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Export/import Energy Investments Finance Central Asia Economy Uzbekistan

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).

Kazakhstan Export/import Digitalization Trans-Caspian Corridor international cargo Tez customs digital trade corridor

Digitalization Eases Cargo Processing on the Trans-Caspian International Transport Route

On 30 April , Singaporean company Global DTC gave a presentation of multimodal platforms Digital Trade Corridor and Tez Customs at Kazakhstan’s Ministry of Transport. The demonstration reiterated benefits afforded by digitalization in ensuring transparency and high-speed transit of goods through Kazakhstan along the Trans-Caspian International Transport Route (TITR) connecting China and Europe through Central Asia and the Caucasus. The DTC platform, and particularly its Track & Trace service, allows shippers to track the location of cargo and its customs status online, as well as update information on transport documents along the entire route. Work on the technical integration for Track & Trace in Kazakhstan and Azerbaijan has now been completed, and its integration in Georgia is ongoing. Negotiations are also underway with Chinese and European partners. The introduction of the Tez Customs platform, by offering automated, paperless customs transit clearance, registration and electronic transit declaration, has reduced processing to just 30 minutes. During the first quarter of this year, cargo traffic along the TITR increased by 33% compared to the same period last year.

Economy Uzbekistan Export/import Central Asia US Investments

American Company Launches CO2 Production in Uzbekistan

The American company Air Products is planning to open a carbon dioxide (CO2) production project in Uzbekistan. The corresponding agreement, worth $15 million, was signed with Navoi Nitrogen (Navoiazot) chemical complex. The plant will be the first and so far the only one of its kind in Uzbekistan, and will use untreated CO2 captured at the ammonia production line. Production of high-purity carbon dioxide will allow its use in beverage production, food packaging, welding mixtures, for blast freezing of food products, the agro-industrial complex, greenhouses, water purification, dry ice production, and more. The plant, which will have a capacity of 120 tons of CO2 per day, will reduce the consumption of natural gas, which is currently the main source of CO2 generation. "Using CO2 in greenhouses allows farmers to harvest 20-40 percent more crops. For example, in Holland and Spain, 60 percent to 90 percent of greenhouses use carbon dioxide to enrich the atmosphere. Uzbekistan's agriculture has great potential, and competent use of CO2 will allow it to achieve excellent results," believes Kirill Korotkov, commercial director for Air Products Uzbekistan. Air Products began operations in Uzbekistan in 2019, and to date has implemented a number of projects in the oil & gas and chemical industries. In September 2023, during a working visit of Uzbek president Shavkat Mirziyoyev to New York, he met with Air Products's chairman Seifi Ghasemi. The parties considered the expansion of their strategic partnership -- with investments totaling up to $1 billion.

Economy Export/import China Central Asia Investments European Union Uzbekistan Strategy critical raw materials

Uzbekistan and EU to Increase Extraction of Rare Earths, Critical Metals

Uzbekistan is launching a slate of promising projects focused on mining rare earth elements (REEs) worth $500 million. The country has a large stock of REEs that are needed for industrial uses, and with the involvement of foreign partners, it plans to ramp up production. Among the critical raw materials (CRMs) targeted for production are molybdenum, tellurium, selenium and graphite. Uzbekistan recently signed a memorandum of understanding with the European Union in the field of CRM development. The memorandum seeks to ensure a diversified and sustainable supply of CRMs for the world's economic transition to green energy and a more heavily digitalized existence for humankind, including 5G connectivity, the Internet of Things (IoT) and artificial intelligence (AI). "This agreement with resource-rich Uzbekistan will help the EU secure much-needed access to critical raw materials. It is part of our wider global work with partners to secure the supply of materials for the future. It will be a major boost for Uzbekistan to realize its ambitions to diversify its economy and sustainably develop its extractive industry," said European Commission Executive Vice-President Valdis Dombrovskis. Experts note that Uzbekistan has the second largest reserves of critical raw materials in the region, including deposits of various minerals such as copper, molybdenum and gold. Investing in CRM development will help spur economic growth in Central Asia and increase competition with China. "China is creating very closed mining and supply chains for rare earth elements. Today, rare earth metals and their production are almost completely monopolized by the People's Republic of China (PRC). 80-90 percent of rare earth element processing is controlled and carried out directly inside the Middle Kingdom. Beijing hopes that it will be able to use this advantage in international relations, that it will be able to play a dominant role in the emerging new energy and economic architecture of the world economy, which will determine in the future everything from energy to geopolitics," said Wesley Hill, manager of the international program called "Energy, Growth and Security" at the International Tax and Investment Center.

Uzbekistan Economy Export/import Afghanistan Central Asia Investments Finance

Uzbekistan Signs More Export Contracts With Afghanistan

Uzbekistan has agreed to sign export contracts worth $44 million with Afghanistan, according to a report by the Chamber of Commerce and Industry of Uzbekistan. The contracts were signed during a three-day visit to Tashkent by a delegation of Afghan businessmen. The two nations are also planning to form an Uzbekistan-Afghanistan Business Council, which will have 18 Afghan companies among its members. Afghanistan's import market is worth $7 billion. The goods that are most in demand with Afghan importers are agricultural products, processed food, textiles, leather, electrical components and construction materials.

Export/import

Uzbekistan’s Trade Volume Shows Healthy Growth

According to Uzbekistan's national statistics agency, from January to March this year the country's foreign trade value amounted to $15.8 billion, which is $927.9 million (+6.2%) more than the same period last year. Since the beginning of the year exports have reached $6.38 billion dollars (+10%), while imports have reached $9.43 billion (+3.8%). The foreign trade deficit amounted to $3.05 billion. The largest share of the export mix is held by goods (82.2%), of which 16% were industrial goods worth $1.02 billion. Half of the export volume was accounted for by heavy metals ($538 million), and another $344 million by non-ferrous metals. Also in 1Q 2024, Uzbek vegetables and fruits worth $224.7 million, oil and oil products worth $129.9 million, and inorganic chemical products worth $218.7 million were exported. From exports of machinery and transport equipment, Uzbek companies received $248.5 million dollars (-4.5%). Exports of metalworking machines (+203%) and power generation machines (+80.5%) increased significantly. Clothing brought in $228 million, which is 5.6% less than last year, while footwear supplies to foreign buyers also decreased by $3.5 million (-67.2%). At the same time, the volume of furniture exports increased by a healthy $4.3 million dollars (+20.3%).