Saturday, 28, May, 2022

Business

In the backdrop of massive sanctions, Russian restaurateurs are preparing to establish closer ties with Uzbek producers of vegetables, fruits, textiles and wine, announced the President of the Federation of Restaurateurs and Hoteliers of Russia Igor Bukharov.

Officials of the Ministry of Finance, the Ministry of Investments and Foreign Trade, the State Assets Management Agency, together with the senior executives of Indorama Corporation and The Coca-Cola Company, discussed expanding the privatization program in Uzbekistan.

The leadership of the Aktau seaport in Kazakhstan said they were ready to accept applications from Uzbek companies for transportation.

In a first, a private trader in India has exported commercial goods to Uzbekistan through Pakistan and Afghanistan in a historic trade activity linking the four countries, according to a media report.

With the support of the German Federal Ministry of Food and Agriculture (BMEL) and the assistance of IFWexpo Heidelberg GmbH, a score of major German manufacturers will feature at the German national stand Made in Germany in the international food exhibition UzFood 2022 in Tashkent.

Alisher Usmanov's company sold shares of Kapitalbank, with commercial terms not disclosed. According to the bank, the USM holding, which is owned by Russian billionaire Alisher Usmanov, has entered into a deal to sell 100% stake in Telecominvest LLC (RF) and FINANCE TCI LLC (Uzbekistan), jointly owning 61.54% stake in Kapitalbank.

Businessman Rauf Kamiljanov purchased another 45.73% stake in Savdogar Bank on the stock exchange on February 24. In six transactions, Rauf Kamiljanov bought 594.53 million securities of the bank against 71.3 billion soums, or US$ 6.8 million - 120 soums per share.

Portfolio Manager at Fusion Wealth Management (Hong Kong) Michael McGoughy called the deal on the privatization of Kyzylkumcement listed on the Republican Stock Exchange as non-transparent. He wrote about this on his page in Linkedin.

The Ministry of Investments and Foreign Trade (MIFT) and the Russian biotechnology company Geropharm signed an agreement in Moscow on February 1 to start developing an insulin production unit project, the press service of the MIFT reported.

The President signed the Additional Measures To Develop the Service Sector Decree which identified priority areas for the development of the services sector.

Akkermann Cement Central Asia, a subsidiary of Russia's Akkermann Cement, has become the owner of a 98.6% stake in the Akhangarancement cement plant, the press service of the company said.

On January 20, the U.S. Agency for International Development (USAID) marked the successful completion of its five-year, regional Competitiveness, Trade, and Jobs Activity. The activity facilitated Central Asian exports and increased employment in horticulture, transport and logistics services, and tourism industries. The activity successfully increased competitiveness and expanded trade in these sectors within the region and beyond.

Uzbekistan Airways will increase the number of flights to Russian cities, the company said on Tuesday. Reportedly, starting from January 30, as part of the Eastern hub project, Uzbekistan Airways Express will start operating regular Namangan to Ufa flights on Sundays.

The Business Ombudsman is now entitled not only to consider some administrative offenses affecting the rights of business entities, but also to apply fines for violation of their rights.

The government issued a resolution cutting the business registration fee by 80%. According to the Ministry of Justice, the fee of 54,000 soums, or 20% of the Basic value (BV) will be charged for business registration. Previously, one would have to pay 1 BV (270 thousand soums).

The European Bank for Reconstruction and Development (EBRD) is stimulating the local production of pharmaceuticals in Central Asia’s most populous country, Uzbekistan, by extending a senior loan of up to US$ 5 million to local producer Nika Pharm.

The augmented reality mobile app developed by a team from Uzbekistan came in second in the list of the most popular AppStore apps in its category, downloaded in Iceland, the Ministry of Innovative Development said.

On December 18, in Seoul, the President Shavkat Mirziyoyev met with the chiefs of major companies and financial institutions in the Republic of Korea, the presidential press service said.

Draft of president’s Measures to remove barriers that negatively affect competition and to further expand business areas Decree has been published for input.

Tashkent hosted an international forum of European and Asian Business Ombudsmen entitled "Interregional cooperation for protection of business rights".