Economy
Uzbekistan to launch employment programme with special tax benefits
President Shavkat Mirziyoyev announced a new $1 billion programme “20,000 entrepreneurs — 500,000 qualified specialists”. The programme will provide entrepreneurs who train and employ poor citizens with loans, tax and customs preferences, infrastructure and land. The programme will start on June 1.
Uzbekistan and Kyrgyzstan launch construction of a car plant in Chui region
Ulugbek Rozukulov, head of Uzavtosanoat, and Akylbek Japarov, chairman of the Kyrgyz Cabinet of Ministers, launched the construction of the Altyn Tulpar Unaa Kurulush passenger car and commercial vehicle assembly plant in Chui region.
President of Uzbekistan reviews readiness of energy system for summer period
At a meeting on energy supply in Uzbekistan, Shavkat Mirziyoyev discussed the expected rise in electricity consumption during the summer period. He criticised hokims and the Energy Minister for failing to calculate expected load coverage.
President of Uzbekistan instructs to create gasoline and diesel fuel reserves
The President ordered the creation of a fuel reserve for gasoline and diesel. He also announced that loans will be provided to fuel importers to supplement their working capital. In addition, he set a target of installing 900 electric car chargers across the country by the end of 2023.
Uzbekistan’s international reserves shrank by $230 million in April
Uzbekistan’s international reserves in April decreased by $230 million to a total of $35.2 billion. The decline was mainly due to a reduction in foreign currency reserves.
President unveils new measures to reduce poverty and increase employment in Uzbekistan
President unveiled measures to reduce poverty and unemployment, such as signing contracts with businesses to train workers, providing preferential access to infrastructure and credit, implementing a new program based on China’s experience, and revising the procedure for granting loans and subsidies.
EU may sanction Uzbek firms for aiding Russia to circumvent sanctions
The European Union is considering new sanctions over Russia’s war in Ukraine. According to Reuters sources, the sanctions may target companies from China, Iran, Kazakhstan and Uzbekistan that help Russia circumvent sanctions already imposed.
KfW Bank allocates €200 million to improve water and sanitation in Uzbekistan’s Surkhandarya and Fergana regions
Uzsuvta’minot secured a €200 million loan and grant from Germany’s KfW Bank to improve drinking water and sewerage services in Surkhandarya and Ferghana regions. Aqua Consult Ingenieur also signed a memorandum for a sewerage project in Samarkand’s regional centres.
President of Uzbekistan meets with heads of top German companies and banks
“Uzbekistan must be associated with stability, reliability and predictability for foreign investors. We are ready to create all conditions for every German businessman to feel free and confident in our country,” Shavkat Mirziyoyev told German business leaders at a meeting in Berlin.
Germany’s KfW allocates €50.5 million to healthcare digitalization of Uzbekistan
Uzbekistan signed a loan agreement worth €45 million and a grant agreement worth €5.5 million with Germany’s KfW Development Bank to support the country’s healthcare system digitalisation.
Uzbekistan’s inflation rate in April was 0.8%
Food prices in Uzbekistan increased by 1.2% in April 2023, while non-food prices increased by 0.5% and services increased by 0.5%. The largest increase in food prices was for tomatoes, which rose by 21.3%, followed by rice (14.1%), carrots (13.2%), and sugar (10.5%).
IMRS assesses satisfaction with domestic tourism in Uzbekistan
Over 50% of Uzbekistan’s domestic tourists prefer to travel with families, a recent survey by the Institute for Macroeconomic and Regional Studies suggests. However, poor road quality, high prices, and limited access to water, Internet, and sanitation facilities were the main concerns reported.
Uzbekistan explores gas supplies from Russia via Central Asia-Center pipeline
Uzbekistan considers importing gas from Russia via the Central Asia-Center pipeline, as the Bukhara-Urals pipeline is obsolete, Uzbek Energy Minister said. The parties are assessing the costs of repairing compressor stations for reverse gas delivery.
Direct flights between Tashkent and Budapest to launch in late 2023
Direct flights between Uzbekistan and Hungary are planned to begin in H2 2023, as announced by Hungary’s Minister of Economic Development, Marton Nagy. He also informed Hungary expressed readiness to share experience with Uzbekistan in artificial intelligence technology and drone production.
Gas production in Uzbekistan to see positive growth in H2 2023 — Energy Minister
Uzbek Energy Minister, Jurabek Mirzamakhmudov, announced at the Tashkent Investment Forum that the country’s gas production is expected to see positive growth in the second half of 2023, following a decline in production due to various factors.
“The construction of China-Kyrgyzstan-Uzbekistan railway would guide “our region out of a transport impasse” — Akylbek Japarov
At the Tashkent Investment Forum, Akylbek Japarov, Kyrgyz PM, highlighted the China-Kyrgyzstan-Uzbekistan railway’s potential to alleviate regional transport issues, connect roughly four billion people, and expand transport links from Asia to Europe and the Middle East.
“We are grateful Uzbekistan is against having its territory used to circumvent the sanctions” — EU Special Envoy
EU’s Special Envoy for Sanctions visited Uzbekistan to discuss concerns regarding the potential circumvention of sanctions against Russia. He urged Uzbekistan to strengthen control measures on the movement of specific EU-made products.
President reveals plans to transfer four Uzbek airports to private management
President Mirziyoyev unveils plans to transfer four Uzbek airports (Andijan, Namangan, Bukhara, and Urgench) to private sector management in 2023, and invited investors to participate in the evolving aviation sector.
Uzbekistan targets 50% increase in gold production
Uzbekistan sets its sights on a nearly 50% increase in gold production, aiming for 150 tonnes in the coming years.
“In Uzbekistan, you will find everything you need for business — peace, stability, and reliable guarantees.” Uzbek President speaks at investment forum
President Mirziyoyev emphasizes WTO accession, green economy transition, and investor support in his speech at the Tashkent International Investment Forum, highlighting reforms, SOE’s privatization program, arbitration court decisions, and guaranteed protection of investors' rights.
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