Issue 1634 - 17.07.2024
17.07.2024

Uzbekistan and Germany discuss key migration and mobility agreement

Today, July 16, the First Deputy Chairman of the Senate, Sodiq Safoev, held a meeting with the Parliamentary State Secretary at the Federal Ministry of Labour and Social Affairs of Germany, Anette Kramme.

According to the information service of the upper house of parliament, a wide range of issues of bilateral cooperation was discussed during the meeting held in the Senate, including further strengthening of political, trade-economic, social, cultural-humanitarian cooperation, and the development of inter-parliamentary relations.

The German representatives highly appreciated the reforms being carried out under the leadership of President Shavkat Mirziyoyev in both the domestic and foreign policies of Uzbekistan.

During the dialogue, the importance of the Intergovernmental Agreement on Migration and Mobility between the two countries was discussed. The parties paid special attention to establishing a chain of stable cargo supplies and exchanged views on cooperation in the field of labour and employment.

Following the talks, an agreement was reached on the further development of mutually beneficial ties between Uzbekistan and Germany.

Reported by KUN (Uzbekistan).

Uzbekistan General

17.07.2024

Uzbekistan intends to adopt Entrepreneurial Code

Deputies of the Legislative Chamber of the Parliament have passed in the first reading a bill approving the Entrepreneurial Code. This was reported by the press service of the lower house of parliament.

It is noted that the consolidation of more than 100 legislative acts will regulate entrepreneurial relations through a...

Deputies of the Legislative Chamber of the Parliament have passed in the first reading a bill approving the Entrepreneurial Code. This was reported by the press service of the lower house of parliament.

It is noted that the consolidation of more than 100 legislative acts will regulate entrepreneurial relations through a...

Finance and Investment

17.07.2024

Uzbekistan seeks US investment for infrastructure and digital projects

Uzbekistan and the USA discussed issues related to attracting special investments for projects aimed at developing transportation infrastructure, geology, and digitalisation.

Laziz Kudratov, Minister of Investments, Industry, and Trade of Uzbekistan, held talks with Helaina Matza, Acting Special Coordinator for the Partnership for Global Infrastructure and Investment at the US Department...

Uzbekistan and the USA discussed issues related to attracting special investments for projects aimed at developing transportation infrastructure, geology, and digitalisation.

Laziz Kudratov, Minister of Investments, Industry, and Trade of Uzbekistan, held talks with Helaina Matza, Acting Special Coordinator for the Partnership for Global Infrastructure and Investment at the US Department...

17.07.2024

Central Bank of Uzbekistan imposes fines on 11 banks

In June, the Central Bank imposed fines on 11 banks, one microfinance organisation, and one pawnshop.

"The financial condition of credit organisations was reviewed on 14 issues, including compliance with Central Bank requirements and prudential norms, as well as the results of inspections conducted in banks and microfinance organisations," noted the...

In June, the Central Bank imposed fines on 11 banks, one microfinance organisation, and one pawnshop.

"The financial condition of credit organisations was reviewed on 14 issues, including compliance with Central Bank requirements and prudential norms, as well as the results of inspections conducted in banks and microfinance organisations," noted the...

17.07.2024

Central Bank of Uzbekistan revokes license of Qulay Pul payment system operator

Central Bank of Uzbekistan has taken decisive action by revoking the licenses of two financial companies based on recent developments and statements from their operators, as it was reported by the regulator’s press service.

One of the affected entities is the operator of the private payment system Qulay Pul, which operated...

Central Bank of Uzbekistan has taken decisive action by revoking the licenses of two financial companies based on recent developments and statements from their operators, as it was reported by the regulator’s press service.

One of the affected entities is the operator of the private payment system Qulay Pul, which operated...

17.07.2024

Uzbekistan's State Asset Management Agency offers 95.2% of shares in Uzbekinvest to international buyers

The State Asset Management Agency of Uzbekistan has announced the commencement of a search for a consultant to facilitate the sale of a significant state-owned stake in Uzbekinvest, the country's export-import insurer. According to the announcement, 95.2% of the shares in Uzbekinvest will be offered to international buyers.

The selected consultant...

The State Asset Management Agency of Uzbekistan has announced the commencement of a search for a consultant to facilitate the sale of a significant state-owned stake in Uzbekinvest, the country's export-import insurer. According to the announcement, 95.2% of the shares in Uzbekinvest will be offered to international buyers.

The selected consultant...

17.07.2024

Uzbekistan's mortgage market contracts with disbursements declining to $543.5mln in H1

The mortgage loan market in Uzbekistan is experiencing a contraction, according to a recent analysis by the Central Bank. From January to June 2024, a total of UZS6.88 trillion ($543.5mln) in mortgage loans were disbursed, marking a decrease of UZS124.5bln ($9.8mln) or 1.77% compared to the same period last year,...

The mortgage loan market in Uzbekistan is experiencing a contraction, according to a recent analysis by the Central Bank. From January to June 2024, a total of UZS6.88 trillion ($543.5mln) in mortgage loans were disbursed, marking a decrease of UZS124.5bln ($9.8mln) or 1.77% compared to the same period last year,...

17.07.2024

Uzbek Minister of Investment, Industry and Trade takes part in first Caucasian Investment Forum

On 15 July 2024, as part of the visit of the government delegation of Uzbekistan to the Chechen Republic, Laziz Kudratov, Minister of Investment, Industry and Trade, took part in the work of the first Caucasian Investment Forum in Grozny.

Speaking at the main plenary session “The Greater Caucasus: from Sea...

On 15 July 2024, as part of the visit of the government delegation of Uzbekistan to the Chechen Republic, Laziz Kudratov, Minister of Investment, Industry and Trade, took part in the work of the first Caucasian Investment Forum in Grozny.

Speaking at the main plenary session “The Greater Caucasus: from Sea...

17.07.2024

European stock markets struggle as greenback rebounds

The dollar strengthened on Tuesday after retail sales proved to be firmer than expected, although not enough to change expectations for the Federal Reserve's interest rate path. U.S. retail sales remained unchanged in June, surprising economists who had predicted a 0.3% decline. Strength in various sectors offset a drop in...

The dollar strengthened on Tuesday after retail sales proved to be firmer than expected, although not enough to change expectations for the Federal Reserve's interest rate path. U.S. retail sales remained unchanged in June, surprising economists who had predicted a 0.3% decline. Strength in various sectors offset a drop in...

Oil and Gas Sector

17.07.2024

Kazakhstan increases gas transit from Uzbekistan, Turkmenistan and Russia

Kazakhstan is set to increase the transit volumes of gas from Russia, Turkmenistan, and Uzbekistan across its territory in 2024. This initiative was announced by Almassadam Satkaliyev, the Minister of Energy, during a government meeting.

Minister Satkaliyev highlighted ongoing efforts to fully utilize Kazakhstan's gas transit potential.

"We are increasing the transit...

Kazakhstan is set to increase the transit volumes of gas from Russia, Turkmenistan, and Uzbekistan across its territory in 2024. This initiative was announced by Almassadam Satkaliyev, the Minister of Energy, during a government meeting.

Minister Satkaliyev highlighted ongoing efforts to fully utilize Kazakhstan's gas transit potential.

"We are increasing the transit...

17.07.2024

Brent dives further below $85/b mark as supplies meet demand

Oil prices slipped on Tuesday on worries about a slowing Chinese economy crimping demand, though a growing consensus that the U.S. Federal Reserve will begin cutting its key interest rate as soon as September limited declines.

Brent futures fell 57 cents, or 0.67%, to $84.28 a barrel by 0630 GMT, while...

Oil prices slipped on Tuesday on worries about a slowing Chinese economy crimping demand, though a growing consensus that the U.S. Federal Reserve will begin cutting its key interest rate as soon as September limited declines.

Brent futures fell 57 cents, or 0.67%, to $84.28 a barrel by 0630 GMT, while...

Trade and Consumer Goods

17.07.2024

Uzbekistan and Russia aim to boost trade volume to $30 billion

The delegation of Uzbekistan, headed by the Minister of Investments, Industry, and Trade Laziz Kudratov participated in the first Caucasus Investment Forum held in Grozny.

According to the MIIT, Laziz Kudratov, speaking as a presenter at the plenary session, emphasised the importance of developing interregional cooperation between Uzbekistan and Russia to...

The delegation of Uzbekistan, headed by the Minister of Investments, Industry, and Trade Laziz Kudratov participated in the first Caucasus Investment Forum held in Grozny.

According to the MIIT, Laziz Kudratov, speaking as a presenter at the plenary session, emphasised the importance of developing interregional cooperation between Uzbekistan and Russia to...

Agriculture

17.07.2024

Cotton-textile cluster based on Uzbek model opens in Azerbaijan

Following negotiations conducted by a delegation from the Association Uztextileprom in Azerbaijan, TST Textile Group has signed a contract to implement a project worth US$54 million in Imishli district, Azerbaijan.

The project entails the production of 3,500 tonnes of fabric, 800,000 units of finished products, 9,500 tonnes of cottonseed oil, 7,000...

Following negotiations conducted by a delegation from the Association Uztextileprom in Azerbaijan, TST Textile Group has signed a contract to implement a project worth US$54 million in Imishli district, Azerbaijan.

The project entails the production of 3,500 tonnes of fabric, 800,000 units of finished products, 9,500 tonnes of cottonseed oil, 7,000...

17.07.2024

Russia imports 1,700 tonnes of apples from Uzbekistan in June

In June 2024, Uzbekistan ranked fifth in terms of apple exports to Russia, according to Rosselkhoznadzor.

The agency noted that in June, Russia imported a total of 42 thousand tonnes of apples from abroad, which is 1.8 times more compared to the same period last year.

Türkiye became the main supplier of...

In June 2024, Uzbekistan ranked fifth in terms of apple exports to Russia, according to Rosselkhoznadzor.

The agency noted that in June, Russia imported a total of 42 thousand tonnes of apples from abroad, which is 1.8 times more compared to the same period last year.

Türkiye became the main supplier of...

17.07.2024

US grain benchmarks rebound as bargain hunters step in

Chicago soybeans inched higher on Tuesday with bargain-buying supporting the market, which dropped to its lowest levels in almost four years in the previous session as traders weighed the consequences of ample global supply.

Wheat edged higher after deep losses, although the market is likely to face headwinds from improved crop...

Chicago soybeans inched higher on Tuesday with bargain-buying supporting the market, which dropped to its lowest levels in almost four years in the previous session as traders weighed the consequences of ample global supply.

Wheat edged higher after deep losses, although the market is likely to face headwinds from improved crop...

Metals and Minerals

17.07.2024

Rising geopolitical tensions lead Uzbek Central Bank to increase gold purchases in Q2

In the second quarter of this year, the Central Bank increased gold purchases by almost 19%, according to a report on the money market.

From April to June, there was a high demand for precious metals influenced by external economic conditions and geopolitical conflicts. The average price of gold ranged from...

In the second quarter of this year, the Central Bank increased gold purchases by almost 19%, according to a report on the money market.

From April to June, there was a high demand for precious metals influenced by external economic conditions and geopolitical conflicts. The average price of gold ranged from...

17.07.2024

Uzbekistan sees 12% rise in uranium production in H1

Uzbekistan has reported an increase of 12% in uranium production during the first half of 2024, according to a statement by the state enterprise for uranium mining and processing, Navoiyuran.

The state's uranium production plan was fulfilled by 110%, exceeding the target and compared to last year, this indicator was 112%....

Uzbekistan has reported an increase of 12% in uranium production during the first half of 2024, according to a statement by the state enterprise for uranium mining and processing, Navoiyuran.

The state's uranium production plan was fulfilled by 110%, exceeding the target and compared to last year, this indicator was 112%....

17.07.2024

Uzbekistan purchases $2bln of gold, up 18.7% in Q2

The Central Bank of Uzbekistan reported an increase in its gold purchases, totalling UZS26.4 trillion ($2bn) in the second quarter of this year, marking an 18.7% rise compared to the same period last year.

Despite the surge in gold acquisitions, the net volume of interventions in Uzbekistan's foreign exchange market remained...

The Central Bank of Uzbekistan reported an increase in its gold purchases, totalling UZS26.4 trillion ($2bn) in the second quarter of this year, marking an 18.7% rise compared to the same period last year.

Despite the surge in gold acquisitions, the net volume of interventions in Uzbekistan's foreign exchange market remained...

17.07.2024

Bullion resumes advance on US monetary policy

Gold prices nudged higher on Tuesday as comments from Federal Reserve Chair Jerome Powell bolstered the case for a September rate cut, while investors awaited more U.S. economic data for further monetary policy cues.

Spot gold rose 0.1% to $2,423.89 per ounce by 0140 GMT. On Monday, prices hit their highest...

Gold prices nudged higher on Tuesday as comments from Federal Reserve Chair Jerome Powell bolstered the case for a September rate cut, while investors awaited more U.S. economic data for further monetary policy cues.

Spot gold rose 0.1% to $2,423.89 per ounce by 0140 GMT. On Monday, prices hit their highest...

17.07.2024

Non-ferrous metal markets mixed as inventories mount

Copper prices fell on Tuesday as weak economic data from top consumer China and rising inventories in most global warehouses pressured demand outlook for the metal.

Three-month copper on the London Metal Exchange (LME) fell 0.4% to $9,763 per metric ton by 0633 GMT, while the most-traded August copper contract on...

Copper prices fell on Tuesday as weak economic data from top consumer China and rising inventories in most global warehouses pressured demand outlook for the metal.

Three-month copper on the London Metal Exchange (LME) fell 0.4% to $9,763 per metric ton by 0633 GMT, while the most-traded August copper contract on...

Energy Industry

17.07.2024

Construction of steam gas units with capacity of 1,065 MW continues at Talimarjan Thermal Power Plant in Uzbekistan

Within the framework of an investment project, construction continues at Talimarjan Thermal Power Plant on Steam Gas Units No. 4-5 with a total capacity of 1065 MW.

The general contractors for the project are the Spanish company Intecsa Ingeniera Industrial S.A. and the Japanese company Mitsubishi Corporation. Construction works also involve...

Within the framework of an investment project, construction continues at Talimarjan Thermal Power Plant on Steam Gas Units No. 4-5 with a total capacity of 1065 MW.

The general contractors for the project are the Spanish company Intecsa Ingeniera Industrial S.A. and the Japanese company Mitsubishi Corporation. Construction works also involve...

17.07.2024

Uzbekistan establishes cooperation with leading Chinese waste-to-energy company

On 15 July, a meeting was held at the Ministry of Ecology, Environmental Protection, and Climate Change with representatives of the leading transnational company China Everbright Environment Group Limited from China.

The meeting was attended by officials from the Ministry, the National Sanitary Cleaning Organisation Centre, and the Waste Management Directorate.

During...

On 15 July, a meeting was held at the Ministry of Ecology, Environmental Protection, and Climate Change with representatives of the leading transnational company China Everbright Environment Group Limited from China.

The meeting was attended by officials from the Ministry, the National Sanitary Cleaning Organisation Centre, and the Waste Management Directorate.

During...

17.07.2024

Azerbaijan, Kazakhstan, and Uzbekistan clinch partnership on green energy initiatives

Aiming to bolster regional cooperation in sustainable energy initiatives, Azerbaijan, Kazakhstan, and Uzbekistan are poised to finalize an intergovernmental agreement on strategic partnership. The announcement came from the government of Kazakhstan, detailing plans to enhance collaboration in the development and deployment of green energy technologies.

The proposed agreement outlines a comprehensive...

Aiming to bolster regional cooperation in sustainable energy initiatives, Azerbaijan, Kazakhstan, and Uzbekistan are poised to finalize an intergovernmental agreement on strategic partnership. The announcement came from the government of Kazakhstan, detailing plans to enhance collaboration in the development and deployment of green energy technologies.

The proposed agreement outlines a comprehensive...

Manufacturing industry

17.07.2024

UzAuto Motors tries to resell Cobalt cars one more time as clients withdraw applications and decline to make payment

Prior to this, the company signed agreements with clients on the sale of 25,000 Cobalt cars, but as most of the clients withdrew their applications and did not pay the agreed amount, UzAuto Motors re-offered 14,000 vehicles for sale.

The press service of UzAuto Motors announced a new round of re-contracting...

Prior to this, the company signed agreements with clients on the sale of 25,000 Cobalt cars, but as most of the clients withdrew their applications and did not pay the agreed amount, UzAuto Motors re-offered 14,000 vehicles for sale.

The press service of UzAuto Motors announced a new round of re-contracting...

Communications and Transportation

17.07.2024

Uzbekistan's State Assets Management Agency resumes process of selling 35% stake of Uztemiryulcontainer

The State Assets Management Agency (SAMA) has announced the resumption of the privatisation process for a portion of the state share in the Uztemiryulcontainer company, on July 15.

The agency's website details that a 35% stake in Uztemiryulcontainer, a key entity under the Uzbekistan Temir Yollari (UTY) structure, is now available...

The State Assets Management Agency (SAMA) has announced the resumption of the privatisation process for a portion of the state share in the Uztemiryulcontainer company, on July 15.

The agency's website details that a 35% stake in Uztemiryulcontainer, a key entity under the Uzbekistan Temir Yollari (UTY) structure, is now available...

17.07.2024

Thailand implements 60-day visa-free entry for Uzbekistan, Kazakhstan, Kyrgyzstan, and more

The government of Thailand has officially introduced a visa-free entry regime for citizens of Uzbekistan and 92 other countries, the Ministry of Interior reported. This new policy allows visitors from these nations to stay in Thailand for up to 60 days without needing a visa.

According to the Consulate General of...

The government of Thailand has officially introduced a visa-free entry regime for citizens of Uzbekistan and 92 other countries, the Ministry of Interior reported. This new policy allows visitors from these nations to stay in Thailand for up to 60 days without needing a visa.

According to the Consulate General of...

17.07.2024

Uzbekistan climbs 11 spots in global mobile internet speed rankings

Uzbekistan has climbed 11 positions in the mobile internet speed rankings, as reported on Speedtest.net.

Currently, the country holds the 77th position out of 108 countries. Among Central Asian nations, Kazakhstan takes the lead (54th place), followed by Kyrgyzstan (66th place).

The mobile internet speed in Uzbekistan is rated at 30.34 Mbps.

The...

Uzbekistan has climbed 11 positions in the mobile internet speed rankings, as reported on Speedtest.net.

Currently, the country holds the 77th position out of 108 countries. Among Central Asian nations, Kazakhstan takes the lead (54th place), followed by Kyrgyzstan (66th place).

The mobile internet speed in Uzbekistan is rated at 30.34 Mbps.

The...

17.07.2024

Silk Avia launches daily flights between Tashkent and Kokand

Silk Avia is initiating passenger flights on the Tashkent-Kokand route, as reported by the carrier's press service.

Flights between the cities will be operated daily on ATR72-200 aircraft. The flight schedule is as follows:

Monday to Saturday:

Departure from Tashkent: 16:15, Arrival in Kokand: 17:15

Departure from Kokand: 17:55, Arrival in Tashkent: 18:55

Sunday:

Departure from...

Silk Avia is initiating passenger flights on the Tashkent-Kokand route, as reported by the carrier's press service.

Flights between the cities will be operated daily on ATR72-200 aircraft. The flight schedule is as follows:

Monday to Saturday:

Departure from Tashkent: 16:15, Arrival in Kokand: 17:15

Departure from Kokand: 17:55, Arrival in Tashkent: 18:55

Sunday:

Departure from...

17.07.2024

Uzbekistan sees surge in home internet users, reaching 79.2% by mid-2024

In Uzbekistan, the proportion of people using the internet at home has increased.

According to household surveys conducted by the Statistics Agency, as of January-June 2024, the percentage of the population aged 10 and older using the internet at home reached 79.2%.

For reference, this figure was 59.6% in 2022, 67% in...

In Uzbekistan, the proportion of people using the internet at home has increased.

According to household surveys conducted by the Statistics Agency, as of January-June 2024, the percentage of the population aged 10 and older using the internet at home reached 79.2%.

For reference, this figure was 59.6% in 2022, 67% in...

17.07.2024

Largest logistics centre opens in Uzbekistan's Samarkand region

Marakand Logair, part of the investment and industrial group SEG Enera, will open the largest multimodal transport and logistics centre in Samarkand region, called Logopark Samarkand. The opening is scheduled for the second quarter of 2025.

Construction of this world-class logistics park began in February of this year. The centre, with...

Marakand Logair, part of the investment and industrial group SEG Enera, will open the largest multimodal transport and logistics centre in Samarkand region, called Logopark Samarkand. The opening is scheduled for the second quarter of 2025.

Construction of this world-class logistics park began in February of this year. The centre, with...

Pharmaceutical and Healthcare News

17.07.2024

Asian Development Bank approves $100 million loan to enhance perinatal health services in Uzbekistan

The Asian Development Bank (ADB) has approved a concessional loan of $100mln to support Uzbekistan in enhancing its perinatal health services for pregnant women and their newborns. This initiative aims to address the ongoing challenges in maternal and neonatal health within the country.

Uzbekistan has made notable progress in reducing maternal...

The Asian Development Bank (ADB) has approved a concessional loan of $100mln to support Uzbekistan in enhancing its perinatal health services for pregnant women and their newborns. This initiative aims to address the ongoing challenges in maternal and neonatal health within the country.

Uzbekistan has made notable progress in reducing maternal...

Regional News

17.07.2024

Russia draws line under preferential mortgages

DOM.RF assessed the effects of the implementation of the preferential mortgage program that ended on July 1, 2024. This tool of state support made it possible to improve the living conditions of Russians and support developers, but also distorted the real estate market due to reduced housing affordability for those...

DOM.RF assessed the effects of the implementation of the preferential mortgage program that ended on July 1, 2024. This tool of state support made it possible to improve the living conditions of Russians and support developers, but also distorted the real estate market due to reduced housing affordability for those...

17.07.2024

Russian market fails to find strength to rebound

The Russian stock market on Tuesday, July 16, did not find the strength to rebound and continued its smooth downward slide. At noon, the bears bent the Moscow Stock Exchange index to 2,879.23 points, which happened for the first time since July last year, but then the bulls bought off...

The Russian stock market on Tuesday, July 16, did not find the strength to rebound and continued its smooth downward slide. At noon, the bears bent the Moscow Stock Exchange index to 2,879.23 points, which happened for the first time since July last year, but then the bulls bought off...

17.07.2024

Treasure revenues from foreign business in Russia exceed forecast by 2.5 times

This year, the treasury will receive 77 billion rouble from the profits of foreign legal entities that do not have divisions in Russia, follows from the June budget amendments. This is 2.5 times more than the Ministry of Finance initially predicted. This is due to the fact that the transactions...

This year, the treasury will receive 77 billion rouble from the profits of foreign legal entities that do not have divisions in Russia, follows from the June budget amendments. This is 2.5 times more than the Ministry of Finance initially predicted. This is due to the fact that the transactions...

17.07.2024

Discouraging data subdue yuan

The yuan eased against the US dollar on Tuesday as a slew of weak Chinese economic data dampened sentiment, but offshore funding conditions remained tight, preventing the currency from sliding further.

The world’s second-largest economy grew much slower than expected in the second quarter as a protracted property downturn and worries...

The yuan eased against the US dollar on Tuesday as a slew of weak Chinese economic data dampened sentiment, but offshore funding conditions remained tight, preventing the currency from sliding further.

The world’s second-largest economy grew much slower than expected in the second quarter as a protracted property downturn and worries...

17.07.2024

Mainland China stock markets return to growth, Hong Kong subdued

China stocks ended higher on Tuesday, led by tech shares, while investors awaited the details of reform measures announced at the 'Third Plenum' meeting amid a slew of weak economic data. Hong Kong shares fell.

China's economy grew slower than expected in the second quarter amid a protracted property downturn and...

China stocks ended higher on Tuesday, led by tech shares, while investors awaited the details of reform measures announced at the 'Third Plenum' meeting amid a slew of weak economic data. Hong Kong shares fell.

China's economy grew slower than expected in the second quarter amid a protracted property downturn and...

17.07.2024

China hamsters gold as political tensions rise

China's appetite for official gold purchases remains strong despite a brief pause in May and June. According to industry experts and policy insiders, China's gold holdings are relatively low compared to its vast reserves, prompting continued acquisitions amidst escalating geopolitical tensions.

Beijing's gold purchasing helped rally spot prices in April and...

China's appetite for official gold purchases remains strong despite a brief pause in May and June. According to industry experts and policy insiders, China's gold holdings are relatively low compared to its vast reserves, prompting continued acquisitions amidst escalating geopolitical tensions.

Beijing's gold purchasing helped rally spot prices in April and...