• KGS/USD = 0.01179 0.85%
  • KZT/USD = 0.00209 0%
  • TJS/USD = 0.09364 -0.32%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01179 0.85%
  • KZT/USD = 0.00209 0%
  • TJS/USD = 0.09364 -0.32%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01179 0.85%
  • KZT/USD = 0.00209 0%
  • TJS/USD = 0.09364 -0.32%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01179 0.85%
  • KZT/USD = 0.00209 0%
  • TJS/USD = 0.09364 -0.32%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01179 0.85%
  • KZT/USD = 0.00209 0%
  • TJS/USD = 0.09364 -0.32%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01179 0.85%
  • KZT/USD = 0.00209 0%
  • TJS/USD = 0.09364 -0.32%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01179 0.85%
  • KZT/USD = 0.00209 0%
  • TJS/USD = 0.09364 -0.32%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01179 0.85%
  • KZT/USD = 0.00209 0%
  • TJS/USD = 0.09364 -0.32%
  • UZS/USD = 0.00008 0%

Viewing results 1 - 6 of 456

Kazakhstan Reports Steady Economic Growth in First Half of 2024

On July 15, the Ministry of the National Economy of Kazakhstan announced the result of the country’s economic development for the first half of 2024. In the period January-June, the gross domestic product (GDP) increased by 3.3%, compared to 3.2% in the same period last year. The production of goods rose by 3.6%, and the services sector grew by 3.3%. Compared to last year, the economic growth rate slowed in H1 of 2024. This was caused by the economic impact of extreme flooding during the spring, which had a limiting effect on the development of most sectors. The floods resulted in reductions in trade, transport and logistics in ten regions. Oil production also decreased by 1.6%. In the first half of this year, industrial production was one of the main engines of economic growth, the volume of which increased by 2.8%. There was steady growth in multiple sectors of industrial production. Mechanical engineering grew by 9.4%, metallurgy by 8.3%, the chemicals industry by 5.3%, pharmaceuticals by 14.8%, and the furniture industry by 28.3%. The volume of construction work also increased by 8.6%. In January-June, 4.6 million square meters of housing in new apartment complexes were commissioned, 5.9% more than in the same period last year. Agricultural production increased 3.4% in January-June, and transportation and warehousing services grew 7.3%. Investments in non-resource sectors of the economy were also on the rise. Fixed capital investment increased in the manufacturing industry (by 9.4%), information and communications (2.4-fold), scientific and technical activities (58%), transport (33.7%), education (24.1%), financial operations (22.1%), and real estate transactions (4.5%). In June, annual inflation fell to 8.4% compared to 9.5% in January. In the period January-May, Kazakhstan’s foreign trade turnover amounted to $55.3 billion. Exports grew by 1.8% to $32.5 billion, including exports of processed goods, which increased by 0.8% to $10.5 billion. Imports amounted to $22.9 billion, down 7.2%, meaning the positive trade balance was $9.6 billion, an increase of $2.3 billion or 32.4% year-on-year. Since the beginning of the year, Kazakhstan’s international reserves have also increased by $5.4 billion and exceeded $101.3 billion as of July 1. This includes the assets of the National Fund, which increased by $1.4 billion to a total of $61.4 billion. The gold and foreign currency reserves of the National Bank also increased by $4 billion to $39.9 billion.

Boom in Uzbekistan’s International Flights

In the first half of 2024, Uzbekistan's airports processed 53,300 flights of which 16, 300 were domestic and 36,900 international; an increase of 37% compared to the same period last year, according to a report by Uzbekistan Airports' press service. From January to June, Uzbek airports served 6 million 369,384 thousand passengers on domestic flights, 1 million 263,304 thousand passengers on domestic flights, and 5 million 106,80 thousand passengers on international flights; an increase of 36%  compared to the first quarter of  2023. In the first half of the year, 40.7 tons of cargo and mail were transported, 18% more than last year. Today, Uzbek airports provide passenger services on 84 routes. The 15% increase is attributed to the addition of new air carriers and the simultaneous launch of several new routes. Uzbekistan Airports currently  cooperates with 45 airlines.

Uzbekistan Offered Opportunity to Invest in Gas and Oil in Afghanistan

Afghanistan has offered Uzbekistan the opportunity to invest in oil, gas, and copper deposits in the provinces of Ghazni and Herat, and to create mineral processing plants. Nuriddin Azizi, the acting Afghan Minister of Industry and Trade, has proposed a meeting with Bobir Islamov, the Uzbek Minister of Mines and Geology. "Islamov reacted positively to the idea of an agreement on mutual support for investment between the two countries. He noted that two large copper processing plants are already under construction in Uzbekistan, which need to receive raw materials," reports state. It was also noted that following the talks, the parties agreed that a delegation from Uzbekistan would visit Afghanistan to conduct research and technical work.

Paving the Path Westward: Insights from the Astana and Shusha Summits

The informal OTS summit in Shusha, hosted at the invitation of Ilham Aliyev, centered on the theme of "Building a Sustainable Future through Transportation, Connectivity and Climate Action." Attendees included Presidents Kassym-Jomart Tokayev of Kazakhstan, Sadyr Japarov of Kyrgyzstan, Shavkat Mirziyoyev of Uzbekistan, Ersin Tatar of the Turkish Republic of Northern Cyprus, Prime Minister Viktor Orban of Hungary, and OTS Secretary General Kubanychbek Omuraliev. In place of Erdoğan, who was in Germany supporting the Turkish national soccer team ahead of a crucial Euro 2024 quarter-final against the Netherlands, Vice President Cevdet Yılmaz attended. Turkmen President Serdar Berdimuhamedov was also absent due to hosting UN Secretary-General António Guterres in Ashgabat. Notably, the Shusha summit occurred just two days after the meeting of SCO leaders in Astana, which drew an exceptional amount of attention from international observers due to the participation of the Russian and Chinese leaders. The intrigue surrounding the SCO summit was linked to its closed session, attended only by the Shanghai Ten. At the summit, only the speech delivered by Tokayev was made available to the press. Speeches made in the subsequent SCO+ format sessions were made public, wherein Russian President Vladimir Putin and Chinese President Xi Jinping underscored the need for a multi-polar world, suggesting that the SCO members had discussed shifting away from Western cooperation towards the Global South. At the Shusha summit Aliyev highlighted Azerbaijan's commitment to strengthening ties within the Turkic world, emphasizing the importance of the political, economic, and military consolidation of Turkic States as a global power center. Aliyev stated that Azerbaijan has consistently sought to unite the Turkic world and enhance its influence on the global stage, stressing that the OTS should seek to emerge as a significant global power. "We cover a large geographical space and positive demographic dynamics are observed in the member countries. Our greatest assets are our rich natural resources, modern infrastructure for their delivery, transportation corridors connecting Central Asia and the Caucasus with Mediterranean and Black Sea ports, and our rich and ancient history and culture. The commitment of our people to traditional values and ethnic commonality closely unites our countries. The 21st century should become the century of prosperity of the Turkic world," the Azerbaijani leader emphasized. Aliyev also addressed the primary tasks which lie ahead for the OTS, referencing the Astana Declaration of the SCO, which designates Central Asian republics as the organization's foundation. Leaders of these republics who attended the summit in Shusha, Tokayev, Shavkat Mirziyoyev, and Sadyr Japarov, endorsed Aliyev's call for the expansion of the East-West transport corridor connecting Central Asia and Eurasia to Europe. Aliyev further highlighted the Digital Silk Road project, which aims to establish a fiber-optic telecommunication route between Europe and Asia via the Caspian Sea through Azerbaijan. Furthermore, when the President of Kazakhstan delivered his speech, he stressed the significance of the Trans-Caspian International Transportation Route. "The potential of the Trans-Caspian International Transport Route should be fully utilized. Today, the volume of container transportation along this corridor has...

Case Opened Against Subsidiary of Russia’s Lukoil in Uzbekistan

The Committee for the Development of Competition and Consumer Protection of Uzbekistan has initiated a case against Lukoil Overseas Supply and Trading Ltd, a subsidiary of Russia's Lukoil, the Committee's press service has reported. The Committee's staff state that they identified signs of the manipulation of the price of technical sulfur by Lukoil in their selling of products through exchange trading. As a result, the price of technical sulfur rose between 10 to 50%, meaning the company violated the law "on competition." Additional information will be made available once the Committee reaches a decision on how it will proceed. Lukoil Overseas Supply and Trading Ltd was established in April 2010 as part of a marketing campaign for the sale of joint products during the implementation of production sharing agreements in respect to several gas fields. It entered the exchange-trade market for technical sulfur in Uzbekistan in 2015. Today, the company and Uzbekneftegaz dominate the technical sulfur market.

Drop in Uzbekistan’s Gold Sales

 In April, Uzbekistan's sales of gold dropped significantly, according to data published by the World Gold Council (WGC). In the same month,  the total gold reserves held by the world’s central banks increased by 33 tons and volumes of purchases and sales amounted 36 tons and 3 tons respectively. The most active buyers of precious metals during the reporting period were the Central Banks of Turkey (8 tons), Kazakhstan (6 tons), and India (6 tons). Meanwhile,  the Central Bank of China greatly reduced its gold purchases , while increasing its reserves by 2 tons to 2,264 tons; the lowest figure since November 2022. A significant decrease in precious metal sales occurred at the expense of Uzbekistan and Jordan, whose reserves decreased by only 1 ton. In May, the world central banks' reserves  increased by 10 tons, the volume of purchases was 23 tons, and that of sales, totalled 12 tons. During that month, Kazakhstan took the lead in sales of 10 tons of gold. A previous report, posted by the TCA, provided data for Uzbekistan’s gold exports in February and March.