Page 336 – The Times Of Central Asia

27 Mar 2025

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Kazakhstan: Alexander Mashkevich, Business and Jewish Community Leader, Dies

March 27, 2025
By Times of Central Asia

Alexander Mashkevich was a prominent figure in Central Asian business for many years: a founder of Eurasian Resources Group, a major mining company that is partly owned by Kazakhstan’s government and has operations in Africa and Brazil, and chairman of the board of directors of the Almaty-based Eurasian Bank. He also founded the Jewish Congress of Kazakhstan and became its first president.

Mashkevich, who moved from Kyrgyzstan to Kazakhstan in the 1990s and later obtained Israeli citizenship, died on March 22 after an illness. He was 71 years old and leaves a wife, Larissa, and two daughters, Anna and Alla.

Mashkevich “made an enormous contribution to the development of Kazakhstan’s metals and mining sector and the country’s economy,” said Eurasian Resources Group, or ERG.

Between 2014 and 2024, Mashkeviich was chairman of the board of directors of Luxembourg-based ERG, which says it is one of the world’s largest producers of ferrochrome, an alloy that can be used to make stainless steel, and cobalt, which is used in batteries and other technologies. The company also says it is also a major producer of copper, the only producer of high-grade aluminum in Kazakhstan, and a big supplier of alumina and iron ore in the Eurasia region. It provides electricity and is a major railway operator in the region.

Mashkevich received awards from the Kazakh state for contributions to the country’s development.

His operations also came under scrutiny from Britain’s Serious Fraud Office, which for many years investigated suspected bribes that were paid to access mining contracts in Africa. In 2023, the office closed its case without bringing charges. The Eurasian Natural Resources Corporation, a subsidiary of ERG, had meanwhile sued the fraud office for alleged wrongdoing. The two sides settled last year.

Separately, Belgian prosecutors alleged that Mashkevich and two partners were involved in a money-laundering scheme. In 2011, the matter was dropped after the three businessmen paid a fine without admitting guilt.

Mashkevich, who had a Lithuanian Jewish background, built a reputation as a philanthropist. He was active in the Jewish community in Central Asia, leading the Euro-Asian Jewish Congress, or EAJC, for more than a decade after it was founded in 2002. He supported Jewish schools and other institutions, and one of his last projects was the establishment of a museum about Albanian citizens who saved Jews during World War II, according to the EAJC.

In addition to synagogues, he also provided funds for the construction of mosques and churches in Kazakhstan.

Mashkevich’s parents met in Kyrgyzstan after being evacuated during World War II. At a conference in Israel in 2011, Mashkevich said Jews had to excel in order to survive.

“We have to find – every day – new, creative ways to respond to challenges, which we get every, every, every day the last few thousand years,” Mashkevich said in English. “And I suppose we will get these challenges another few thousand years.”

26 Mar 2025

Home, Uzbekistan, Uzbekistan Features, International Affairs, Features, Uzbekistan International Affairs

Congressman Trent Kelly and Ambassador Furkat Sidikov Drive U.S.-Uzbekistan Trade and Investment Progress

July 28, 2025
By Times of Central Asia

On March 26, 2025, Ambassador Furkat Sidikov hosted a Congressional Breakfast featuring Congressman Trent Kelly (R, Mississippi), Co-Chair and founding member of the U.S.-Uzbekistan Caucus.

The event focused on the theme of trade, investment, and U.S.-Uzbekistan relations. Business leaders and policy experts also joined to discuss the evolving economic landscape and the future of U.S.-Uzbekistan relations.

Ambassador Sidikov highlighted the presence of over 300 American companies in Uzbekistan and expressed optimism about bilateral trade soon surpassing $1 billion annually. The Ambassador emphasized the strengthening of multifaceted partnership with the U.S. over economic and security partnerships, alongside ongoing reforms in democracy and human rights.

Congressman Kelly praised the strong partnership between the United States and Uzbekistan, highlighting the country’s reforms and its openness to U.S. business and trade. He expressed deep admiration for the Uzbek people and their government, emphasizing the growing ties fostered through the State Partnership Program with Mississippi. Congressman Kelly voiced strong support for removing the Jackson-Vanik Amendment (a Cold War-era provision that restricts trade with certain countries), stating that the time was right for such action. He noted ongoing collaboration with congressional and senatorial colleagues to advance this effort. Referring to Uzbekistan Day on the Hill as a growing tradition, he encouraged stronger connections between the two nations, underscoring Uzbekistan’s vibrant culture, abundant resources, and welcoming spirit.

Ambassador Furkat Sidikov, Congressman Trent Kelly (R, Mississippi), and Congresswoman Carol Miller (R, West Virginia) display the Uzbekistan Normalized Trade Act, H.R. 2329

The Uzbekistan Caucus was established in 2018 to strengthen bilateral relations between the United States and Uzbekistan by encouraging dialogue on issues such as trade, security, governance, and cultural exchange. While bilateral caucuses are often seen as ceremonial with limited tangible outcomes, the Uzbekistan Caucus has proven to be an exception by driving meaningful progress in U.S.-Uzbekistan relations. This success reflects the contributions of both officials.

Ambassador Sidikov has served as Uzbekistan’s ambassador to the United States since 2023, playing a key role in strengthening bilateral ties. During his tenure, he facilitated the signing of the Customs Mutual Assistance Agreement (CMAA), streamlining trade and enhancing border security, and supported Uzbekistan’s reforms to align with World Trade Organization (WTO) standards, fostering a more open and competitive economic environment. These efforts have not only expanded market access, such as enabling U.S. meat and poultry exports to Uzbekistan, but also fostered deeper economic and strategic ties between the two nations.

Congressman Kelly’s 36 years of military service, including his role as a brigadier general, two Bronze Star Medals, and deployments to Iraq, have been instrumental in advancing collaboration with Uzbekistan through the State Partnership Program. His efforts have supported joint training, disaster preparedness, and modernization initiatives, providing valuable U.S. expertise and strengthening defense ties between the two nations. Uzbekistan ranks 58^th in the Global Firepower Index, which ranks countries by military strength.

26 Mar 2025

Draft, Home, Kazakhstan, Business & Economy, Kazakhstan Business & Economy, Features, Kazakhstan Featurees

Kazakhstan Aims to Nearly Triple Investment in the Economy by 2029

March 26, 2025
By Dmitry Pokidaev

Kazakhstan plans to significantly increase investment in its economy over the next five years, aiming to nearly triple current levels. However, officials from the Ministry of National Economy acknowledge that the primary challenge lies not in securing additional funds but in the shortage of high-quality investment projects.

Shortage of Viable Projects

At a recent meeting of the Expert Council under the Ministry of National Economy, Deputy Minister Arman Kasenov stated that the ratio of domestic investment to GDP currently stands at a modest 14-15%, a figure he described as objectively low. “To achieve higher rates of economic growth, investments need to increase 2.75 times, from $40 billion in 2024 to $103 billion by 2029,” Kasenov stated.

To help reach this target, the government plans to allocate KZT 1 trillion (approximately $2 billion) through the state holding company Baiterek to stimulate business lending. This amount is expected to catalyze additional credit lines totaling KZT 8 trillion (around $15.9 billion). Still, Kasenov stressed that financing alone is not enough.

“The real issue is the lack of quality projects,” Kasenov said. “This problem has been flagged by international development finance institutions. When we talk about increasing investment from $40 billion to $103 billion, it’s not just about capital, it’s about where and how that capital is deployed.”

Targeting High-Return Sectors

To ensure impactful investment, the Kazakh government is prioritizing support for highly productive and export-oriented projects. These are concentrated in key sectors such as metallurgy, oil and gas, petrochemicals, and agriculture.

Rustam Karagoyshin, the head of Baiterek Holding, outlined the financing model for investment projects, which consists of 60% market funding and 40% state-backed lending. In 2025, Baiterek plans to disburse a total of KZT 8 trillion in project financing, with KZT 3.75 trillion (around $7.4 billion) provided in the national currency.

“Our main objective is to unify lending rates at 12.6% for end consumers. Standardizing rates will enable second-tier banks to participate across nearly all sectors where Baiterek operates today,” Karagoyshin said.

Foreign Investment Outlook

As The Times of Central Asia previously reported, Kazakhstan is looking to attract more foreign direct investment following a notable decline in 2023. Amid growing concerns about resource nationalism, the government is eager to position itself as a stable and attractive destination for international capital.

26 Mar 2025

Central Asia, Home, Kyrgyzstan, Business & Economy, Kyrgyzstan Business & Economy

EDB Begins Pre-Feasibility Study for Hydropower Plant Cascade in Kyrgyzstan

March 26, 2025
By Sergey Kwan

The Eurasian Development Bank (EDB) and Kyrgyzstan’s Ministry of Economy and Commerce have signed a technical assistance agreement to initiate a pre-feasibility study for the Hydropower Plant (HPP) Cascade Project. The announcement was made on March 26 and marks a significant step forward in the development of one of Kyrgyzstan’s most ambitious energy infrastructure projects.

This agreement builds on the existing partnership between the EDB and the Ministry, established under a Memorandum of Cooperation signed in December 2024.

Scope of the Study

Under the agreement, the EDB will finance the pre-feasibility study, which will include:

Estimating preliminary capital expenditures
Developing key technical solutions
Assessing environmental and social impacts
Outlining state support measures needed for project implementation

The study will be carried out in collaboration with the Ministry and a designated consulting firm.

Strategic Importance of the Suusamyr-Kokomeren Cascade

The planned hydropower cascade will be situated on the Kokomeren River and consist of three power plants with a combined installed capacity of 1,305 MW. The project is expected to significantly enhance Kyrgyzstan’s electricity generation capacity, help meet growing domestic energy demands, and contribute to reducing greenhouse gas emissions.

Hydropower is a cornerstone of Kyrgyzstan’s renewable energy strategy, and the Suusamyr-Kokomeren project is envisioned as a key driver of energy security and regional development.

Regional and International Cooperation

The EDB is a multilateral development institution comprising six member states: Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, and Tajikistan. It finances regional development projects that foster economic integration across Eurasia.

It is worth noting that in early 2024, Kyrgyzstan’s Ministry of Energy signed memorandums of understanding with China National Electric Engineering Co. Ltd. These agreements include cooperation on the construction of both the Suusamyr-Kokomeren HPP Cascade and the Kara-Kechin thermal power plant.

Together, these initiatives underscore Kyrgyzstan’s strategic push to diversify its energy portfolio and strengthen infrastructure through international partnerships and sustainable energy investments.

26 Mar 2025

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

Opportunities and Challenges in Uzbekistan’s Mining Industry

March 26, 2025
By Sadokat Jalolova

Uzbekistan is well-positioned to become a key global supplier of critical minerals, but the stakes are high. If not managed prudently, the country risks falling victim to the very challenges that have historically plagued resource-rich nations. According to Nodir Ruzmatov, founder of One Nexus Group and a Master’s candidate in Public Policy at UC Berkeley, Uzbekistan faces a pivotal moment.

In his article, “Striking Gold or Courting Disaster in Uzbekistan’s Mining Boom,” Ruzmatov writes:

“Uzbekistan stands at a crossroads. Global demand for critical minerals, key to clean energy and high-tech manufacturing, is growing at an unprecedented rate. With gold, copper, lithium, and rare earth elements in abundance, Uzbekistan has an opportunity to become a major global supplier. But as history has shown, such riches can be a double-edged sword.”

Rising Demand, Rising Stakes

Global demand for critical minerals has surged due to the rapid expansion of electric vehicles, renewable energy systems, and digital infrastructure. Uzbekistan, already a top gold producer and an emerging copper exporter, holds significant reserves of the minerals needed to power the global energy transition.

Properly harnessed, this sector could attract billions in investment, create thousands of jobs, and elevate Uzbekistan’s standing in the global economy. Yet, the path forward is fraught with risks.

Ruzmatov warns of the “resource curse”, a paradox where natural wealth leads to economic mismanagement, environmental degradation, and political instability. The Syr Darya River serves as a cautionary example: already burdened by industrial waste from neighboring Kazakhstan, it now faces growing contamination from heavy metals, arsenic, and other toxins. These pollutants threaten agriculture, food security, and public health across the region.

Learning from Global Experience

Ruzmatov draws parallels between Uzbekistan’s situation and water management conflicts in other parts of the world. Disputes over the Colorado River between the United States and Mexico, and environmental challenges in Southeast Asia’s Mekong River basin, show that resource tensions can be addressed through strong legal frameworks and cross-border cooperation.

For Uzbekistan, this means not only protecting its rivers but also developing a governance model that prioritizes environmental integrity, transparency, and regional collaboration.

A Sustainable Path Forward

To avoid repeating past mistakes, Ruzmatov advocates for:

Strict environmental regulations to guide mining operations
Investment in cleaner, more efficient technologies
Enhanced regional partnerships to manage shared natural resources equitably
Greater public involvement and scientific research to inform decision-making

As he concludes, “The question is no longer whether Uzbekistan should develop its critical minerals sector but rather how it will do so. The Syr Darya crisis and the Aral Sea disaster serve as stark warnings. If Uzbekistan fails to address its water pollution issues now, the consequences will be irreversible.”

Uzbekistan has the potential to lead Central Asia in responsible, sustainable mining. Realizing this potential will depend on careful planning, international engagement, and a long-term commitment to environmental and social resilience.

26 Mar 2025

Central Asia, Uzbekistan Environment, Environment, Home, Uzbekistan

Uzbekistan to Generate Electricity from Household Waste

March 26, 2025
By Sadokat Jalolova

Uzbekistan is advancing plans to build waste-to-energy (WTE) plants across several regions as part of a broader strategy to improve waste management and generate electricity. Presidential decrees have approved investment projects in Tashkent and the regions of Andijan, Namangan, Ferghana, Tashkent, Kashkadarya, and Samarkand.

These projects aim to modernize the country’s waste processing infrastructure while enhancing environmental sustainability and attracting direct investment into the energy and utilities sectors.

Under the agreements, project companies will supply the electricity generated from waste to “Uzenergosotish” JSC through 30-year guaranteed purchase contracts. Equipment launches are scheduled between 2025 and 2027, with the following projected processing capacities:

Tashkent Region: 2,500 tons of waste processed daily, generating 390 million kWh annually
Andijan Region: 1,500 tons for 240 million kWh
Kashkadarya Region: 1,500 tons for 240 million kWh
Samarkand Region: 1,500 tons for 240 million kWh
Namangan Region: 1,500 tons for 227.5 million kWh
Ferghana Region: 1,500 tons for 227.5 million kWh

Global Models for Waste-to-Energy

The concept of converting household waste into energy is widely used in countries with advanced waste management systems. Sweden, for instance, has developed a highly efficient WTE infrastructure that provides heating to over 1 million households and electricity to approximately 680,000 homes. As of 2013, the country was importing roughly 800,000 tons of waste annually from neighboring states to meet the fuel demands of its power plants.

Japan has also embraced WTE technology, largely due to its limited landfill capacity. By 2020, Japanese incineration plants had a combined power generation capacity of approximately 2,200 megawatts, contributing significantly to the national grid.

Challenges and Considerations

Despite its promise, WTE technology is not without challenges. If not properly managed, waste incineration can result in harmful emissions and air pollution. Ensuring that Uzbekistan’s facilities meet modern environmental standards will be critical to the success and sustainability of the initiative.

The government’s move reflects a growing recognition of the need for cleaner, more sustainable energy sources while addressing the persistent issue of urban waste. If implemented effectively, these projects could mark a significant step toward Uzbekistan’s green energy transition.