Thursday, 28, March, 2024

Economy

Port of Riga will be expanding cooperation with Uzbekistan Railways. The parties will work on expanding transit to and from Uzbekistan through Latvia. Uzbekistan Railways signed a memorandum of cooperation with Riga Free Port, the industry portal PortNews said.

The value added tax (VAT) rate will be cut from 15 to 12 percent in Uzbekistan from January 1, 2023. This was announced by President Shavkat Mirziyoyev today during an open dialogue with business leaders.

The State Assets Management Agency has announced a selection of consulting companies to develop privatization strategies of Uzbekistan Airways and Thermal Power Plants.

The top 10 countries in Uzbekistan's exports have been announced by the State Statistics Committee. Reportedly, Russia is the top trade partner with the highest share of Uzbekistan's exports in January-July 2022, US$ 1.5 billion.

The Ministry of Transport has agreed with colleagues from Iran and Turkmenistan to simplify the international freight transportation, the Ministry said on Wednesday.

In January-July 2022, Uzbekistan's international trade topped US$ 28.1 billion, recording an increase of US$ 6.3 billion compared to the same period last year, the State Statistics Committee said in a report.

The level of diversification of Uzbekistan’s industrial exports was assessed by experts from the Institute for Forecasting and Macroeconomic Research.

The Uzbekistan unemployment rate in January-June 2022 was at 8.8%, a decrease by 0.9% compared to the same period last year.

In the first half of 2022, Tajikistan exported more than 6.6 thousand tons of cotton to Uzbekistan worth over US$17.3 million. According to Asia-Plus, citing the Customs Service of Tajikistan, this is almost 3.3 times higher than in the same period in 2021 ($5.3 million).

Deputy Prime Minister/Minister of Investments and Foreign Trade Jamshid Khojaev met with Turkish Minister of Trade Mehmet Muş, Dunyo reported.

Uzbekistan and Azerbaijan are to set up a $500 million investment fund for joint projects. This was discussed on August 1 at a meeting of the joint intergovernmental commission.

State Statistics Committee reported on countries with highest share of food items’ exports to Uzbekistan. Reportedly, the top country in terms of food exports to Uzbekistan in January-June 2022 was Kazakhstan on 37.9 percent.

Uzbekistan GDP reached 389.63 trillion soums ($35.27 billion) in January-June, according to provisional data from the State Statistics Committee, with real growth at 5.4% to the same period in 2021.

Uzbekistan and India held talks on enhancing cooperation in the agricultural sector. The meeting took place in New Delhi on July 28 as part of a visit by a government delegation led by Deputy Prime Minister/Minister of Investment and Foreign Trade Jamshid Khodjaev, the MIFT press service reported.

A new power plant is being built in the Syrdarya province. The project is being implemented by the Saudi ACWA Power through 100% direct investment. The plant will generate 12 billion kWh of electricity per year.

The Central Bank has revised its GDP projection for the current year. Based on the available reserves in the economy and the dynamics of aggregate demand, real GDP growth in 2022 is expected to be at 5-5.5% per annum, while in April the forecast was 3.5-4.5% growth.

The Uzbekistan unemployment rate topped 9.2% in Q1, the spokesman to the Ministry of Employment and Labor Relations Mavzhuda Mirzayeva said.

Uzbekistan's foreign reserves increased by $157.5 million In June, while the gold reserves - by $39.8 million, the Central Bank said in a report.

Uzbekistan doubled its revenues from gas exports to China in six months, up to US$ 404 million, TASS reported with reference to the central customs authority of China.

12 foreign companies sent applications for the call for bids for a 200 MW wind power station in Karakalpakstan. Dunyo reported that until July 17, the Ministry of Energy received 12 bids from foreign companies for the two-stage tender announced on April 1 for the selection of qualified investors for a wind power plant project in Karakalpakstan.