Uzbekistan Business & Economy - The Times Of Central Asia

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ACWA Power to Build Green Hydrogen Plant

The Ministry of Investment, Industry and Trade of Uzbekistan on July 10 hosted negotiations between Minister Laziz Kudratov and Mohammad Abunayyan, Chairman of the Board of ACWA Power. The parties discussed implementation of the company’s current portfolio of projects in Uzbekistan and prospects for expansion of investment cooperation in energy and chemical industry, the Uzbek ministry said. Today the investment portfolio of the Saudi company in Uzbekistan includes 8 projects with a total cost of over 6.8 billion USD and design capacity of more than 5.5 GW. It was emphasized that the success of the company plays an important role in promoting Uzbekistan as a comfortable investment destination and a leading center for introduction of renewable energy sources in the Central Asian region. Constructive exchange of views was held on topical issues relating to implementation of current projects on construction of a combined cycle power plant in Syrdarya region with a capacity of 1.5 GW, wind power plants in Bukhara region and Republic of Karakalpakstan with a total capacity of 2.6 GW and solar power plants in Samarkand and Tashkent regions with a capacity of 1.4 GW. An agreement was reached to take a set of practical measures to ensure accelerated commissioning of the projects. A number of new initiatives were considered separately. Thus, the parties welcomed the completion of necessary procedures and reaching new agreements on the project of construction of a plant for the production of "green" hydrogen, with a capacity of 3 thousand tons per year. The start of construction works is scheduled for the fall of this year. In addition, a discussion was held on the prospects for accelerating the project of localization of equipment production for wind turbines. Each of the parties stressed that the implementation of this project in Uzbekistan will significantly expand the geography and volume of renewable energy sources and increase the availability of these technologies in the domestic market.

Kazakhstan and Uzbekistan to Bring Mutual Trade to $10 Billion

On November 9th, Alikhan Smailov, the Prime Minister of Kazakhstan, made an official visit to Tashkent, Uzbekistan, for the 16th summit of the Economic Cooperation Organization. Prior to the event, he met with the President of Uzbekistan, Shavkat Mirziyoyev. During their meeting, Smailov extended warm greetings from the President of Kazakhstan, Kassym-Jomart Tokayev, and highlighted the strong strategic partnership between the two nations, based on trust and mutual understanding3. Smailov pointed out that "Uzbekistan is one of the largest trade partners of Kazakhstan. Our countries account for about 70% of all trade in Central Asia. At the end of last year, trade turnover increased by 30%, and for the first time reached the milestone of $5 billion. We are actively working to bring mutual trade to $10 billion”. Mirziyoyev reciprocated the sentiment, noting that the strategic agreements between Kazakhstan and Uzbekistan were being systematically realized across various sectors, including trade, transportation, and water management5. He added, “All issues we have are moving forward; I think there is not a single unresolved issue. In terms of trade, the projects we have agreed on with the President of Kazakhstan will help us reach new frontiers”. In line with these discussions, Arman Shakkaliev, Kazakhstan’s Minister of Trade and Integration, and Laziz Kudratov, Uzbekistan’s Minister of Investment, Industry and Trade, signed an agreement to regulate the activities of the International Centre for Industrial Cooperation “Central Asia”7. This center, set to be established on the border of the two countries, will house production sites, warehouses for goods and equipment storage, and transport infrastructure. The aim is to expedite cargo delivery and reduce logistics costs. The Industrial Cooperation Centre is expected to stimulate the creation of new production facilities and jobs, aid in the processing of agricultural and industrial products, and provide logistics services for goods transportation. It's hoped that the centre will enhance transport efficiency and expedite customs clearance processes. The signing of this agreement is a practical step towards the realization of the project. The launch of the Industrial Cooperation Centre is poised to serve as a catalyst for the further development of international trade and economic integration between Kazakhstan and Uzbekistan. It's also projected to contribute to increasing bilateral trade turnover to up to $10 billion.

Promoting Sustainable Development in Central Asia: Key Highlights from the Eurasian Development Bank’s Roundtable

According to a press release issued by the Eurasian Development Bank (EDB), on November 16th, 2023, Almaty, Kazakhstan, served as the venue for a critical roundtable hosted by the EDB, titled "Promoting Sustainable Development in Central Asia". This gathering saw the participation of representatives from a wide range of international organizations and multilateral development banks. Attendees included the likes of the World Bank, the Asian Development Bank, the Asian Infrastructure Investment Bank, the Islamic Development Bank, FAO, UNIDO, UNEP, ESCAP, UNDP, the World Health Organisation, the International Fund for Saving the Aral Sea, and CICA. The agenda was packed with discussions revolving around irrigation, water challenges, environmental and social standards of international financial institutions, and case studies that showcased collaborations in project implementation12. The EDB's latest report, "Efficient Irrigation and Water Conservation in Central Asia", was introduced during the roundtable's first session. Nikolai Podguzov, Chairman of the EDB Management Board, underscored the essential interrelationship between water, food, and energy in Central Asia. He declared the development of the region’s water and energy resources as a strategic priority for the EDB. He also expressed concerns over an impending water deficit in Central Asia within the next five years, urging for collective action supported by multilateral development banks3. Tatiana Proskuryakova, the Regional Director for Central Asia at the World Bank, also spoke at the event. She emphasized the importance of sustainable development in Central Asia to international organizations and multilateral financial institutions. She revealed that the World Bank has allocated approximately a quarter of its $12 billion investment portfolio in Central Asia to water, energy, and environmental sectors. This proportion is expected to rise to almost half in the near future4. Following this, Evgeny Vinokurov, EDB Chief Economist, presented the study "Efficient Irrigation and Water Conservation in Central Asia". He proposed a ten-step solution to address the prevalent issues. The steps include establishing an International Water and Energy Consortium; fostering collaboration among multilateral banks; creating a regional cluster to produce irrigation equipment; consolidating efforts to strengthen cooperation with Afghanistan; using PPP instruments; instituting proper water accounting; gradually integrating investment charges into the tariff structure; improving land conditions; implementing digital technology, and leveraging state-of-the-art irrigation technology and laser levelling.

IFC Appoints New Country Manager for Uzbekistan and Turkmenistan

According to the website of the International Finance Corporation (IFC), the organization, a member of the World Bank Group, on October 9 said it has appointed Neil McKain as Country Manager for Uzbekistan and Turkmenistan. McKain will spearhead IFC's strategy and operations to spur private sector development and drive sustainable, inclusive economic growth in these countries. McKain will be based in Tashkent, Uzbekistan and will lead efforts to grow IFC's investment and advisory programs, overseeing their operation across sectors, and managing key relationships with clients, partners, and governments. A British national, McKain brings over 20 years of private sector development experience to his new role. He most recently served as Adviser to the Vice President, Banking, at the European Bank for Reconstruction and Development (EBRD). Prior to that, McKain was regional head for the EBRD in the Kyrgyz Republic, Tajikistan and Turkmenistan, spending 14 years in senior positions in the Caspian Basin and Central Asia. "I welcome Neil to this important role. I know his technical and leadership skills and knowledge of the region will help expand IFC's impact, generate new partnerships to meet the countries' needs, and build a strong foundation for a dynamic and inclusive private sector," said Wiebke Schloemer, IFC Director for Türkiye and Central Asia. "Increased private sector investment is critical to help Uzbekistan and Turkmenistan grow and diversify their economies and better harness their immense potentials," said McKain. "I'm excited to take up my new role and work with our partners in these countries to amplify IFC's support through private sector-led solutions." Before joining the EBRD in 1998, McKain started his professional career with A.T. Kearney in Russia working on post-privatization restructuring. He holds an MBA from the University of Cambridge and an MA in Political Science from the University of Aberdeen. His new role took effect on October 2.