Issue 1545 - 23.02.2024
23.02.2024

Uzbekistan-Singapore inter-MFA political consultations held

On 19-20 February 2024, the delegation of the Ministry of Foreign Affairs of the Republic of Uzbekistan visited Singapore and held the 3rd round of political consultations between, as well as meetings at the Ministry of Industry and Trade, the Singapore Business Federation, the Indorama Corporation and Wilmar International.

The delegations at political consultations were headed by the Deputy Minister of Foreign Affairs of the Republic of Uzbekistan Bobur Usmanov and Deputy Minister of Foreign Affairs of the Republic of Singapore Kevin Cheok.

During the negotiations, the state and prospects for further development of Uzbekistan-Singapore cooperation were discussed. Particular attention was paid to accelerating the implementation of agreements reached during the highest-level visits to Singapore (January) and Uzbekistan (May) in 2023.

The Singaporean side highly appreciated the large-scale reforms being carried out in Uzbekistan aimed at improving public administration and the legislative sphere, liberalizing and modernizing the national economy.

The sides confirmed mutual interest in realizing the existing significant potential to strengthen partnerships in the political, trade, economic, investment, cultural and humanitarian spheres.

The parties emphasized the importance of expanding contacts between the legislative bodies of the two countries. It was noted that deepening the interparliamentary dialogue will contribute to the intensification of ties in all areas of the common agenda.

Proposals to increase cultural, humanitarian and tourist exchanges were considered.

Special attention was paid to the issues of enhancing interaction between the parties within the UN and other international institutions. An exchange of views on current aspects of international and regional politics also took place.

During the meetings at the Ministry of Trade and Industry and the Singapore Business Federation, the sides agreed to take joint measures to enhance contacts between the business circles of the two countries, including via organizing exhibitions of national products, seminars and presentations of economic potential.

Reported by the Uzbekistan Daily.

Uzbekistan General

23.02.2024

CA+ Germany format pivotal in strengthening diplomatic ties with Uzbekistan

The International Institute for Central Asia (MICA) hosted a meeting with German Ambassador to Uzbekistan Dr Thilo Klinner.

During the conversation, the head of the diplomatic mission noted that the pragmatic and balanced foreign policy of the President of Uzbekistan contributes to the development of mutually beneficial cooperation and creates favourable...

The International Institute for Central Asia (MICA) hosted a meeting with German Ambassador to Uzbekistan Dr Thilo Klinner.

During the conversation, the head of the diplomatic mission noted that the pragmatic and balanced foreign policy of the President of Uzbekistan contributes to the development of mutually beneficial cooperation and creates favourable...

Finance and Investment

23.02.2024

Uzbekistan to implement $78.6bn investment projects in Q1

Uzbekistan, the second largest economy in Central Asia, plans to implement $78.6bn of investment projects in 1Q24. According to the information reflected in the investment program, the focus will be on infrastructure and green energy projects. Many of the projects were initiated years prior with many others set to begin in 1Q24.

The projected...

Uzbekistan, the second largest economy in Central Asia, plans to implement $78.6bn of investment projects in 1Q24. According to the information reflected in the investment program, the focus will be on infrastructure and green energy projects. Many of the projects were initiated years prior with many others set to begin in 1Q24.

The projected...

23.02.2024

Uzbekistan ranks sixth in Forbes India's cheapest currencies list

Forbes India has published its latest rankings, showing the top 10 cheapest currencies worldwide for 2024, shedding light on the economic dynamics shaping various nations. Uzbekistan's currency, the Uzbekistani soum (UZS), has secured the sixth position on this list, drawing attention to the economic challenges facing the country.

In the global discourse dominated...

Forbes India has published its latest rankings, showing the top 10 cheapest currencies worldwide for 2024, shedding light on the economic dynamics shaping various nations. Uzbekistan's currency, the Uzbekistani soum (UZS), has secured the sixth position on this list, drawing attention to the economic challenges facing the country.

In the global discourse dominated...

23.02.2024

Uzbekistan and Russia plan to create a joint investment fund

Uzbekistan and Russia plan to create a joint investment fund with an authorized capital of US$500 million.

Presidents Shavkat Mirziyoyev and Vladimir Putin discussed issues of developing bilateral cooperation in Kazan.

They expressed satisfaction with the positive dynamics in trade and the implementation of projects in various fields.

Putin noted that the creation...

Uzbekistan and Russia plan to create a joint investment fund with an authorized capital of US$500 million.

Presidents Shavkat Mirziyoyev and Vladimir Putin discussed issues of developing bilateral cooperation in Kazan.

They expressed satisfaction with the positive dynamics in trade and the implementation of projects in various fields.

Putin noted that the creation...

23.02.2024

US dollar takes 12,500 soum threshold in Uzbekistan

The dollar on the foreign exchange on February 22 rose in price by 12.97 soum to 12,508 soum, followed by the same rate of the national currency of the United States set by the Central Bank of Uzbekistan.

Banks of Uzbekistan bought the dollar for 12,435-12,450 soum, and sold it for...

The dollar on the foreign exchange on February 22 rose in price by 12.97 soum to 12,508 soum, followed by the same rate of the national currency of the United States set by the Central Bank of Uzbekistan.

Banks of Uzbekistan bought the dollar for 12,435-12,450 soum, and sold it for...

23.02.2024

Stagnant greenback drives bulls into stock markets

The dollar held broadly steady on Thursday as traders awaited a slew of business activity surveys to gauge the health of major economies and what that may mean for the global interest rate outlook.

Flash Purchasing Managers' Index (PMI) figures across the U.S., the UK and the euro zone are due...

The dollar held broadly steady on Thursday as traders awaited a slew of business activity surveys to gauge the health of major economies and what that may mean for the global interest rate outlook.

Flash Purchasing Managers' Index (PMI) figures across the U.S., the UK and the euro zone are due...

Oil and Gas Sector

23.02.2024

Uzbekistan to direct US$500 million to upgrade trunk gas pipeline system

Uzbekistan plans to modernize the main gas pipeline system to increase the volume of natural gas imports in the northern direction.

The Government of Uzbekistan adopted a resolution on measures to implement investment projects in the first quarter of 2024.

The resolution notes that Uztransgaz will implement the first stage of the...

Uzbekistan plans to modernize the main gas pipeline system to increase the volume of natural gas imports in the northern direction.

The Government of Uzbekistan adopted a resolution on measures to implement investment projects in the first quarter of 2024.

The resolution notes that Uztransgaz will implement the first stage of the...

23.02.2024

Brent crawls up on top of $80/b threshold

Oil prices rose slightly on Thursday, holding to gains from the previous session that came amid signs of tighter supply.

U.S. West Texas Intermediate crude futures (WTI) rose 17 cents to $78.08 a barrel for the prompt month. The May contract gained 14 cents to $77.45 a barrel by 0150 GMT.

Brent...

Oil prices rose slightly on Thursday, holding to gains from the previous session that came amid signs of tighter supply.

U.S. West Texas Intermediate crude futures (WTI) rose 17 cents to $78.08 a barrel for the prompt month. The May contract gained 14 cents to $77.45 a barrel by 0150 GMT.

Brent...

Trade and Consumer Goods

23.02.2024

Inflation expectations in January get milder in Uzbekistan

The anticipated level of inflation by Uzbekistan's residents significantly decreased in January, according to a study by the Central Bank.

Participants in the latest survey, which focused on price growth forecasts for the next 12 months, predicted an average figure of 13.1%, half a percent lower than in December. The median...

The anticipated level of inflation by Uzbekistan's residents significantly decreased in January, according to a study by the Central Bank.

Participants in the latest survey, which focused on price growth forecasts for the next 12 months, predicted an average figure of 13.1%, half a percent lower than in December. The median...

Agriculture

23.02.2024

Omani firm Atyab Investments to build canning factory in Uzbekistan

Atyab Investments, a prominent Omani company, has expressed its intent to construct a fruit and vegetable canning facility in Uzbekistan. The announcement came during a meeting between the director of Atyab Investments, Haitham al-Fann, and Uzbek Ambassador Abdusalom Khatamov.

The proposed factory aims to bolster Uzbekistan's food processing industry, with Atyab...

Atyab Investments, a prominent Omani company, has expressed its intent to construct a fruit and vegetable canning facility in Uzbekistan. The announcement came during a meeting between the director of Atyab Investments, Haitham al-Fann, and Uzbek Ambassador Abdusalom Khatamov.

The proposed factory aims to bolster Uzbekistan's food processing industry, with Atyab...

23.02.2024

US cereals contracts crawl up from lower end

Chicago grain futures rose on Thursday as traders covered short positions after most contracts hit multi-month lows this week, with corn edging higher after hitting its lowest level since November 2020 in the previous session.

Wheat rose after hitting a 3-month low on Tuesday, pressured by plentiful Russian supplies, while soybeans...

Chicago grain futures rose on Thursday as traders covered short positions after most contracts hit multi-month lows this week, with corn edging higher after hitting its lowest level since November 2020 in the previous session.

Wheat rose after hitting a 3-month low on Tuesday, pressured by plentiful Russian supplies, while soybeans...

Metals and Minerals

23.02.2024

British company ready to cooperate with Uzbekistan in metalworking

Negotiations were held at the Embassy of Uzbekistan in London with the director of the British metalworking company Sackers, David Dodds.

Sackers was founded in 1929 and currently processes about 16 thousand tons of metal per year. The organization specializes in the import and processing of ferrous and non-ferrous metals, including...

Negotiations were held at the Embassy of Uzbekistan in London with the director of the British metalworking company Sackers, David Dodds.

Sackers was founded in 1929 and currently processes about 16 thousand tons of metal per year. The organization specializes in the import and processing of ferrous and non-ferrous metals, including...

23.02.2024

Bullion and peers keep riding high as gunfire haunts other markets

Gold prices edged up on Thursday supported by safe-haven demand amid rising geopolitical tensions in the Middle East and a softer dollar, while minutes of the latest U.S. Federal Reserve meeting dampened hopes for an early interest rate cut.

Spot gold was up 0.1% at $2,026.9 per ounce, as of 0100...

Gold prices edged up on Thursday supported by safe-haven demand amid rising geopolitical tensions in the Middle East and a softer dollar, while minutes of the latest U.S. Federal Reserve meeting dampened hopes for an early interest rate cut.

Spot gold was up 0.1% at $2,026.9 per ounce, as of 0100...

23.02.2024

Ferrous benchmarks remain subdued pending Chinese demand pickup, coal gains ground

Dalian iron ore futures fell for a fourth consecutive session on Thursday amid concerns over steel demand in top consumer China, while prices in Singapore edged up on a softer dollar.

The most-traded May iron ore contract on China's Dalian Commodity Exchange (DCE) ended daytime trade 1.49% lower at 893.5 yuan ($124.28)...

Dalian iron ore futures fell for a fourth consecutive session on Thursday amid concerns over steel demand in top consumer China, while prices in Singapore edged up on a softer dollar.

The most-traded May iron ore contract on China's Dalian Commodity Exchange (DCE) ended daytime trade 1.49% lower at 893.5 yuan ($124.28)...

23.02.2024

Copper, zinc, aluminium, nickel log gains as other base metals retreat

Nickel prices rose to their highest in 10 weeks on Thursday as concern over expansion of U.S. sanctions against Russia triggered covering of bets on lower prices of the metal used in stainless steel and electric vehicle batteries.

Three-month nickel on the London Metal Exchange was up 1.6% at $17,195 a metric...

Nickel prices rose to their highest in 10 weeks on Thursday as concern over expansion of U.S. sanctions against Russia triggered covering of bets on lower prices of the metal used in stainless steel and electric vehicle batteries.

Three-month nickel on the London Metal Exchange was up 1.6% at $17,195 a metric...

Energy Industry

23.02.2024

Russia’s Inter RAO mulls exporting electricity to Uzbekistan

The Russian energy company Inter RAO is considering the possibility of exporting electricity to Uzbekistan.

According to the Interfax agency, company representative Alexandra Panina announced Uzbekistan’s interest in Inter RAO’s proposal to supply electricity to the country.

However, she noted difficulties in transit through Kazakhstan, given the already existing supplies to Kyrgyzstan...

The Russian energy company Inter RAO is considering the possibility of exporting electricity to Uzbekistan.

According to the Interfax agency, company representative Alexandra Panina announced Uzbekistan’s interest in Inter RAO’s proposal to supply electricity to the country.

However, she noted difficulties in transit through Kazakhstan, given the already existing supplies to Kyrgyzstan...

Manufacturing industry

23.02.2024

UzAutoMotors faces rising competition from BYD and ADM

UzAutoMotors (UZMT) dominates Uzbekistan's automotive industry, manufacturing over 90% of the country's vehicles since its inception in 2008. However, recent developments pose significant challenges. In November 2023, Uzbekistan imported 83,800 vehicles from China, highlighting intense competition. New players like BYD and ADM Jizzakh further intensify the landscape. Moreover, UZMT faces risks like the expiration of its...

UzAutoMotors (UZMT) dominates Uzbekistan's automotive industry, manufacturing over 90% of the country's vehicles since its inception in 2008. However, recent developments pose significant challenges. In November 2023, Uzbekistan imported 83,800 vehicles from China, highlighting intense competition. New players like BYD and ADM Jizzakh further intensify the landscape. Moreover, UZMT faces risks like the expiration of its...

Communications and Transportation

23.02.2024

From 1 March, movement of trucks and trailers prohibited in Tashkent

From 1 March, during peak hours in Tashkent, the movement of freight vehicles of categories N2, N3 and O4 with a permissible maximum weight of more than 10 tons will be prohibited.

This is envisaged by the decree of the President of Uzbekistan “On the state program for the implementation of...

From 1 March, during peak hours in Tashkent, the movement of freight vehicles of categories N2, N3 and O4 with a permissible maximum weight of more than 10 tons will be prohibited.

This is envisaged by the decree of the President of Uzbekistan “On the state program for the implementation of...

23.02.2024

Uzbekistan’s aviation sector pursues IPO and airport privatization for growth

President Shavkat Mirziyoyev spearheaded a comprehensive review of plans to revolutionize state-owned enterprises within Uzbekistan's aviation sector, on February 22.

In recent years, Uzbekistan has witnessed a remarkable expansion in its aviation landscape, with significant opportunities opening up for the private sector. Notably, the number of airlines has surged to 15, including...

President Shavkat Mirziyoyev spearheaded a comprehensive review of plans to revolutionize state-owned enterprises within Uzbekistan's aviation sector, on February 22.

In recent years, Uzbekistan has witnessed a remarkable expansion in its aviation landscape, with significant opportunities opening up for the private sector. Notably, the number of airlines has surged to 15, including...

23.02.2024

Uzbekistan to limit cars below Euro-5 standard in several regions

President Shavkat Mirziyoyev of Uzbekistan has issued a decree on February 21, approving the State Program for the implementation of the Uzbekistan-2030 Strategy in 2024. This decree outlines significant measures aimed at improving environmental standards and urban transportation infrastructure in key cities across the country.

One of the pivotal initiatives outlined in the...

President Shavkat Mirziyoyev of Uzbekistan has issued a decree on February 21, approving the State Program for the implementation of the Uzbekistan-2030 Strategy in 2024. This decree outlines significant measures aimed at improving environmental standards and urban transportation infrastructure in key cities across the country.

One of the pivotal initiatives outlined in the...

23.02.2024

Uzbekistan's IT sector aims for tenfold growth by 2030

President Shavkat Mirziyoyev, delved into a presentation outlining proposals aimed at bolstering infrastructure development and augmenting the export of IT services in Uzbekistan, on February 22.

Uzbekistan boasts a burgeoning IT sector with 1,700 resident companies in IT parks, providing employment to 26,000 individuals. However, in line with the ambitious "Uzbekistan-2030" strategy, the aim...

President Shavkat Mirziyoyev, delved into a presentation outlining proposals aimed at bolstering infrastructure development and augmenting the export of IT services in Uzbekistan, on February 22.

Uzbekistan boasts a burgeoning IT sector with 1,700 resident companies in IT parks, providing employment to 26,000 individuals. However, in line with the ambitious "Uzbekistan-2030" strategy, the aim...

Regional News

23.02.2024

Russian market gets tired of falling

After several days of decline, the Russian stock market began to grow, repeating the positive dynamics on foreign exchanges. By 14:15 Moscow time, the Moscow Exchange index grew by 0.7% to 3,161.45 points; The RTS index rose by 0.15% to 1,069.76 points.

The long weekend and the introduction of new economic...

After several days of decline, the Russian stock market began to grow, repeating the positive dynamics on foreign exchanges. By 14:15 Moscow time, the Moscow Exchange index grew by 0.7% to 3,161.45 points; The RTS index rose by 0.15% to 1,069.76 points.

The long weekend and the introduction of new economic...

23.02.2024

Russians spend more and more of their income on basics

Over three years, in the budget of the average Russian family, the share of expenses for food at home and outside the home has increased from 28–29% to 31–32%, the Romir holding told NG. These numbers can be estimated in different ways. The view of a conditional pessimist: the lower...

Over three years, in the budget of the average Russian family, the share of expenses for food at home and outside the home has increased from 28–29% to 31–32%, the Romir holding told NG. These numbers can be estimated in different ways. The view of a conditional pessimist: the lower...

23.02.2024

Russia looks for hidden reserves in housing and communal services

In parallel with receiving increasing budget injections for the modernisation of dilapidated utility networks, housing and communal services enterprises should more actively use their internal resources, the Ministry of Construction is convinced. To this end, as the head of the department, Irek Fayzullin, said yesterday at the Federation Council, it...

In parallel with receiving increasing budget injections for the modernisation of dilapidated utility networks, housing and communal services enterprises should more actively use their internal resources, the Ministry of Construction is convinced. To this end, as the head of the department, Irek Fayzullin, said yesterday at the Federation Council, it...

23.02.2024

Yuan halts advance on US monetary move

China's yuan weakened slightly on Thursday, while the dollar held broadly steady, as minutes of the Federal Reserve's latest policy meeting reinforced the message that the central bank is in no hurry to deliver on rate cuts. Traders said the minutes didn't provide much surprise and guidance for the market,...

China's yuan weakened slightly on Thursday, while the dollar held broadly steady, as minutes of the Federal Reserve's latest policy meeting reinforced the message that the central bank is in no hurry to deliver on rate cuts. Traders said the minutes didn't provide much surprise and guidance for the market,...

23.02.2024

China stock markets keep bulls on their side

Chinese stocks rose for a fourth consecutive session post-holidays on Thursday, led by coal and artificial intelligence shares, while energy shares led gains in Hong Kong.

China's blue-chip CSI 300 Index closed up 0.9%, while the Shanghai Composite Index gained 1.3%.

Hong Kong benchmark Hang Seng Index was up 1.5%.

Coal stocks climbed...

Chinese stocks rose for a fourth consecutive session post-holidays on Thursday, led by coal and artificial intelligence shares, while energy shares led gains in Hong Kong.

China's blue-chip CSI 300 Index closed up 0.9%, while the Shanghai Composite Index gained 1.3%.

Hong Kong benchmark Hang Seng Index was up 1.5%.

Coal stocks climbed...

23.02.2024

China's bond market remains magnet for foreign investors

Buoyed by an upward trend in the economy and continued opening-up efforts, China's bond market has maintained its appeal for foreign capital despite lingering global financial volatility.

Overseas investors continued to purchase Chinese bonds from September to December 2023, with an increase of over 60 billion U.S. dollars in net holdings,...

Buoyed by an upward trend in the economy and continued opening-up efforts, China's bond market has maintained its appeal for foreign capital despite lingering global financial volatility.

Overseas investors continued to purchase Chinese bonds from September to December 2023, with an increase of over 60 billion U.S. dollars in net holdings,...

23.02.2024

China's continued rise reaffirmed in Year of the Dragon

As the Spring Festival ushers in the Year of the Dragon, a symbol of might and prosperity in Chinese culture, robust holiday consumption highlights the vitality and momentum of the Chinese economy.

During the eight-day holiday, China witnessed nearly 2.3 billion domestic journeys, including 474 million domestic tourist trips that surged...

As the Spring Festival ushers in the Year of the Dragon, a symbol of might and prosperity in Chinese culture, robust holiday consumption highlights the vitality and momentum of the Chinese economy.

During the eight-day holiday, China witnessed nearly 2.3 billion domestic journeys, including 474 million domestic tourist trips that surged...