• 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 901

China Remains Uzbekistan’s Top Trade Partner

In the first three months of 2024, the value of bilateral trade between China and Uzbekistan reached $2.1 billion. During this period, Uzbekistan's exports to China totaled $349.4 million, whilst imports from the People's Republic of China (PRC) reached $1.7 billion. This trade flow reflects a significant surplus in the PRC's trade balance, indicating a steady demand for Chinese goods. According to the Uzbek statistics agency, trade with China accounts for 21.5% of the country's total foreign trade. The number of companies with Chinese investments is steadily growing in Uzbekistan - at the beginning of April, there were 2,501 of them, up 7% compared to the end of last year. At a meeting of the leaders of Uzbekistan and China in Beijing in late January, 2024, Presidents Mirziyoyev and Xi agreed to prepare programs of cooperation in infrastructure development, industrial cooperation, technology transfer in agriculture, and green energy. Last year, Chinese companies commissioned two solar power plants in Uzbekistan with a capacity of 1,000 MW. Mirziyoyev and Xi said bilateral trade turnover between the countries could reach $20 billion annually. The two sides see great potential in the construction of the China-Kyrgyzstan-Uzbekistan trunk-line railroad. According to various estimates, this multi-modal corridor will reduce the distance of cargo delivery to Europe from China by 900 kilometers, saving 7-8 days of transit time.

Kazakhstan Has Become Main Trade Partner of China’s Xinjiang Province

According to Chinese Customs Service data from the first quarter of 2024, Kazakhstan became the main trade partner of China's Xinjiang Uygur Autonomous Region. Since the beginning of the year, Xinjiang has conducted trade with 193 countries and regions of the world. The volume of imports and exports with Kazakhstan and Kyrgyzstan in currency terms has increased by 58.8% and 1.9% respectively. The volume of foreign trade originating from Xinjiang since the beginning of 2024 has increased by 42.7% year-on-year and reached about $13.2 billion. That puts Xinjiang in second place in China in terms of trade growth at the provincial level. Imports of agricultural products specifically increased by 36%. According to the General Customs Administration (GCA) of China, last year the trade turnover between Kazakhstan and Xinjiang increased by 63% and reached $20.3 billion. In the first half of 2023 China became Kazakhstan's main trading partner, displacing Russia. China supplies the country with cars, computers and laptops, plastics and plastic products -- and from Kazakhstan imports oil, natural gas, uranium, ferroalloys, mined ores and concentrates and oilseeds.

Money of Kazakhstan’s National Fund to Be Invested in New Format

The National Bank of Kazakhstan has revealed its strategy for investing the National Fund's money in alternative instruments, emphasizing the gradual increase in money committed to that tranche of investments to $2.5 billion by 2025. This portfolio, launched in 2023, represents 3% of the total allocation of the savings portfolio and will be a key element of asset diversification. National Bank officials note that this decision came as part of a drive to balance the National Fund's assets and improve returns. This, in turn, contributes to additional diversification and mitigation of risks. The National Fund Management Concept to 2030, developed by the country's main bank and approved by president Kassym-Jomart Tokayev, defines strategic principles and approaches aimed at maximizing returns. It includes the use of defensive strategies, factor investing, and also pays attention to ESG (Environmental, Social & Governance) principles. The structure of the National Fund consists of a stabilization portfolio and a savings portfolio. While the former is invested in short-term government securities issued in developed economies, the latter is more diversified and includes a wide range of assets, including alternative instruments and a gold portfolio. The National Fund's assets currently stand at $60.7 billion, despite the withdrawal of 35.5 trillion tenge (~$77 million) over the past ten years, mostly during the pandemic.

Chinese Investors Plan to Build Solar Power Plant in Tashkent Region

Chinese investors have agreed to implement more major projects in Uzbekistan, according to statements made following the visit of a trade delegation from China to Uzbekistan's Tashkent region. Chinese businesses intend to invest $2 billion in the construction of a solar power plant in Ahangaran, $25 million in providing food for employees of social facilities, and $20 million in the construction of a diagnostic center. Also, Chinese investors are ready to invest $90 million in projects focused on the production of pharmaceutical products, metal structures, artificial fiber and threads. Earlier, Uzbekhydroenergo and China Southern Power Grid International agreed on joint construction of a 600 MW pumped storage hydropower (PSH) called Verkhny Pskem. The cost of the project is estimated at $1 billion. The first solar power plant in Uzbekistan was established with the assistance of the World Bank Group, Abu Dhabi Future Energy Company (Masdar), the Asian Development Bank and the Government of Uzbekistan. The station, with a capacity of 100 megawatts, became the country's first large-scale renewable energy facility. According to Uzbekistan's Ministry of Energy, the country plans to build about 25 large-scale solar power plants in the next 10 years.

Market Capitalization of the Kyrgyz Stock Exchange Reaches Record Level

In a short period of time, the Kyrgyz Stock Exchange (KSE) has launched various financial instruments: a government securities market, a precious metals market, other commodities instruments, and a sustainable development sector, KSE President Medet Nazaraliev explained at a meeting with representatives of the business community. The head of the exchange said that businesses registered in Kyrgyzstan have begun to show interest in the opportunities of the KSE, and with increasing financial literacy, more and more companies are interested in issuing securities to raise funds. KSE's market capitalization, according to official data, reached a record high of $1.25 million in the first quarter of 2024. "In recent years, the country's stock market has seen growth in all indicators. For sustainable development, companies need to expand the sources of attracting investments, and today the stock market [helps] to attract investments by issuing shares, bonds, creating a public [market] history and increasing the reputation and recognizability of the company," said Nazaraliev. At the meeting with participants of the Kyrgyz Chamber of Commerce and Industry, representatives of the exchange emphasized that it is important to develop not only the securities sector, but also the commodities sector. "One of the important tasks of the stock market is to ensure a high level of liquidity of investments in securities, [and] guarantees of execution of transactions. I hope that in the future the stock exchange will become a place for mass transactions in the commodities sector, as well. All over the world, commodity exchanges help to quickly raise money to increase production of high-demand goods and realize the tasks of creating transparent pricing mechanisms, including for commodities. Exchange mechanisms prove to be effective in terms of developing competition and ensuring equal access to goods," said KSE Vice President, Aida Chodulova. Officials are preparing to launch a digital project which will allow citizens to invest in securities online. There are also plans to attract international investments. International ratings agency, S&P Global Ratings is scheduled to evaluate the activities of the KSE, and the Kyrgyz government and business community hope that this will help the Republic multiply its chances of attracting foreign capital through the exchange.

Uzbekistan to Raise Energy Prices for First Time in Five Years

Electricity and natural gas tariffs in Uzbekistan will increase from May 1, and social consumption quotas will also be established. The price increase will be the first since August 2019. The quota for electricity use was defined up to 200 kWh per month, for gas -- from March to October -- up to 100 cubic meters, and from November to February, up to 500 cubic meters. The authorities attribute the price increase to inflation, which has cumulatively reached 66% over the past five years. At the same time, most energy companies are suffering severe losses, with state company JSC Thermal Power Plants reporting losses of 1.6 trillion sum ($125 million). The Uzbek government has announced assistance to the vulnerable in the form of raising the official poverty line, pensions and allowances. "About $80 million has been allocated from the state budget to support low-income families. These funds have clear sources and will be allocated in a timely manner and without any delays," Economy and Finance Ministry spokesman Khurshed Mustafayev said.

Start typing to see posts you are looking for.