Issue 1594 - 16.05.2024
17.05.2024

Uzbekistan and UN CTO ink road map for 2024-2025 cooperation

Uzbekistan and the United Nations Counter-Terrorism Office (UN CTO) have solidified their commitment through the signing of a comprehensive Road Map for cooperation spanning 2024-2025.

The agreement was sealed during a high-level meeting between Uzbekistan's Minister of Foreign Affairs, Bakhtiyor Saidov and His Excellency Vladimir Voronkov, the UN Under-Secretary-General for Counter-Terrorism on May 14. 

The meeting, which served as a platform for strategic dialogue, witnessed discussions revolving around a spectrum of issues ranging from current global dynamics to the effective strategies required to address both present and future threats not only within the Central Asian region but also on a global scale. Central to these deliberations was the review of successful outcomes stemming from the inaugural Central Asia Regional Expert Council Meeting on the Rehabilitation and Reintegration of Returnees: Cooperation for Peace and Security. 

The Road Map signed between Uzbekistan and the UN CTO delineates a roadmap for cooperative endeavors aimed at mitigating the scourge of terrorism through a multi-faceted approach encompassing prevention, intervention, and capacity-building measures. 

Reported by Daryo (Uzbekistan).

Uzbekistan General

17.05.2024

Uzbekistan and UN Women sign memorandum to advance gender equality

Within the framework of the Asian Women's Forum, UN Women and the Ministry of Economy and Finance of Uzbekistan have inked a memorandum of understanding, solidifying their commitment to advancing gender equality and women's empowerment in the nation. 

The memorandum sets the stage for multifaceted cooperation between UN Women and the Uzbek...

Within the framework of the Asian Women's Forum, UN Women and the Ministry of Economy and Finance of Uzbekistan have inked a memorandum of understanding, solidifying their commitment to advancing gender equality and women's empowerment in the nation. 

The memorandum sets the stage for multifaceted cooperation between UN Women and the Uzbek...

17.05.2024

Uzbekistan and UN Deputy Secretary General Voronkov discuss counter-terrorism efforts

President Shavkat Mirziyoyev of Uzbekistan welcomed Vladimir Voronkov, the Deputy Secretary General of the United Nations on May 15, to discuss pivotal matters regarding counter-terrorism efforts and regional stability. Voronkov's visit to Uzbekistan coincided with his participation in the inaugural meeting of the Regional Expert Council on the rehabilitation and...

President Shavkat Mirziyoyev of Uzbekistan welcomed Vladimir Voronkov, the Deputy Secretary General of the United Nations on May 15, to discuss pivotal matters regarding counter-terrorism efforts and regional stability. Voronkov's visit to Uzbekistan coincided with his participation in the inaugural meeting of the Regional Expert Council on the rehabilitation and...

Finance and Investment

17.05.2024

Uzbekistan's GDP growth to reach 6.5% in 2024 in EBRD forecasts

Projections indicate continued growth at a rate of 6.5% in 2024 for Uzbekistan's GDP and 6% in 2025, with the potential for market-oriented reforms to enhance foreign investment attraction, the European Bank for Reconstruction and Development (EBRD) disclosed in its latest report, titled "Taming Inflation," providing a comprehensive analysis of...

Projections indicate continued growth at a rate of 6.5% in 2024 for Uzbekistan's GDP and 6% in 2025, with the potential for market-oriented reforms to enhance foreign investment attraction, the European Bank for Reconstruction and Development (EBRD) disclosed in its latest report, titled "Taming Inflation," providing a comprehensive analysis of...

17.05.2024

EBRD supports expansion of Uzbekistan’s Star Group with $14m loan

To bolster Uzbekistan's consumer goods market, the European Bank for Reconstruction and Development (EBRD) has extended a substantial loan to Star Group, a prominent local distributor and retailer. The loan, totaling up to $14mn (€13mn), is aimed at fueling Star Group's regional expansion efforts and facilitating the construction of an energy-efficient...

To bolster Uzbekistan's consumer goods market, the European Bank for Reconstruction and Development (EBRD) has extended a substantial loan to Star Group, a prominent local distributor and retailer. The loan, totaling up to $14mn (€13mn), is aimed at fueling Star Group's regional expansion efforts and facilitating the construction of an energy-efficient...

17.05.2024

Uzbekistan leads crypto industry development in CIS

Uzbekistan occupies a leading position in the development of the crypto industry among the CIS countries, as it was expressed by the participants of the Pioneering Progress summit in Tbilisi, reports the National Agency for Advanced Projects (NAPP).

Uzbekistan took the center stage at the "Pioneering Progress" summit held in Tbilisi,...

Uzbekistan occupies a leading position in the development of the crypto industry among the CIS countries, as it was expressed by the participants of the Pioneering Progress summit in Tbilisi, reports the National Agency for Advanced Projects (NAPP).

Uzbekistan took the center stage at the "Pioneering Progress" summit held in Tbilisi,...

17.05.2024

Standard Chartered and MIGA announce €114mn financing for Uzbekistan’s largest bank NBU

Standard Chartered and the Multilateral Investment Guarantee Agency (MIGA) of the World Bank Group have announced a €114 mn financing initiative for Uzbekistan’s largest bank, National Bank of Uzbekistan (NBU). This marks MIGA’s first guarantee against the risk of non-honouring financial obligations by a state-owned enterprise in Uzbekistan, as announced by...

Standard Chartered and the Multilateral Investment Guarantee Agency (MIGA) of the World Bank Group have announced a €114 mn financing initiative for Uzbekistan’s largest bank, National Bank of Uzbekistan (NBU). This marks MIGA’s first guarantee against the risk of non-honouring financial obligations by a state-owned enterprise in Uzbekistan, as announced by...

17.05.2024

Greenback hits bottom as stocks soar

The dollar slumped against major currencies on Wednesday after U.S. consumer prices in April showed inflation had resumed trending lower in the second quarter, raising hopes the Federal Reserve can deliver an interest rate cut as early as September. Also boosting optimism that the Fed was closer to a rate...

The dollar slumped against major currencies on Wednesday after U.S. consumer prices in April showed inflation had resumed trending lower in the second quarter, raising hopes the Federal Reserve can deliver an interest rate cut as early as September. Also boosting optimism that the Fed was closer to a rate...

Oil and Gas Sector

17.05.2024

Uzbekistan's Saneg becomes first company to register methane emission program in Central Asia

Uzbekistan's oil and gas giant, Sanoat Energetika Guruhi (Saneg), has achieved a groundbreaking milestone by becoming the first company in Central Asia to implement a project aimed at reducing methane emissions from its production assets. This landmark initiative is registered with the Emissions Trading Agency (DEHSt) under the jurisdiction of...

Uzbekistan's oil and gas giant, Sanoat Energetika Guruhi (Saneg), has achieved a groundbreaking milestone by becoming the first company in Central Asia to implement a project aimed at reducing methane emissions from its production assets. This landmark initiative is registered with the Emissions Trading Agency (DEHSt) under the jurisdiction of...

17.05.2024

Brent holds steady with demand on the rise

Oil prices steadied on Wednesday on expectations for higher demand as the U.S. dollar weakened and a report showed U.S. crude and gasoline inventories fell, but longer term, demand in developed countries was seen flagging this year.

Brent crude futures were down 5 cents at $82.33 a barrel at 1042 GMT....

Oil prices steadied on Wednesday on expectations for higher demand as the U.S. dollar weakened and a report showed U.S. crude and gasoline inventories fell, but longer term, demand in developed countries was seen flagging this year.

Brent crude futures were down 5 cents at $82.33 a barrel at 1042 GMT....

Trade and Consumer Goods

17.05.2024

Inflation expectations of the population surge amid rising utility prices

The annual inflation expectations of the population in Uzbekistan have sharply increased following the rise in utility service prices, according to the results of a survey conducted by the Central Bank. Companies have also noted this factor, but they are more concerned about the impact of exchange rate changes on...

The annual inflation expectations of the population in Uzbekistan have sharply increased following the rise in utility service prices, according to the results of a survey conducted by the Central Bank. Companies have also noted this factor, but they are more concerned about the impact of exchange rate changes on...

17.05.2024

Trade turnover between Uzbekistan and Italy hits $114 m in Q1

The trade turnover volume between Uzbekistan and Italy amounted to $114 mn in the first quarter. This figure indicates a slight decrease of 0.44% compared to the same period in 2023, which recorded a turnover of $114.5 mn.

Italy ranked 18th among the countries with the largest volume of foreign trade turnover in Uzbekistan. The volume of...

The trade turnover volume between Uzbekistan and Italy amounted to $114 mn in the first quarter. This figure indicates a slight decrease of 0.44% compared to the same period in 2023, which recorded a turnover of $114.5 mn.

Italy ranked 18th among the countries with the largest volume of foreign trade turnover in Uzbekistan. The volume of...

Agriculture

17.05.2024

US wheat continues advance on shrinking Russian harvest outlook

Chicago wheat rose on Wednesday, resuming a rally that had taken prices to a near 10-month high as a fresh forecast reduction for Russia’s crop kept attention on weather damage in the world’s biggest exporter.

U.S. soybeans and corn were also higher, supported by a weaker dollar and uncertainty over the...

Chicago wheat rose on Wednesday, resuming a rally that had taken prices to a near 10-month high as a fresh forecast reduction for Russia’s crop kept attention on weather damage in the world’s biggest exporter.

U.S. soybeans and corn were also higher, supported by a weaker dollar and uncertainty over the...

Metals and Minerals

17.05.2024

Uzbekistan intends to buy 1mn tons of Afghan coal

A high-level delegation from Uzbekistan expressed its intent to send a technical team to Kabul to discuss the procurement of one million tons of coal from Afghanistan. The delegation, led by Minister of Transport Ilhom Mahkamov and Uzbekistan's special envoy for Afghanistan, Ismatullah Irgashev, articulated this proposal during a meeting...

A high-level delegation from Uzbekistan expressed its intent to send a technical team to Kabul to discuss the procurement of one million tons of coal from Afghanistan. The delegation, led by Minister of Transport Ilhom Mahkamov and Uzbekistan's special envoy for Afghanistan, Ismatullah Irgashev, articulated this proposal during a meeting...

17.05.2024

Bullion, silver lose ground on US data

Gold prices inched down on Wednesday ahead of a key U.S. inflation data that could offer insight into the Federal Reserve's interest rate trajectory.

Spot gold was down 0.1% at $2,355.24 per ounce, as of 0101 GMT. Bullion prices rose 1% on Tuesday.

U.S. gold futures were steady at $2,361.10.

Markets' focus will...

Gold prices inched down on Wednesday ahead of a key U.S. inflation data that could offer insight into the Federal Reserve's interest rate trajectory.

Spot gold was down 0.1% at $2,355.24 per ounce, as of 0101 GMT. Bullion prices rose 1% on Tuesday.

U.S. gold futures were steady at $2,361.10.

Markets' focus will...

17.05.2024

Ferrous, coal benchmarks depreciate with demand outlook in limbo

Iron ore prices extended declines into a second straight session on Wednesday, dragged down by expectations of seasonally falling demand in top consumer China and U.S. tariff hikes on some Chinese products.

The most-traded September iron ore contract on China’s Dalian Commodity Exchange (DCE) DCIOcv1 ended daytime trade 1.55% lower at...

Iron ore prices extended declines into a second straight session on Wednesday, dragged down by expectations of seasonally falling demand in top consumer China and U.S. tariff hikes on some Chinese products.

The most-traded September iron ore contract on China’s Dalian Commodity Exchange (DCE) DCIOcv1 ended daytime trade 1.55% lower at...

Energy Industry

17.05.2024

Uzbekistan hosts meeting with management of ACWA Power

A meeting was held at the Central Bank with Abdulhamid Al-Muhaidib, financial director of the ACWA Power (Saudi Arabia).

During the meeting, the leadership of the Central Bank provided brief information on the latest reforms in the country's banking sector, as well as current macroeconomic trends.

The parties also exchanged views on...

A meeting was held at the Central Bank with Abdulhamid Al-Muhaidib, financial director of the ACWA Power (Saudi Arabia).

During the meeting, the leadership of the Central Bank provided brief information on the latest reforms in the country's banking sector, as well as current macroeconomic trends.

The parties also exchanged views on...

Manufacturing industry

17.05.2024

Coca-Cola to establish fifth production plant in Uzbekistan by 2025

In a meeting with President Shavkat Mirziyoyev, James Quincey, Chairman and CEO of Coca-Cola, along with Tuncay Ozilhan, Chairman of Anadolu Group, Coca-Cola disclosed intentions to establish a fifth production plant in the Namangan region by 2025.

Coca-Cola, renowned as one of the world's foremost soft drink manufacturers, boasts a global...

In a meeting with President Shavkat Mirziyoyev, James Quincey, Chairman and CEO of Coca-Cola, along with Tuncay Ozilhan, Chairman of Anadolu Group, Coca-Cola disclosed intentions to establish a fifth production plant in the Namangan region by 2025.

Coca-Cola, renowned as one of the world's foremost soft drink manufacturers, boasts a global...

Regional News

17.05.2024

Revenues in first third of year in Russia lag behind expenses by 1.5 trillion rouble

In April, the federal budget, after a surplus in March, returned to a deficit. The gap between income and expenses accumulated in 2024 increased almost 2.5 times from 607 billion to 1.484 trillion rouble. The reason for the almost 2.5-fold increase in the deficit against the backdrop of revenues decreasing...

In April, the federal budget, after a surplus in March, returned to a deficit. The gap between income and expenses accumulated in 2024 increased almost 2.5 times from 607 billion to 1.484 trillion rouble. The reason for the almost 2.5-fold increase in the deficit against the backdrop of revenues decreasing...

17.05.2024

Russian market has reason to grow

On Wednesday, Russian stock indices showed a measured increase. By 14:20 Moscow time, the Moscow Exchange index was rising by 0.1% to 3,467.27 points, the RTS index by 0.28% to 1.198.03 points.

Support for stock exchanges was the statement by the head of the Bank of Russia, Elvira Nabiullina, that the...

On Wednesday, Russian stock indices showed a measured increase. By 14:20 Moscow time, the Moscow Exchange index was rising by 0.1% to 3,467.27 points, the RTS index by 0.28% to 1.198.03 points.

Support for stock exchanges was the statement by the head of the Bank of Russia, Elvira Nabiullina, that the...

17.05.2024

Russia reduces exports by 2.3%, imports by 9.9% year-on-year in 1Q 2024

The foreign trade balance of Russia in January-March 2024 increased by 13.3% compared to the same period in 2023 and amounted to $38.3 billion, according to data from the Federal Customs Service (FCS) on exports and imports published on Wednesday.

Including exports of goods from Russia, according to the Federal Customs...

The foreign trade balance of Russia in January-March 2024 increased by 13.3% compared to the same period in 2023 and amounted to $38.3 billion, according to data from the Federal Customs Service (FCS) on exports and imports published on Wednesday.

Including exports of goods from Russia, according to the Federal Customs...

17.05.2024

Yuan veers up as property sector moves towards stability

China's yuan edged higher on Wednesday, as a report of a possible plan to ease the country's housing glut boosted sentiment, outweighing U.S President Joe Biden's decision to impose steep tariff increases on an array of Chinese goods.

The yuan recouped earlier losses after Bloomberg reported, citing unidentified sources, that China is considering a proposal...

China's yuan edged higher on Wednesday, as a report of a possible plan to ease the country's housing glut boosted sentiment, outweighing U.S President Joe Biden's decision to impose steep tariff increases on an array of Chinese goods.

The yuan recouped earlier losses after Bloomberg reported, citing unidentified sources, that China is considering a proposal...

17.05.2024

Hostile US measures keep China’s stock markets subdued

Mainland China shares ended lower on Wednesday, pressured by U.S. President Joe Biden's decision to levy fresh tariffs on Chinese goods.

U.S. President Biden on Tuesday unveiled steep tariff increases on an array of Chinese imports, including electric vehicle (EV) batteries, computer chips and medical products, risking an election-year standoff with...

Mainland China shares ended lower on Wednesday, pressured by U.S. President Joe Biden's decision to levy fresh tariffs on Chinese goods.

U.S. President Biden on Tuesday unveiled steep tariff increases on an array of Chinese imports, including electric vehicle (EV) batteries, computer chips and medical products, risking an election-year standoff with...

17.05.2024

China's economic transformation offers new opportunities for global growth

China's remarkable economic and social transformation over the past few decades has offered new opportunities for global growth, setting an example of rapid modernization with valuable lessons for countries around the world striving to achieve high-quality development, said Pakistani and Chinese officials and experts on Wednesday.

The new idea of switching...

China's remarkable economic and social transformation over the past few decades has offered new opportunities for global growth, setting an example of rapid modernization with valuable lessons for countries around the world striving to achieve high-quality development, said Pakistani and Chinese officials and experts on Wednesday.

The new idea of switching...