26 Jun 2024

@AGMK.uz

Central Asia, Uzbekistan, Business & Economy, Uzbekistan Business & Economy

Uzbekistan Unveils Development Plan for Copper Industry Cluster

The Uzbek Cabinet of Ministers has announced its draft decision “On the concept of copper industry cluster development aimed at creating multi-stage added value chains from raw materials to finished products.” As part of this decision, documents for the development concept for the copper industry cluster in Uzbekistan until 2030 and the procedure for accommodating investors within the cluster’s territory are set to be approved.

The adoption and implementation of this decision and its underlying concept are expected to yield the following results by 2030: annual copper production will reach 400,000 tons, with over 300,000 tons processed within the industry. Additionally, attracting $1.5 billion in investments for localizing the production of electrical engineering and household appliances will increase the total production volume to $8 billion.

Uzbekistan is looking to attract both domestic and foreign investment to produce finished and semi-finished copper products within the cluster. Additionally, implementing copper processing projects within the cluster will increase the copper raw material processing rate to 80%. This will boost the export volume of high-value-added finished products and services and establish a system for training and upgrading highly qualified personnel in the mining and metallurgical industries.

Creating new production facilities within the cluster will generate more than 10,000 jobs.

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Times of Central Asia

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26 Jun 2024

@gov.kg

Central Asia, International Affairs, Kyrgyzstan, Kyrgyzstan International Affairs, Business & Economy, Kyrgyzstan Business & Economy

Kyrgyzstan and EU Strengthen Economic Cooperation

During his working visit to Brussels, Kyrgyz President Sadyr Japarov held talks with Valdis Dombrovskis, the Executive Vice President of the European Commission. The main topics of discussion were deepening trade and economic cooperation, attracting investment, realizing joint projects in mining and the green economy, introducing digital technologies, and developing human resources.

Dombrovskis emphasized the importance of strengthening partnerships between Kyrgyzstan and the European Union. He noted that signing the Enhanced Partnership and Cooperation Agreement opens new opportunities for realizing mutually beneficial trade and economic projects. He also expressed the EU’s readiness to deepen economic cooperation and interest in participating in significant energy and infrastructure projects, such as the Kambarata HPP-1 and the China-Kyrgyzstan-Uzbekistan railroad, emphasizing their financial potential.

Sadyr Japarov thanked the EU for its support and for signing the new Agreement on Enhanced Partnership and Cooperation, expressing his confidence that it would strengthen the agreements reached and create a modern legal basis for future bilateral interaction. The President noted that Kyrgyzstan provides significant opportunities for trade and investment due to its geographical location and transit potential. Japarov also emphasized the country’s commitment to the green agenda, stating its intention to reduce greenhouse gas emissions by 44% by 2030 and achieve carbon neutrality by 2050.

As part of the initiative to develop a green economy, Japarov proposed exchanging foreign debt for green projects, thus improving the global environmental situation. Projects on water management and the introduction of environmentally friendly technologies in Kyrgyzstan’s mining industry were also discussed.

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Times of Central Asia

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26 Jun 2024

@CASIAN INFO

Central Asia, Tajikistan Local Politics, Tajikistan Business Economy, Tajikistan, Business & Economy

The Government of Tajikistan and FLSmidth to Cooperate in Mining

Sherali Kabir, Minister of Industry and New Technologies of Tajikistan, and Peter Flanagan, representative of the transnational company FLSmidth have signed a memorandum of cooperation in the mining sector.

FLSmidth is one of the world’s leading mining equipment suppliers.

During their meeting, the parties exchanged views on priority areas of cooperation in the mining sector and the development of joint projects in the mining industry and under the memorandum, will form a working group to instigate plans.

It was noted that 93% of Tajikistan’s territory is occupied by mountains possessing essential breakthrough minerals, including lithium, copper, antimony, and others.

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Times of Central Asia

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26 Jun 2024

@Inbusiness.kz

Central Asia, Home, International Affairs, Kazakhstan, Kazakhstan International Affairs, Business & Economy, Kazakhstan Business & Economy, Features

Kazakhstan Stock Exchange Set to Recoup Shares from Moscow Exchange

The Kazakhstan Stock Exchange (KASE) has approached the Moscow Exchange (MOEX) with an offer to buy back its shares. The move was prompted by the US sanctions imposed on MOEX, Russian publication Frank Media reported, citing sources close to the Russian trading floor.

Moscow Exchange presently owns 13.1% of KASE shares. It acquired the first part of this stake (3.3%) in early 2020 and increased it to the current level at the end of the same year. The KASE shares were obtained as part of a strategic partnership for the Russian side’s technology. The stake has a market value of KZT 12.1 billion, equivalent to RUB 2.2 billion ($25.9 million).

In mid-June 2024, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) included the Moscow Exchange in the SDN list and issued a license to curtail operations with MOEX until August 13. The UK has joined the sanctions against MosBirch.

“KASE will consider continuing business relations with MOEX taking into account the sanctions restrictions,” stated the Kazakh exchange, the day after sanctions against Mosbirzhya were imposed.

Timur Suleimenov, chairman of the National Bank of Kazakhstan, who has repeatedly mentioned the possible buyout of MOEX’s stake in KASE, was vague however, when citing various options.

“The National Bank has 47% in KASE. We have our funds, so we will buy out [Moscow Exchange’s stake if such a decision is made],” he said on June 13, immediately after the sanctions against the Russian exchange were imposed.

The head of the republic’s regulator also said that KASE is negotiating with MOEX and considering various options, including possibly buying back shares.

Some indirect data point to the preparation for the buyout. In the middle of last week, KASE announced the convocation of the extraordinary general meeting of shareholders in a month, at which the only question to be discussed is the methodology change for determining the cost of shares of Kazakhstan exchange at their redemption.

According to the FM interlocutor close to the Russian Central Bank, Mosbirzha may agree to sell its stake in the Kazakhstan Stock Exchange under these conditions. In the past, entering the capital and providing technologies to KASE had a strategic goal—to leave it in the zone of Russian influence, he noted. In particular, American Nasdaq could provide technologies for the Kazakhstan stock exchange. South Korea has  likewise expressed interest in KASE .

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Times of Central Asia

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26 Jun 2024

@med.kg

Central Asia, Local Politics, Kyrgyzstan, Kyrgyzstan Local Politics

Kyrgyzstan Raises Doctors’ Salaries

The First Deputy Minister of Health of Kyrgyzstan, Mederbek Ismailov has newly announced that medical workers’ wages will be raised by 10 -50 percent from September this year.

Selected specialists will also receive bonuses of up to 20,000 KGS ($220).

“The ministry will work directly to raise medics’ salaries. We will review tables of staffing and workloads over the past two years and depending on results, may raise salaries,” commented a ministry spokesman, adding that the average doctor’s salary will rise to 35,000 KGS ($400) after the increase.

Local MPs, however, expressed their dissatisfaction with the government’s decision, deeming the rises in medical workers’ salaries inadequate.

“The health minister promised us that doctors would receive 80,000 KGS ($900) each,” complained MP Vinera Raimbachayeva.

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Times of Central Asia

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26 Jun 2024

photo: akorda.kz

Central Asia, International Affairs, Business & Economy

EDB Annual Meeting and Business Forum to Focus on Eurasian Transport Network

The Eurasian Development Bank’s (EDB) Annual Meeting and Business Forum, to be held in Almaty, Kazakhstan on 27-28 June, is to focus on cross-border transport corridors in Eurasia.

The EDB is a multilateral development bank serving Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, and Tajikistan.

According to the EDB press service, this year’s forum session, “The Eurasian Transport Network: Potential, Challenges and Solutions” will analyse a report on the development of cross-border transport corridors crucial to the region’s economies.

The report highlights the significant constraints in economic development posed by the remoteness of Central Asian countries from global markets and their landlocked status. According to EDB estimates, trade costs in some Central Asian nations are 40% higher than those of coastal states. Overcoming the lack of transport connectivity is key to unlocking the strong economic potential of all Central Asian countries.

The concept of the transport network is based on the premise that linking East–West and North–South transport corridors generates synergies, creating new routes, logistics opportunities and better through tariffs.

The EDB projects that freight traffic along the three main corridors crossing Central Asia (Central Eurasian Corridor, TRACECA and North–South) could potentially increase by almost two-thirds to 1.7 million containers (TEU) by 2030. Implementing this objective will require concerted efforts from all participating countries.

 

 

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