• KGS/USD = 0.01181 0%
  • KZT/USD = 0.00208 0%
  • TJS/USD = 0.09393 -0.21%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 -0.28%
  • KGS/USD = 0.01181 0%
  • KZT/USD = 0.00208 0%
  • TJS/USD = 0.09393 -0.21%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 -0.28%
  • KGS/USD = 0.01181 0%
  • KZT/USD = 0.00208 0%
  • TJS/USD = 0.09393 -0.21%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 -0.28%
  • KGS/USD = 0.01181 0%
  • KZT/USD = 0.00208 0%
  • TJS/USD = 0.09393 -0.21%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 -0.28%
  • KGS/USD = 0.01181 0%
  • KZT/USD = 0.00208 0%
  • TJS/USD = 0.09393 -0.21%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 -0.28%
  • KGS/USD = 0.01181 0%
  • KZT/USD = 0.00208 0%
  • TJS/USD = 0.09393 -0.21%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 -0.28%
  • KGS/USD = 0.01181 0%
  • KZT/USD = 0.00208 0%
  • TJS/USD = 0.09393 -0.21%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 -0.28%
  • KGS/USD = 0.01181 0%
  • KZT/USD = 0.00208 0%
  • TJS/USD = 0.09393 -0.21%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 -0.28%
06 October 2024

Viewing results 1 - 6 of 790

Uzbekistan Ends Forced Labor, But Cotton Industry Faces New Challenges

Global Voices reports that Uzbekistan has succeeded in phasing out forced labor in its cotton industry, but now faces new challenges. The country has made progress in ending forced labor and modernizing its cotton sector, driven by economic and political reasons. Forced labor hurts businesses and the nation’s international image, which the government has aimed to improve since 2016. Cotton production accounts for 12% of GDP. Since 2017, the government has introduced major reforms to modernize Uzbekistan’s cotton industry, led by President Shavkat Mirziyoyev after he took office in 2016. By 2018, labor control was strengthened, and the cotton cluster system, which controls the entire production process, began to take shape. Today, almost all cotton is grown through 142 clusters. Cotton quotas have been abolished by 2020, and the minimum wage will now be negotiated. The same year, the International Labor Organization reported that child labor was no longer a problem, and the international boycott was lifted in 2022. Eradicating forced labor has been hailed as “one of the most significant victories anywhere in the world in the battle against forced labor in the twenty-first century,” said Bennett Freeman, co-founder of the Cotton Campaign in 2022. This achievement was possible thanks to the diligence of organizations such as human rights defenders of Uzbekistan and the Uzbekistan Forum for Human Rights, which monitored the cotton fields and recorded violations, as well as the government's promptness in reviewing these reports. Global Voices writes that despite the progress achieved in Uzbekistan's cotton industry, there are still serious problems. The report states, “Despite abandoning forced labor, the government still continues to exert strong control over cotton production and prevents farmers from fully operating on their own terms.” Farmers receive resources and loans, but the system remains inefficient, with state-set cotton prices often differing from global rates. The government and industry need to address these ongoing issues while pursuing international standards and export opportunities to build trust and transparency.

Kyrgyzstan Produces All Potatoes, Vegetables, Fruit, and Milk It Needs

According to government data, of the eight basic socially significant food products in Kyrgyzstan, domestic production meets the demand only for potatoes, vegetables, fruits, and milk. The demand for bread and bakery products, meat, sugar, eggs, and vegetable (cooking) oil is partly satisfied with imports. This was announced at the Council on Food Security and Nutrition meeting on October 3. From January to July 2024, the levels of self-sufficiency were 86.5% for bread and bakery products, 162.8% for potatoes, 159% for vegetables and fruits, 79.1% for meat, 116.3% for milk, 49.2% for sugar, 71.4% for eggs, and 48.5% for vegetable oil. Kyrgyzstan imports food from Russia, Kazakhstan, Belarus, Uzbekistan, and China. At the meeting, Deputy Chairman of the Cabinet of Ministers - Minister of Water Resources, Agriculture and Processing Industry Bakyt Torobaev ordered additional measures to support agricultural production and incentivize local producers. Torobaev also announced the establishment of the Research Institute of Food Security and Nutrition, which will become a center of knowledge and innovation that will help improve the country's food security. The institute's creation will allow scientific research in agronomy and veterinary science and the development of recommendations for improving agricultural product production and processing technologies. It will also cooperate with international organizations and scientific institutions to implement the best global practices in food security.

Kazakhstan Recycles 24% of Waste It Produces

Deputy Minister of Ecology and Natural Resources Zhomart Aliyev said at the VIII Eurasian Business Forum "Green Energy & Waste Recycling" in Astana on October 3 that in 2023, 4.1 million tons of municipal waste were produced across Kazakhstan, and only 24% of that volume was recycled. According to Aliyev, unauthorized landfills remain a big problem. A total of 4,868 such landfills have been identified, and only 32% of them have been recycled. As of 2023, only 624 out of Kazakhstan's 3,016 solid waste landfills met all the environmental requirements. The government has approved 94 investment projects to construct waste processing plants in Kazakhstan, which is expected to increase the country’s municipal waste processing from 1 million to 2.2 million tons annually. The government has also approved a resolution on preferential financing for the construction of waste sorting and recycling plants and a plan to modernize existing solid waste landfills. The government has also drafted a Concept for the Development of Environmental Culture for 2024-2029, which aims to raise public awareness of proper waste management.

IMF: Uzbekistan’s Economy Is Growing, but Reforms and Stability Are Key

The International Monetary Fund (IMF) says the forecasts for Uzbekistan's economy are optimistic. The economy continues to grow actively; however, risks and opportunities remain. Maintaining macroeconomic stability and continuing to implement structural reforms is necessary to sustain high growth rates, restore buffer stocks, and protect against external shocks. The economy grew by 6.4% in the first half of 2024 compared to the same period last year. Due to an increase in energy prices in early May, overall inflation increased from 8% at the end of April to around 10.5% recently. The underlying inflation rate rose more moderately, reaching 7% in August, up by one percentage point since June. Remittances increased by 32% in the first seven months of 2024, and international reserves are still substantial, covering 9.5 months of imports as of August. Economic growth is expected to stay above 5.5% this year and next, driven by strong investments and reforms. Inflation is predicted to gradually decline due to tighter monetary and fiscal policies and the fading impact of energy price hikes. The current account deficit is expected to decrease to 6.25% of GDP in 2024 and 6.1% in 2025, supported by strong exports, remittances, and fewer large machinery imports. Risks include regional challenges, fluctuating commodity prices, a possible global slowdown, and issues with state-owned enterprises or partnerships. Opportunities may come from increased financial flows, remittances, and higher gold prices. The impact of energy price hikes in May 2024 and wage increases in September-October 2024 could lead to higher inflation. Experts recommend that the Central Bank of Uzbekistan keep interest rates high until there is clear evidence of inflation decreasing. The bank should also be prepared to raise rates further if inflation rises more than expected.

Scientists in Turkmenistan Develop Lactose Gel for Skin Rejuvenation

Turkmen biotechnologists from the Academy of Sciences of Turkmenistan have developed an innovative lactose gel designed to rejuvenate and correct age-related skin changes. The State Service for Intellectual Property has officially recognized this technology and issued the relevant patent. The gel, based on milk whey, is used in dermatology and cosmetology. Its key task is to improve skin condition by restoring water and protein balance. Low-frequency ultra phonophoresis allows deep penetration of amino acid molecules, which contributes to cell recovery, improves cell nutrition and moisturizing, and stimulates the regeneration process. The basis of development is milk whey, which contains about 50% of the components important for maintaining skin health, such as proteins, lactose, vitamins, and minerals. These components are actively used in various industries, including cosmetics, due to their high biological value and unique physical and chemical properties. The head of the Academy's biotechnology department, Altyn Rakhmanova, emphasized that using whey in bionanotechnology is not only an effective way to create useful products but also an environmentally friendly approach. It is based on waste-free production, which minimizes the negative impact on the environment while increasing the value of the resulting products. Thus, this development demonstrates an innovative approach in the cosmetics industry, maximizing the benefits of natural resources and creating compelling products for the skin, providing comprehensive rejuvenation and restoration. Other developments in Turkmen science have been reported in recent weeks. Scientists have also developed a therapeutic ointment made of a widespread tree species in the country - maklura. The drug reduces inflammatory processes and helps to tighten wounds. In addition, scientists in Turkmenistan have developed a cream based on oil from silkworm cocoons, which is used in cosmetology. Before that, Turkmen scientists presented crackers made of camel thorn extract.

PayPal Set for Integration in Uzbekistan Pending Central Bank Talks

PayPal, Alipay, UniPay, Apple Pay, and Google Pay can be integrated into Uzbekistan. By the end of this year, the Central Bank of Uzbekistan will negotiate with these international online payment companies and take measures to connect them to payment systems and banking services in Uzbekistan. Uzbekistan is the only country in Central Asia not connected to PayPal. Uzbeks who need PayPal use detours—they register through other countries, such as Kazakhstan. However, this is inconvenient and requires using the system's limited capabilities. Also, some people use this online payment system to use other toll-free numbers on the internet, even though it is unsafe. In 2021, PayPal announced that it has no plans to enter the Uzbekistan market. Independent programmers and freelancers in Uzbekistan use electronic platforms to sell their software and products to foreign customers. However, payments can only be made through the PayPal payment system on some specialized platforms, particularly Upwork, Fiverr, Envato, Storyblocks, and similar token sale systems.