Uzbekistan International Affairs - The Times Of Central Asia

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Uzbekistan to Build a Nuclear Power Plant

During the Russian president's state visit to Uzbekistan, a protocol on amending the intergovernmental agreement on cooperation between the two countries in the construction of a nuclear power plant in Uzbekistan was signed, Atom Media reports. On the margins of the event, Russia's Atomstroyexport joint stock company and the Directorate for NPP Construction under the Atomic Energy Agency of the the Cabinet of Ministers of the Republic of Uzbekistan signed a contract for the construction of a small-capacity nuclear power plant (SCNPP). The project envisages a Russian-designed ASMP in the Jizzakh region with a capacity of 330 MW (six reactors with a capacity of 55 MW each). Rosatom will be the general contractor for the construction of the plant, with local companies also be involved in the construction. Thus, Rosatom has signed the first-ever export contract to construct a small-capacity nuclear power plant. "According to forecasts, the demand for energy resources in Uzbekistan will almost double by 2050, and it is obvious that for the stable operation of the energy system and the development of the economy, our country must provide itself with a basic source of energy. All over the world, we are now seeing a growing interest in the creation of new nuclear facilities, both in terms of building large-capacity NPPs and small modular reactor projects. We believe that expansion of cooperation with Rosatom will allow us to strengthen our energy complex with advanced technologies in nuclear energy," Azim Akhmedkhadzhaev, director of the Atomic Energy Agency under the Cabinet of Ministers of the Republic of Uzbekistan commented on the signing. Construction work on the site will begin this summer. The project of construction of ASMM is based on the latest Russian development - the RITM-200n reactor. This development has been tested in Arctic conditions on the newest Russian icebreakers. Since 2012, 10 RITM-200 reactors have been manufactured for the universal nuclear icebreakers Arktika, Sibir, Ural, Yakutia and Chukotka. The first three have already been commissioned and are successfully fulfilling their obligations to guide caravans of ships in the western region of the Arctic. The safety of the planned low-capacity nuclear power plant will be achieved through multilevel systems and containment barriers. The combination of active (requiring power supply sources) and passive (operating without a power source) safety systems makes it possible to achieve the highest possible level of plant safety. These systems are implemented to prevent the possibility of an accident, and several levels of barriers incorporated in the plant design avoid the release of radioactive substances into the environment. According to the IAEA, approximately 50 ASMM designs and concepts are at various stages of development worldwide. Rosatom and Uzatom have yet to announce the cost and planned timing for the completion of the project.

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Uzbekistan Interested in Afghan Oil and Gas

TOLOnews reports that Russian and Uzbek companies have expressed their intention to develop oil and gas fields in Afghanistan, whilst the interest of other Central Asian countries in this field is also growing. "Recently, we had meetings with Uzbek companies," Homayoon Afghan, spokesperson for the Ministry of Mines and Petroleum said. "The Ministry has announced several oil and gas sites to attract investment, including the Herat oil and gas fields.” Plans for the exploration and extraction of oil, gas and other minerals became one of the main topics discussed during the visit of the delegation of Uzbekistan to Kabul. At that time, it was reported that Uzbekistan wanted to buy more than 1 million tons of coal from Afghanistan. Also, on May 21 of this year, Uzbekistan sent humanitarian aid to the people affected by floods in Afghanistan. This aid included 48 tons of flour, 22 tons of rice, 100,000 canned goods and 44 tons of pasta products, 96 water storage tanks of 1,000 liters, etc. The UN World Food Program has reported that more than 300 people have died and 1,000 homes have been destroyed in floods caused by heavy seasonal rains in Afghanistan.

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U.S., Uzbekistan Discuss Judicial Reforms and Combating Corruption

On May 22, US deputy secretary of state Uzra Zeya visited Uzbekistan and met with foreign minister Bakhtiyor Saidov. “We discussed several pressing issues on our bilateral agenda, and we agreed to continue our efforts to enrich the close cooperation between Uzbekistan and the USA in all areas, especially to create the most favorable conditions for our people,” Saidov wrote in his Telegram channel following the meeting in Tashkent. During her trip to Uzbekistan, Zeya also met with prosecutor general Nigmatilla Yuldashev and deputy minister of foreign affairs Muzaffarbek Madrahimov. Her meeting with Yuldashev concerned judicial reforms and the fight against corruption in Uzbekistan. “The US supports strengthening the rule of law and increasing transparency and accountability in the justice sector,” commented Zeya. Speaking at an academic conference of the Regional Dialogue on Constitutional Criminal Procedures, the US deputy secretary of state emphasized America's commitment to promoting human rights, the rule of law, and anti-corruption reforms in Uzbekistan. “Ensuring human rights and the rule of law for every citizen of Uzbekistan is necessary for progress and prosperity,” said Zeya. Saida Mirziyoyeva, the eldest daughter and assistant of Uzbek president Shavkat Mirziyoyev, and Kamil Allamjonov, head of the information policy department of the presidential administration, also met with the US delegation. The parties discussed issues of freedom of speech and women’s rights. “The American side expressed its readiness to fully support the efforts being made in our country to protect women's rights, ensure media and freedom of speech, as well as increase the effectiveness of civil society and NGO activities,” Mirziyoyeva later wrote.

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Uzbekistan’s Banks Double Their Capital in Five Years

Uzbekistan's president Shavkat Mirziyoyev has familiarized himself with a presentation on the country's banks' participation in attracting foreign investments. Over the past five years, the capital of Uzbek banks has doubled, their loan portfolio has increased 2.3 times, and the volume of annual lending has grown 1.8 times. Mirziyoyev commented: "Four banks issued Eurobonds for the first time and attracted $1.3 billion. Last year, banks attracted $3.8 billion worth of foreign loans, and their large clients directly attracted $6 billion without government guarantees. In modern conditions, it is necessary to expand this activity and realize projects qualitatively". The presentation also provided information on the activities of the National Bank of Uzbekistan and Uzpromstroybank. This year, the National Bank plans to implement projects worth $6 billion. Uzpromstroybank plans to attract funds worth $3.1 billion from the international financial market this year. The bank's clients have started the realization of investment projects worth $4.8 billion. Mirziyoyev has called for systematic monitoring of investment projects of clients and prompt resolution of emerging problems, emphasizing the importance of comprehensive support of entrepreneurs at all levels -- from district to republican, increasing their financial and innovation awareness.

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Agreement on Classified Military Information Signed between Uzbekistan and U.S.

The agreement “On the ratification of the agreement between the Ministry of Defense of the Republic of Uzbekistan and the U.S. Department of Defense on measures to protect classified military information” was approved, Platina.uz reports. This decision was made during a regular plenary session of the Senate of Uzbekistan. The 25-point agreement prepared by the Senate Committee on International Relations, Foreign Economic Relations, Foreign Investments and Tourism, was signed in Washington on June 9, 2023. According to the chairman of the Committee, Ravshanbek Alimov, the official visit of the President of Uzbekistan to the USA on May 15-17, 2018 was a strong impetus to the strategic development of Uzbekistan-U.S. relations. One of the important directions of partnership between the two countries is, of course, the military-technical partnership. In the discussion, it was noted that ratification of this agreement does not require any changes to the practical legislation of Uzbekistan or the allocation of additional funds from the budget.

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IMF Positive on Uzbekistan’s Progress

The International Monetary Fund held consultations with the authorities of Uzbekistan in Tashkent from April 23 to May 7, 2024. According to the results of the discussions, the organization delivered their official statement regarding the mission on May 14. According to the statement, the rate of growth of Uzbekistan’s economy remains high. Although the volume of remittances has returned to the trend of the period until 2022, the implementation of stimulative fiscal policies, a sharp increase in fixed capital investment and private consumption served to increase GDP in real terms by 6% in 2023. In the first quarter of 2024, the growth rate remained high. Steady growth in real incomes and measures to expand the scope of the social protection system since 2020 helped reduce the poverty rate from 17% in 2021 to 11% in 2023. Headline inflation fell from 12.3% at the end of 2022 to 8% in March 2024 due to a relatively high real base rate and lower global food and energy prices. In 2023, the external current account deficit expanded to 8.6% of GDP from 3.5% in 2022. This increase was driven by a surge in imports of machinery and equipment (some of which is temporary), lower remittances compared to 2022, higher net interest payments on foreign debt, and repatriation of earnings by foreign-owned businesses. Despite buoyant gold exports, international reserves decreased by $1.2 billion in 2023, although they remain substantial, equivalent to about nine months of imports as of March 2024. The authorities’ strong reform efforts in energy, privatization, and state-owned enterprises (SOEs) continue to bolster economic prospects. Real GDP growth is expected to be robust at 5.4% in 2024, supported by strong domestic demand, and is projected to edge up to 5.5% in 2025. Ongoing fiscal adjustments, moderate bank lending growth, and the reversal of temporary import increases in 2023 are set to curb import growth and reduce the current account deficit this year and next. Inflation is expected to temporarily rise by the end of 2024 due to higher administered energy prices, but sustained tight macroeconomic and macro-prudential policies, alongside structural reforms, aim to lower it toward the Central Bank of Uzbekistan’s target. However, risks remain elevated given the highly uncertain external environment. External risks include spillovers from an escalation of Russia’s conflict in Ukraine, commodity price volatility, and a sudden global economic downturn. Domestically, risks involve slower fiscal consolidation, weakened bank balance sheets, and potential liabilities from state banks, SOEs, and public-private partnerships (PPPs). Upside risks include acceleration of structural reforms, continued favorable inflows of income and capital, and higher gold prices. The authorities aim to join the World Trade Organization, which, along with enhanced trade cooperation and improved transport routes, would boost Uzbekistan’s exports. Closing gender gaps in labor force participation would increase inclusion, productivity, and GDP. Climate adaptation policies and incentives for green technology would mitigate vulnerabilities, de-carbonize the economy, and promote green growth. “The government should maintain momentum on anti-corruption efforts, building on sustained and significant improvements in governance...