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Former Son-in-Law of Azerbaijan’s President to Build Tourist Center in Uzbekistan

Uzbek President Shavkat Mirziyoyev has reviewed plans for an international tourism center to be constructed in the Bostanlyk district of the Tashkent region, signaling continued investment in the area’s tourism infrastructure. In recent years, Bostanlyk district has seen significant state-supported development. Resorts such as Amirsay and “Beldersay-Chimgan-Nanay” have been established, bolstered by investments exceeding 2 trillion UZS (approximately $155.57 million). Over the past five years, 59 new tourist facilities offering 13,000 accommodations have opened in the district. Azerbaijani businessman Emin Agalarov has proposed the creation of “Sea Breeze Uzbekistan,” an international tourism center near the Charvak reservoir. The ambitious project is set to involve collaboration with several major foreign companies. The “Sea Breeze Uzbekistan” project envisions a comprehensive facility featuring recreation areas, swimming pools, and sports facilities. Plans include hotels, cottages, and residential spaces, as well as retail outlets, restaurants, and services offered by international brands. The center will also host festivals, concerts, and cultural events, while a bridge connecting the reservoir's two banks will improve accessibility for visitors. Mirziyoyev has endorsed the proposal, emphasizing a phased approach to design and construction that incorporates international expertise. Emin Agalarov, the former son-in-law of Azerbaijani President Ilham Aliyev, married Aliyev’s eldest daughter, Leyla Aliyeva, in 2006 before divorcing in 2015. In addition to his business ventures, Agalarov is a singer and the son of Azerbaijani-Russian oligarch Aras Agalarov. The Agalarov family owns Crocus City Hall, a prominent venue in Moscow that hosted the 2013 Miss Universe pageant, once owned by Donald Trump. During Trump’s visit to Moscow that same year, Emin filmed a music video featuring Trump and the pageant contestants.

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Kazakhstan Plans to Launch Olive Oil Production by 2030

Kazakhstan is set to launch its first olive oil production plant by 2030, marking a significant step in introducing olive cultivation to the country. The Ministry of Agriculture announced that QVM Technology is spearheading the ambitious project in partnership with local and international collaborators. In 2023, QVM Technology joined forces with Ordabasy Group, Ervira (Kazakhstan), and Georgia's Olive Georgia to undertake experimental olive tree planting in the Zhetysu, Turkestan, and Mangistau regions of Kazakhstan. The initial planting involved 6,080 saplings, boasting a remarkable 99.7% survival rate. The first harvest from these trees is anticipated in five years. In the spring of 2024, additional saplings, sourced from Spain and Turkey, were planted. By the end of 2025, the project aims to expand olive cultivation to 1,000 hectares. The initiative is being carried out under the scientific guidance of Pablo Morello, a professor at the University of Córdoba in Spain. Soil, climate, and meteorological data are being meticulously collected and analyzed to ensure optimal conditions for olive cultivation. The project also draws on expertise from Georgian specialists, reflecting a broader effort to establish an olive oil industry in Kazakhstan. Previously, The Times of Central Asia reported on Georgia’s support in developing Kazakhstan’s olive production capabilities.

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Uzbekistan’s Economic Transformation and Future Goals Take Center Stage

Uzbekistan’s economic progress and future ambitions are in focus as the Indian magazine Business Central Asia dedicates its latest issue to the country’s development. Highlighting key points from President Shavkat Mirziyoyev’s address to the Legislative Chamber of the Oliy Majlis, the feature showcases Uzbekistan’s achievements and ambitious goals for the years ahead. The article highlights Uzbekistan’s remarkable economic transformation. Since the early 2000s, the country’s economy has doubled, surpassing the $100 billion mark. By 2024, per capita income is expected to reach $3,000, while exports have grown to exceed $25 billion for the first time. Gold and foreign exchange reserves have also seen substantial growth, surpassing $40 billion. Looking to the future, the Uzbekistan-2030 strategy outlines ambitious targets to further accelerate economic growth. The plan envisions increasing GDP to $160 billion, with a projected $110 billion milestone this year. If current growth rates are sustained, Uzbekistan’s economy could reach $200 billion by 2030, significantly improving living standards and the overall quality of life for its citizens. Ensuring macroeconomic stability is a key priority in the government’s roadmap. Over the next five years, Uzbekistan aims to sustain annual growth of 6-7%, expand the private sector’s share of the economy to 85%, and launch large-scale public-private partnership projects. The feature also emphasizes Uzbekistan’s long-term economic resilience. According to the World Bank, the country is poised to rank among the top three fastest-growing economies in Europe and Central Asia in 2024, further validating its development strategy. Uzbekistan’s leadership remains committed to maintaining growth momentum while addressing structural reforms. With a strong focus on sustainable development, the government’s policies aim to enhance economic opportunities and ensure inclusive growth for all segments of the population.

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Turkmenistan and U.S. Representatives Explore Prospects for Economic Partnership

A Turkmen-American business forum was held in Ashgabat to discuss opportunities for expanding economic cooperation between Turkmenistan and the United States. The event brought together a delegation of American business leaders led by Eric Stewart, Executive Director of the Turkmen-American Business Council. In their remarks, representatives from both sides emphasized the friendly and cooperative nature of Turkmen-American relations, reaffirming their commitment to deepening ties based on mutual benefit. Turkmenistan, focused on economic diversification and the adoption of advanced technologies, expressed readiness to support U.S. companies in establishing and expanding operations in the Turkmen market. It was highlighted that Turkmenistan offers favorable conditions for investors, including legal and organizational mechanisms to facilitate business activities. The U.S. delegation underscored the strong interest of leading American companies in the Turkmen market and their willingness to contribute to strategic programs aimed at regional development. Companies such as John Deere, Case, General Electric, Boeing, and others are already operating successfully in key sectors of the Turkmen economy. Discussions during the forum centered on priority areas of collaboration, including: Industry, agriculture, and water resources: Supplies of advanced equipment to boost productivity. Fuel and energy sector: Joint projects to advance energy infrastructure. Transportation and construction: Enhancing connectivity and infrastructure development. Innovative technologies, healthcare, and ecology: Promoting sustainable solutions and technological progress. Special attention was given to the role of the Turkmen-American Business Council as a key platform for fostering partnerships between public and private sectors in both countries. Meetings between Turkmen ministries and agencies and representatives of the U.S. business community took place as part of the forum. Discussions focused on opportunities to increase bilateral trade, expand investment activities, and enhance cooperation in high-tech industries. Participants outlined practical steps for implementing joint projects to further strengthen economic ties. Turkmen-American cooperation continues to develop across multiple sectors. Notable recent engagements include: February 2024: The U.S. State Department hosted talks with a Turkmen delegation led by U.S. Deputy Assistant Secretary of State for Central Asia, John Pommersheim, covering political, economic, and cultural cooperation. April 2024: Political consultations in Ashgabat reaffirmed mutual commitments to enhancing bilateral ties. August 2024: Turkmen Deputy Foreign Minister Ahmed Gurbanov met with U.S. Ambassador Elizabeth Rood to discuss future collaboration prospects. Both sides highlighted the importance of regular political consultations and multilateral platforms such as the C5+1 format for coordinating joint actions and fostering regional development.

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Kazakhstan’s Mining Association Proposes Reforming Mineral Extraction Tax

Aibar Dautov, head of Kazakhstan's Mining Industry Association, has called for reforms to the procedure for calculating the mineral extraction tax (MET) to boost budget revenues from oil and solid minerals. Speaking at the Astana Open Dialogue during discussions on the new tax code, Dautov noted that Kazakhstan currently employs ten different MET rates for crude oil taxation. These rates are determined based on two key factors: the price of oil at the time of sale and the annual production volume at a given field. The current tax structure is divided into the following production thresholds: 5% tax for annual production up to 250,000 tons 7% for 500,000 tons 8% for 1 million tons 9% for 2 million tons 10% for 3 million tons 11% for 4 million tons 12% for 5 million tons 13% for 7 million tons 15% for production up to 10 million tons 18% for production exceeding 10 million tons Dautov criticized this system as unfair to other sectors of the economy. “We believe the criterion of annual production volume should not exist at all. This differentiation has been in place for many years, but for some reason, it hasn’t been removed or acknowledged as a tax benefit. The Ministry of National Economy continues to support its inclusion in the new Tax Code. It’s unclear why this grading still exists—it should be eliminated and considered a relic,” Dautov stated. The complexity is even greater for solid minerals, according to Dautov, as their MET calculation currently involves 38 different tax rates for various types of minerals. The Times of Central Asia previously reported that Kazakhstan's Ministry of Industry and Construction has proposed replacing the current MET system with royalties. Under this system, taxes would be calculated based on the volume of sold products rather than the volume extracted. This change is scheduled to take effect on January 1, 2026, under new subsoil use contracts, while existing contracts will remain taxed under the current rates.

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World Bank Report Highlights Poverty and Inequality Challenges in Kazakhstan

The World Bank has released its Kazakhstan Poverty and Equity Assessment 2024, urging policymakers to adopt pro-poor fiscal policies, improve education quality, and enhance climate resilience to address poverty and inequality in the country. According to the report, Kazakhstan’s poverty reduction has slowed in recent years despite significant progress since the early 2000s. “Between 2006 and 2021, economic advancement significantly improved living standards and reduced poverty rates in Kazakhstan. However, economic growth has slowed since 2014, and the pace of poverty reduction has fallen. The COVID-19 pandemic exacerbated these challenges, highlighting the need for resilient and inclusive economic strategies presented in this report,” said Andrei Mikhnev, World Bank Country Manager for Kazakhstan. Kazakhstan’s economy has grown exponentially since 2006, with an average annual growth rate of 4.7 percent. This growth helped lift 5.9 million people out of poverty, reducing the poverty rate from 49.5 percent to 8.5 percent. However, the report identifies three phases of Kazakhstan’s poverty reduction journey: 2006-2013: Rapid poverty decline driven by strong economic growth. 2014-2016: Reversal during the economic downturn, raising poverty rates. 2016-2021: Resumed poverty reduction but at a slower pace The report highlights that Kazakhstan’s middle-class households with a low probability of falling into poverty grew 2.5 times, reaching 67 percent of the population in 2021 compared to 26 percent in 2006. However, this expansion has stagnated since 2013 due to slower structural transformation and productivity growth. Income inequality has also increased. The Gini index, a measure of inequality (0 = perfect equality, 100 = extreme inequality), rose from 24.3 in 2015 to 26.4 in 2021, driven by faster income growth among high-income households. Although fiscal policies, such as taxation and social spending, have mitigated some inequality, the report recommends making fiscal measures more progressive and pro-poor to maximize their redistributive impact. Poverty rates in rural areas (11.4 percent) remain significantly higher than in urban centers (6.6 percent). The southern Turkistan region now accounts for a disproportionate share of the poor population. Alarmingly, poverty has become more concentrated among children and large families, with children comprising 40 percent of the poor in 2021, up from 27 percent in 2006. The report underscores the critical role of human capital investment in achieving long-term poverty reduction and growth. While access to education in Kazakhstan is nearly universal, significant disparities in quality and outcomes persist. The Human Capital Index indicates that children in Kazakhstan achieve only 53–64 percent of their productivity potential, with regional and socio-economic inequalities exacerbating the issue. Climate-related shocks present additional risks, particularly for rural and vulnerable populations. The report calls for targeted investments in infrastructure and social transfers to build resilience against these challenges. To reduce poverty and inequality, the report suggests: Enhancing fiscal policies through progressive taxation and better-targeted social transfers. Improving education quality and outcomes, particularly for disadvantaged groups. Building resilience to climate shocks by investing in infrastructure and providing targeted support to low-income households. The report concludes that sustained policy reforms will be essential for Kazakhstan to maintain economic progress,...