Saturday, 25, May, 2024

Economy

Kitco ranked the world's biggest gold mines by production in 2021 on the basis of 2021б in which the Muruntau mining complex, located in Uzbekistan and consisting of open-pit mine and heap leach operations, is estimated to have produced slightly more than 2 million ounces of gold in 2021.

According to the State Statistics Committee, the average monthly salary before tax in January-March 2022 in the country topped 3,426.8 thousand soums, or US$ 310 (in January - March 2021, respectively, 2,876.4 thousand soums), an 19.1% increase.

The Uzbekistan authorities are not eyeing to replace Russian gold in foreign markets. Because of the sanctions, Russian gold mining companies have faced problems in selling their products, said the Deputy Minister of Investments and Foreign Trade Shukhrat Vafayev.

UzExpoCenter hosted INNOPROM exhibition for the second time. Last year, the Ekaterinburg’s Industrial Forum made its debut abroad for the first time in Tashkent harvested $3.2 billion worth of contracts and agreements.

In Q1 of 2022, UzAuto Motors made 619.6 billion soums of net profit, which is by almost 75% more than in the same period in 2021, the company said in a quarterly report.

On April 25, President Shavkat Mirziyoyev hosted the Prime Minister of Belarus Roman Golovchenko, who is heading the Belarusian delegation at the International Exhibition “INNOPROM. Central Asia”, taking place these days in Tashkent.

Exhibition “Innoprom. Central Asia” kicked off on April 25 in Tashkent, with over 200 exhibitors from Uzbekistan, Armenia, Belarus, Hungary, Russia, Kazakhstan, Kyrgyzstan, Tajikistan and France will present their products within three days.

General Director of the Russian Metalloinvest Nazim Efendiev on April 25 at the industrial exhibition "Innoprom. Central Asia” in Tashkent asked Uzbekistan to reduce rail transportation tariffs. He called for tariffs to be "fair" and equitable.

IFC has signed an agreement to support Uzbekistan as it develops a series of utility-scale wind farms, helping the country transition towards clean energy and meet a growing demand for electricity.

In January-March 2022, Uzbekistan's international trade reached $13.15 billion, which is by $5.6 billion more (or 74.8%) compared to the same period in 2021, the State Statistics Committee said in a report.

The President signed the Further improvement of interbudgetary relations and tax administration Decree. According to the decree, the Annex No. 1 to the president’s Measures to further streamline foreign economic activity and improve the system of customs and tariff regulation of the Republic of Uzbekistan Decree has been amended and supplemented accordingly.

Deputy PM/Minister of Investments and Foreign Trade of Uzbekistan Sardor Umurzakov and Chairman of the Cabinet of Ministers of Kyrgyzstan Akylbek Japarov attended the inauguration ceremony of the Uzbek-Kyrgyz Development Fund.

Amendments could be made to the Tax Code, announced the Legislative Chamber MP Rasul Kusherbaev. According to him, proposals are being made to be taxed residents of free economic zones on profits depending on the volume of their investments:

The monopoly status of Hududgaztaminot, Uzbekinvest, Uz-Prista Recycling, Uzbekekspertiza, Qishloqqurilishloyiha will be terminated.

The war against Ukraine and sanctions on Russia are hitting economies around the globe, with emerging market and developing countries in the Europe and Central Asia region expected to bear the brunt, says the World Bank’s latest Economic Update for the region, released today.

On April 8, President Shavkat Mirziyoyev signed the Next reforms to facilitate stable economic growth by improving the business environment and developing the private sector Decree.

Uzbekistan exported $ 114 million worth of fruits and vegetables in January-February, the State Statistics Committee said in a report on Thursday.

The Ministry of Employment and Labor Relations posted a report on oversight and control over compliance with labor law in the country in 2021, prepared with the assistance of the International Labor Organization (ILO). The first annual report on the implementation of labor standards was released last year.

Kazakhstan is planning to introduce temporary restrictions on the export of grain and flour to protect the domestic market, the Kazakh Minister of Agriculture Yerbol Karashukeev.

A state-owned car manufacturer in UzAuto Motors has reportedly stopped exports to Russia, the country’s biggest trading partner, to comply with sanctions.