Thursday, 20, June, 2024

Economy

Good morning Mr. Neil McKain, you are the IFC Regional Manager for Uzbekistan and Turkmenistan. Thank you in advance for this interview to the Tashkent Times.

On May 29, the first meeting of the Uzbekistan-Malaysia Intergovernmental Commission took place in Kuala Lumpur. According to Dunyo, this event was organized in pursuance of the agreements reached between the President Shavkat Mirziyoyev and the Prime Minister of Malaysia Anwar Ibrahim during their talks negotiations held in Tashkent on May 17 to turn the Joint Committee on Trade between the two countries into an Intergovernmental Commission.

As reported earlier on June 3, President Shavkat Mirziyoyev signed the Measures to further expedite market reforms and harmonize national legislation with World Trade Organization (WTO) agreements Decree.

On June 3, the president signed the Measures to further expedite market reforms and harmonize national legislation with World Trade Organization (WTO) agreements Decree depriving several state-owned companies in Uzbekistan of special (exclusive) rights.

On May 31, 2024, S&P Global Ratings affirmed its 'BB-/B' long- and short-term foreign and local currency sovereign credit ratings on Uzbekistan. The outlook is stable.

Uzbekistan received $197.84 million in humanitarian aid In 2023, the Ministry of Economy and Finance said in a report on Friday.

The president signed a decree creating a republican commission to optimize and ensure the effectiveness of subsidies, benefits and preferences to businesses.

The Cabinet of Ministers issued the Measures to implement the investment program of Uzbekistan for the quarter 2 of 2024 Resolution.

Uzbekistan and Azerbaijan are seeking to set up a joint commercial online platform, the Minister of Investment, Industry and Trade Laziz Qudratov said during the II Azerbaijan-Uzbekistan Inter-Provinces Forum in Guba.

Uzbekneftegaz may join the Shah Deniz gas condensate project on the Azerbaijani shelf of the Caspian Sea, the Minister of Investment, Industry and Trade Laziz Qudratov said on the sidelines of the II Uzbekistan-Azerbaijan Inter-Provinces Forum in Guba.

The oil and gas company Uzbekneftegaz has put into operation a Drilling Control Center. In the launch ceremony on Wednesday were present the Minister of Energy, Zhurabek Mirzamakhmudov, the Chairman of Uzbekneftegaz, Bakhodir Siddikov, and the Chairman of the Board of Gazprom Neft, Alexander Dyukov.

According to the latest Regional Economic Prospects (REP) report published by the European Bank for Reconstruction and Development (EBRD), Central Asian economies in 2024 are expected to see growth slowing to 5.4 per cent. However, a rebound to 5.9 per cent is expected in 2025.

Uzbekistan’s top 20 largest taxpayers were unveiled on May 13, the Statistics Agency said in a report. A total of 2,187 large taxpayers contributed tax revenues over UZS 32.9 trillion ($2.6 billion).

Uzbekistan plans to disburse $5 billion in investment from Russia in 2024. On May 10, President Shavkat Mirziyoyev got acquainted with the progress of implementation of the agreements and further plans for investment cooperation with foreign partners.

Until spring 2024, Uzbekistan was one of the few countries in the world that lacked internationally comparable poverty estimates. For decades, the country had measured poverty in a way that could not be directly compared with the rest of the world, making it hard to understand how effective Uzbekistan’s progressive social and economic reforms were.

President Shavkat Mirziyoyev signed a decree on April 19 approving the list of state-owned blocks of shares that will be put up for auction on the international market with the help of consultants.

President Shavkat Mirziyoyev signed a Decree on April 30 raising the minimum amounts of pensions and benefits from May 1, the press service of the Pension Fund said.

Almalyk Mining and Metallurgical Plant (AMMC) has shown strong financial performance in Q1 of the year, with its net revenu reaching 1.5 trillion soums, or $118 mln, marking a 4.7% increase compared to the same period last year.

President Shavkat Mirziyoyev in a government meeting to geology, mining, and metallurgy underscored Uzbekistan's commitment to tapping the full potential of its mineral resources. He also highlighted the strategic importance of these sectors in driving economic growth and diversification.

Average salary in Uzbekistan rose by 19.8% to UZS 4.92 mln ($387) in Q1 of 2024, the State Statistics Agency said in a report. Among provinces, Andijan recorded the highest increase at 25.2%, followed by Tashkent at 22.3%, and Ferghana at 21.5%.