The Minister of Foreign Affairs of Uzbekistan, Bakhtiyor Saidov, held a series of meetings with the leadership of leading Korean companies, demonstrating a commitment to strengthening economic cooperation between the two countries.

During discussions with representatives from companies such as CJ Group, Youngone Corporation, Hyundai Motor Group, the Economic Development and...

In recent years, the relations between Uzbekistan and China have significantly developed, noted the Chinese Ambassador to Uzbekistan, Yu Jun.

He emphasized that under the leadership of President Xi Jinping and President Shavkat Mirziyoyev, bilateral cooperation has "reached a new level of all-weather, comprehensive strategic partnership in a new era."

"Our leaders...

Uzbekistan’s Prime Minister Abdulla Aripov stated that Uzbek-Russian cooperation is advancing based on comprehensive strategic partnership and allied relations. He highlighted this point during a meeting in Tashkent with Russia’s Deputy Prime Minister Dmitry Chernyshenko.

According to Aripov, this progress has been made possible by the political will and mutual trust...

On 4 November, President Shavkat Mirziyoyev reviewed proposals for enhancing legal protections for entrepreneurs in Uzbekistan.

Entrepreneurs are seen as the backbone of the economy, with an increasingly supportive business environment. Assistance is provided both to individual entrepreneurs in local communities and to large-scale projects, fueling interest and involvement in business.

A...

The government of Uzbekistan is set to increase the salaries of public sector employees, along with pensions and welfare benefits, at a rate no lower than the projected 7% inflation for 2025. This plan is outlined in the Ministry of Economy and Finance’s draft budget framework for 2025-2027, which emphasizes...

In the first nine months of 2024, Uzbekistan recorded a total of 693,900 births, according to data from the Statistics Agency. Of the newborns, 51.9% were boys, totaling 360,000, while 48.1% were girls, amounting to 333,900.

The birth distribution indicates a nearly even split between urban and rural areas. Urban births...

In September 2024, there were 53.6 million cards in circulation in Uzbekistan, 29.6% more than a year earlier, and 2.7 times more than 5 years ago. However, this is still less than in Kazakhstan, despite the fact that the population of Uzbekistan is almost twice as large. For comparison, in...

One of Uzbekistan’s top fintech platforms, Click, reported a 35% revenue growth in the first nine months of 2024, showcasing robust performance across key metrics compared to 2023.

Revenue rose by 35.3% y/y to UZS 420.9 bn (approx. $32.89 mn), while net profit increased 37.5%, reaching UZS 179.3 bn (approx. $14.02 mn), up from UZS 130.4 bn (approx. $10.19 mn) in...

Foreign currency sales by citizens of Uzbekistan exceeded purchases by $4.8 billion in the first nine months of this year, according to the Central Bank Chairman Mamarizo Nurmuratov. 

Between July and September alone, monthly foreign currency sales reached $1.5 billion, nearly double the demand. Nurmuratov noted that the robust growth in...

Two government commissions in Uzbekistan are actively overseeing compliance with sanctions, according to the Chairman of the Central Bank, Mamarizo Nurmuratov. During a press conference on October 31, Nurmuratov expressed significant concerns regarding the potential risks posed by international sanctions.

"We are quite alarmed by the situation. The government and the...

Since October 2023, the volume of Russian natural gas delivered to Uzbekistan has surpassed 5 billion cubic meters, Russian Foreign Ministry spokesperson Maria Zakharova affirmed. 

This supply follows an agreement established earlier in 2023 between Russia, Kazakhstan, and Uzbekistan, enabling Russian natural gas transit to Uzbekistan through Kazakhstan as part of...

Pakistan has emerged as a key trading partner for Uzbekistan, with mutual trade volume tripling over the past five years and increasing by an additional 10% this year alone, surpassing $300mn. This growth was highlighted at the 9th meeting of the Intergovernmental Commission on Economic Cooperation, held in Tashkent alongside the Uzbek-Pakistani...

The representative office of the Food and Agriculture Organization of the United Nations (FAO) in Uzbekistan is conducting various activities in the regions under the "FOLUR" project.

Launched in 2023, this initiative is financed by the Global Environment Facility (GEF) and implemented in partnership with the Ministry of Agriculture and the...

The Agency for State Asset Management of Uzbekistan (AUGA) has initiated an open sale process for a 94.9% stake in Uzagrosanoatloyikha LLC.

To ensure the privatization is conducted based on best international practices, Abrau Capital has been engaged as a privatization consultant, selected through a competitive bidding process.

Uzagrosanoatloyikha LLC specializes in...

Egyptian company In2Metals has begun the second phase of its copper mine development project in the Navoi region of Uzbekistan.

To date, the project has already seen an investment of US$700,000, with plans to increase this amount to US$2 million by the end of the year.

As part of the project, 1,400...

Over the last five years, Uzbekistan has taken major strides to overhaul its energy infrastructure, attracting $4.3bn in investments and adding 5.7 gigawatts of new power capacity. This push has been part of a broader transformation aimed at modernizing the country’s electric power sector and meeting the rising demand for reliable...

On 4 November 2024, President Shavkat Mirziyoyev held a meeting focused on transforming the energy sector and attracting private operators to manage electrical networks in the regions.

Significant measures are being taken to adapt the industry to modern requirements. The separation of electricity production, transmission, and distribution processes among different companies...

Samarkand International Airport (SKD), Uzbekistan's second-largest airport, reported a 41% increase in passenger traffic, serving over 1.13mn travelers from January to October this year.

The airport witnessed robust growth during the summer navigation period (April through October), with over 844,000 passengers, marking a 37% increase year-on-year. This growth was fueled by an expanded...

VEON launched Hambi, a super app that combines multiple digital services into one platform for mobile users in Uzbekistan on November 1. The name "Hambi," which translates to "everything here" or "all-in-one" in Uzbek, reflects the app's purpose of streamlining access to various services.

Hambi integrates offerings from VEON’s existing brands, including...

Uzbekistan’s pharmaceutical market is among the fastest-growing in the Eurasian region, with an average annual growth rate of 16% in US dollar terms over the past three years.

For comparison, Kazakhstan’s market grew by 14%, Kyrgyzstan’s by 13%, Russia’s by 12%, and Belarus’s by 10%, according to IQVIA’s market analysis.

IQVIA’s latest...

In 2024, most sales receipts from online cash registers in Uzbekistan were for food and pharmaceuticals, with pharmaceutical expenses alone surpassing 15.5 trillion UZS (approximately $1.2 billion). Of this, 78% of the medicines purchased were imported, according to data revealed during a data management conference held on October 30 in...

The Moscow Stock Exchange index lost 2.4% in a week to 2,594 points, almost completely drawing the second extreme at the support. Back on August 30, we discussed a possible double bottom pattern, and the fact that it was such a reversal formation that would fully convince us of the...

November can only be sweet in the Hollywood movie of the same name. In fact, this is the darkest month of the year in Russia, and for local investors it may even be a real test. Lack of sunlight, rain, snow and a key rate of 21% per annum do...

In the 3rd quarter of this year, Russian companies faced a sharp increase in late payments from their counterparties. 37% of entrepreneurs surveyed by the Russian Union of Industrialists and Entrepreneurs (RSPP) speak about this problem. The results of the study were included in the quarterly monitoring of the union.

Companies...

It is proposed to increase the recycling fee for certain types of agricultural machinery by 5 times in 2025, the press service of the Ministry of Industry and Trade reported. A draft of the relevant government decree is being prepared for publication.

An exception next year is planned to be made...

The Russian authorities do not consider it advisable to set top-down marginal retail prices or margins for socially significant food products that are at risk due to the dynamics of price appreciation. This position is held by the Ministry of Agriculture, the Ministry of Industry and Trade and the Federal...

Grain enterprises of Russia produced 138 thousand tonnes of cereals in September this year, which is 8% less than in September last year (150 thousand tonnes). The largest decline was noted in rice production, which decreased by 1.7 times in annual terms, to 25 thousand tonnes from 43 thousand tonnes...

Trading on Chinese stock exchanges ended today with an increase in quotations. The Shanghai Composite index, reflecting the situation on the Shanghai Stock Exchange, increased by 1.17 percent. compared with the results of the previous trading day, it amounted to 3,310.21 points.

The Shenzhen Component indicator, which is an indicator of...

The total volume of bond issuance on the Chinese market in September this year exceeded 7.6 trillion yuan (about 1.07 trillion US dollar), according to data from the People's Bank of China (NBK).

In particular, according to the NBK, the volume of issuance of state loan bonds and local government bonds...

At a coal mine in Shanxi Province /North China/ An all-electric 200-ton mining dump truck has been commissioned to facilitate industrial modernisation in this large coal mining region.

The new vehicle can carry unprocessed coal continuously for six hours on an average hourly charge and is used at the Anjaling coal...