Business & Economy - The Times Of Central Asia

Viewing results 865 - 870 of 1395

ADB to Support Climate-Friendly Business Environment in Tajikistan

The Asian Development Bank (ADB) says it has approved a $50 million policy-based grant for a program that will help the government of Tajikistan foster a climate-responsive business environment and support small and medium-sized enterprises (SMEs) in the country. The program aims to transform Tajikistan's business environment through digitization, reforms to increase exports, improvement of infrastructure governance, fiscal transparency, and support for climate-friendly SMEs. Underscoring ADB's commitment to supporting Tajikistan in its transition to a green economy, ADB Director General for Central and West Asia Yevgeniy Zhukov commented, “By promoting climate-responsive investments and improving the overall business environment, we aim to stimulate economic growth, create green jobs, and enhance the country's resilience to climate change." The program will support reforms subsidizing climate-friendly SMEs, and prioritizing funding for female entrepreneurs. It advances digitization and e-commerce through the Agency for Innovation and Digitization and the approval of the E-Commerce program. The program will also support enhanced public investment management through assessments to recommend improvements and prioritize climate-focused projects. Fiscal transparency will improve the Ministry of Finance’s capacity to publish government finance statistics. The program will also promote international trade and investment by streamlining trade documentation processes and updating regulatory frameworks for issuing local and green bonds.

Kyrgyzstan Local Politics Business & Economy Kyrgyzstan Local Politics Kyrgyzstan Business & Economy

Kyrgyzstan to Introduce Tourist Tax for Foreign Visitors

Kyrgyzstan's capital Bishkek plans to introduce a tourist tax for foreign visitors staying in the city. The Kabar news agency reported that according to the draft resolution submitted by the mayor's office for public discussion, visitors will be charged 50 KGS (approximately 0.59 dollars) for every day spent in the Bishkek's hotels, hostels, campsites, guest houses, and holiday lets. The fee is not included in the cost of accommodation. Instead, operators will be obliged to advise their guests of the charges and collect the fee when they register their stay. Following the requirements of the Kyrgyz Republic's tax legislation, cash register machines are mandatory in all types of accommodation and the fee, paid in Kyrgyzstan's national currency, will be accepted either in cash or by bank card.

Central Asia Business & Economy Kazakhstan Kazakhstan International Affairs Kazakhstan Business & Economy

Foreign Investment in Beverage Production and Bottling Plant, Kazakhstan

On July 22, National Company Kazakh Invest announced its signing of a Memorandum of Understanding with the Vietnamese-Japanese joint venture LLP Mareven Food Tian Shan for the construction of a beverage production and bottling plant in the Almaty region. The plant, to be built in stages from 2025-26, will have four production lines with a 70,000 bottles per hour capacity, and an in-house warehouse with space for 15,000 pallets. A major investor in Almaty region's food production sector, Mareven Food Tian Shan has so far invested over 35 billion tenge in the country's economy, creating 690 jobs, 95% of which have been taken by locals. Emphasizing the importance of the initiative for Kazakhstan's economy, Yerzhan Yelekeyev, Chairman of the Board of Kazakh Invest, stated: "The investment project for beverage production and bottling in the Almaty region not only contributes to the development of local industry but also creates new jobs, positively impacting the socio-economic development of the region.” Nguyen Dinh Hien, Deputy General Director of Mareven Food Tian Shan, in turn, expressed his gratitude for Kazakh Invest's support and announcing the start of the third phase of the project, reiterated that the in addition to supplying the local market, the plant’s products will be exported to other Central Asian countries, Russia, Mongolia, and Afghanistan.

Defense Central Asia Uzbekistan International Affairs Local Politics Business & Economy Uzbekistan Business & Economy Uzbekistan International Affairs Uzbekistan Local Politics

Uzbekistan Launches NATO-Standard Armored Vehicle

As reported by Uzbekistan 24, the Uzbekistan Defense Industry Agency has developed a new armored military vehicle, "Arslon," which is built to NATO standards. The vehicle, which weighs over 30 tons, can accommodate eight paratroopers and a crew of three. Its front is designed to protect against 30 mm armor-piercing shells. The side armor is capable of repelling 4.5-mm-caliber bullets. “In creating this armored personnel carrier, the parameters provided by NATO standards were considered. This is a national product created in Uzbekistan in cooperation with enterprises that produce high-quality components,” said Akmal Karimov, a company representative.

Central Asia Uzbekistan Environment Uzbekistan International Affairs Local Politics Business & Economy Uzbekistan Business & Economy

Saudi and Chinese Companies to Cooperate on Wind Power Projects in Uzbekistan

The Saudi company ACWA Power has announced that it has sold 35% of its stake in two wind power plants in Uzbekistan to China Southern Power Grid International. The Bash and Dzhankeldy plants in the Bukhara region are currently under construction. The deal is the first joint investment project between ACWA Power and China Southern Power Grid International in renewable energy sources in Central Asia. The cost of building the two wind power plants, which have a total capacity of 1 GW, is $1.3 billion. The agreement was signed on July 17 by Uzbekistan's Minister of Energy, Jorabek Mirzamahmudov. The terms of the deal were not disclosed. In December 2022, ACWA Power signed agreements with Chinese partners to finance, invest in, and build renewable energy projects in Saudi Arabia and ACWA Power’s Belt and Road Initiative countries. The Times of Central Asia has previously reported on projects being implemented by ACWA Power in Uzbekistan.

Central Asia Environment Uzbekistan International Affairs Business & Economy Kazakhstan Uzbekistan Business & Economy Kazakhstan International Affairs Kazakhstan Business & Economy

Uzbekistan Sends Almost 4 Billion Cubic Meters of Irrigation Water to Kazakhstan

Kazakhstan’s Ministry of Water Resources and Irrigation has announced that since the beginning of this year’s irrigation season on April 1, Uzbekistan has sent 3.9 billion cubic meters of water to Kazakhstan via the Syrdarya River. Earlier, the ministry came to an agreement with Uzbekistan that 3.7 billion cubic meters of water would be sent to Kazakhstan via the Syrdarya River over six months. It is expected that before the end of the irrigation season, Uzbekistan will send Kazakhstan an additional one billion cubic meters of water. This water is intended for farmers in the southern regions of Kazakhstan. Water from Uzbekistan is accumulated in the Shardara reservoir, which currently contains 2.6 billion cubic meters, 689 million cubic meters more than a year ago. A total of 3.6 billion cubic meters of water has been sent from the Shardara reservoir to the lower reaches of the Syrdarya River, 950 million cubic meters more than last year. More than 700 million cubic meters of that water was sent to the Kyzylkum canal and more than 400 million cubic meters to the North Aral Sea.