Monday, 02, December, 2024

Economy

Navoi Mining and Metallurgical Company (NMMC), Uzbekistan's largest company changed equity ownership in August 2023, the first year-half financial report said.

President Shavkat Mirziyoyev's visit to the Forish district of the Jizzakh province today highlighted the development of the "Basalt Uzbekistan" cluster, mining basalt stone and manufacturing fiber as key drivers of industrial growth, presidential press service said.

The volume of direct investment in Uzbekistan in 2023 declined to the previous two years, the balance of payments published by the Central Bank showed.

In January of this year, the state budget deficit topped 5.7 trillion soums, US$ 450 million or in February it was 7.2 trillion soums, and in March it was 6.8 trillion soums. The state budget for 2024 was approved with a total deficit of 10.3 trillion soums.

The Chinese CITIC Construction could be engaged of the Tashkent-Chinaz highway reconstruction project. This became known during a meeting between the Minister of Transport Ilkhom Makhkamov and the management of the company.

The Uzbekistan nuclear power plant project will be international, with various countries being able to be involved in it, said the first deputy chief/director of the development and international business unit at the Russian Rosatom Kirill Komarov, RIA Novosti said.

Gas production in Uzbekistan in February 2024 dropped to 3.71 billion cubic meters (BCM), the Statistics Agency said in an industrial output report.

President Mirziyoyev approved amendments aimed at improving social protection, the Ministry of Justice said. Firstly, amendments have been made to the Rent Law, providing for deleting of tenant becoming disabled event serving as grounds for terminating a rent agreement.

President Shavkat Mirziyoyev signed a decree approving an investment agreement to launch the production of BYD electric and hybrid vehicles and their components in Uzbekistan on Monday.

Uzbekistan’s official reserves as of March 1, 2024 topped $32.19 billion, decreasing by $2.37 billion in January-February, the Central Bank said in a report.

In 2023, Uzbekistan’s international trade reached US$ 62.6 billion. According to the statistics agency, Uzbekistan’s international trade in 2023 increased by 23.9% compared to 2022.

According to the Statistics Agency, in 2023 the total volume of products (services) of agriculture, forestry and fisherieswas worth of 426.3 trillion soums, or US$ 34.8 billion.

 total value of monetary receipts (cash and through terminals) to banks in Uzbekistan topped 669 trillion soums, or US$ 53 billion in 2023, which is by 28% more than in 2022, the Central Bank said in a report.

Uzbeks imported 73,204 passenger cars in 2023, the Statistics Agency said in a report. This is 2.4 times more than the 2022 figure - 30,388. In previous years, car imports grew at a slower pace: in 2022 - by 12.7%, in 2021 - by 5.2%.

German firms are offering 50 thousand vacancies for Uzbeks, the Agency for External Labor Migration said. Available vacancies are in the following trades:

According to the Statistics Agency, in 2023 Uzbekistan’s international trade topped nearly US$ 62.6 billion, recording a 23.9% increase to 2022.

At the government meeting today, the president Shavkat Mirziyoyev identified priorities for the economy of Uzbekistan for 2024, his spokesman Sherzod Asadov said.

Authorized representatives or official dealers of manufacturers are required for importing a number of home appliances into Uzbekistan from February 1, 2024. This is provided for by the president’s Jan. 10 Additional measures to further increase the productive and export potential of the electrical industry Decree, the Ministry of Justice said.

The Central Bank set a new exchange rate for foreign currencies to the Uzbek soum for January 11. At the end of trading, the US dollar to soum rate increased by 20.99 soums to a historical maximum of 12,418.03.

As per the tax and budget policies for 2024, the tax rate for limestone intended for cement production in Uzbekistan has been reduced by almost 4 times.