Saturday, 25, May, 2024

Economy

Ninth meeting of the Uzbek-Czech intergovernmental commission on economic, industrial, scientific and technical cooperation took place in Tashkent on Monday under the chairmanship of the Minister of Investment, Industry and Trade Laziz Kudratov and the Minister of Industry and Trade of the Czech Republic Josef Sikel.

UzAuto Motors plant in Asaka will resume operation at full capacity from July 17, the, the company said in a statement. with the modernization works ongoing.

Uzbekistan's top 10 trade partners were unveiled. After January-May 2023, China was on the top spot on US$ 4.5 billion. According to the Statistics Agency, China was followed by Russia and Kazakhstan, on US$ 3.8 billion and 1.9 billion, respectively.

Uzbekistan plans to increase sugar imports through Baku port, thanks to Azerbaijan's raisng throughput, transit time has been halved. Uzbekistan seeks to increase the import of sugar and other goods through Azerbaijan, said the Deputy Transport Minister Abdusamat Mominov.

Remittances to Low- and Middle-Income Countries (LMIC) are expected to grow by 1.4 percent to reach $656 billion in 2023, following a very strong 8 percent growth in 2022 and 10.6 percent in 2021.  As a result, remittances are now even larger than FDI and ODA and, excluding China, larger than the sum of FDI and ODA.

Kazakhstan became the top importer of Uzbek-made footwear on 4.1 million pairs. According to the Statistics Agency, in January-April 2023, Uzbekistan exported 8.4 million pairs of shoes to 11 countries worth total of $12.5 million.

The World Bank has just released its latest Global Economic Prospects report. The Institution's flagship report, which is issued twice a year, in January and June, examines developments, risks, and prospects related to the global, regional, and domestic economies.

Tashkent hosted the 15th meeting of the intergovernmental commission on trade, economic, scientific and technical cooperation between Uzbekistan and Iran on Wednesday.

Deals were reached on renewable energy project with a total capacity of 6 gigawatts and the modernization of existing networks at the Uzbek-Chinese business forum in Xian, China, the Minister of Energy Jurabek Mirzamakhmudov told Kun.uz.

Shavkat Mirziyoev chaired a government meeting on the state of affairs in terms of introduction of renewable energy sources and the measures taken to ensure the stable operation of the energy system in the summer season.

Meeting with executives of Arton and Wehrhahn Gmbh was held at the Embassy of Uzbekistan in Berlin. According to the New Uzbekistan publication, contract on supply of production lines for two new plants to be commissioned in 2024 in the cities of Urganch and Andijan was signed with the German companies.

As part of the business program of his trip to Germany, President Shavkat Mirziyoyev today met with the leadership of major German companies and financial institutions, the presidential press service said in a statement.

Today, on May 2, ahead of the visit of the President Sh.M. Mirziyoyev to Germany, a joint business forum was held in Berlin, which was attended by over 250 chiefs of major companies, holdings and industrial enterprises, banks, ministries, departments and industry associations of the two countries.

On Thursday evening, April 27th, the Europe-Uzbekistan Association for Economic Cooperation (EUROUZ) together with the Delegation of the European Union to Uzbekistan organized an informal meeting between the European Union Sanctions Envoy the H.E. Mr. David O'Sullivan, and prominent Uzbekistan and EU business representatives in the country.

During his address at the session of the 2nd Tashkent Investmnet Forum, Shavkat Mirziyoyev stressed that important steps had been taken to liberalize Uzbekistan's international trade. In particular, customs duties have been abolished on over 7,000 items of raw materials and goods needed by investors.

Uzbekistan's GDP grew by 5.5% in Q1 of 2023, the Statistics Agency said. This is significantly higher than projected figure, which was voiced at a government meeting chaired by the president at the end of January.

President Shavkat Mirziyoyev signed decree on Thursday exempting a number of building materials imported into Uzbekistan from customs duties until January 1, 2025, the Ministry of Justice said.

In Uzbekistan and other CIS countries, banks are requesting additional documents for Russian clients for fear of secondary sanctions, the Russian publication Kommersant said.

President Shavkat Mirziyoyev approved amendments to the Consumer Loan Law, which now allow provision of consumer loans for imported goods with immediate effect. The Legislative Chamber passed the amendments on January 17, and the Senate on March 2.

Today, President Shavkat Mirziyoyev chaired a government meeting on investment, exports and international cooperation. At the meeting, officials reported on the work progress in this area. Shavkat Mirziyoyev undescored that since the beginning of the year $764 million of foreign investment had been disbursed, 1.3 thousand large and medium-sized projects have been launched, with exports topping $ 3 billion.