Wednesday, 19, June, 2024

Economy

Dubai-based flydubai airline will operate five flights per week between Dubai and Tashkent starting 11 March 2019 from Terminal 3, Dubai International Airport.

Uzbekistan has climbed in the latest Economic Freedom Index to 140th place among 182 countries with freedom score at 53.3. Its overall score has increased by 1.8 points, led by robustly higher scores for investment freedom, labor freedom, and business freedom. Uzbekistan is ranked 36th among 43 countries in the Asia–Pacific region, and its overall score is below the regional and world averages. In 2017 Uzbekistan ranked 152th, while in 2016 was the 166th freest.

Uzbekistan Airways posted the annual report on the occasion of the 27th anniversary of the airline. The airline told that three new routes were opened to Mumbai, Vladivostok and Jeddah in the last three months, adding that flights to Tbilisi, Munich and Karachi are planned to be launched in 2019.

In 2018, the share of cotton fiber in total exports (1.6%) decreased considerably compared to the last year, the Statistics Committee said in a report.

Uzbekistan sold US$ 2.9 billion worth of gold, the Statistics Committee said in a report. In general, in 2018, Uzbekistan total exports in 2018 amounted to US$ 14,257.9 million (an increase by 13.6% to the last year).

Ahead of the official visit to Germany of the President of Uzbekistan Shavkat Mirziyoyev, Uzbek companies signed a number of strategic partnership agreements with Siemens for implementing energy and industry projects. In particular:

President Shavkat Mirziyoyev signed the Creation of Andijan-Pharm Free Economic Zone Decree. The free economic zone (FEZ) is being set up in the Andijan district of the Andijan province, with the validity term of 30 years and possibility of extension, the decree says.

When you run a large landlocked central Asian state rich in uranium and with big economic ambitions, what do you do? You build a nuclear power plant. 

The Uzbekistan Ministry of Economy has been reorganized into the Ministry of Economy and Industry. This is provided for by the President’s Measures to Fundamentally Improve the System for Implementing the Economic Policies Decree.

The Economic Council has been formed in Uzbekistan for implementation of the Uzbekistan Reforms Road Map for 2019-2021.

Uzbekistan is planning to buy two Talgo-250 high-speed trains and four economy-class cars, as part move to improve quality of rail transportation and passenger service.

Experts and consultants of Deutsche Bahn, the largest railway operator in the EU, will help Uzbekistan Railways to draft its development strategy, the first deputy chairman of the Uzbek Investments Committee, Laziz Kudratov said at a meeting of the International Press Club on Wednesday.

A separate state anti-monopoly body is planned to be created in Uzbekistan through splitting the current State Committee for Assistance to Privatized Enterprises and the Development of Competition into several bodies, the draft 2019 State Program proposed.

President Nursultan Nazarbayev of Kazakhstan proposed the creation of an international centre of boundary cooperation with Uzbekistan.

The two-way trade between Uzbekistan and Belarus in January-November 2018 surpassed US$ 145 million, a 28.5% increase compared to the same period in 2017.

Almalyk Mining and Metallurgical Complex (AMMC) plans to build a new copper processing plant, the plant said. The TOMS Research and Design Institute (Russia) will develop a project for the new factory, which is scheduled to be commissioned before 2022.

The Government of Uzbekistan has approved the main technical and economic parameters of the feasibility study of the Modernization of the Foundry Capacities through Construction of a new foundry at JSC UzbekKimyoMash Plant Project.

Shavkat Mirziyoyev signed the Macroeconomic Figures and Parameters of the State Budget for 2019 and Budget Guidelines for 2020–2021 Decree scrapping the tax waivers provided for General Motors Uzbekistan, SamAuto and JV MAN Auto-Uzbekistan, save for the value added tax (VAT).

Uzbekistan intends to change the structure of textile production and increase exports up to US$ 7 billion by 2025, UzTextil Sanoat (transl. UzTextileIndustry) Association said.

The Cabinet of Ministers issued resolution ordering the hand-over of the Uzbekistan Railways’ stake in UzbeKo’mir (transl. UzbekCoal) state-owned company in the amount of 45% to Progress Gor Tech, a Russian company for trust management, the Uzbek Ministry of Justice said.