Saturday, 23, November, 2024

Economy

Masdar, a UAE based renewable energy company, will build 500 MW capacity wind power plant in the Navoi province. The signing ceremony of the investment agreement between the UAE company and the Ministry of Investment and Foreign Trade took place on June 8. According to the document, Masdar will design, finance, build and operate the wind farm.

Recent developments: The COVID-19 pandemic has adversely affected Europe and Central Asia through the collapse in global commodity prices, disruptions to global and regional supply chains, and heightened risk aversion in financial markets. The widening of domestic outbreaks of the virus has steepened the decline in domestic demand, exacerbated supply disruptions, and brought much activity to a halt.

In Uzbekistan, production of Volkswagen Caddy light commercial vehicles begins at Jizzakh factory which was built for Peugeot-Citroen plant project which was reported abandoned due to differences.

Turkish Aksa Energy is investing in the 240 MW combined cycle gas power plant project in Tashkent. The project is to be implemented based on the agreement with the Ministry of Energy of Uzbekistan, Dunyo reported.

A meeting of the Ministry of Energy and Uzbekneftegaz JSC took place at the construction site of the GTL plant in Kashkadarya province under the chairmanship of the Minister Alisher Sultanov.

“At the moment, the Uzbek labor market is under tremendous pressure due to an increase in the number of unemployed. Nearly 400 thousand enterprises temporarily ceased operations or reduced their activity due to coronavirus. Due to the country’s closing, about 150 thousand people lost their jobs, while about 498 thousand returned to Uzbekistan, labor migrants who returned now have no permanent income, more than 200 thousand families are now living below the poverty line,” said First Deputy Minister of Employment and Labor Relations Erkin Mukhitdinov.

Uzbekneftegaz and LUKOIL signed a new Memorandum of Understanding in Tashkent. The intention of cooperation in the field of joint exploration and production OF oil and gas in Uzbekistan is secured by the signatures of the Chairman of the Board of Uzbekneftegaz M. Abdullaev and the Director General of LUKOIL Uzbekistan Operating Company S. Gurzhiy (on behalf of LUKOIL).

President Shavkat Mirziyoyev held a meeting on May 28 to discuss priorities in ensuring a competitive environment in the economy and protecting consumer rights, the presidential press service said.

The Uzbekistan Ministry of Electricity has commenced drafting Uzbekistan’s low-carbon electricty strategy. The document will reflect the transition to the production of electricity with low greenhouse gas emissions.

President Shavkat Mirziyoyev instructed to push the privatization of about 1,400 state-owned assets, the presidential press service said in a statement. The privatization program is to be approved by the Cabinet of Ministers.

President Shavkat Mirziyoyev chaired a video conference meeting, where he, in particular, spoke about the reasons why major investors are not willing to invest in Uzbekistan.

The unemployment rate in Uzbekistan in Q1 topped 9.4%, the Liberal Democratic Party said in the Legislative Chamber of the Oliy Majlis Tuesday.

President Shavkat Mirziyoyev signed the Next Measures to Support Households and Business during Coronavirus Pandemic Decree.

President signed the Measures to implement the “Construction of a 100 MW capacity photovoltaic power plant in Samarkand province project” Decree.

Uzbekistan’s economy will slow sharply this year because of the impact of the coronavirus, but will avoid a recession, according to the latest forecast by the European Bank for Reconstruction and Development (EBRD) published today.

The world's largest company by market capitalization ever - Apple Distribution International Limited has registered in Uzbekistan as a VAT payer and paid US$ 59.2 thousand in tax to the Uzbek state budget in Q1, the State Tax Committee said.

The President signed the Measures to Expand Production of Potatoes and Further Development of Potato Seed Production in the Republic Decree.

Central Asian gas producers Turkmenistan, Kazakhstan and Uzbekistan are discussing a shared cut in gas supplies to China, as a result of the coronavirus pandemic's impact on demand, Uzbekneftegaz CEO Mekhriddin Abdullaev told S&P Global Platts Tuesday.

The government approved the Concept for Providing Uzbekistan with Electricity for 2020–2030, the Ministry of Energy said. The document was developed with the participation of international experts.

The countries of the Turkic Council are planning to step up the Trans-Caspian transport corridor during the coronavirus pandemic, the Foreign Ministry said in a statement.