Thursday, 21, November, 2024

Economy

Negotiations on the China-Kyrgyzstan-Uzbekistan Railway project are nearly finalized. This strategic project will significantly enhance trade and infrastructure across three nations. This was reported by the railway transport news portal Railway Supply.

Uzbek embassy in Slovakia (stationed in Vienna, Austria) held a presentation dedicated to Uzbekistan’s investment potential in the city of Turčianske Teplice.

The World Bank, in collaboration with the Astana Financial Services Authority (AFSA), is hosting a regional conference on Disaster Risk Financing and Insurance (DRFI) in Central Asia to discuss solutions the region can adopt to be financially prepared for the mounting disaster risks.

The State Assets Management Agency announced the privatization of a stake in UztemirYulKonteyner. Cotton Logistics became the winner in bids for a 35% stake of UztemirYulKonteyner, which is part of Uzbekistan Railways, which offered 200 billion soums. Reportedly the bidder's offer was above the estimated value of the enterprise.

In October, inflation expectations of the public and businesses in Uzbekistan for the next 12 months began to decline, the Central Bank said in a survey.

The European Economic Days forum in Uzbekistan has successfully concluded in Tashkent, marking a new stage in economic cooperation between Uzbekistan and the European Union.

Uzbekistan's public debt may rise to $45 billion in 2025, the Ministry of Economy and Finance said in a report. In 2024, the public debt is expected to reach $39.7 billion, or 35.5% to GDP. Next year, the figure will grow by 13.3% to $45 billion, or 36.4% of GDP. By 2027, the level of public debt may reach $55.9 billion, but with a ratio of 36.7% to GDP, the growth will be insignificant.

The Chinese Sino-Wind Energy unveiled plans to set up a wind turbine blade manufacturing plant in Uzbekistan. This was announced by the company's director Ma Yinhu.

The Central Bank’s governor Mamarizo Nurmuratov commented on the adding of two more Uzbek companies to the US sanctions list at a press conference on October 31.

The Central Bank’s governor Mamarizo Nurmuratov replied to a question about Uzbekistan's dependence on Russia in energy supplies at a press conference on October 31.

The Europe-Uzbekistan Association for Economic Cooperation (EUROUZ) is pleased to announce the European Economic Days 2024, set for November 6-7 at the Hilton Tashkent City. This flagship event will bring together senior-level stakeholders from Europe and Uzbekistan to foster partnerships, explore new business opportunities, and deepen economic collaboration.

The Ministry of Economy and Finance unveiled the proposed tax rates in the draft 2025-2027 Uzbekistan budget. Current rates of income tax (15%), personal income tax (12%), social tax (budget organizations - 25%, others - 12%), turnover tax rate - 4%, as well as fees for the transit of cars through the territory of the country and fees for the right to sell alcoholic beverages will remain the same in 2025.

From April 1, 2025, the excise tax in Uzbekistan may be extended to all non-alcoholic beverages containing sugar. This is envisaged in the draft Uzbekistan Budget for 2025-2027.

The Ministry of Economy and Finance posted for public input a draft Uzbekistan’s 2025 Budget and targets for 2026-2027. Next year, GDP is projected to grow by 6% (lower than last year's forecast) — up to 1.63 quadrillion soums, and in 2026-2027 — 6.1% and 6.3%, respectively. The growth rate of industry is expected to be at 6.1%, services — 14.5%, agriculture — 4.1%. These figures are expected to be achieved through "high-quality continuation of structural reforms in each area."

76 accords worth more than US$ 352 million were signed as part of the fourth Uzbekistan-Kazakhstan Interprovincial Cooperation Forum and the business forum in Samarkand, the press service of the Kazakh Prime Minister said.

In January-September, Uzbekistan's international trade was at $48.2 billion, which is by $3.45 billion, or 7.7%, more than in the same period of 2023, the Agency of Statistics said in a report.

In January-September, Uzbekistan imported gas for a record worth of $1.28 billion, the Statistics Agency said in its international trade report.

It is planned to bring Uzbekistan’s gross domestic product to $200 billion by 2030 and the GDP per capita at $5,000, which is above the initial forecasts, the First Deputy Economy Minister Ilkhom Norkulov announced after a meeting with the president on Thursday.

On October 15, at the government meeting in Almalyk, President of Uzbekistan Shavkat Mirziyoyev discussed the current development of the Tashkent province and future goals.

On October 14, an auction was held on E-auksion to sell the office building of the UzSanoatQurilishMateriallari Association in Tashkent.