other countries.

Share of seven major partner countries in imports of goods and services

At the end of 2022, the volume of machinery and transport equipment increased by 16.9% to $9.65 billion in the structure of imports. The share in total imports amounted to 31.4% (32.4%)

Most of the supply of these goods to the country falls on China  - $3.64 billion (37.8% share), the Republic of Korea  - $1.55 billion (16%) and Turkey  - $726.9 million (7.5%). At the same time, Russia fell from 3rd to 5th among equipment suppliers (the share decreased from 10.8% to 6.5%).

The import of manufactured goods increased by 22% and reached $5.76 billion. The share in total imports amounted to 18.8% (18.5%).

Manufactured goods are imported from Russia  - $2.44 billion (42.3%), China  - $1.26 billion (21.9%) and Kazakhstan  - $721.5 million (12.5%).

Source: gazeta.uz

On January 16 of this year, during the visit of the delegation of Uzbekistan to Singapore, Minister of Investment, Industry and Trade Laziz Kudratov held talks with the Minister of Trade and Industry of this country, Gan Kim Yong.

During the dialogue, the historical significance of the upcoming state visit of the President of the Republic of Uzbekistan to Singapore was noted.

"The events of these days will give a powerful impetus to the further deepening of the partnership between the two countries in all directions, opening a completely new chapter in the history of Uzbek-Singaporean relations," said Gang Kim Yong.

It was noted that Uzbekistan has undergone drastic changes in the economic sphere in recent years. This allowed Singaporean companies to freely enter the Uzbek market and conduct active business activities. In this regard, it was noted that their success is a call to action for other investors.

Earlier in the day, a business forum was held, which was attended by over 200 representatives of the leading business circles of both countries. Within the framework of the event, a list of 23 bilateral agreements covering a wide range of priority areas for the development of cooperation between the two countries was signed. Such rich results indicate a significant interest of the Singapore business community in the implementation of investment projects in almost all industries.

- We want as many companies as possible to learn about Uzbekistan and its huge potential. We are ready to provide constant assistance in attracting new investors to your country. We can also be a bridge for Uzbek goods to enter the markets of Southeast Asia and the entire Asia-Pacific region," said the Minister of Trade and Industry of Singapore.

Following the meeting, a signing ceremony was held. Thus, within the framework of the state visit, an intergovernmental Memorandum on the development of trade and economic cooperation between the Republic of Uzbekistan and the Republic of Singapore was signed. In addition, the issue of adopting a number of agreements securing the establishment of the Uzbek-Singapore Chamber of Commerce and attracting Singapore's experience in the development of business incubators to Uzbekistan was agreed.

Source: miit.uz

On January 19 of this year, a meeting of Minister Laziz was held at the Ministry of Investment, Industry and Trade of the Republic of Uzbekistan Kudratova with the Vice President of Total Eren, Antoine Garret. The parties focus on the results of the implementation of joint projects and plans to expand investment cooperation in the field of renewable energy development.

In particular, as an example of the effectiveness of joint efforts, the successful commissioning of a 100 MW photovoltaic plant in Nurabad district of the Samarkand region in April 2022 was noted during the meeting. Total Eren's commitment to expanding its presence in Uzbekistan through the implementation of new large-scale investment projects was expressed. In this context, the parties discussed the possibility of building new photovoltaic plants in our country.

For reference: Total Eren specializes in the construction, design, financing and operation of power plants based on renewable energy sources. The company is represented in 22 countries around the world. Total Eren's portfolio of installed capacities and projected projects includes more than 4 GW of generating capacity.

Source: miit.uz

Moody's Investors Service today upgraded the long-term issuer rating and senior unsecured rating of the government of Uzbekistan from B1 to Ba3.

The agency also upgraded the rating of the program for issuing medium-term Eurobonds (medium-term notes, MTN) from (P)B1 to (P) Ba3. The agency changed the outlook from positive to stable.

The upgrade reflects Uzbekistan's demonstrated commitment in recent years to a comprehensive reform agenda that has endured through two significant successive crises and which Moody's expects to continue. 

Despite the coronavirus pandemic and the military conflict between Russia and Ukraine, real GDP growth and fiscal and external indicators remain strong, reflecting the resilience of the economy and improved policy effectiveness in recent years. As fiscal and monetary instruments evolve, Moody's expects further improvements in institutions and governance.

The stable outlook reflects the risks of rising debt levels above Moody's current expectations and geopolitical risks to growth. However, fiscal risks are mitigated by the government's relatively low and sustainable debt burden and significant assets in the Fund for Reconstruction and Development of Uzbekistan (FRDU).

Moody's has changed Uzbekistan's country ceilings in national and foreign currencies to Ba1 and Ba3 from Ba2 and B1, respectively. The two-notch gap between the local currency ceiling and the sovereign rating reflects the government's significant economic power and weak policy predictability, which is partly balanced by a moderate risk of external vulnerabilities that reflects a persistent, albeit declining, current account deficit and moderate external debt. that is, on preferential terms. The two-notch gap between the foreign currency ceiling and the national currency ceiling is associated with Uzbekistan’s relatively weak monetary and fiscal policy framework and the limited capital account, which may be subject to further restrictions on transfers and convertibility during periods of stress.

Moody's expects Uzbekistan's debt burden to stabilize below 45% of GDP over the next 3 years. While Moody's expects increases in social spending (more than 25% pa in 2021 and 2022) and delayed energy reforms to delay fiscal consolidation, the increase in the deficit is offset by recent improvements in revenue collection thanks to tax reforms, as evidenced by 33.6% and an increase in VAT and income tax receipts by 28.4%, respectively, between 2021 and 2022. 

Meanwhile, scheduled 2022 debt issuances were delayed due to unfavourable market conditions as the government instead used the assets and continued funding from an international financial institution. However, FRDU assets remain at $16.5 billion, with more than 50% liquid assets covering about 28% of total government debt in 2022.

Moody's upgrades Uzbekistan's rating to Ba3 with a stable outlook

Tashkent, Uzbekistan (UzDaily.com) -- Moody's Investors Service today upgraded the priority issuer rating and a senior unsecured index rating of Uzbekistan from B1 to Ba3.

The agency also upgraded the rating of the program for issuing medium-term Eurobonds (medium-term notes, MTN) from (P)B1 to (P)Ba3. The agency changed the outlook from positive to stable.

Upgrading the quality of Uzbekistan's sustained comprehensive reform program in recent years is being maintained through the next two successive crises and which Moody's expects to continue.

Despite the pandemic, growth and the military conflict between Russia and Ukraine, real GDP growth and fiscal and external indicators show strong economic performance and improved policy efficiency in recent years. Fiscal and monetary instruments continue, Moody's expects efficiency gains in the institution and management.

Stable outlook for the risk of rising debt levels above the current Moody's expectation and geopolitical upside risks. However, fiscal risks are offset by a relatively low and acceptable level of debt and significant assets in the Fund for Reconstruction and Development of Uzbekistan (FRDU).

Moody's has changed Uzbekistan's country ceilings in national and foreign currencies to Ba1 and Ba3 from Ba2 and B1, respectively. The two-notch gap between the local currency ceiling and the sovereign rating has a significant impact on outliers and weak policy predictability, which is partly balanced by a moderate risk of external vulnerabilities that consumes a sustained, albeit consuming, the sustained shortfall in the contraction of operations and a moderate amount of external debt. that is, on preferential terms. A two-level gap between the foreign and national currency ceiling is associated with the relative soundness of Uzbekistan's monetary and fiscal policy framework, as well as the limited capital account, which may be subject to limits on transfers and convertibility over periods of stress.

Moody expects Uzbekistan's debt burden to stabilize below 45% of GDP over the next 3 years. While Moody's expects an increase in special spending (more than 25% per annum in 2021 and 2022) and delayed energy reforms while delaying fiscal consolidation, the increase in the deficit is offset by the recent increase in revenues thanks to tax reforms, as evidenced by the accumulation of 33.6 % and an increase in VAT and income tax receipts by 28.4%, respectively, between 2021 and 2022.

those planned for 2022. However, the FDA's assets ended up at $16.5 billion, with more than 50% asset disappearances, which account for about 28% of total government debt in 2022.

Despite the ongoing military conflict between Russia and Ukraine, trade and remittance flows have so far exceeded expectations: exports in January-November 2022 increased by 12% compared to the same period in 2021, and remittances from Russia almost tripled over the same period. 

Inflation has increased and remains high, increasing social risks. However, the conflict between Ukraine and Russia also opens opportunities for Uzbek companies in logistics, trade and transport, and tourism as Western companies leave the Russian market and Russians to move to the region. 

Moody's expects GDP growth to ease to 5% in 2023 due to slower remittances and inflation impacting domestic private consumption but to recover next year as government-supported construction and public investment projects accelerate.

Source: www.uzdaily.uz

On January 11 of this year, the Minister of Investment, Industry and Trade of the Republic of Uzbekistan Laziz Kudratov held talks with the Minister of Economy and Commerce of the Kyrgyz Republic Daniyar Amangeldiev.

The parties discussed preparations for the bilateral events planned for 2023, including at the highest level, as well as the implementation of ongoing joint projects, including those developed through the Uzbek–Kyrgyz Development Fund.

It was noted that thanks to joint efforts, there is a stable growth in trade turnover between the two countries. Thus, over the past 5 years, the volume of mutual trade has increased 6 times – from $ 167.5 million in 2016 to $953.6 million in 2021. In 2022, the trade turnover exceeded $ 1 billion.

During the talks, the importance of further intensification of cooperation in a number of priority areas was emphasized. In particular, an agreement was reached to accelerate the implementation of projects for the construction of the Kambarata HPP-1 in Kyrgyzstan and the China–Kyrgyzstan–Uzbekistan railway, in accordance with the signed documents and for the implementation of these projects.

They also discussed projects planned for implementation in Kyrgyzstan on the organization of production of passenger cars and commercial vehicles, the launch of a spinning enterprise in the Jalal-Abad region, the introduction and production of electricity metering systems "ASKUE" and the production of calcium carbide.

Following the meeting, the parties outlined concrete steps to accelerate the practical implementation of the agreements reached.

Source: miit.uz

The member countries of the Organization of Turkic States are currently actively working on the establishment of a joint investment fund. A regular meeting of experts from Azerbaijan, Kazakhstan, Kyrgyzstan, Turkey and Uzbekistan responsible for drafting the relevant draft Agreement was held in Istanbul on January 10-11 of this year.

On the Uzbek side, a representative of the Ministry of Investment, Industry and Trade took part in the event.

For reference: The Turkic Investment Fund will be the first and main joint financial institution established by the Turkic states, and will be aimed at mobilizing the economic potential of the member countries of the Organization of Turkic States to strengthen trade and economic cooperation between them and the implementation of joint projects.

The priorities of the Fund are designated: promotion of entrepreneurship, job creation, research and innovation, socio-economic development of the member states.

As a result of the meeting, an agreement was reached on the early completion of the domestic procedures for approving the draft document in each of the participating countries, and the intentions for its early signing within the framework of the planned joint activities were confirmed.

The establishment of the investment fund is planned in 2023.

Source: miit.uz

On January 16 of this year, on the eve of the state visit of the President of the Republic of Uzbekistan, an Uzbek-Singapore business forum was held in Singapore, aimed at comprehensively strengthening business ties between entrepreneurs of the two countries.

The event was attended by Minister of Investment, Industry and Trade of the Republic of Uzbekistan Laziz Kudratov, Minister of Trade and Industry of Singapore Gang Kim Yong, Chairman of the Singapore Business Federation Lim Min Yan, heads of relevant ministries and departments, industry associations, as well as more than 200 representatives of leading corporations, holdings and companies of the two countries.

Speaking with a welcoming speech, Laziz Kudratov noted the importance of upcoming events at the highest level, which will open a new page in the relations between Uzbekistan and Singapore.

"We are determined to use all the advantages of the event and enrich it with strong and concrete practical agreements," Laziz Kudratov said.

During the forum, the participants were provided with information about the reforms being carried out in our country, aimed, among other things, at improving investment attractiveness, strengthening investor protection and liberalizing foreign trade. It was noted that due to the effectiveness of the adopted programs, the interest of foreign partners is growing, their trust is strengthening.

The attention of the participants was focused on the positive dynamics of deepening cooperation between the business circles of the two countries, which resulted in the development and implementation of new investment projects, the development of trade and industrial cooperation.

In recent years, the volume of Singapore investments in Uzbekistan has exceeded $ 700 million, the number of enterprises with Singapore capital has increased 4 times, and the trade turnover between the two countries has doubled. The most promising measures to increase the volume of mutual trade are the implementation of interregional transport and logistics projects, the active use of existing transport corridors and infrastructure.

In turn, the Singaporean side confirmed the firmness of its intentions to support the strengthening and expansion of partnership with Uzbekistan in a wide range of areas. The chemical, textile, pharmaceutical, agricultural industries, education, healthcare, logistics, as well as the IT sphere are identified as drivers of further growth of interaction.

The forum program continued with a plenary session with the participation of Singapore's big business leaders, during which the director of Indorama Group Prakash Kejriwal, President of the Singapore Management Development Institute Eric Kuan, CEO of PSA International Wang Chi Fo discussed with representatives of the business circles of the two countries practical aspects of effective business in Uzbekistan, prospects for cooperation in the field of transport and logistics.

Within the framework of the event program, "B2B" negotiations and presentations of the investment potential of our country, specific cases of projects in the context of various sectors of the economy of Uzbekistan were also held.

As a result of the business forum, 23 agreements and contracts were signed in trade, investment and financial areas, chemical, energy and textile industries, the development of industrial zones, the implementation of infrastructure projects and the production of food products, as well as in construction, education, healthcare and pharmaceuticals.

Source: miit.uz

The project of the Emirati company Masdar for the construction of a 500 MW wind farm in Zarafshan, Navoi region, was recognized by the PFI Awards as the deal of the year in Central Asia.

The PFI (Project Finance International) Awards is one of the most prestigious awards in the field of project finance, awarded annually for the best project finance transactions in Europe, the USA, Asia, the Middle East and Africa.

It should be noted that the power plant construction project is being implemented under the terms of an Investment Agreement concluded between the Ministry of Investment, Industry and Trade and Masdar Company.

The signed agreement provides for Masdar to provide financing, design, construction and operation of the power plant for 25 years.

It is planned to attract $600 million of foreign direct investment for the implementation of the project. After the launch, the power plant will save 545 million cubic meters of natural gas annually and reduce carbon dioxide emissions by 1.1 million tons per year, as well as provide annual generation of 1.6 billion kWh of electricity, which is equivalent to the consumption of 500 thousand households.

The investment project is aimed at solving the tasks set by the Government of the Republic of Uzbekistan to bring the share of renewable energy sources in total electricity production to 25% by 2026.
Receiving this award is a universal recognition of the complexity of the investment project and the joint efforts of all its participants in the macroeconomic volatile period. This award also testifies to the great work done, flexibility and perseverance of all parties involved – Masdar, the Ministry of Investment, Industry and Trade and the creditors of the project – to realize the goals of Uzbekistan for the large-scale introduction of renewable energy sources.

Source: miit.uz

The number of newly created enterprises with the participation of foreign capital by country in January - December 2022:

  - Russia - 967

- Turkey - 369

- China - 275

– Kazakhstan – 195

- Korea - 92

- Tajikistan - 73

- Kyrgyz R. - 66

- Azerbaijan - 43

- USA - 40

- Germany - 39

  – Turkmenistan – 30

- others - 759

Source: stat.uz

President Shavkat Mirziyoyev held a video conference on industry development in the republic's regions.

During the meeting, representatives of responsible departments discussed with the head of state the work results over the past year.

In particular, in 2022, 19 new free economic zones and more than 400 small industrial zones were opened in the republic. The Republic has invested $3 billion in turning such industries as textiles, chemical production, construction materials, leather goods, pharmaceuticals, and electrical engineering into "drivers" of industry.

As a result, over the past five years, industrial enterprises have doubled to 100 thousand, and the production volume has increased 1.4 times. The industry was actively developing in the regions of the country.

The Head of State instructed to use the potential of the regions in "profile" industries. In particular, it is possible to increase the volume of cotton processing in Karakalpakstan, Jizzakh, Kashkadarya, Surkhandarya, Ferghana and Khorezm regions. Namangan, Samarkand and Navoi have not yet sufficiently used the regions' potential to produce food, leather goods and furniture.

In his message to the Oliy Majlis in December, the President set the task for the khokims to attract $50 million of investments to each district.

"This means that at least 5,000 additional jobs and 20 billion soums of tax revenue will appear in each district," the head of state said.

The authorities seek new opportunities and additional financial resources for industrial growth. For example, 55 trillion soums will be allocated to commercial banks for lending to enterprises, and the khokims of the regions will be trained to effectively use available funds.

The President instructed to develop additional projects and their "road map" for each district to provide working capital for 807 projects already started and 271 enterprises operating with low capacity.

In addition, 1.7 trillion soums will be allocated for developing the infrastructure of industrial zones and large investment projects. The territories of the free economic zones (FEZ), "Gidzhuvon" and "Kokand", will be expanded, and the FEZ "Urgut" will open branches in Karakalpakstan and Kashkadarya.

From 2023, 27 types of tax benefits, subsidies and preferences will be granted to 60 districts of the fourth and fifth categories, whose economic development lags behind.

Today the President signed a special resolution. According to him, in 2023, an additional $300 million will be allocated for projects in the textile industry. Customs privileges for more than 200 types of imported raw materials for the leather and shoe industry will also be extended for three years.

Source:  uz.sputniknews

On January 10, a video conference on industrial development and identification of additional reserves was held under the chairmanship of President Shavkat Mirziyoyev.

Industry plays a very important role in the economy and employment of the population. In order to create the necessary conditions for industries, 19 free economic zones and more than 400 small industrial zones have been created in recent years, 10 trillion soums have been allocated for their infrastructure. 3 billion dollars of financial resources were allocated to turn such industries as textiles, chemicals, building materials, leather, pharmaceutical, and electrical industries into "drivers". To provide the industry with raw materials, geological exploration has been tripled, more than 600 new deposits have been discovered.

As a result, over the past five years, the number of industrial enterprises has doubled to 100 thousand, and the volume of production has increased 1.4 times.
This has a positive effect on the development of the regions. In particular, such new industries as building materials, automotive industry, food industry have appeared in Jizzakh. 220 construction materials projects have been launched, the share of this industry in the region's industry has exceeded 20 percent.

19 major metalworking projects have been implemented in Samarkand, Syrdarya, Namangan and other regions. In 54 new small industrial zones created in Namangan, products worth 3 trillion soums were produced in 2022.

Over the past three years, the volume of production in the chemical industry has increased by 1.5 times, and exports - by 2 times.

However, in some regions, the results do not match the possibilities. In particular, industrial growth in Navoi, Bukhara and Tashkent regions in 2022 was below expectations. In the Republic of Karakalpakstan, Jizzakh, Kashkadarya, Surkhandarya, Ferghana and Khorezm regions, the level of yarn processing remains low. In Namangan, Samarkand and Navoi, the potential in the production of food, leather and footwear products and furniture is not used enough.
In this regard, the meeting discussed measures to develop industry, increase investment in the industry and use reserves.

The Head of State stressed that the industry will be provided with new opportunities and additional financial resources.

First of all, banking regulations will be revised and additional resources will be allocated to commercial banks in the amount of 55 trillion soums for lending to enterprises. This means an additional source of investment of an average of $20 million for each district.

The second possibility is that in 2023 1.7 trillion soums will be allocated for the infrastructure of industrial zones and large investment projects. The territory of the free economic zones "Gijduvon" and "Kokand" will also be expanded. Branches of the free economic zone "Urgut" will be established in Karakalpakstan and Kashadarya.

Thirdly, starting from 2023, 27 types of tax benefits, subsidies and preferences will be provided to 60 districts of the fourth and fifth categories whose economic development is lagging behind.

The fourth is preferences for manufacturers of carpets, home textiles, leather and jewelry. So, in 2023, an additional $ 300 million will be allocated for textile projects. Customs privileges for more than 200 types of imported raw materials for the leather and footwear industry will be extended for three years. Jewelers will have the opportunity to purchase raw materials at a discount, as well as tax, customs and banking benefits.

The President stressed the need to widely inform the population and entrepreneurs about these opportunities and increase the number of projects on the ground.

It is noted that 1,264 projects will be launched in industrial zones. An important task is to ensure the launch of the 6th hydrometallurgical plant in Navoi region and the 3rd copper processing plant in Almalyk, a modern foundry in Andijan region and a cluster of agricultural machinery in Chirchik.
The responsible persons are tasked with expanding production cooperation, implementing localization projects worth $ 6 billion, and timely launching about 3 thousand projects included in regional investment programs.

In general, it is indicated that this year, using all reserves, it is possible to increase industrial production by 14 percent.

The heads of industries and khokims presented their plans and proposals on the issues discussed at the meeting.

Source: uzdaily.uz

The French online newspaper “Le Club de Mediapart” published an article, “Socio-economic development of Uzbekistan thanks to deep reforms”.

“Since 2016, Uzbekistan has been implementing reforms towards modernization and democratization,” the article says. - Like many countries, it must go through the growth of its economy and reforms aimed at sustainable development. Following a slowdown in activity in the country during the pandemic, as in the rest of the world, Uzbekistan's GDP increased to $80 billion. The state plays an important role not only in the decentralization of the economy but also in supporting the private sector.”

The publication emphasizes that at least $8 billion of direct investment has been attracted for these purposes, and exports have reached the threshold of $19 billion.

As the newspaper writes, the modernization of the economy is taking place from a macroeconomic point of view by increasing the national income, as well as from a social point of view of the grid - wages, pensions and social benefits. Almost 300 thousand houses have been built in the country, which is ten times more than in previous years. Uzbekistan also supported 2 million low-income families; in 2017, this figure was only 500 thousand. The allocations allocated for this period increased seven times, and this year they reached 11 billion soums.

“The coming year has already been declared in the country as the Year of Human Care and Quality Education,” concludes Le Club de Mediapart.

Source: dunyo.info

On January 7 this year, the Working Group headed by the Minister of Investment, Industry and Trade Laziz Kudratov and consisting of the heads of industry associations, commercial banks and local authorities continued to familiarize themselves with the current state and develop measures to accelerate the development of the industrial, investment and export potential of the Khorezm region.

In particular, the Working Group visited the enterprises of Develop Textile LLC, New Best Style LLC, Future Industries Systems LLC, Khiva Cluster LLC, Khiva Silk Factory LLC, Yantex invest LLC, Yangiariq LLC tex”, LLC “Komila kelajak avlod gilamlari”. In a conversation with the initiators of the projects, the issues that they faced in the course of their activities were discussed, and algorithms for solving them were developed right on the spot. Leaders have been instructed to take action to provide immediate assistance.

The ongoing work aims to increase production volumes in various industries, increase the efficiency of systematic work, support entrepreneurs in expanding and increasing the productivity of existing enterprises and bring those lagging to their design capacity. In parallel with the implementation of additional investment projects, these measures will increase production volumes by at least 15% of the targets for 2023.

Manba: miit.uz

On January 5 this year, the Working Group headed by the Minister of Investments, Industry and Trade Laziz Kudratov and consisting of the heads of industry associations, commercial banks and local authorities on site began to study and develop further measures to increase the export, investment and industrial potential of the Republic Karakalpakstan.

Among the visit addresses were many large industrial enterprises of Muynak, Kungrad, Kanlykul, Shumanay and Khodjeyli regions. Meetings with project initiators were held on the ground, and current issues of entrepreneurs and prospects for further development of production capacities were studied. The study pays special attention to analysing the region's potential in implementing new investment projects in priority sectors.

The work carried out in various regions of the region made it possible to identify several enterprises with significant potential for increasing capacity and further expanding production. Based on a comparative analysis, targeted locations for implementing new investment projects were identified. In general, implementing these measures will increase the volume of industrial production in the Republic of Karakalpakstan by an additional 1 trillion soums in 2023.

New approaches to improving the efficiency of work on expanding industrial production, implementing investment projects and stimulating exports were discussed during a videoconference meeting held on the same day.

During the meeting, the results of 2022 were summed up in the context of industrial growth, export performance and investment activity. So, in Karakalpakstan last year, industrial products worth 17.7 trillion soums were produced, export volumes amounted to $108.6 million, and $40.4 million of foreign direct investment was disbursed. In addition, it was noted that 959 projects under the regional investment program attracted $177 million in investments, which made it possible to create 16,200 new jobs.

The plans for 2023 include bringing the volume of industrial production to 20.5 trillion soums, exports to 122.8 million dollars, and implementing 934 projects worth 582.9 million dollars to create 16,618 new jobs.

It was emphasized that work is currently underway to increase these indicators in the context of each area - industry, investment and export, based on a detailed analysis and effective planning.

To realize the existing potential, the leaders responsible for the directions were given specific tasks to form regional working groups, organize systematic work to visit the regions, identify and mobilize additional reserves, and develop programs for the advanced development of the industry. The need to intensify work with potential investors and entrepreneurs was noted for the implementation of promising investment projects, the transformation of small manufacturing enterprises into medium-sized ones, and medium-sized enterprises into large ones.

As a result of the meeting, instructions were given on the effective implementation of the tasks set and the development based on the study of detailed network schedules for the production of industrial products, localization, and the commissioning of new capacities in the context of regions and industries.

The activities of the Working Groups in the regions continue.

Source: mift.uz

The consumer sector (including agri-food) will be the most attractive for foreign investment in the next three years. The energy, business services and digital services sectors follow this.

Find out more in the Central Asia Investment Attractiveness Survey (www.ey.com)

Source: mift.uz

In 2021, the net proceeds from the sale of products (goods, works and services) of small enterprises and microfirms headed by women amounted to 22,567.7 billion soums, which exceeds the data of 2020 by 6,856.7 billion soums. This, respectively, is 5.4% of the total net proceeds from the sale of products (goods, works and services) of small enterprises and microfirms.

Including by types of economic activity:

in trade - 12 843 billion soums;

in industry - 3,952.5 billion soums;

in the service sector - 3,773.9 billion soums;

in construction - 1,619.7 billion soums;

in agriculture - 378.5 billion soums.

Source: stat.uz

At the airports of Tashkent, Samarkand, Bukhara, Ferghana and Urgench, Tax-Free counters began to operate, where foreign citizens can return the amount of VAT paid when purchasing certain goods in Uzbekistan.

On January 2, at the airports of Tashkent, Samarkand, Bukhara, Fergana and Urgench, the opening of Tax-Free counters established by the State Tax Committee of Uzbekistan took place. The counters have started working in test mode, the press service of Uzbekistan Airports reports.

The Tax-Free system implies the return to foreign citizens of the amounts of VAT they paid when purchasing certain types of goods from entrepreneurs engaged in retail trade in Uzbekistan. The list of goods eligible for cashback was approved by a government decree dated November 8. These are souvenirs, nuts, fruits and dried fruits, leather and fur products, carpets, textiles and more.

You must register in the Soliq mobile application and scan receipts for your purchases to receive a VAT refund. When departing at the airport, the passenger must check-in for the flight and then go to the Tax-Free counter, presenting the boarding pass and the goods themselves. The registered goods can be left for transportation in hand luggage, or you can return to the check-in counter and check in your luggage.

 As of January 1, 2022, the number of small enterprises and micro-firms managed by women leaders in the Republic of Uzbekistan amounted to 36,472.

The number of small businesses and micro-firms run by women increased by 177 compared to the same period last year.

Regions with the largest number of operating small enterprises and micro-firms led by women:

In Tashkent - 9 764

In Tashkent region - 4,760

In the Navoi region - 3,866

In Samarkand region - 2,475

Source: stat.uz

In January-September 2022, in the Republic of Uzbekistan, in the technological structure of investments in fixed assets in the Republic of Uzbekistan, 86143.1 billion soums were allocated for the purchase of machinery, equipment and inventory, which amounted to 45.3% of their total volume, investments for construction and installation works reached 89041.1 billion soums (share in the total volume 46.9%), for other costs - 14815.6 billion soums (7.8%).

Source: stat.uz