Saturday, 20, October, 2018

Economy

In Q1 of 2018 Uzbekistan's exports of goods were worth a total of US$ 2.9 billion, while imports amounted to US$ 3.6 blns, with trade deficit at US$ 0.6 bln. Imports are higher than exports due to, inter alia, the fact that some import operations shifted from shadow economy and were conducted through the banking sector, as well as due to production capacities being boosted by loans in foreign currency, the Central Bank  said in its quarterly report.

President Shavkat Mirziyoyev, by his June 29 decree, approved the Concept for Improving Uzbekistan’s Tax Policy, which is aimed at “reducing the tax burden, simplifying the taxation system and improving tax administration" and which has been prepared based on the recommendations of the International Monetary Fund, the World Bank and other experts, with its draft passing public discussion.

Uzbekistan Airways will receive two Airbus A320 Neo aircrafts in December, and in the second half-year of 2019 - two new Boeing 787 Dreamliners, the carrier said. Expansion of the fleet is part of the company's development strategy and modernization program.

Uzbek Foreign Ministry hosted a meeting with New Zealand's Ambassador Ian Alexander Hill, the foreign ministry said. The sides reportedly made arrangements to sign accords on trade-economic, scientific and technical cooperation, mutual protection and promotion of investments, avoidance of double taxation, and a number of others accords.

The construction of a solar power plant in the Samarkand province is suspended, the chief of strategic development at Uzbekenergo Eso Sadullayev said at the conference: Realities and Proxpects of the Electricity Sector Reforms– Experience Gained, Lessons Learned and Myths Debunked in Tashkent on Monday, adding that the study of project feasibility study found that the project should be reviewed.

Uzbekistan and Russia agreed to build a nuclear power plant (NPP) in Uzbekistan’s Navoi province. Uzbek Ambassador to Russia Bakhrom Ashrafkhanov told RIA Novosti.

Uzbek Deputy PM/Minister of Finance Jamshid Kuchkarov hosted the visiting World Bank mission, the ministry said. The parties reportedly discussed state and technical aspects of reforming Uzbekistan’s tax system and considered prospects for medium-term technical assistance to Uzbekistan in the field of fiscal policy.

"Now it is the best time to start doing business in Uzbekistan," said Laziz Kudratov, the first deputy chairman of the Uzbek Committee for Investments, in his opening remarks at the Uzbekistan-Spain forum: Multifaceted Partnership, which kicked off Tuesday at the Wyndham Hotel, and which was co-organized by the committee, Spanish Export and Investment Agency ICEX and the Economic and Trade Department of the Spanish Embassy in Tashkent, PR branch of the committee. 

Oybek Mirzabekov has been appointed as new chairman of the board of Uzsanoatexport (transl. Uz Industry Export), which was created in 2015 through merger of Markazsanoateksport and Uzprommashimpeks.

Delegation of Hyundai Motor Group led by President Han Sung-Kwon will arrive in Tashkent on Tuesday, the Uzbek Foreign Ministry said. The program of the visit includes meetings and talks in the government of Uzbekistan, Uzavtosanoat , as well as a number of ministries and departments.