Issue 1217 - 03.10.2022
04.10.2022

Uzbekistan and China confer on mutual recognition of authorized economic operators

The Embassy of Uzbekistan in Beijing organized an online meeting between representatives of the State Customs Committee of Uzbekistan and the General Customs Administration of the People’s Republic of China, as well as the China-SCO Pilot Zone, Dunyo news agency under the Ministry of Foreign Affairs reported.

The meeting was dedicated to the mutual recognition of authorized economic operators (AEO) of Uzbekistan and China, as well as the joint promotion of trade facilitation.

In particular, Lin Changhua, Deputy Director of the China-SCO Pilot Zone Management Committee, noted that a joint working group will be established with the Qingdao Customs to effectively take advantage of the local platform for economic and trade cooperation between the SCO countries and facilitate trade between China and Uzbekistan.

According to Yue Jingbo, director of the Enterprise Management Department of Qingdao Customs, AEO qualification is a green pass for global trade. It is planned to implement mutual recognition and cooperation of the AEO system with the customs of Uzbekistan to further improve the level of trade facilitation between the two countries and promote bilateral economic and trade development.

During the presentation, the participants were familiarized in detail with the activities of the AEO institution in Uzbekistan, with the Regulations on the use of simplified customs procedures when performing customs operations. It was emphasized that the customs body of Uzbekistan is ready to create a joint working group to achieve mutual recognition of the AEO with the Chinese side as soon as possible.

Reported by the Uzbekistan Daily.

Uzbekistan General

04.10.2022

IPMI conducts a study to identify the skills most in demand among employers in Uzbekistan

Experts from the Institute for Forecasting and Macroeconomic Research (IPMI) conducted a study to identify the skills most in demand among employers in Uzbekistan.

Harvard and Yale University economists D. Deming and L. Kahn (2017), based on BGT data for the period 2010-2015, investigated inter-firm and spatial variation in the demand...

Experts from the Institute for Forecasting and Macroeconomic Research (IPMI) conducted a study to identify the skills most in demand among employers in Uzbekistan.

Harvard and Yale University economists D. Deming and L. Kahn (2017), based on BGT data for the period 2010-2015, investigated inter-firm and spatial variation in the demand...

04.10.2022

Uzbekistan enhances public participation in constitutional reforms

On 29 September 2022, an international conference on the theme "Public participation in constitutional reforms: national and international experience" was held in Tashkent.

The conference was organized by the National Center for Human Rights of the Republic of Uzbekistan, the Institute of State and Law of the Academy of Sciences of...

On 29 September 2022, an international conference on the theme "Public participation in constitutional reforms: national and international experience" was held in Tashkent.

The conference was organized by the National Center for Human Rights of the Republic of Uzbekistan, the Institute of State and Law of the Academy of Sciences of...

04.10.2022

Uzbekistan shields foreigners who have not committed offences from deportation

In connection with the recent increase in citizens’ requests for clarification of certain issues on the situation around Ukraine, the Ministry of Foreign Affairs of the Republic of Uzbekistan states the following.

The Republic of Uzbekistan is invariably committed in the implementation of its foreign policy to national interests, fundamental principles,...

In connection with the recent increase in citizens’ requests for clarification of certain issues on the situation around Ukraine, the Ministry of Foreign Affairs of the Republic of Uzbekistan states the following.

The Republic of Uzbekistan is invariably committed in the implementation of its foreign policy to national interests, fundamental principles,...

04.10.2022

Uzbekistan and Hungary step up multifaceted cooperation

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

During the meeting,...

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

During the meeting,...

Finance and Investment

04.10.2022

Russian entrepreneurs start opening companies in Uzbekistan due to SWIFT-related problems

Due to problems with transferring foreign currency payments, Russian entrepreneurs began to open companies in Uzbekistan. 

According to Kommersant, many Russian banks stopped working with SWIFT, and from February to July there were significant restrictions on the transfer of foreign currency payments. 

Now the amount of currency transfers is limited for...

Due to problems with transferring foreign currency payments, Russian entrepreneurs began to open companies in Uzbekistan. 

According to Kommersant, many Russian banks stopped working with SWIFT, and from February to July there were significant restrictions on the transfer of foreign currency payments. 

Now the amount of currency transfers is limited for individuals to 1...

04.10.2022

PMI experts assess effect of Uzbekistan’s accession to the WTO on macroeconomics

Uzbekistan’s accession to the World Trade Organization is a lengthy process. Goal 97 of the Development Strategy of the new Uzbekistan for 2022-2026 also notes the special role of studying the impact of Uzbekistan’s membership in the WTO on the national economy.

Uzbekistan’s membership in the WTO can lay the foundation...

Uzbekistan’s accession to the World Trade Organization is a lengthy process. Goal 97 of the Development Strategy of the new Uzbekistan for 2022-2026 also notes the special role of studying the impact of Uzbekistan’s membership in the WTO on the national economy.

Uzbekistan’s membership in the WTO can lay the foundation...

04.10.2022

President of Uzbekistan identifies priority areas for further expansion of partnership with the World Bank

On 30 September, President of the Republic of Uzbekistan Shavkat Mirziyoyev received a World Bank delegation headed by Vice President Anna Bjerde, who is in our country on a working visit.

The practical aspects of the further development of the strategic partnership of Uzbekistan with this authoritative international financial institution, as...

On 30 September, President of the Republic of Uzbekistan Shavkat Mirziyoyev received a World Bank delegation headed by Vice President Anna Bjerde, who is in our country on a working visit.

The practical aspects of the further development of the strategic partnership of Uzbekistan with this authoritative international financial institution, as...

04.10.2022

Uzbekistan cashes in on circulation of crypto-assets

The regulation on establishing the amount of fees for carrying out activities in the field of circulation of crypto-assets, the procedure for their payment and distribution has passed state registration with the Ministry of Justice.

According to the Regulation, legal entities engaged in mining and the activities of service providers in...

The regulation on establishing the amount of fees for carrying out activities in the field of circulation of crypto-assets, the procedure for their payment and distribution has passed state registration with the Ministry of Justice.

According to the Regulation, legal entities engaged in mining and the activities of service providers in...

04.10.2022

Dollar retains overpriced position

The dollar rose against the euro on Friday but pared gains late in a session that was muddied by quarter-end trading while riskier commodity-led currencies fell sharply after European inflation hit a record high and U.S. consumer spending increased faster than expected.

But while the dollar index was showing its biggest quarterly gain...

The dollar rose against the euro on Friday but pared gains late in a session that was muddied by quarter-end trading while riskier commodity-led currencies fell sharply after European inflation hit a record high and U.S. consumer spending increased faster than expected.

But while the dollar index was showing its biggest quarterly gain...

04.10.2022

Stock markets keep struggling amidst persistent financial turmoil

Stocks on the Continent were attempting to claw back some losses at the end of the week even with some investors heartened by possible signs of a modicum of stability in financial markets.

That was despite the release of a stronger than expected reading for euro area inflation in September.

In the background, Russia's...

Stocks on the Continent were attempting to claw back some losses at the end of the week even with some investors heartened by possible signs of a modicum of stability in financial markets.

That was despite the release of a stronger than expected reading for euro area inflation in September.

In the background, Russia's...

Oil and Gas Sector

04.10.2022

Brent stays below $90/b threshold, logs weekly appreciation

Oil prices edged lower on Friday but were on track for their first weekly gain in five on Friday, underpinned by the possibility that OPEC+ will agree to cut crude output when it meets on Oct. 5.

Brent crude futures for November, which expire on Friday, fell by 20 cents, or 0.2%,...

Oil prices edged lower on Friday but were on track for their first weekly gain in five on Friday, underpinned by the possibility that OPEC+ will agree to cut crude output when it meets on Oct. 5.

Brent crude futures for November, which expire on Friday, fell by 20 cents, or 0.2%,...

04.10.2022

Natural gas benchmarks down on demand concerns

Dutch wholesale gas prices fell on Friday as EU energy ministers gathered to discuss measures to tackle the energy crisis, including a cap on prices, while British prices rose due to a rise in gas for power demand.

In the Dutch market, the day-ahead price was 9.90 euro lower at 169.10...

Dutch wholesale gas prices fell on Friday as EU energy ministers gathered to discuss measures to tackle the energy crisis, including a cap on prices, while British prices rose due to a rise in gas for power demand.

In the Dutch market, the day-ahead price was 9.90 euro lower at 169.10...

04.10.2022

LNG prices down on oversupplies

Asian spot liquefied natural gas (LNG) prices fell this week as sufficient supply and muted Chinese demand have disconnected the market from Europe, where gas prices rose after leaks were found on the Nord Stream pipelines.

The average LNG price for November delivery into north-east Asia LNG-AS was $38.5 per million British thermal...

Asian spot liquefied natural gas (LNG) prices fell this week as sufficient supply and muted Chinese demand have disconnected the market from Europe, where gas prices rose after leaks were found on the Nord Stream pipelines.

The average LNG price for November delivery into north-east Asia LNG-AS was $38.5 per million British thermal...

Agriculture

04.10.2022

Mareven Food Holdings group plans to launch production of instant noodles near Angren, Uzbekistan

The international group of companies Mareven Food Holdings intends to organize the production of its products in Uzbekistan, according to the Angren FEZ press service. 

Representatives of the Free Zone Directorate met with Bernard Vavrzhin, the head of Mareven Food Tyan-Shan, a subsidiary of the holding in Kazakhstan. The parties signed a memorandum...

The international group of companies Mareven Food Holdings intends to organize the production of its products in Uzbekistan, according to the Angren FEZ press service. 

Representatives of the Free Zone Directorate met with Bernard Vavrzhin, the head of Mareven Food Tyan-Shan, a subsidiary of the holding in Kazakhstan. The parties signed a memorandum...

04.10.2022

US grain benchmarks ride high on warfare bets

Chicago wheat rose on Friday as Russia's planned annexation of occupied parts of Ukraine kept attention on the risk of fresh disruption to vital Black Sea grain trade.

Corn and soybeans were also firm, also drawing support from a steadying in wider financial markets and adjustments before closely followed U.S. grain...

Chicago wheat rose on Friday as Russia's planned annexation of occupied parts of Ukraine kept attention on the risk of fresh disruption to vital Black Sea grain trade.

Corn and soybeans were also firm, also drawing support from a steadying in wider financial markets and adjustments before closely followed U.S. grain...

Metals and Minerals

04.10.2022

Central Bank of Uzbekistan becomes one of the world’s largest buyers of gold

The Central Bank of Uzbekistan became one of the largest buyers of gold in August 2022. The data is provided in the World Gold Council report.

The central banks of Turkey and Uzbekistan purchased 9 tons of gold in August each. As a result, Uzbekistan’s gold reserves reached 382.6 tons.

The National...

The Central Bank of Uzbekistan became one of the largest buyers of gold in August 2022. The data is provided in the World Gold Council report.

The central banks of Turkey and Uzbekistan purchased 9 tons of gold in August each. As a result, Uzbekistan’s gold reserves reached 382.6 tons.

The National...

04.10.2022

Bullion veers up, posts record quarterly depreciation

Gold prices gained on Friday, thanks to a softer dollar, but non-yielding bullion was headed for its biggest quarterly decline since March last year on an ongoing aggressive monetary policy stance by central banks worldwide.

Spot gold rose 0.7% to $1,671.68 per ounce by 0823 GMT. Prices are set for their...

Gold prices gained on Friday, thanks to a softer dollar, but non-yielding bullion was headed for its biggest quarterly decline since March last year on an ongoing aggressive monetary policy stance by central banks worldwide.

Spot gold rose 0.7% to $1,671.68 per ounce by 0823 GMT. Prices are set for their...

04.10.2022

Iron ore, steel, coal end month on losing end

Dalian and Singapore iron ore marked their second quarterly losses, despite some gains on Friday, as worries over a stringent zero-COVID policy and property sector jitters in top steel producer China continued to dominate markets.

However, hopes of sustained policy support for the ailing Chinese economy and increased construction-related demand for...

Dalian and Singapore iron ore marked their second quarterly losses, despite some gains on Friday, as worries over a stringent zero-COVID policy and property sector jitters in top steel producer China continued to dominate markets.

However, hopes of sustained policy support for the ailing Chinese economy and increased construction-related demand for...

04.10.2022

Non-ferrous base metals rise on upbeat Chinese demand outlook

Most base metals rose on Friday after higher-than-expected China factory data buoyed demand outlook from the world’s biggest metal consumer, with sentiment aided by a possible ban on Russian metals delivered to the London Metals Exchange (LME).

The most-traded November copper contract on the Shanghai Futures Exchange climbed 0.5% to 61,080...

Most base metals rose on Friday after higher-than-expected China factory data buoyed demand outlook from the world’s biggest metal consumer, with sentiment aided by a possible ban on Russian metals delivered to the London Metals Exchange (LME).

The most-traded November copper contract on the Shanghai Futures Exchange climbed 0.5% to 61,080...

Communications and Transportation

04.10.2022

Uzbek President signs law on e-commerce

President of Uzbekistan Shavkat MIrziyoyev signed a law on e-commerce.

According to the Law, in e-commerce, an agreement is drawn up by agreeing on the terms of the agreement by approving electronic documents and (or) messages between the parties in the form of an electronic document.

Electronic documents in e-commerce are equated...

President of Uzbekistan Shavkat MIrziyoyev signed a law on e-commerce.

According to the Law, in e-commerce, an agreement is drawn up by agreeing on the terms of the agreement by approving electronic documents and (or) messages between the parties in the form of an electronic document.

Electronic documents in e-commerce are equated...

04.10.2022

Jazeera Airways launches flights from Kuwait to Namangan

On 1 October at 6:32 am local time, a plane of the Kuwaiti airline Jazeera Airways landed in Namangan. The Airbus A321 board, which opened a new flight route to Uzbekistan: El-Kuwait - Namangan - El-Kuwait, traditionally was solemnly welcomed with a water arch.

According to Uzbekistan Airports, regular flights will...

On 1 October at 6:32 am local time, a plane of the Kuwaiti airline Jazeera Airways landed in Namangan. The Airbus A321 board, which opened a new flight route to Uzbekistan: El-Kuwait - Namangan - El-Kuwait, traditionally was solemnly welcomed with a water arch.

According to Uzbekistan Airports, regular flights will...

Regional News

04.10.2022

Central Asia may suffer from reduced cash flow from Russia

As Central Asia begins to feel the effects of Western sanctions against Russia, the World Bank has published some disappointing forecasts. For example, remittances from migrants, on which many families in the region depend, could fall by an average of a quarter.

Remittances are a very important source of financing in...

As Central Asia begins to feel the effects of Western sanctions against Russia, the World Bank has published some disappointing forecasts. For example, remittances from migrants, on which many families in the region depend, could fall by an average of a quarter.

Remittances are a very important source of financing in...

04.10.2022

September sees loss of optimism in Russia

The RSPP monthly business climate survey shows that business sentiment remained in the negative zone in September and began to stabilize at the level of August. Thus, the business environment index rose in September by 0.8 points, to 45.2 points, the index of personal assessments of the business climate of...

The RSPP monthly business climate survey shows that business sentiment remained in the negative zone in September and began to stabilize at the level of August. Thus, the business environment index rose in September by 0.8 points, to 45.2 points, the index of personal assessments of the business climate of...

04.10.2022

Russia sticks to its innovations

Russia in 2022 retained its place at the end of the first third of the Global Innovation Index ranking, taking 47th place in the list of 132 countries. Russia continues to show the best results in the field of human capital development and science, while the Institutional Conditions component continues...

Russia in 2022 retained its place at the end of the first third of the Global Innovation Index ranking, taking 47th place in the list of 132 countries. Russia continues to show the best results in the field of human capital development and science, while the Institutional Conditions component continues...

04.10.2022

Moscow Exchange index ends week below 2,000 points for first time in five years

Russian indices finished mixed on Friday, September 30th. The rouble index rose by 0.2%, but the RTS index fell by 1.5% amid the weakening of the rouble. At the end of September, the Moscow Exchange index fell by 18.5%, and the RTS index fell by 16.1%. For the first time...

Russian indices finished mixed on Friday, September 30th. The rouble index rose by 0.2%, but the RTS index fell by 1.5% amid the weakening of the rouble. At the end of September, the Moscow Exchange index fell by 18.5%, and the RTS index fell by 16.1%. For the first time...

04.10.2022

Dollar and euro on Moscow Exchange grow rebounding from multi-year lows

The US dollar and the euro won back all the losses in the first half of the day and moved to growth at the Moscow Exchange, the rouble turned down on profit taking on the last day of the month and after the signing of agreements on the admission of...

The US dollar and the euro won back all the losses in the first half of the day and moved to growth at the Moscow Exchange, the rouble turned down on profit taking on the last day of the month and after the signing of agreements on the admission of...

04.10.2022

Central Bank lowers estimate of external debt of Russia in H1 to $470.7 billion

The assessment of the external debt of Russia as of July 1, 2022 was lowered to $470.7 billion, previously it was estimated at $472.8 billion, follows from the updated assessment of the balance of payments of Russia published on the website of the Bank of Russia.

The external liabilities of Russia...

The assessment of the external debt of Russia as of July 1, 2022 was lowered to $470.7 billion, previously it was estimated at $472.8 billion, follows from the updated assessment of the balance of payments of Russia published on the website of the Bank of Russia.

The external liabilities of Russia...

04.10.2022

Growth of money supply in national definition of Russia in August amounts to 3.5%

The money supply (M2 aggregate) in Russia in the national definition in August 2022 increased by 2 trillion 507.9 billion rouble, or by 3.5%, to 73 trillion 333.3 billion rouble, according to information on the website of the Bank of Russia. The money supply in January-August 2022 increased by 10.7%....

The money supply (M2 aggregate) in Russia in the national definition in August 2022 increased by 2 trillion 507.9 billion rouble, or by 3.5%, to 73 trillion 333.3 billion rouble, according to information on the website of the Bank of Russia. The money supply in January-August 2022 increased by 10.7%....

04.10.2022

Government of Russia allocates 6 billion rouble for development of equipment for gas liquefaction and production of chemical products

The government will finance research and development work to create domestic equipment for gas liquefaction, as well as the production of various goods and products based on chemical technologies.

The order to allocate 6 billion rouble for these purposes was signed by Prime Minister Mikhail Mishustin.

Subsidies from the reserve fund of...

The government will finance research and development work to create domestic equipment for gas liquefaction, as well as the production of various goods and products based on chemical technologies.

The order to allocate 6 billion rouble for these purposes was signed by Prime Minister Mikhail Mishustin.

Subsidies from the reserve fund of...

04.10.2022

Gazprom Neft increases supply of hydrocarbons to Asia-Pacific markets

Gazprom Neft has put into operation a new oil and gas infrastructure in the Lensky District of Yakutia at the Chayandinskoye field, which is a resource base for strategic trunk gas and oil transportation systems the Power of Siberia and Eastern Siberia the Pacific Ocean (ESPO).

With the launch of the...

Gazprom Neft has put into operation a new oil and gas infrastructure in the Lensky District of Yakutia at the Chayandinskoye field, which is a resource base for strategic trunk gas and oil transportation systems the Power of Siberia and Eastern Siberia the Pacific Ocean (ESPO).

With the launch of the...

04.10.2022

Russian metal structures reformat housing construction

A year ago, many experts agreed that rapid development in the metal structures segment is not to be expected. Based on the then existing trends, it was clear that until 2025 supply growth would be in the range of 1.8–5.0% per year. The beginning of 2022 radically changed the situation:...

A year ago, many experts agreed that rapid development in the metal structures segment is not to be expected. Based on the then existing trends, it was clear that until 2025 supply growth would be in the range of 1.8–5.0% per year. The beginning of 2022 radically changed the situation:...

04.10.2022

Russian government allocates 10 billion rouble to farmers for production and sale of grain

The Cabinet of Ministers will provide new support to Russian farmers. An additional 10 billion rouble will go to the production and sale of grain crops, Prime Minister Mikhail Mishustin said. This will increase the profitability of farms.

The funds will go to 64 regions. Farmers will be able to compensate...

The Cabinet of Ministers will provide new support to Russian farmers. An additional 10 billion rouble will go to the production and sale of grain crops, Prime Minister Mikhail Mishustin said. This will increase the profitability of farms.

The funds will go to 64 regions. Farmers will be able to compensate...

04.10.2022

Yuan reverses downward spiral as central bank steps in

China's yuan on Friday recouped all of its losses from earlier in the week after Reuters reported the central bank has told major state-owned banks to be ready to support the currency in offshore trading. Sources told Reuters on Thursday that state banks were told to review their holdings of...

China's yuan on Friday recouped all of its losses from earlier in the week after Reuters reported the central bank has told major state-owned banks to be ready to support the currency in offshore trading. Sources told Reuters on Thursday that state banks were told to review their holdings of...

04.10.2022

China stocks track global peers lower before holiday

China stocks edged lower on Friday ahead of a week-long holiday, tracking overnight Wall Street losses on inflation worries and recession risks, while a subdued factory activity survey also weighed on sentiment.

The blue-chip CSI 300 Index and the Shanghai Composite Index both closed down 0.6%.

The Hang Seng Index edged up...

China stocks edged lower on Friday ahead of a week-long holiday, tracking overnight Wall Street losses on inflation worries and recession risks, while a subdued factory activity survey also weighed on sentiment.

The blue-chip CSI 300 Index and the Shanghai Composite Index both closed down 0.6%.

The Hang Seng Index edged up...

04.10.2022

China’s economy burdened by financial distress of local governments

Growing financial distress in regions across China is raising the risk of local governments defaulting on their bonds, as the nation presses on with its costly zero-Covid strategy.

The weakening of local government finances has been of growing concern in recent weeks, triggering questions about whether local Chinese authorities will need...

Growing financial distress in regions across China is raising the risk of local governments defaulting on their bonds, as the nation presses on with its costly zero-Covid strategy.

The weakening of local government finances has been of growing concern in recent weeks, triggering questions about whether local Chinese authorities will need...

04.10.2022

Beijing found scrambling to reverse capital outflow

In the midst of rising concerns over an exodus of foreign capital, China continues to remain “highly investible” to the world, at least in the eyes of analysts and insiders.

But even as Beijing mounts a charm offensive to woo overseas investors, its political decisions are complicating the landscape...

In the midst of rising concerns over an exodus of foreign capital, China continues to remain “highly investible” to the world, at least in the eyes of analysts and insiders.

But even as Beijing mounts a charm offensive to woo overseas investors, its political decisions are complicating the landscape for inbound capital...