Sunday, 14, July, 2024

Economy

IFC has signed an agreement to support Uzbekistan as it develops a series of utility-scale wind farms, helping the country transition towards clean energy and meet a growing demand for electricity.

In January-March 2022, Uzbekistan's international trade reached $13.15 billion, which is by $5.6 billion more (or 74.8%) compared to the same period in 2021, the State Statistics Committee said in a report.

The President signed the Further improvement of interbudgetary relations and tax administration Decree. According to the decree, the Annex No. 1 to the president’s Measures to further streamline foreign economic activity and improve the system of customs and tariff regulation of the Republic of Uzbekistan Decree has been amended and supplemented accordingly.

Deputy PM/Minister of Investments and Foreign Trade of Uzbekistan Sardor Umurzakov and Chairman of the Cabinet of Ministers of Kyrgyzstan Akylbek Japarov attended the inauguration ceremony of the Uzbek-Kyrgyz Development Fund.

Amendments could be made to the Tax Code, announced the Legislative Chamber MP Rasul Kusherbaev. According to him, proposals are being made to be taxed residents of free economic zones on profits depending on the volume of their investments:

The monopoly status of Hududgaztaminot, Uzbekinvest, Uz-Prista Recycling, Uzbekekspertiza, Qishloqqurilishloyiha will be terminated.

The war against Ukraine and sanctions on Russia are hitting economies around the globe, with emerging market and developing countries in the Europe and Central Asia region expected to bear the brunt, says the World Bank’s latest Economic Update for the region, released today.

On April 8, President Shavkat Mirziyoyev signed the Next reforms to facilitate stable economic growth by improving the business environment and developing the private sector Decree.

Uzbekistan exported $ 114 million worth of fruits and vegetables in January-February, the State Statistics Committee said in a report on Thursday.

The Ministry of Employment and Labor Relations posted a report on oversight and control over compliance with labor law in the country in 2021, prepared with the assistance of the International Labor Organization (ILO). The first annual report on the implementation of labor standards was released last year.

Kazakhstan is planning to introduce temporary restrictions on the export of grain and flour to protect the domestic market, the Kazakh Minister of Agriculture Yerbol Karashukeev.

A state-owned car manufacturer in UzAuto Motors has reportedly stopped exports to Russia, the country’s biggest trading partner, to comply with sanctions.

The President signed the Additional measures to support participants in international trade Decree on Tuesday. According to the document, from April 1 of this year:

The State Statistics Committee published data on consumer inflation in March. In March, goods and services rose in price by 1.5%. The leaders in terms of price growth in March, as well as in February, were food items, which on average rose by 2.5% per month (a 14.5% increase annually). Non-food products rose by 1.1% (by 8.2% higher annually), services - by 0.4% (by 6.5% higher annually).

Uzbekistan and Kyrgyzstan intend to increase the two-way trade volume up to US$ 2 billion. An agreement on this was reached in Osh at the fourth meeting of the Council of governors of the border provinces of Uzbekistan and plenipotentiaries of the President of Kyrgyzstan on April 1, the Government of Kyrgyzstan said.

The war on Ukraine will have a severe effect on economies far beyond the immediate area of the conflict, according to new research from the European Bank for Reconstruction and Development (EBRD).

President Shavkat Mirziyoyev, at the government meeting on March 31, set the task of integrating domestic enterprises into the production chains of foreign companies.

Uzbekistan plans to attract $14 billion in investments under public-private partnership terms by 2026, announced Deputy Minister of Investments and Foreign Trade Shukhrat Vafaev at the Tashkent International Investment Forum on March 25.

On March 25, the government of Uzbekistan, with the support of IFC, entered into a public-private partnership agreement for the construction of a new thermal power plant (TPP) in the Syrdarya province, Gazeta.uz was told in the press service of the International Finance Corporation (IFC).

$7.8 billion worth of contracts and investment agreements were signed the First Tashkent International Investment Forum, the Ministry of Investments and Foreign Trade said.