• KGS/USD = 0.01142 -0.87%
  • KZT/USD = 0.00217 0%
  • TJS/USD = 0.09344 0.86%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01142 -0.87%
  • KZT/USD = 0.00217 0%
  • TJS/USD = 0.09344 0.86%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01142 -0.87%
  • KZT/USD = 0.00217 0%
  • TJS/USD = 0.09344 0.86%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01142 -0.87%
  • KZT/USD = 0.00217 0%
  • TJS/USD = 0.09344 0.86%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01142 -0.87%
  • KZT/USD = 0.00217 0%
  • TJS/USD = 0.09344 0.86%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01142 -0.87%
  • KZT/USD = 0.00217 0%
  • TJS/USD = 0.09344 0.86%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01142 -0.87%
  • KZT/USD = 0.00217 0%
  • TJS/USD = 0.09344 0.86%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01142 -0.87%
  • KZT/USD = 0.00217 0%
  • TJS/USD = 0.09344 0.86%
  • UZS/USD = 0.00008 0%

Viewing results 1 - 6 of 513

China to Invest $1 Billion in Andijan Province of Uzbekistan

China will invest $1 billion in the Andijan region of Uzbekistan to create an enterprise processing the hides and organs of domestic animals. It is reported that the Uzbek delegation, led by the khokim (head) of the Andijan region, visited China, where they familiarized themselves with the activities of Kaifeng Shengmeishun Leather Products company in Kaifeng City, Henan province. During the visit, the Uzbek delegation held talks with representatives of China's public and private sectors. The khokim of the Andijan region and the Chairman of the Veterinary Committee of Uzbekistan participated in the discussion. The main topic of the talks was investment in the hide and organ processing project and the establishment of contacts with leading Chinese institutions in veterinary medicine, cattle breeding, poultry farming, and fishing. They also discussed cooperation in scientific research and the training of Uzbek specialists. Following the meeting, the Chinese side fully supported investment projects and scientific research in Uzbekistan. A new project worth $1 billion will be developed in the Andijan region with direct Chinese investment. This year, it plans to invest $100 million and create 3,000 jobs.

UN Supports Uzbekistan and China’s Initiative on International Day of Dialogue Among Civilizations.

The UN General Assembly has unanimously adopted a resolution entitled “International Day of Dialogue among Civilizations,” which was drafted by the People's Republic of China and the Republic of Uzbekistan. The main goal of the resolution is to raise awareness of the value of civilizations' diversity and promote dialogue, mutual respect, and global solidarity, states the Ministry of Foreign Affairs of the Republic of Uzbekistan According to the resolution, June 10th will be declared the International Day of Dialogue among Civilizations. More than 80 countries co-sponsored the resolution, including all of the Central Asian states, Armenia, Azerbaijan, Belarus, and Russia. The resolution reflects the ideas proposed by the leadership of Uzbekistan at the 78th session of the UN General Assembly in 2023 and the Samarkand SCO summit in 2022. The document stresses the need to promote solidarity for common security and prosperity, strive for constructive cooperation, and mobilize the international community's efforts to achieve peace and sustainable development. The resolution also highlights the contribution of all cultures and civilizations to enriching humanity and recognizes the importance of religious and cultural diversity. The document encourages tolerance, respect, dialogue, and cooperation among different cultures and civilizations.

How the Trans-Caspian Corridor will Revitalize Trade between Asia and Europe.

Kazakhstan's Transport Minister, Marat Karabayev has stated that geopolitical tensions are disrupting traditional logistics chains and jeopardizing global trade. As reported in an article published in the Chinese business publication, "South China Morning Post, " he claimed that developing the Trans-Caspian transport corridor is essential for increasing transit potential. Karabayev believes the Trans-Caspian international transportation route is an effective alternative to traditional maritime routes. The overland corridor connects Southeast Asia and China with Europe, crossing Kazakhstan, Azerbaijan, Georgia, and Turkey. Last year, cargo traffic along this route exceeded 2.7 million tons, up 86%. "Kazakhstan can play a key role here. As the largest country between Asia and Europe, it is an important transit hub for trade between the two continents. Kazakhstan accounts for about 80% of all land transit traffic from China to Europe,” said Karabayev. He noted that the Trans-Caspian corridor has undergone a steady development over the past decade. In recent years, geopolitical changes have given it additional impetus, especially since the number of container ships crossing through the Suez Canal in 2023, decreased by 67%  and the cost of sea transportation from Shanghai to European countries has almost tripled in recent months. Given that overland transit would reduce costs and become a more viable logistical option, Kazakhstan is committed to improving infrastructure and terminal facilities, increasing rolling stock, removing administrative barriers, and creating favorable carrier conditions. "However, for the Middle Corridor to achieve its goals, we need the support and participation of other countries," advised Karabayev. "Austria, Germany, Latvia, Latvia, Lithuania, Estonia, and Hungary have expressed interest in joining the Trans-Caspian International Transport Route Association. The EU recently announced an investment of 10 billion euros ($10.85 billion). In addition, a roadmap for development until 2027 has been agreed with Azerbaijan, Georgia, and Turkey.”

China, Kyrgyzstan, Uzbekistan Railway

On 6 June, an intergovernmental agreement on the China-Kyrgyzstan-Uzbekistan railway project was signed in Beijing. The China-Kyrgyzstan-Uzbekistan railway is a strategic infrastructure project designed to create a new land transport corridor between Central and East Asia. The agreement, which marks an important step in progressing the project, lists principles and mechanisms for cooperation between the three countries concerning financing, construction, operation, and maintenance of the railway. In accordance with the agreement, the railway will run through Kashgar (China) – Torugart – Makmal – Jalalabad (Kyrgyzstan) – Andijan (Uzbekistan), with a modern transit and logistics infrastructure, warehouses and terminals created along the route. Once completed, the railway will transport an annual cargo of 15 million tons, and reduce time taken for delivery to consumers by 7 days. Chinese President Xi Jinping, Kyrgyzstan President Sadyr Japarov, and Uzbekistan President Shavkat Mirziyoyev attended the event via a video link. Kyrgyz President Japarov described the agreement as “a historical event marking the long-awaited start of the China-Kyrgyzstan-Uzbekistan railway construction project - which will - open new transportation routes to European countries and the Persian Gulf." Uzbek President Mirziyoyev likewise remarked on the historical significance of the signing, and stated, “This railway will become the shortest land link connecting China with our region. In the future, it will allow access through the promising Trans-Afghan corridor to the capacious markets of the countries of South Asia and the Middle East.” Chinese President Xi emphasized that the railway is a strategic project of connectivity between China and Central Asia and a landmark in the three countries' cooperation under the Belt and Road Initiative. According to the Chinese leader, China is ready to work with Kyrgyzstan and Uzbekistan on the launch of the project as early as possible, to boost the regions’ economic and social development .  

Ten Years of the EAEU: Trade Wars Rumble On Against Backdrop of GDP Growth

The Eurasian Economic Union (EAEU) recently celebrated its first significant anniversary. According to the numbers, the years of integration have positively impacted the member states' economies; however, there are serious trade wars in the bloc, and some entrepreneurs fear the collapse of entire industries. The agreement on creating the EAEU was concluded on May 29, 2014, in Astana by the presidents of Kazakhstan, Russia, and Belarus. Later, Armenia and Kyrgyzstan joined the union, whilst Moldova, Uzbekistan, and Cuba hold observer state status. The member states initially emphasized the strictly economic nature of the union, and continuously refused to politicize it. For Kazakhstan, membership in the EAEU is advantageous, because it simplifies exporting raw materials to foreign markets. In addition, the union has unified customs regulations and duty-free trade. According to official sources, the GDP growth rate of all EAEU countries in 2023 amounted to 3.8%, which is higher than global GDP growth. In Armenia, growth is 8.7%, in Kyrgyzstan 6.2%, in Kazakhstan 5.1%, in Belarus 3.9%, and in Russia 3.6%. Mutual trade between member states has almost doubled since the union's inception, with foreign trade increasing by 60%. Kazakhstan has increased trade turnover with EAEU countries 1.7 times, and foreign exports have doubled. According to the Bureau of National Statistics of Kazakhstan, foreign trade turnover for January-March 2024 increased to $31.2 billion, of which the share of trade with EAEU countries amounted to 19.6%, reaching $6.1 billion. Russia's share in the volume of Kazakhstan's external trade turnover (within the EAEU) exceeds 90%. Nevertheless, creating a common harmonized market intended to copy that of the European Union has not yet been possible. A regulation financial system, logistics system, efficient electricity market, and other projects have yet to be implemented. In addition, the EAEU is often shaken by trade wars, and producers suffer from price dumping. Kazakhstani businessmen and farmers have repeatedly complained that the expansion of cheap Russian goods threatens their livelihoods. This problem is particularly acute in the production of eggs, chicken, and dairy products, whilst Kazakhstan is critically dependent on Russian imports in some sectors, especially food. For example, when Russia imposed quotas on sugar exports or otherwise restricted sales, the cost of these products in Kazakhstan tripled in 2022. As soon as Russia removed these restrictions, the price quickly adjusted. Comparable fluctuations are also observed in other sectors. Due to international sanctions, dairy producers from Russia and Belarus redirected their supplies to Kazakhstan and started dumping prices to take over the Kazakh market. In this regard, some experts proposed that the border be closed to these products to preserve the local dairy industry. At the same time, analysts referred to Russia's frequent bans on the export of certain goods, mainly wheat and sugar. Such measures are not conducive to integration, but rural producers believe that Kazakhstani officials cannot effectively defend their interests in the EAEU market, even though they hold significant positions in the integration body. This year, Kazakhstani entrepreneurs again complained that Russia and Belarus were flooding...

Mining Output Grows in Tajikistan

Mining output in Tajikistan has grown by more than 18% over the past year. Enterprises in the mining and precious metals industry for the first four months of 2024 produced quantities worth 4.3 billion somonis ($398.6 million), which is 667 million somonis ($61.7 million) or almost 19% more than the same period in 2023, Sputnik has reported. According to Muhammadvalishokh Makshulov, a spokesman from the ministry of industry and new technologies, the demand depends primarily on increasing enterprises' capacity and creating new directions in their work. According to the ministry, last year the company Zarafshon launched a metallurgical plant to produce metallic copper, built on the most modern technologies in the world, thanks to the acquisition of more than $119 million. Also, on 5 July 2023, the enrichment plant of TVEA Dushanbe Mining Industry LLC, with a capacity of processing 900,000 tons of ore per year in the Ayni district of the Sughd region, started operating. This company started production at two mines: Kumargi Bolo and Duobai Sharqi. The first mine is located at an altitude of almost 4,000 meters, and the second is at 2,300 meters. Last year, with the attraction of $43 million in foreign capital, construction began on the second stage of a metallurgical plant to produce lead, silver, and copper for the Tajik-Chinese mining and industrial company. Currently 21 companies are engaged in the mining and processing of minerals and precious metals in Tajikistan, seven of which are active due to Chinese investments. About 12,500 people work in the business of mining and processing minerals and precious metals. Of these, 11,500 are Tajik citizens, and the rest are Chinese.

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