Thursday, 08, December, 2022

Economy

The investment company UzAssets under the State Assets Management Agency (SAMA) announced the sale of the 100% stake in the Fergana Oil Refinery (FOR) to Sanoat Energetika Guruhi (former Jizzakh Petroleum) for $100 million, the SAMA said in a press release.

Meeting with executives of EDF (France), Nebras Power (Qatar), Sojitz and Kyuden International Corporation (Japan) was held at the National Electric Networks of Uzbekistan. During the meeting, the parties exchanged views on the progress of the investment project "Construction of a combined-cycle thermal power plant with a capacity of 1600 MW in the Syrdarya province", the steps and necessary measures for the timely and high-quality completion of the project. The parties also discussed working issues related to the investment project.

In January-April 2022, Uzbekistan's international trade topped US$ 17.2 billion, the State Statistics Committee said in a report on Friday.

The World Bank released its new Systematic Country Diagnostic analyzing key challenges and opportunities for Uzbekistan’s development. It contains policy recommendations for removing barriers to private sector growth, reducing the state’s role in the economy, focusing on people and their human capital, and transitioning to a green economy. The report is the foundation for selecting priority areas for the World Bank Group’s cooperation with the government of Uzbekistan in 2022-2026.

The Ministry of Energy and Water (MoEW) said that Afghanistan owes more than $100 million for electricity imported from Uzbekistan and Tajikistan.

Uzbekistan joins the international fight against tax evasion by becoming the 164th member of the Global Forum on Transparency and Exchange of Information for Tax Purposes. Like all Global Forum members, Uzbekistan will participate on an equal footing and commits to combatting tax evasion through the implementation of the internationally agreed standards of transparency and exchange of information for tax purposes (exchange of information on request and automatic exchange of information).

On May 18–20, Tashkent will host the 24th International Oil and Gas Exhibition ­– OGU, which will feature an interactive exposition under the “Made in Russia” brand. The exposition will bring together cutting-edge developments and technologies in the oil and gas industry from 35 leading Russian companies.

The State Assets Management Agency published the findings of the analysis of the financial statements of Uzbek enterprises with a state's stake.

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.