• KGS/USD = 0.01126 0%
  • KZT/USD = 0.00226 0%
  • TJS/USD = 0.09196 0.77%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01126 0%
  • KZT/USD = 0.00226 0%
  • TJS/USD = 0.09196 0.77%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01126 0%
  • KZT/USD = 0.00226 0%
  • TJS/USD = 0.09196 0.77%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01126 0%
  • KZT/USD = 0.00226 0%
  • TJS/USD = 0.09196 0.77%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01126 0%
  • KZT/USD = 0.00226 0%
  • TJS/USD = 0.09196 0.77%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01126 0%
  • KZT/USD = 0.00226 0%
  • TJS/USD = 0.09196 0.77%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01126 0%
  • KZT/USD = 0.00226 0%
  • TJS/USD = 0.09196 0.77%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01126 0%
  • KZT/USD = 0.00226 0%
  • TJS/USD = 0.09196 0.77%
  • UZS/USD = 0.00008 0%

Viewing results 1 - 6 of 17

Uzbekistan Launches Construction of New Power Plants

On March 25th, Uzbekistan President Shavkat Mirziyoyev pressed a symbolic button to launch the construction of new power plants in the country’s Namangan region. Today, the Namangan region has 913 megawatts of generating capacity. Over the past three years, electricity consumption in the region has increased by 24 percent and to meet the ever-growing demand, three projects have been launched with a total capacity of 1,228 megawatts at a cost of $1.1 billion. The projects comprise a cascade of hydroelectric power plants and two solar power plants. The Uzbekhydroenergo joint stock company will invest $434 million in a cascade of 6 hydroelectric power stations. With a total capacity of 228 megawatts, the plants will generate 1 billion kilowatt-hours of electricity per year, saving 310 million cubic meters of gas and providing electricity to 430 thousand households. The German company Hyper Partners GmbH will build a solar power plant with a capacity of 500 megawatts. The cost of the project is $350 million and the annual capacity, 1.095 billion kilowatt-hours. Another solar power plant will be built in cooperation with Tepelen Group Holding Limited from the United Arab Emirates. Its cost will also be $350 million and its capacity, 500 megawatts. The connection of the above power plants to the power grid is scheduled for completion by the end of this year. Combined, the projects will provide the Namangan region with an annual generating capacity of 2141 megawatts and 7.8 billion kilowatt-hours of electricity. Since this is more than enough to cover the region's need for 5.5 billion kilowatt-hours, any excess electricity will be sent to neighbouring Andijan and Fergana.

Foreign Companies Operating in Kazakhstan Double in Five Years

The number of foreign and joint venture (JV) companies doing business in Kazakhstan reached 52,000 as of January 2024, a number that has more than doubled in five years from 24,700 in 2019, according to a report by Energyprom analysts. At the beginning of this year, 43,400 companies were registered in Kazakhstan defined as legal entities or branches with a foreign form of ownership. Additionally, there were 8,700 JVs. In terms of types of activity, most foreign companies operate in the fields of trade and services, and are most often small businesses. That diverges from Kazakhstan's priorities for the economy to attract and maintain large organizations in industry, construction, and IT. In total, more than 11,000 going concerns, both foreign and JVs, are working in these sectors. At the end of last year in the Karaganda Region, workers completed the construction of Kazakhstan's first lime production plant, which a Belgian company invested in to build. Furthermore, foreign investment totaling $482 million is behind the construction of a copper smelting plant in East Kazakhstan with a capacity of 25 million tons of products per year. In Aktobe, thanks to investment from Italy, a plant will produce thermal insulation materials. Agreements on all of these projects have already been signed. According to the Bureau of National Statistics of the Republic of Kazakhstan, Russia holds the largest share among JVs and foreign enterprises, which stands to reason given that this northern neighbor is Kazakhstan's key partner in the Eurasian Economic Union (EAEU). In January of this year, 23,400 active Russian and Kazakh-Russian companies were registered in the republic. Following Russia's attack on Ukraine in February 2022, there was a sharp influx of those wishing to move their business from Russia to Kazakhstan. Rounding out the top five countries that are actively opening businesses in Kazakhstan are Turkey, Uzbekistan, Kyrgyzstan, and China. Chinese business leaders have registered not just trading companies, but enterprises in manufacturing and mining industries. About 450 Chinese or Kazakh-Chinese companies in the heavy industries sector are currently operating. Among them is an East Kazakhstan-located producer of fuel assemblies for nuclear power plants in China. In terms of regions, the East Kazakhstan and Atyrau regions - as well as the metropolises of Almaty and Astana - attract the most foreign investment. For example, foreign ventures invested $6 billion in Almaty in 2023, whilst the oil refining sector in the Atyrau Region received $5.5 billion.

One of Malaysia’s Largest Supermarket Chains to Open in Uzbekistan

The Uzbek Embassy in Malaysia hosted a meeting with Kin Chai, the founder and executive director of Malaysia's KK Group of Companies, according to Dunyo news agency. The two sides discussed the implementation of joint investment projects and other areas for mutual collaboration. Chai specifically mentioned that Uzbekistan appeals to foreign investors because of the different tax and customs breaks offered to them. “We are interested in cooperation with business representatives of Uzbekistan,” he said. “(Our) supermarket chain, which is well-known in Malaysia and operates under the KK Super Mart brand, can also successfully operate in Uzbekistan based on the available opportunities." The meeting yielded a decision to launch a chain of KK Super Mart stores in Uzbekistan and to open a trading house for Uzbekistani goods within the KK Group's retail network. The KK Group's conglomerate model has businesses in multiple sectors in addition to retail, including construction, e-commerce, and hotel operations. It has more than 800 sales networks across Malaysia.

Plans Underway For Central Asia’s First Privately Owned Airport

A new airport is being planned in Uzbekistan's Tashkent region, which will be financed by Chinese investors. The planned airport will be the first in Central Asia built entirely with private financing and owned by private individuals. Last week at the Uzbek-Chinese business forum in Shenzhen, delegations from Uzbekistan and China signed numerous business and investment contracts. Among them, the contract to build an airfield in the Ahangaran district in the Tashkent region attracted special interest. The project is expected to use capital sourced solely from an unnamed Chinese investor company. Construction is expected to start in the second half of this year. In addition to the airport, seven more projects, worth $56m, are being planned with Chinese investors for the Akkurgan district, including facilities for producing knitwear, fabrics, synthetic mattresses, footwear, and building materials.

Chinese Agricultural Drones May Be Manufactured in Kazakhstan

On January 17th, a delegation from Kazakhstan led by Deputy Minister of Agriculture, Abulkhair Tamabek visited the assembly site of the company, Eavision Robotic Technologies in the city of Suzhou in China’s Jiangsu Province. The company specializes in the production of unmanned aerial vehicles for monitoring and protection from pests, plant diseases and weeds, using artificial intelligence technology. During the meeting with Xinyu Wang, General Director of Eavision Robotic Technologies, the delegation discussed a project for localizing the production of agricultural drones in Kazakhstan. Emphasizing the uniqueness of such a project, the Ministry of Agriculture stated that there are no such similar production facilities in Russia or any other Central Asian countries. As a result of the negotiations, a Memorandum of Technical Cooperation was signed for the manufacture of agricultural drones in Kazakhstan. The two sides agreed to develop a roadmap for the implementation of the project, and determine the location of production facilities in Kazakhstan and potential sales markets, including in neighboring countries.

Uzbekistan Aims to Attract More Foreign Investment, Increase Exports

On January 18th, President Shavkat Mirziyoyev chaired a government meeting on priority tasks in the field of investment, export and industry for 2024, his press service has reported. It was stated at the meeting that the Uzbekistan 2030 strategy has set a goal of bringing the country's GDP to $160 billion and per capita income to $4,000 a year, which cannot be achieved solely through the domestic market; meaning there is a need to attract more foreign investment and increase exports. Over the past six years, the country has received almost $50 billion in foreign investment, with the economy growing by 6% last year. However, exports did not increase. It was stated that although Uzbekistan has enjoyed the EU’s GSP+ trade preference system and has the opportunity to export 6,200 types of goods to Europe duty-free, only 384 types of goods were exported under this system last year. To take the economy to a new level would require exports to be increased by at least 30% annually. A total of $200 million has been allocated for export lending, but that has not always translated into the production of value-added products and exports. From now on, subsidies and loans will be provided primarily to exporters entering new markets with products with high added value. Another issue discussed at the meeting was industrial production. Over the past six years, the volume of investments attracted to industry has increased seven-fold, with equipment worth $14 billion being imported over the past three years. Uzbekistan has created 24 special economic zones (SEZs), where land is allocated in a simplified manner and tax benefits are provided by the state. However, these opportunities are not being fully utilized. For instance, 800 hectares of land with ready-made infrastructure is still empty in the SEZs. Therefore, it was decided that 240 hectares of land in SEZs in the Bukhara, Navoi, and Tashkent regions will be outsourced to foreign companies.

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