Issue 1489 - 04.12.2023
04.12.2023

President of Uzbekistan speaks at COP28 United Nations Conference on Climate Change

Shavkat Mirziyoyev spoke at the United Nations Conference on Climate Change (COP28). The President of Uzbekistan spoke about the climate problems facing the country and the measures taken to solve them.

“Currently, climate change has become the most important challenge to sustainable development. It also influences the geopolitical architecture,” the head of state emphasised.

Shavkat Mirziyoyev pointed out that the negative consequences of climate change are particularly acute in Central Asia due to the Aral tragedy. The rise in air temperature in our region is twice the global average. The number of extremely hot days has doubled, and a third of the glaciers have melted.

Soil degradation processes negatively affect the lives of more than 30 million people. Severe dust and sand storms are becoming commonplace. Problems such as lack of drinking water, air pollution, loss of biodiversity, and a sharp decline in agricultural yields are becoming increasingly worse.

“These global threats in our vast region have reached a critical point,” the president admitted.

He emphasised that the transition to a green economy and achieving carbon neutrality are the priority strategic objectives of New Uzbekistan.

In particular, in recent years the share of alternative energy in the republic has doubled. By 2030, 25 gigawatts of renewable energy will be generated. The first practical steps have been taken to implement the green hydrogen production project.

As part of the Yashil Makon initiative, 1 billion trees are being planted, and forest plantations have appeared on an area of 2 million hectares on the dry bottom of the Aral Sea.

“We can effectively combat climate change only by joining forces and broad international cooperation,” the president emphasised, putting forward his proposals:

First. Early agreement on the Global Framework for Adaptation to Climate Change within the framework of the Paris Agreement.

Second. The global transition to a low-carbon economy must be fair, transparent and inclusive. It is imperative to take into account the interests of developing countries. It is advisable to consider this urgent problem on an ongoing basis in the G7 and G20 formats.

Third. Based on the resolution of the General Assembly of the United Nations, Uzbekistan intends to transform the Aral Sea region from a zone of environmental crisis into a “zone of innovation, technology and new opportunities.” The President invited close cooperation on the creation of an International Expo Hub of Climate Technologies here.

Fourth. It is necessary to widely use the achievements of science in the fight against climate change. Shavkat Mirziyoyev invited leading scientists and experts from the countries participating in the conference to the Climate Science Forum, which will be held at the Green University in Tashkent. He expressed confidence that the agenda of the forum will include issues of preventing soil degradation, rational water use and ensuring food security.

Fifth. Together with the United Nations, a conference on “Climate Migration” will be held in Uzbekistan in 2024. The President proposed developing a “Green Employment” program together with the International Labour Organisation and creating a Simulation Centre.

The leader of Uzbekistan also announced his readiness to organise the COP Youth Conference in our country at a high level.

Stressing that Uzbekistan remains committed to the universal idea of humanity to combat climate change, the President called for support for the initiative to hold the Samarkand International Climate Forum next year and adopt a special resolution of the United Nations.

“I am convinced that the results of today’s summit will serve to further bring our friendly countries and peoples closer together on the path to a sustainable, prosperous and safe future of the planet,” said Shavkat Mirziyoyev.

Reported by News of Uzbekistan.

Uzbekistan General

04.12.2023

Franco-Uzbek Economic Chamber appears

The French Embassy in Uzbekistan held a press conference on November 30, where it was announced the creation of the France-Uzbekistan Economic Chamber, as well as the goals and objectives of the new structure.

The basis of the newly created chamber was the activities of the France-Uzbekistan business club (CAFU), which...

The French Embassy in Uzbekistan held a press conference on November 30, where it was announced the creation of the France-Uzbekistan Economic Chamber, as well as the goals and objectives of the new structure.

The basis of the newly created chamber was the activities of the France-Uzbekistan business club (CAFU), which...

04.12.2023

Minimum pension in Uzbekistan must not be less than minimum consumer spending

At the next plenary meeting of the Legislative Chamber of the Parliament, a draft law was considered aimed at reducing the human factor in the process of assigning pensions to citizens, further improving the quality of public services for the elderly, reports the information service of the lower house of...

At the next plenary meeting of the Legislative Chamber of the Parliament, a draft law was considered aimed at reducing the human factor in the process of assigning pensions to citizens, further improving the quality of public services for the elderly, reports the information service of the lower house of...

Finance and Investment

04.12.2023

State share in Humo payment system transfers from Central Bank to State Assets Management Agency of Uzbekistan

On November 30, Shavkat Mirziyoyev signed a resolution to strengthen the protection of consumer rights and the fight against crime in the digital sphere.

The document outlines new requirements for companies operating payment systems and services. From July 1, 2024, they can be established and operate only in the form of...

On November 30, Shavkat Mirziyoyev signed a resolution to strengthen the protection of consumer rights and the fight against crime in the digital sphere.

The document outlines new requirements for companies operating payment systems and services. From July 1, 2024, they can be established and operate only in the form of...

04.12.2023

Central Bank of Uzbekistan able to demand blocking of cards and accounts for questionable transactions

On November 30, Shavkat Mirziyoyev signed a resolution to strengthen the protection of consumer rights and the fight against crime in the digital sphere. The preamble notes an increase in the number of thefts and cases of fraud with bank cards (carding). The reason cited is low financial literacy, as...

On November 30, Shavkat Mirziyoyev signed a resolution to strengthen the protection of consumer rights and the fight against crime in the digital sphere. The preamble notes an increase in the number of thefts and cases of fraud with bank cards (carding). The reason cited is low financial literacy, as...

04.12.2023

European Bank for Reconstruction and Development investments in Uzbekistan exceed 3.5 billion euro

President of Uzbekistan Shavkat Mirziyoyev met with the head of the European Bank for Reconstruction and Development (EBRD) Odile Renaud-Basso on the sidelines of the World Climate Summit in the UAE.

The parties noted that the EBRD has invested over 3.5 billion euro in Uzbekistan. The private sector accounts for 60%...

President of Uzbekistan Shavkat Mirziyoyev met with the head of the European Bank for Reconstruction and Development (EBRD) Odile Renaud-Basso on the sidelines of the World Climate Summit in the UAE.

The parties noted that the EBRD has invested over 3.5 billion euro in Uzbekistan. The private sector accounts for 60%...

04.12.2023

Stock markets gather strength as greenback lingers on lower end

The dollar edged lower on Friday, while the euro rebounded slightly after steep overnight losses, as traders weighed data showing inflation was easing and looked ahead to a talk later in the day by U.S. Federal Reserve Chair Jerome Powell.

Softer inflation data in both the United States and the euro...

The dollar edged lower on Friday, while the euro rebounded slightly after steep overnight losses, as traders weighed data showing inflation was easing and looked ahead to a talk later in the day by U.S. Federal Reserve Chair Jerome Powell.

Softer inflation data in both the United States and the euro...

Oil and Gas Sector

04.12.2023

Gazprom looks for new routes to increase gas supplies to Uzbekistan

The Russian company Gazprom is considering new routes to increase supplies of raw materials to Uzbekistan. The possibility of transporting fuel through the Bukhara-Ural gas pipeline, which passes, among other things, through the territory of Kazakhstan, is being discussed.

The prospects for gas supplies were discussed by the head of the...

The Russian company Gazprom is considering new routes to increase supplies of raw materials to Uzbekistan. The possibility of transporting fuel through the Bukhara-Ural gas pipeline, which passes, among other things, through the territory of Kazakhstan, is being discussed.

The prospects for gas supplies were discussed by the head of the...

04.12.2023

Uzenergoinspectorate temporarily closes two CNG filling stations in Fergana region of Uzbekistan

Uzenergoinspektsiya reported the suspension of gas supplies to two automobile gas-filling compressor stations in the Fergana region.

Department employees studied the operation of methane gas stations in the region. They were interested in the technological processes used at the facilities, the technical condition and compliance of equipment with standards, and the...

Uzenergoinspektsiya reported the suspension of gas supplies to two automobile gas-filling compressor stations in the Fergana region.

Department employees studied the operation of methane gas stations in the region. They were interested in the technological processes used at the facilities, the technical condition and compliance of equipment with standards, and the...

04.12.2023

Brent dips below $80/b mark on weak demand, uncertain supply outlooks

Oil prices slumped more than 2% on Friday on investor skepticism about the depth of OPEC+ supply cuts and concern about sluggish global manufacturing activity.

Brent crude futures for February settled down $1.98, or 2.45%, at $78.88 a barrel.

U.S. West Texas Intermediate crude futures (WTI) dropped $1.89, or 2.49%, to $74.07...

Oil prices slumped more than 2% on Friday on investor skepticism about the depth of OPEC+ supply cuts and concern about sluggish global manufacturing activity.

Brent crude futures for February settled down $1.98, or 2.45%, at $78.88 a barrel.

U.S. West Texas Intermediate crude futures (WTI) dropped $1.89, or 2.49%, to $74.07...

Trade and Consumer Goods

04.12.2023

Inflation in Uzbekistan up to December 2022 reaches 7.4%

In November 2023, the consolidated consumer price index in Uzbekistan for the month amounted to 101.1%, by December 2022 107.4%. The State Agency of Uzbekistan reports this.

In annual terms (as of November of the previous year), the consolidated CPI was fixed at 108.8%.

The average monthly increase in the CPI for...

In November 2023, the consolidated consumer price index in Uzbekistan for the month amounted to 101.1%, by December 2022 107.4%. The State Agency of Uzbekistan reports this.

In annual terms (as of November of the previous year), the consolidated CPI was fixed at 108.8%.

The average monthly increase in the CPI for...

04.12.2023

Trade turnover between Uzbekistan and UAE increases by 30% since beginning of year

During his visit to Dubai, President of Uzbekistan Shavkat Mirziyoyev met with the leader of the United Arab Emirates (UAE) Sheikh Muhammad bin Zayed Al Nahyan. They discussed ways to strengthen cooperation between states, Mirziyoyev’s press service reported.

At the meeting it was announced that since the beginning of 2023, trade...

During his visit to Dubai, President of Uzbekistan Shavkat Mirziyoyev met with the leader of the United Arab Emirates (UAE) Sheikh Muhammad bin Zayed Al Nahyan. They discussed ways to strengthen cooperation between states, Mirziyoyev’s press service reported.

At the meeting it was announced that since the beginning of 2023, trade...

Agriculture

04.12.2023

Strong short positions push US wheat, maize futures up

Chicago soybean futures fell on Friday as the weather forecast in drought-stricken northern Brazil promised much-needed rain for producers who are dealing with the prospect of low yields and damaged crops.

Corn and wheat both ended higher as traders continued to cover short positions in both markets.

The most active soybean contract settled...

Chicago soybean futures fell on Friday as the weather forecast in drought-stricken northern Brazil promised much-needed rain for producers who are dealing with the prospect of low yields and damaged crops.

Corn and wheat both ended higher as traders continued to cover short positions in both markets.

The most active soybean contract settled...

Metals and Minerals

04.12.2023

Bullion and peers keep riding high as US cools down on interest rate

Gold prices were set to mark a third straight weekly jump, after data showing cooling inflation cemented bets for a rate cut in the U.S., with traders looking forward to comments from Federal Reserve Chair Powell later in the day.

Spot gold rose 0.3% at $2,042.58 per ounce by 0621 GMT...

Gold prices were set to mark a third straight weekly jump, after data showing cooling inflation cemented bets for a rate cut in the U.S., with traders looking forward to comments from Federal Reserve Chair Powell later in the day.

Spot gold rose 0.3% at $2,042.58 per ounce by 0621 GMT...

04.12.2023

Bulls prevail over ferrous, coal benchmarks despite weekly decline

Dalian iron ore futures were set for their first weekly loss in seven as Beijing continued to intervene in the market to regulate prices, though the contract gained on Friday due to upbeat factory data.

The most-traded January iron ore on China’s Dalian Commodity Exchange was up 2% at 975.5 yuan...

Dalian iron ore futures were set for their first weekly loss in seven as Beijing continued to intervene in the market to regulate prices, though the contract gained on Friday due to upbeat factory data.

The most-traded January iron ore on China’s Dalian Commodity Exchange was up 2% at 975.5 yuan...

04.12.2023

Aluminium subdued as other base metals advance

Copper prices rose to a three-month high on Friday, on track for the third week of consecutive growth, due to better-than-expected data from top consumer China, tighter supply, a decline of exchange inventories and a softer dollar.

Three-month copper on the London Metal Exchange rose 0.9% to $8,543.5 per metric ton...

Copper prices rose to a three-month high on Friday, on track for the third week of consecutive growth, due to better-than-expected data from top consumer China, tighter supply, a decline of exchange inventories and a softer dollar.

Three-month copper on the London Metal Exchange rose 0.9% to $8,543.5 per metric ton...

Energy Industry

04.12.2023

PowerChina builds hydrogen plant in Chirchik of Uzbekistan together with Saudi ACWA

The Saudi company ACWA Power and the Chinese PowerChina have begun construction of a plant for the production of “green” hydrogen in Uzbekistan.

The commencement ceremony took place on November 27. President Shavkat Mirziyoyev pressed the symbolic start button along with Saudi Arabian Investment Minister Khalid al-Falih and ACWA Power head...

The Saudi company ACWA Power and the Chinese PowerChina have begun construction of a plant for the production of “green” hydrogen in Uzbekistan.

The commencement ceremony took place on November 27. President Shavkat Mirziyoyev pressed the symbolic start button along with Saudi Arabian Investment Minister Khalid al-Falih and ACWA Power head...

Manufacturing industry

04.12.2023

Manufacturer costs for industrial products in EAEU increase by 21.1% since beginning of 2023

The industrial producer price index for the EAEU in October 2023 compared to September 2023 was at 102%, and compared to December 2022 at 121.1%. This is reported on the EEC website.

Compared to December 2022, there was a significant increase in producer prices in the mining and quarrying industries across...

The industrial producer price index for the EAEU in October 2023 compared to September 2023 was at 102%, and compared to December 2022 at 121.1%. This is reported on the EEC website.

Compared to December 2022, there was a significant increase in producer prices in the mining and quarrying industries across...

04.12.2023

Level of housing provision for population in Uzbekistan increases to 18.5 square metres

At the beginning of 2023, the level of housing provision for the population in Uzbekistan reached 18.5 square metres per person, which is 0.3 sq. m more than in 2022, the Statistics Agency reported.

According to this indicator, among the CIS countries, Uzbekistan ranks seventh. Azerbaijan is in sixth position with...

At the beginning of 2023, the level of housing provision for the population in Uzbekistan reached 18.5 square metres per person, which is 0.3 sq. m more than in 2022, the Statistics Agency reported.

According to this indicator, among the CIS countries, Uzbekistan ranks seventh. Azerbaijan is in sixth position with...

04.12.2023

Large tourist complexes appears in Shakhrisabz and Maidanak of Uzbekistan

On November 28, Shavkat Mirziyoyev approved initiatives to create two tourist zones in the Kashkadarya region.

The first of them will be the Shakhrisabz tourist centre near the city of the same name. On the territory of 240 hectares it is planned to create hotels, guest houses, health and shopping and...

On November 28, Shavkat Mirziyoyev approved initiatives to create two tourist zones in the Kashkadarya region.

The first of them will be the Shakhrisabz tourist centre near the city of the same name. On the territory of 240 hectares it is planned to create hotels, guest houses, health and shopping and...

Communications and Transportation

04.12.2023

Yandex Go launches generation of fiscal receipts in application in Uzbekistan

Yandex Go has completed the localisation of services in Uzbekistan, the service’s press service reports.

From December 1, services are provided on behalf of a local legal entity that has tax resident status and pays all applicable taxes. In addition, the service was the first in the taxi aggregator market to...

Yandex Go has completed the localisation of services in Uzbekistan, the service’s press service reports.

From December 1, services are provided on behalf of a local legal entity that has tax resident status and pays all applicable taxes. In addition, the service was the first in the taxi aggregator market to...

Pharmaceutical and Healthcare News

04.12.2023

New defendants appear in Uzbek case of Doc-1 Max drug

It became known that the investigative authorities have brought charges against new defendants in the criminal case of poisoning children with Doc-1 Max cough syrup. In addition, the former participants in the process are accused under new articles.

As the press secretary of the Supreme Court Aziz Abidov said, on December...

It became known that the investigative authorities have brought charges against new defendants in the criminal case of poisoning children with Doc-1 Max cough syrup. In addition, the former participants in the process are accused under new articles.

As the press secretary of the Supreme Court Aziz Abidov said, on December...

Regional News

04.12.2023

Russian workers lured by high wages

The Gaidar Institute's November Industrial Survey Bulletin (IEP) documents the results of a study of how companies in the sector were coping with skills shortages in 2023. The most widespread tools are increasing wages (79% of respondents) and retraining of employees (75%) in order to retain workers in the context...

The Gaidar Institute's November Industrial Survey Bulletin (IEP) documents the results of a study of how companies in the sector were coping with skills shortages in 2023. The most widespread tools are increasing wages (79% of respondents) and retraining of employees (75%) in order to retain workers in the context...

04.12.2023

Bears in no hurry to hibernate at Moscow Exchange

The market started December in the red zone. At the end of Friday, the Moscow Exchange index fell by 0.74% to 3,142.29 points, the RTS index ended the day in the red by 1.77% and amounted to 1095.28 points. “We look at the near future with caution. It is likely...

The market started December in the red zone. At the end of Friday, the Moscow Exchange index fell by 0.74% to 3,142.29 points, the RTS index ended the day in the red by 1.77% and amounted to 1095.28 points. “We look at the near future with caution. It is likely...

04.12.2023

US dollar rises above 90 rouble for first time since November 20

On December 1, the US dollar/rouble exchange rate rose above 90 for the first time since November 20, 2023, according to trading data on the Moscow Exchange.

Thus, by 13:04 Moscow time, the dollar strengthened by 0.66% to 90.04 rouble. Analysts at Gazprombank Investments believe that the rouble, quite expectedly, weakened...

On December 1, the US dollar/rouble exchange rate rose above 90 for the first time since November 20, 2023, according to trading data on the Moscow Exchange.

Thus, by 13:04 Moscow time, the dollar strengthened by 0.66% to 90.04 rouble. Analysts at Gazprombank Investments believe that the rouble, quite expectedly, weakened...

04.12.2023

Rosstat notices signs of slowdown in Russian economy

The Russian economy continues to grow despite a number of worrying signs of slowdown. The data on the decline in individual industries provided by Rosstat are not yet interpreted by experts as a general slowdown in the economy, which is expected to be a result of the tightening of the...

The Russian economy continues to grow despite a number of worrying signs of slowdown. The data on the decline in individual industries provided by Rosstat are not yet interpreted by experts as a general slowdown in the economy, which is expected to be a result of the tightening of the...

04.12.2023

Yuan retreats as central bank loosens grip

China's yuan eased against the dollar on Friday following weaker guidance from the central bank, which market participants read as indication authorities may be willing to tolerate falls in the currency. Investors did not take much cheer from a survey that showed an unexpected pickup in Chinese factory activity in...

China's yuan eased against the dollar on Friday following weaker guidance from the central bank, which market participants read as indication authorities may be willing to tolerate falls in the currency. Investors did not take much cheer from a survey that showed an unexpected pickup in Chinese factory activity in...

04.12.2023

China stock markets halt advance on bleak industry data

China stocks closed nearly flat on Thursday after downbeat manufacturing data, with investors calling for more easing measures. Hong Kong stocks rebounded after hitting a one-year low earlier.

China's blue-chip CSI300 Index edged up 0.2%, and the Shanghai Composite Index inched up 0.3% by market close. Hong Kong benchmark Hang Seng...

China stocks closed nearly flat on Thursday after downbeat manufacturing data, with investors calling for more easing measures. Hong Kong stocks rebounded after hitting a one-year low earlier.

China's blue-chip CSI300 Index edged up 0.2%, and the Shanghai Composite Index inched up 0.3% by market close. Hong Kong benchmark Hang Seng...

04.12.2023

China's public offering fund value tops 27 trln yuan

Assets under the management of China's public offering funds totaled 27.38 trillion yuan (about 3.85 trillion U.S. dollars) by the end of October, data from the Asset Management Association of China showed.

By the end of October, a total of 11,268 public offering funds were being operated by 144 fund management...

Assets under the management of China's public offering funds totaled 27.38 trillion yuan (about 3.85 trillion U.S. dollars) by the end of October, data from the Asset Management Association of China showed.

By the end of October, a total of 11,268 public offering funds were being operated by 144 fund management...

04.12.2023

China's central bank vows to guard against financial risks

The central bank will ramp up support for the real economy, guard against systemic financial risks and deepen financial opening-up, according to People's Bank of China (PBOC) Governor Pan Gongsheng.

The central bank will focus more on cross-cyclical and counter-cyclical adjustments, and maintain reasonable credit and social financing growth, Pan said...

The central bank will ramp up support for the real economy, guard against systemic financial risks and deepen financial opening-up, according to People's Bank of China (PBOC) Governor Pan Gongsheng.

The central bank will focus more on cross-cyclical and counter-cyclical adjustments, and maintain reasonable credit and social financing growth, Pan said...