Issue 830 - 02.03.2021
02.03.2021

Investment projects in Syrdarya region presented to Uzbek President

President of Uzbekistan Shavkat Mirziyoyev got acquainted with the presentation of investment projects in the Syrdarya region on 1 March.

About 737 projects have been formed in the region this year. Their total value is 25 trillion 500 billion soum, including US$900 million of foreign investment. As a result of the implementation of the projects, it is planned to create production facilities for 11 trillion soum a year and almost 36 thousand jobs. The new factories are expected to export US$326 million worth of products and replace imports by US$124 million. When forming projects, the "drivers" are the textile industry, the production of building materials, the pharmaceutical and food industries.

More than 200 thousand tons of cotton are grown in the Syrdarya region. As a result of the policy of the head of our state, aimed at deepening processing, converting raw materials into products with added value, indicators in this area are growing. In particular, if in 2020 in the region the share of local raw materials in the production of knitted fabric was 70 percent, in the production of clothing 75 percent, then this year it is planned to bring these indicators to 100 percent.

An important role in this will be played by 29 projects that are planned to be implemented in the textile industry. As a result, production facilities will be created in the amount of about 818 billion soum, the added value will increase 2.5 times. More than 6.6 thousand jobs will be created.

There are 16 projects planned in the building materials industry. For example, the production of tiles will be launched in the city of Yangiyer, aerated blocks in the Saykhunabad district, and drywall in the Khavast district. All these enterprises are scheduled to be commissioned this year, providing jobs for about 2 thousand people.

In the food industry, it is planned to implement 51 projects involving the processing of fruits and vegetables, the cultivation and export of mung bean, the organization of a fish-breeding cluster. As a result, the supply of inexpensive and high-quality products to the market will be established, which will contribute to price stability. About 3.5 thousand people will be employed.

Nine pharmaceutical projects were recognized as promising. The enterprises, which will be organized in the Gulistan and Syrdarya regions, will produce infusion solutions, tablets and medical supplies.

The head of state paid special attention to the project of creating an industrial zone Gujarat in the Mirzaabad district. The complex, an agreement on the creation of which was reached between Uzbekistan and India at the highest level, houses projects important for the economy. It is planned to organize 8 projects for the production of equipment for drip irrigation and greenhouses, agricultural machinery units, mini-equipment, plastic products, knitwear and food products. It will be possible to export goods worth US$25 million a year.

Currently, 40 hectares of land have been allocated for the industrial zone. It is planned to attract US$100 million of direct foreign investment for its organization. The enterprises are scheduled to be commissioned in 2021-2023.

The head of state gave instructions on high-quality and timely implementation of projects, increasing the output of import-substituting products. He noted the need to develop logistics and expand partnerships with neighboring states, taking advantage of the proximity of the Syrdarya region to the city of Tashkent and the development of the railway infrastructure.

During the presentation, the work to reduce poverty, increase the employment of youth and women was also considered.

Reported by the Uzbekistan Daily.

Uzbekistan General

02.03.2021

Uzbekistan transfers Sardoba reservoir to the jurisdiction of the Ministry of Water Management

The Sardoba reservoir has been transferred to the jurisdiction of the Ministry of Water Resources of Uzbekistan, the head of the press service of the Ministry of Water Management Shukhrat Suyunov said.

Previously, the construction was operated by the Directorate for the Use and Development of Sardobin Reservoir Objects under the...

The Sardoba reservoir has been transferred to the jurisdiction of the Ministry of Water Resources of Uzbekistan, the head of the press service of the Ministry of Water Management Shukhrat Suyunov said.

Previously, the construction was operated by the Directorate for the Use and Development of Sardobin Reservoir Objects under the...

02.03.2021

Uzbekistan prepares normative documents in the field of technical regulation

A government resolution on additional measures to systematize normative documents in the field of technical regulation was adopted.

The resolution defines the priority directions of systematization of normative documents in the field of technical regulation, and also approved the composition of the Interdepartmental Commission for the systematization of normative documents in...

A government resolution on additional measures to systematize normative documents in the field of technical regulation was adopted.

The resolution defines the priority directions of systematization of normative documents in the field of technical regulation, and also approved the composition of the Interdepartmental Commission for the systematization of normative documents in...

02.03.2021

First vaccine against coronavirus registered in Uzbekistan

The Center for Advanced Technologies under the Ministry of Innovative Development of the Republic of Uzbekistan and the Research Institute of Virology of the Ministry of Health are conducting phase III clinical trials of the ZF2001 recombinant vaccine produced by the Chinese company Anhui Zhifei Loncom Biopharmaceutical.

Given the active participation...

The Center for Advanced Technologies under the Ministry of Innovative Development of the Republic of Uzbekistan and the Research Institute of Virology of the Ministry of Health are conducting phase III clinical trials of the ZF2001 recombinant vaccine produced by the Chinese company Anhui Zhifei Loncom Biopharmaceutical.

Given the active participation...

Finance and Investment

02.03.2021

Direct tax withdrawal increases in budget revenues of Uzbekistan in 2020

In 2020, receipts from direct taxes amounted to 43.8 trillion soum and increased by more than 1.5 times, including from income tax increased by 1.9 times compared to 2019. The share of direct taxes in total budget revenues increased from 25.4% to 33%.

This information was made public in the publication...

In 2020, receipts from direct taxes amounted to 43.8 trillion soum and increased by more than 1.5 times, including from income tax increased by 1.9 times compared to 2019. The share of direct taxes in total budget revenues increased from 25.4% to 33%.

This information was made public in the publication...

02.03.2021

Uzbekistan starts to fine for violation of terms of issuing invoices

From April 1, instead of the previously indicated March 1, fines are provided for violating the deadlines for issuing electronic invoices, provided for by the Regulation on the forms of invoices and the procedure for filling them out, submitting and receiving them (Article 223 of the Tax Code). This was...

From April 1, instead of the previously indicated March 1, fines are provided for violating the deadlines for issuing electronic invoices, provided for by the Regulation on the forms of invoices and the procedure for filling them out, submitting and receiving them (Article 223 of the Tax Code). This was...

02.03.2021

Cashing out in Uzbekistan and what happens to it now

As of March 1, the fact of fictitious transactions was confirmed in 7,321 out of 7,441 companies for 762.4 billion soum. This is 98.4% of verified cases, follows from the press service of the State Tax Committee.

The Deputy Minister of Finance Dilshod Sultanov recently told the website buxgalter.uz where...

As of March 1, the fact of fictitious transactions was confirmed in 7,321 out of 7,441 companies for 762.4 billion soum. This is 98.4% of verified cases, follows from the press service of the State Tax Committee.

The Deputy Minister of Finance Dilshod Sultanov recently told the website buxgalter.uz where the cash out...

02.03.2021

Targeted support for investors among Uzbekistan’s main priorities

Deputy Prime Minister and Minister of Investments and Foreign Trade of the Republic of Uzbekistan Sardor Umurzakov held a meeting with the director of Indorama (Singapore) Prakash Kejrival.

During the meeting, the progress of the projects of the Singaporean investor in Uzbekistan was discussed, referring to the spinning production in Kokand,...

Deputy Prime Minister and Minister of Investments and Foreign Trade of the Republic of Uzbekistan Sardor Umurzakov held a meeting with the director of Indorama (Singapore) Prakash Kejrival.

During the meeting, the progress of the projects of the Singaporean investor in Uzbekistan was discussed, referring to the spinning production in Kokand,...

02.03.2021

UK firms view investment opportunities in Karakalpakstan and Kashkadarya region, Uzbekistan

With the assistance of the Embassy of Uzbekistan in the UK, negotiations were held between the director of TP Securities (Scotland) Jerome Broome with the khokim of Kegeili district of the Republic of Karakalpakstan Daulet Utemuratov, as well as the deputy governors of Shahrisabz Ulugbek Rakhimov and Guzar district by...

With the assistance of the Embassy of Uzbekistan in the UK, negotiations were held between the director of TP Securities (Scotland) Jerome Broome with the khokim of Kegeili district of the Republic of Karakalpakstan Daulet Utemuratov, as well as the deputy governors of Shahrisabz Ulugbek Rakhimov and Guzar district by...

02.03.2021

Greenback improves position on upbeat mood regarding US economy

The dollar index rose to a three-week high on Monday as investors bet on faster growth and inflation in the United States, while the Australian dollar gained after Australia’s central bank increased its bond purchases in a bid to stem rapidly rising yields.

The dollar has gained in the past few...

The dollar index rose to a three-week high on Monday as investors bet on faster growth and inflation in the United States, while the Australian dollar gained after Australia’s central bank increased its bond purchases in a bid to stem rapidly rising yields.

The dollar has gained in the past few...

02.03.2021

Stock markets veer up as bonds retreat

European shares jumped on Monday as bond yields stayed below their recent spikes, while risk assets also rallied and Wall Street futures indicated the optimism would continue into the U.S. session.

European shares jumped on Monday and the bond market calmed, with yields dropping from their recent spikes, while optimism about...

European shares jumped on Monday as bond yields stayed below their recent spikes, while risk assets also rallied and Wall Street futures indicated the optimism would continue into the U.S. session.

European shares jumped on Monday and the bond market calmed, with yields dropping from their recent spikes, while optimism about...

02.03.2021

Structure of the national budget revenues in 2020 in EAEU reviewed

In the structure of national budget revenues in 2020 in all EAEU member states, the predominant share was occupied by value added tax at 21%-40% and other revenues to the budget revenues at 27%-57%. This is stated in the statistical information of the Eurasian Economic Commission.

In all the EAEU member...

In the structure of national budget revenues in 2020 in all EAEU member states, the predominant share was occupied by value added tax at 21%-40% and other revenues to the budget revenues at 27%-57%. This is stated in the statistical information of the Eurasian Economic Commission.

In all the EAEU member...

Oil and Gas Sector

02.03.2021

Brent rallies close to $65/b threshold

Oil prices rose on Monday, supported by optimism about COVID-19 vaccinations, a U.S. stimulus package and growing factory activity in Europe despite coronavirus restrictions.

Brent crude was up 34 cents, or 0.5%, at $64.76 a barrel by 1448 GMT, and U.S. West Texas Intermediate (WTI) crude rose 13 cents, or 0.2%,...

Oil prices rose on Monday, supported by optimism about COVID-19 vaccinations, a U.S. stimulus package and growing factory activity in Europe despite coronavirus restrictions.

Brent crude was up 34 cents, or 0.5%, at $64.76 a barrel by 1448 GMT, and U.S. West Texas Intermediate (WTI) crude rose 13 cents, or 0.2%,...

02.03.2021

Supply slump lifts North Sea region’s natural gas prices

British wholesale gas prices rose on Monday morning as an increase in demand for gas for heating and power left the system undersupplied.

The within-day contract was up 1.80 pence at 43.00 p/therm by 0925 GMT. The day-ahead contract was up 1.50 p at 42.75 p/therm.

Traders said forecasts of lower output...

British wholesale gas prices rose on Monday morning as an increase in demand for gas for heating and power left the system undersupplied.

The within-day contract was up 1.80 pence at 43.00 p/therm by 0925 GMT. The day-ahead contract was up 1.50 p at 42.75 p/therm.

Traders said forecasts of lower output...

Agriculture

02.03.2021

FEZ Karakalpak-Agro established in Uzbekistan

The Cabinet of Ministers adopted a resolution on measures to organize the activities of the free economic zone Karakalpak-Agro.

In accordance with the decree of the President on measures for the comprehensive socio-economic development of the Republic of Karakalpakstan in 2020–2023 on an area of 875.4 hectares in the Amu Darya,...

The Cabinet of Ministers adopted a resolution on measures to organize the activities of the free economic zone Karakalpak-Agro.

In accordance with the decree of the President on measures for the comprehensive socio-economic development of the Republic of Karakalpakstan in 2020–2023 on an area of 875.4 hectares in the Amu Darya,...

02.03.2021

Uzbekistan exports 63,800 tonnes of fruits and vegetables

In January 2021, Uzbekistan exported 63,800 tonnes of fruits and vegetables worth US$40.8 million. This is US$2.4 million more than in the same period of last year. This was reported by the State Statistics Committee of Uzbekistan.

The volume of exported fruits and vegetables by region in January 2021:

Karakalpakstan - 2.8...

In January 2021, Uzbekistan exported 63,800 tonnes of fruits and vegetables worth US$40.8 million. This is US$2.4 million more than in the same period of last year. This was reported by the State Statistics Committee of Uzbekistan.

The volume of exported fruits and vegetables by region in January 2021:

Karakalpakstan - 2.8...

02.03.2021

US wheat futures up as Russia ups export duties

Chicago soybean futures rose on Monday as delays in exports from Brazil raised hopes of higher demand for U.S. beans at a time of tight U.S. supplies.

Wheat rose as Russia raised export taxes. Corn was supported by firm soybeans as U.S. farmers decide on new crop plantings.

Chicago Board of Trade...

Chicago soybean futures rose on Monday as delays in exports from Brazil raised hopes of higher demand for U.S. beans at a time of tight U.S. supplies.

Wheat rose as Russia raised export taxes. Corn was supported by firm soybeans as U.S. farmers decide on new crop plantings.

Chicago Board of Trade...

Metals and Minerals

02.03.2021

Bullion regains strength as bonds eclipse

Gold prices rose on Monday as a retreat in U.S. Treasury yields helped it regain its status as an inflation hedge after a U.S. stimulus package moved one step closer to being signed into law, but a firmer dollar could cut short bullion’s advance.

Spot gold was up 0.3% at $1,738.46...

Gold prices rose on Monday as a retreat in U.S. Treasury yields helped it regain its status as an inflation hedge after a U.S. stimulus package moved one step closer to being signed into law, but a firmer dollar could cut short bullion’s advance.

Spot gold was up 0.3% at $1,738.46...

02.03.2021

Tin gives way on profit taking as other non-ferrous base metals continue rally

 Tin prices plunged more than 10% on Monday as last week’s nine-year highs triggered some technical selling and prompted investors to book profits, though shortages capped losses.

Benchmark three-month tin on the London Metal Exchange (LME) was on track for its biggest daily fall since 2008. In official trading, tin was...

 Tin prices plunged more than 10% on Monday as last week’s nine-year highs triggered some technical selling and prompted investors to book profits, though shortages capped losses.

Benchmark three-month tin on the London Metal Exchange (LME) was on track for its biggest daily fall since 2008. In official trading, tin was...

Manufacturing industry

02.03.2021

Eurocement intends to sell a block of shares in Uzbek Akhangarancement JSC

Eurocement Holding AG intends to sell a stake in Akhangarantsement. This was said in a statement.

Eurocement Holding AG intends to sell over 4.14 million shares in Akhangarantsement, which is 84.19% of the manufacturer's authorized capital.

The price for one share of Akhangarancement is set at 103,593.05 soum with a par of...

Eurocement Holding AG intends to sell a stake in Akhangarantsement. This was said in a statement.

Eurocement Holding AG intends to sell over 4.14 million shares in Akhangarantsement, which is 84.19% of the manufacturer's authorized capital.

The price for one share of Akhangarancement is set at 103,593.05 soum with a par of...

02.03.2021

Uztekstilprom Association receives international standards ISO 9001 2015

The chairman of the Uzstandart agency, employees of the Ministry of Economy and Poverty Reduction, German Society for International Cooperation GIZ, took part in the event organized by the Uztekstilprom Association on 1 March in the building of Uz-Kor Textile Technopark, representatives of international certification companies SGS and Hohenstein, textile...

The chairman of the Uzstandart agency, employees of the Ministry of Economy and Poverty Reduction, German Society for International Cooperation GIZ, took part in the event organized by the Uztekstilprom Association on 1 March in the building of Uz-Kor Textile Technopark, representatives of international certification companies SGS and Hohenstein, textile...

02.03.2021

Eurasian Economic Commission supports cooperation of Eurasian countries in light industry

Prospective directions for cooperation in light industry were discussed by the participants of the zoom session at the site of the Eurasian Economic Commission, Opportunities for cooperation in light industry in the EAEU and with third countries.

“The internal market of the Eurasian Economic Union is very capacious, with a huge...

Prospective directions for cooperation in light industry were discussed by the participants of the zoom session at the site of the Eurasian Economic Commission, Opportunities for cooperation in light industry in the EAEU and with third countries.

“The internal market of the Eurasian Economic Union is very capacious, with a huge...

Communications and Transportation

02.03.2021

Uzbekistan announces procedure for the allocation of grants for guides and tour operators

The procedure for allocating grants for guides and tour operators has been announced, the press service of the State Committee for Tourism Development said.

Guides can receive 5 million soum for development, and tour operators 10 million soum for advertising and sales.

Tour operators and guides must contact the committee in writing...

The procedure for allocating grants for guides and tour operators has been announced, the press service of the State Committee for Tourism Development said.

Guides can receive 5 million soum for development, and tour operators 10 million soum for advertising and sales.

Tour operators and guides must contact the committee in writing...

Regional News

02.03.2021

Russia’s manufacturing PMI rises to 51.5 points in February

The IHS Markit Russia Manufacturing Purchasing Managers Index (PMI) - a composite single-figure snapshot of the performance of the country's manufacturing economy rose to 51.5 points in February 2021 from 50.9 points in January 2020, IHS Markit analytical agency reported on Monday.

"Contributing to the overall expansion was a faster rise...

The IHS Markit Russia Manufacturing Purchasing Managers Index (PMI) - a composite single-figure snapshot of the performance of the country's manufacturing economy rose to 51.5 points in February 2021 from 50.9 points in January 2020, IHS Markit analytical agency reported on Monday.

"Contributing to the overall expansion was a faster rise...

02.03.2021

Russian equity, currency strengthen as oil prices rally

The Russian rouble firmed on Monday, pricing in rising oil prices and appetite for riskier assets, as the Moscow Exchange opened three hours earlier than previously in a move to capture more Asian investors.

At 1304 GMT, the rouble was 0.7% stronger against the dollar at 74.10. Versus the euro, it...

The Russian rouble firmed on Monday, pricing in rising oil prices and appetite for riskier assets, as the Moscow Exchange opened three hours earlier than previously in a move to capture more Asian investors.

At 1304 GMT, the rouble was 0.7% stronger against the dollar at 74.10. Versus the euro, it...

02.03.2021

China stocks, yuan gain strength following momentary decline

China shares ended higher on Monday, rebounding from their biggest weekly loss in a year as investors bought shares bruised by the sell-off, even as slower factory activity growth showed the fragility of China's economic recovery.

The Shanghai Composite index ended up 1.21% at 3,551.40. It fell 5.06% last week, its...

China shares ended higher on Monday, rebounding from their biggest weekly loss in a year as investors bought shares bruised by the sell-off, even as slower factory activity growth showed the fragility of China's economic recovery.

The Shanghai Composite index ended up 1.21% at 3,551.40. It fell 5.06% last week, its...

02.03.2021

China remains world's top manufacturing hub for 11 consecutive years

China has maintained its position as the world's largest manufacturing hub for 11 straight years, accounting for nearly 30 percent of the global manufacturing output, according to the Ministry of Industry and Information Technology (MIIT).

In the past five years, the value-added industrial output in China has increased from 23.5 trillion...

China has maintained its position as the world's largest manufacturing hub for 11 straight years, accounting for nearly 30 percent of the global manufacturing output, according to the Ministry of Industry and Information Technology (MIIT).

In the past five years, the value-added industrial output in China has increased from 23.5 trillion...

Prices and Statistics

02.03.2021

Commodities

Date: March 02, 2021;Source: Bloomberg.com

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Date: March 02, 2021;Source: Bloomberg.com

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02.03.2021

Exchange Rates

Date: March 02, 2021; Source: the Central Bank of Uzbekistan
1 US DOLLAR USD / UZS 10525.50
1 EURO EUR / UZS 12763.22
1 RUSSIAN ROUBLE RUB / UZS 141.09
1 GREAT BRITIAN POUND GBP / UZS  14675.70
1 KAZAKHSTAN TENGE KZT / UZS 25.19

Date: March 02, 2021; Source: the Central Bank of Uzbekistan

1 US DOLLAR

USD / UZS

10525.50

1 EURO

EUR / UZS

12763.22

1 RUSSIAN ROUBLE

RUB / UZS

141.09

1 GREAT BRITIAN POUND

GBP / UZS

 14675.70

1 KAZAKHSTAN TENGE

KZT / UZS

25.19