Thursday, 24, September, 2020

Business

World renowned Nike and Adidas are planning to open sport shoes production units in Uzbekistan, Fakhriddin Boboev, chairman of Uzcharmsanoat association, said.

On August 14, the President got acquainted with the presentation of projects on tourism promotion. As reported by the presidential press service, Bostanlyk district of Tashkent province has a huge tourism potential. However, over the years the existing potential has not been fully tapped.

The territory of the Khazarasp free economic zone will be expanded through vacant land plots not used in agriculture, This is stated in the Aug. 17 presidential decree on the development of entrepreneurship in the Khorezm province and boosting the investment attractiveness of the province.

5 hectares of land on the shore of Kerkidon reservoir in Fergana’s Kuva district province have been put up for sale with the condition of investing in tourist facilities, the Tourism Development Committee said.

The production of Changan small trucks, a Chinese brand, will be launched at Namangan free economic zone, the Namangan province governor’s office said.

President Shavkat Mirziyoyev chaired a meeting on the implementation of the Banking System Reform Strategy for 2020–2025 and accelerating the transformation of banks, the presidential press service said.

IFC, a member of the World Bank Group, is providing a $12.5 million long-term loan to JSC Indorama Kokand Fertilizers and Chemicals to finance the modernization of its fertilizer plant in Uzbekistan, which will create jobs and benefit the country’s agriculture sector. The investments will help the company introduce energy-efficient technologies to boost production capacity of high quality phosphate fertilizers for local and regional farmers, improving crop yields and farmer incomes.

CIS Business Initiatives Week (BIW) will be held in Tashkent on September 9–13, the Tashkent mayor’s office said. The preparation plan for the event was approved by a government order.

Since February, Lukoil has reduced gas production in Uzbekistan by 40% of its design capacity due to low demand for gas in China due to coronavirus, the company said in a report for 2020 Q1.

The 5th round of negotiations on the terms of a preferential trade deal with Turkey was held at the Uzbekistan Ministry of Investments and Foreign Trade through video conferencing, the ministry said in a statement.


The purpose of the deal is reportedly to advance trade and economic ties by facilitating the two-way trade. The parties noted that it is an important and effective step to increase the bilateral trade up to $ 5 billion.

In particular, customs duties will not apply to certain goods, or will be significantly reduced.

The negotiations allowed us to comprehensively review the provisions of the draft agreement, as well as to study in detail the lists of Uzbek and Turkish goods, for which it is planned to apply the preferential trade regime, the statement added.

While, the Turkish side announced the readiness of the Ministry of Trade of Turkey to provide the necessary technical assistance for Uzbekistan's accession to the WTO, including in terms of advising on the application of anti-dumping, countervailing duties, protective measures, as well as mechanisms for subsidizing business entities in agriculture sector.