Economy - The Times Of Central Asia

Viewing results 1 - 6 of 1522

Turkmenistan Ousts Uzbekistan from Tajikistan’s Market for Greenhouse Tomatoes

Turkmenistan has completely overtaken Uzbekistan in the market for greenhouse tomatoes in Tajikistan, according to a report by the EastFruit agricultural news portal. Analysis revealed that Turkmen tomatoes are winning due to competitive pricing and also, their attractive appearance and modern packaging. Despite problems related to the cultivation of tomatoes grown in Tajikistan's greenhouses this season, the price has remained at a record low for this time of the year. The average wholesale price for one kg is currently just $1.46 -- and further price reductions are expected in the near future, notes EastFruit. In Tajikistan, which currently imports the majority of greenhouse tomatoes it consumes, the wholesale price is significantly lower ($1.9 per kg) than in Uzbekistan, which is still the main regional exporter. The EastFruit portal notes that today, greenhouse tomato prices in Central Asian countries are not much lower than in Eastern European countries. It also reports that further development of energy-efficient greenhouse technologies will allow countries with colder climates to remain relatively highly competitive and moreover, local consumers are generally willing to pay more for the fresh taste of greenhouse-grown vegetables.

Strategy Uzbekistan Economy Central Asia Banking Kyrgyzstan Finance

Kyrgyzstan, Uzbekistan to Unite Their National Card Payment Systems

Kyrgyzstan's national payment system, Elkart, and Uzbekistan's Humo payments platform intend to launch a project on mutually acquiring, or guaranteeing payment security and authorizations according to Kyrgyzstan's Interbank Processing Center (IPC). The agreement was reached at a meeting in Tashkent. "We are going to develop payment systems and create an ecosystem in our countries. This project will open new horizons for the development of not only financial infrastructures of Kyrgyzstan and Uzbekistan, but will also give impetus to the development of many spheres of activity of the two states," said Kanykei Zhamangulova, Chair of the Board of the Kyrgyz IPC. Payment organizations of the two countries have been negotiating a mutual acquiring framework since last summer. At the last meeting in Bishkek, the parties agreed on money transfers and internet payments. "An agreement was reached to start a joint project for step-by-step realization of the set goals and mutual exchange of experience in acquiring, issuing and combating fraudulent transactions," Shukhratbek Kurbanov, director of the Humo payment system, said at the time. Citizens of Uzbekistan and Kyrgyzstan will be able to pay with their cards in the other of the two countries without additional commissions, he said. However, the exact launch date of mutual acquiring services wasn't announced. The cross-border payments plan is advancing as relations between Bishkek and Tashkent were further warmed by the demarcation of the two states' international border. This key step put an end to decades of border disputes that had persisted since the end of the Soviet period.

Small Business Education EBRD Kazakhstan Central Asia Economy

EBRD Launches New Training Program for Female Entrepreneurs in Kazakhstan

The European Bank for Reconstruction and Development's (EBRD) Women in Microbusiness training program is being launched in Kazakhstan to support women entrepreneurs facing social or economic obstacles in their business activities. Statistics show that whilst women manage 49 percent of all micro and small-sized businesses in Kazakhstan, their representation in medium and large business sectors is only 36 percent and 19 percent, respectively. Reporting on the initiative, Alma Kasymova, head of the EBRD's SME (small- and medium-sized enterprises) Program in Kazakhstan, stated, "Our main goal and mission is to empower women entrepreneurs to grow and develop their micro-enterprises through affordable and quality training. We are confident that this program will help participants to expand their competencies and open new perspectives in larger business segments." The training, conducted online in Kazakh and Russian, will run for five months and comprise six business modules in marketing, sales, finance, human resources, operational management, strategic planning, as well as automation and the use of artificial intelligence (AI). Participants will be able to enrol at any time convenient for them. . Welcoming its launch, an EBRD spokesperson announced, "This is the third implementation of the program -realized in collaboration with the training and consulting company Dialog . Previous projects allowed almost 1,500 women entrepreneurs to strengthen their skills and improve their businesses. "

Internet Social Economy Central Asia Kazakhstan Education

Satellite Internet Connection to Start Working in Kazakhstan

Kazakhstan's Ministry of Digital Development says that work has been completed on an interface station for the OneWeb non-geostationary communication network at the Kokterek Space Services Center. Officials expect to achieve technical readiness to provide commercial services this year. Work is also continuing on infrastructure at the Spacecraft Assembly and Test Complex in Astana. A project to build a constellation of medium-resolution satellites for remote sensing of the Earth has also been launched, with plans to replace the current KazEOSat-2. This new equipment will be used in various fields, including agriculture, emergency management and sustainable use of natural resources. EutelSat OneWeb is a unit of the EutelSat Group that provides broadband internet access using low Earth orbit (LEO) satellites. It was founded in 2012. At different times, Airbus, Qualcomm, Virgin Group and others have acted as investors in the company. In the spring of 2020, OneWeb filed for bankruptcy because it failed to agree with Japan's Softbank on a round of financing totaling $2 billion. Later, the company was saved by the British government, India's Bharti Global and EutelSat, before the latter company merged with OneWeb in September of 2023. It has been reported that villages in Kazakhstan have gained access to satellite internet from Starlink, one of Elon Musk's companies. Over 170 rural settlements are connected to the KazSat network, which provides broadband access to more than 17,000 people. The initiator of the joint project, minister of digital development Bagdat Musin, was fired on April 30 amid a scandal involving the leak of personal data of Kazakh citizens.

Uzbekistan Economy Export/import Central Asia Energy Investments Finance

Uzbekistan’s President Guarantees Protection of Foreign Investors’ Rights

Addressing the Tashkent International Investment Forum, Uzbekistan President Shavkat Mirziyoyev remarked that in recent years, his country had attracted more than $60 billion in foreign investment, in over 300 joint industrial projects. Regarding the goal to attract further foreign partnerships, he continued, "Our state guarantees development of market relations, reliable protection of investors' rights, improvement of favorable investment and business environment, creation of wider opportunities and conditions for fair competition, ensuring inviolability of private property and independence of [our] judicial system." To achieve its aims, Uzbekistan has adopted a new version of the law "On Investments" in accordance with World Trade Organization (WTO) standards. Despite not yet ratified by Uzbekistan, the International Commercial Court (ICC), is already operating in the country, and the terms of land lease for foreign investors have been increased from 25 to 49 years. Uzbekistan's head of state also announced plans to introduce new approaches to the system of industrial zones, the management of which will involve experienced foreign companies. Drawing attention to the country's wealth of natural reserves, the president noted, " Our country has colossal resources of gold, copper, tungsten, silver and uranium. Along with rare and unique minerals, we have deposits of more than 30 rare earth metals such as lithium, magnesium, molybdenum, germanium, vanadium and indium. " He emphasized Uzbekistan's ongoing negotiations with the U.S. and the UK on cooperation in the field of critical raw materials (CRMs) and extended an invitation to leading companies to develop projects concerning the deep processing of strategic raw materials and the creation of a value-added chain of refining and processing. Mirziyoyev mentioned the forthcoming construction of the Trans-Afghan railroad and upgrades to existing international airports in Tashkent, Bukhara and Urgench planned with the cooperation of foreign investors, and with reference to improved logistics, stated, "These strategic projects will radically change the geo-economics situation in the region and turn Central Asia into a global transit centre connecting North and South, East and West." This year's Tashkent Investment Forum was attended by 2,500 delegates including government leaders, heads of major companies and representatives of the United Nations (UN), European Bank for Reconstruction and Development (EBRD), the Organization of the Petroleum Exporting Countries (OPEC) and the Shanghai Cooperation Organization (SCO).

Finance Oil & Gas Economy Uzbekistan OPEC

OPEC Fund to Allocate $500 Million for Tourism, Logistics Development in Uzbekistan

A delegation of the Organization of the Petroleum Exporting Countries (OPEC) International Development Fund headed by President Abdulhamid Alkhalifa participated in the events of the Tashkent International Investment Forum. The OPEC Fund and the Government of Uzbekistan signed agreements on joint activities and financial commitments worth $500 million. The funds will be used for the development of tourism, logistics, pharmaceuticals, ecology, support for women's entrepreneurship, and youth initiatives. The OPEC delegation will visit the facility of water supply and wastewater disposal in the Samarkand region, which was financed by the organization. This project provides the basic tools to improve health and living conditions for 70,000 local residents. For 25 years, the OPEC Fund has been working with Uzbekistan, providing it with $760 million in loans. This financial support has helped provide drinking water to remote areas and modernize Uzbekistan's energy sector. This year's Tashkent Investment Forum was attended by 2,500 delegates - government leaders, heads of major companies and representatives of the United Nations (UN), the European Bank for Reconstruction and Development (EBRD), the Organization of the Petroleum Exporting Countries (OPEC), and the Shanghai Cooperation Organization (SCO).