Uzbekistan Business & Economy - The Times Of Central Asia

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Major Industrial and Energy Projects for Uzbekistan

On April 8th, Uzbekistan President Shavkat Mirziyoyev attended a launch ceremony for the construction of two major industry and energy projects in the Jizzakh region. The first, in the Gallyaaral district, comprises an industrial zone specializing in metallurgy. Encompassing a customs warehouse and 7 projects worth $500 million, the new zone will manufacture various fittings, steel balls, pipes, automobile bodies, and provide 5,000 jobs. The second project to be established in the Farish district in collaboration with China Poly Group and China Electric, is a large 500-megawatt solar power plant. With investment of $350 million, the plant will generate 1.1 billion kilowatt-hours of electricity per annum and improve the supply of energy to 450,000 households. The first 200 megawatts will be put into operation later this year. It was announced at the ceremony that in the coming years, additional thermal, wind and solar power plants with a total capacity of 1,660 megawatts will be built in the Jizzakh region. The new facilities will improve the standard of living of the local population and provide a new impetus to the region’s economic development.

Central Asia Uzbekistan Uzbekistan Business & Economy Business & Economy

Jizzakh, Uzbekistan Set to Manufacture 100,000 Cars per Annum

On April 8th, Uzbek President Shavkat Mirziyoyev inspected the ADM Jizzakh automobile plant where he was shown the new Kia Sonet, hot off the production line. Established in 2021 with investments of 234 million US dollars and the creation of 1.8 thousand jobs, ADM Jizzakh has assembled 36 thousand cars for Kia, Chery, and Haval over the past three years. The plant was recently expanded and furnished with cutting-edge technology, including 30 robots, imported from South Korea, Japan, and Germany. Operational since March, the upgraded facilities will provide the plant with a capacity to produce 100 thousand cars per annum. In addition to investing in equipment, the plant has also initiated a scheme to develop and maintain quality control. This year, specialists from South Korea, India, China, and Vietnam will spend time on site training employees and fifty of the plant’s engineers will receive advanced training in research and design centres in South Korea and China. Further to his visit, the president issued instructions for the plant to increase its production to 348 types of components between 2024-2027.

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Uzbekistan Expands Basalt Production

On April 8, President Shavkat Mirziyoyev visited the Basalt Uzbekistan cluster in the Jizzakh region. Seven years has passed since the region began extracting basalt and today, the cluster processes 177 thousand tons of stone per year and manufactures 42 different products. In addition to basalt wool and fibre, local enterprises employ technology from Germany, France, Italy, and the Czech Republic, to provide mesh and reinforcement and insulation materials for the construction industry. In 2023, 80% of the 45 thousand tons of goods produced, were exported to the USA, Great Britain, Poland, Italy, the Czech Republic, Georgia, Russia, Turkey, Belarus, Kazakhstan, Kyrgyzstan, and Tajikistan. Six major projects worth $498 million and employing 1.7 thousand currently operate across 300 hectares in the region. Due to be launched next year with imported equipment valued at $145 million, a new enterprise will produce 25 thousand tons of basalt fiber and fabric per annum, 90% of which is destined for export. The president has now set the task for the instigation of further plants with investments of $500 million to manufacture 20 types of products and create two thousand new jobs.

Uzbekistan Uzbekistan Business & Economy

Uzbekistan’s Budget Deficit Expands Over First Three Months of 2024

According to information provided by the Ministry of Economy and Finance of Uzbekistan for January of this year, federal budget revenues amounted to 16.160 trillion som ($ 1.275 billion), and expenses amounted to 21.927 trillion sum ($1.728 billion), leaving the negative difference between revenues and expenditure at 5.767 trillion sum ($454.5 million). In February, state budget revenues were 16.909 trillion sum ($1.333 billion), and expenses were 24.137 trillion sum ($1.902 billion), a negative balance of 7.228 trillion sum ($569.7 million). In March, state budget revenues were 17.457 trillion sum ($1.376 billion), and expenses were 24.307 trillion sum ($1.916 billion), with a monthly deficit of 6.850 trillion sum ($539.9 million). In total, the state budget deficit for the past three months amounted to 19.885 trillion sum ($1.567 billion).

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EU and Uzbekistan Establish Strategic Partnership on Critical Raw Materials

On April 5th, European Commission Executive Vice-President Valdis Dombrovskis and Uzbekistan's Minister of Investment, Industry and Trade Laziz Kudratov signed a Memorandum of Understanding for a strategic partnership on critical raw materials (CRMs). Rich in copper, molybdenum, and gold, Uzbekistan has the second-largest reserves of CRMs in Central Asia and an ambitious mining strategy aimed to increase processing for both domestic and international industries, particularly in automotive and consumer electronics. As reported by the Delegation of the European Union to Uzbekistan, the new strategic partnership marks a significant step towards securing responsible production alongside a diversified and sustainable supply of CRMs for green and digital transitions in both the EU and Uzbekistan. “This agreement with resource-rich Uzbekistan will help the EU to secure much-needed access to critical raw materials,” commented Valdis Dombrovskis, European Commission Executive Vice-President and Commissioner for Trade. “It is part of our wider global outreach to work with partners on securing materials for the future. For Uzbekistan, this will deliver a major boost to its ambitions to economic diversification, develop its extractive industry in a sustainable and resilient manner.”

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Kazakhstan and Uzbekistan Enhance Strategic Partnership

On April 5th, President of Uzbekistan Shavkat Mirziyoyev and President of Kazakhstan Kassym-Jomart Tokayev met in Khiva to discuss further strengthening of the Kazakh-Uzbek strategic partnership and allied relations. The presidents exchanged views on a wide range of economic interactions, including increasing mutual trade, cooperation in the fields of energy, transport, water management, and the IT industry. It was reported that last year, bilateral trade turnover amounted to $4.4 billion, and joint projects are now being implemented in the fields of industry, energy, transport and logistics, and agriculture. The Kazakh-Uzbek portfolio currently includes 60 collaborative projects with investment exceeding $2.5 billion and the creation of more than 13 thousand jobs. Progress is also forging ahead on the construction of an International Centre for Industrial Cooperation between the two countries. The Kazakh president stated that Kazakh-Uzbek collaboration is a vital necessity, and only by working together can sustainable development be ensured. In this regard, Tokayev supported plans to adopt and implement a Program of Strategic Partnership and Allied Relations between Kazakhstan and Uzbekistan until 2034. The leaders also welcomed mutually beneficial initiatives between their countries’ railway administrations. Once in operation, the proposed joint venture will provide cargo terminals on the Kazakh-Chinese border and cargo transportation along the China-Kazakhstan-Uzbekistan route, as well as developments of the Trans-Afghan route.