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It is being reported that a separate credit line worth $50 million is being opened from the Uzbekistan Fund for Reconstruction and Development (UFRD) to provide tourism organizations with working capital to attract foreign tourists to the country. This year, 100 billion Uzbek som ($7,948,950) will be allocated from the country's budget to improve the tourist infrastructure in priority regions. Each will also attract an investment of $50 million. Several reliefs are to be provided for entrepreneurs in the tourism field. Among them are measures such as exempting buses and minibuses from customs duties, covering 50% of the expenses of tour operators and craftsmen at international fairs, and reducing the profit tax by 50% for entrepreneurs who organize business events with the participation of foreign guests. Uzbekistan's president Shavkat Mirziyoyev has emphasized the need to create a national tourism brand for Uzbekistan. Accordingly, content about the types of tourism in the country is being created based on the requirements of target markets. These are then promoted on international and social media platforms and at world sports and art events. Foreign journalists, bloggers, and influencers with a large audience are also involved in Uzbekistan's tourism marketing. To make tourism more convenient, a single online platform will be launched to provide information about all air, railway, and bus routes and to purchase tickets for prospective tourists. A system of selling air, railway, and bus tickets at least six months in advance will also be introduced.
The chairman of Kyrgyzstan's Cabinet of Ministers, Akylbek Japarov, has spoken about the country’s economic results for the first half of this year. At a government meeting on July 17 Japarov said that Kyrgyzstan needs to make a further big step forward in its economic development. The phrase Japarov used was "leopard's leap", referencing the fact that the snow leopard was recently announced as Kyrgyzstan’s official symbol. Japarov announced that Kyrgyzstan's GDP growth rate in 2023 was 7%, rising to 8.1% in the first half of 2024. He added: “We need to triple our efforts to put the economy on a sustainable development course and achieve the goals set by the Head of State to have a GDP of $30 billion by 2030 and $200 billion by 2050.” Japarov opined that the government should launch a new program to support domestic entrepreneurs purchasing new technological equipment, and also support small and medium-sized enterprises to expand production and open new jobs. These measures would be in addition to the lowering of the interest rate of the National Bank (which has lowered the interest on bank loans for business) and decreasing Social Fund payments by employers from 12.5% to 2%. Japarov ordered the Ministry of Economy and Commerce to pay more attention to the development of commodity exchanges, and develop an export development program that will propose initiatives for import substitution and promote domestic products. He also emphasized the importance of the ministry’s work in improving the position of Kyrgyzstan in Moody's and Fitch's ratings. Regarding credit ratings, Japarov said: “The Moody's rating agency has revised the credit rating of the Kyrgyz Republic from negative to stable. This indicates that the state is strengthening itself as a reliable partner, capable of promptly and fully fulfilling its financial obligations. However, we must not stop there. I ask you to work carefully in this direction. First, this is a question of the country’s reputation in the eyes of international financial institutions and investors. We must constantly improve our position.”
The trading volume of the ruble-tenge currency pair on the Kazakhstan Stock Exchange (KASE) in June amounted to 366 billion KZT ($770 million). This is a nearly threefold increase compared to May's trading volume, and the highest trading volume since December 2023. The most significant growth in daily trading volume occurred after June 12, when U.S. sanctions were imposed on the Moscow Exchange (which holds a 13.1% stake in KASE). In the first five months, the average trading volume of the ruble-tenge pair was 191 billion KZT ($400 million). According to the head of the exchange, Alina Aldambergen, the surge last month could be due to seasonal factors. Some participants in the Russian stock market have suspended input and output of Kazakhstani tenge to clients' brokerage accounts since July 15. These measures are connected with the complications of settlements between participants in exchange trades in the Kazakhstani tenge and the increase in time for input/withdrawal of currency and settlements on deals with it.
Jan De Nul, a Belgian group of companies known for its offshore construction and environmental projects, is expanding its activities in Turkmenistan. The company’s expansion is a response to the expected increase in cargo traffic along the Trans-Caspian International Transport Route (TITR), also known as the Middle Corridor. A spokesperson from the company said: "We recognize the need to deepen maritime access channels to port infrastructure and operating bases as Caspian Sea levels drop and cargo traffic increases. Our company has the expertise and resources needed to address these challenges quickly and efficiently, given the growing role of the TITR in the region." Jan De Nul's expansion in Turkmenistan confirms the region's importance and potential for transportation infrastructure development.
Free English language courses have been opened in Bishkek and Osh for citizens wishing to work seasonal jobs in the UK. According to the Center for Employment of Citizens Abroad, free English language training will be provided to citizens who have previously worked in the UK and plan to return as seasonal workers. The classes will start on August 1 and last two and a half months. "The purpose of the course is to improve your level of English so you can have a more comfortable stay in the UK. If you enroll in the course, you are committing to take (the course) from start to finish," the Center's website says. Students will learn grammar, vocabulary, and pronunciation. However, these courses are not prerequisites for selection into the seasonal worker program. On the organization's website, migrants can fill out a form that requires their data and information about their previous work experience. Earlier this year, the Ministry of Labor, Social Security, and Migration of Kyrgyzstan opened online registration for Kyrgyz citizens seeking seasonal work in the UK. In one day, over 26,000 people registered on the migrant.kg portal. This year's quota for seasonal work in England is at most 10,000 people.
On July 16 the World Bank released its latest Tajikistan Economic Update. Tajikistan's economy has shown remarkable growth in recent years, with an impressive expansion of 8.3% in 2023 and 8.2% in early 2024. The report attributes the growth to increased revenues from gold exports, substantial public infrastructure spending, robust migrant worker remittances, and public wage increases. The report highlights that Tajikistan has managed to control inflation through declining global food and fuel prices and a tighter monetary policy. However, the report says that Tajikistan’s economic outlook faces several challenges. Subdued economic growth is projected at 6.5% in 2024 and 4.5% in the medium term, reflecting sluggish growth in the country’s key trading partners: China, Kazakhstan, Russia, and Turkey. The report says that potential risks to Tajikistan’s economic outlook include escalation of global and regional tensions, and stricter migration policies in Russia. It cautions that for Tajikistan to ensure sustainable development, it needs to implement structural reforms focused on enhancing economic openness and competitive neutrality and improving public sector governance, transparency, and accountability for better public service delivery. Ozan Sevimli, World Bank Group Country Manager for Tajikistan, commented: “Tajikistan's recent economic performance is commendable, but sustaining this momentum will require concerted efforts to address structural challenges to ensure competition among all economic players. Embracing fair competition and competitive neutrality between state-owned enterprises and the private sector is vital for fostering innovation, driving efficiency, and ensuring that all players can thrive on a level playing field, ultimately benefiting the economy and society."
