Wednesday, 01, February, 2023

Business

Fitch Ratings assigns Artel Electronics LLC a first-time rating of ‘B’/Stable Outlook. On Monday, Artel Electronics LLC (“Artel”), Central Asia’s leading home appliance and electronics manufacturer and one of Uzbekistan’s largest companies, has received a first-time Fitch rating of ‘B’ with a stable outlook. Artel therefore becomes the first private manufacturing company in Uzbekistan to be assigned a rating from one of the “big three” international rating agencies.

On July 12, Tashkent hosted a ceremony of signing project agreements with Masdar (UAE) for two photovoltaic power plants to be built in Samarkand and Jizzakh provinces, the Ministry of Energy said.

Uzexpocentre has successfully opened its doors to AgroExpo Uzbekistan/Agrotech Expo – the leading international exhibition for agricultural machinery, plant production and animal husbandry in Uzbekistan. AgroExpo Uzbekistan/Agrotech Expo took place from 28 to 30 of June in Tashkent, the capital of Uzbekistan. The event was organized by JSC NEC “Uzexpocentre” and IFWexpo Heidelberg GmbH, Germany.

A fruit and vegetable caravan will depart from Uzbekistan for Kazakhstan. With such outcomes culminated the working trip of the Minister of Trade and Integration of Kazakhstan Bakhyt Sultanov, Forbes Kazakhstan said.

On June 28, an Uzbek-Turkish business forum was held in the capital. The event was attended by the Deputy PM/ Minister of Investments and Foreign Trade S. Umurzakov, the Vice President of Turkey F. Oktay, the Chair of the Council for Foreign Economic Relations (DEIC) N. Olpak and other representatives of ministries, departments and agencies.

On June 23, the Innovation Minister held talks with officials of the Technical Institute of Physics and Chemistry of Xinjiang of the Chinese Academy of Sciences.

AvtoVAZ’s presence in the Uzbek market is quite limited due to UzAuto Motors, the company said. AvtoVAZ will launch assembly of Lada and Renault car components in Uzbekistan within 12 months, the company president Nicolas Maure said.

The next congress of the Chamber of Commerce and Industry On took place on June 16. The congress was attended by the Minister of Justice Ruslanbek Davletov, who spoke about the Business Code, about the analysis of problems in the business-related regulations, and their solution.

Almost everything that is produced and grown in Uzbekistan is being showcased at Uzbekistan’s exhibition hall in the Tajik capital Dushanbe.

Today, May 31, more than 150-strong Uzbekistan business delegation will visit Dushanbe. The delegation includes businesses from all provinces and major cities.

The Cyprus-based company Lamanka Enterprises Limited became the owner of 4.14 million ordinary shares, or 84.197% of the total shares of Akhangarantsement , the data of the Toshkent stock exchange said.

The European Bank for Reconstruction and Development (EBRD) is supporting the modernisation of agriculture and enhanced economic opportunities for the local population in Uzbekistan with a long term loan of up to US$ 60 million to Indorama Agro. The EBRD financing will be accompanied by a parallel loan of the same size from the IFC, a member of the World Bank Group.

The State Assets Management Agency is approaching the final stage of sale of the government stake in Coca-Cola Ichimligi Uzbekistan, announced today the agency chief Akmalkhon Ortiqov.

An exhibition of Uzbek-Afghan businesses is currently being held in Termez. It was acknowledged that the volume of products of various sectors and industries displayed at the exhibition has increased significantly.

164 firms with Turkish investment, 119 firms with Russian investment and 78 firms with Kazakh investment were founded In January-April 2021.

Tashkent hosted the first meeting of the Uzbek-Ukrainian Business Council, created in February 2021, and a joint business forum on Wednesday, the Chamber of Commerce and Industry said.

In Q1 of 2021, Uzbekistan exported US$ 637.7 million worth of textile products to 54 countries. That’s $ 174.9 million more than in the same period of 2020, the Statistics Committee said in a report.

The right to manage the Samarkand international airport has been handed over to Air Marakanda, owned by Bakhtiyor Fozilov under the PPP terms and with tax reliefs.

On April 21, the President Shavkat Mirziyoyev signed a decree on the creation of youth industrial and entrepreneurial zones in all provinces of Uzbekistan.

Cement production in 2021 is forecasted to be at 16.4 million tons, the Association of Construction Materials reported. Reportedly, 11 new cement production units with a total capacity of 8.6 million tons and a total cost of US$ 738.4 million (in Andijan, Namangan, Samarkand, Tashkent, Kashkadarya and Fergana provinces) were launched during the year, with the total capacity expected to reach 25.3 million tons.