Investments - The Times Of Central Asia

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Uzbekistan and Kazakhstan Aim for $10 Billion Trade Volume

Following on from our previous report on the President of the Republic of Uzbekistan's current visit to Kazakhstan, on August 8, a meeting was held between Shavkat Mirziyoyev and the President of the Republic of Kazakhstan, Kassym-Jomart Tokayev, at the residence in Аkorda. Meetings of the Intergovernmental Commission, the business forum, and several cultural events were also held on the eve of the visit. A strategic partnership and alliance program until 2034 has been prepared, and a council chaired by the heads of foreign policy agencies is being established. In recent years, the volume of trade has doubled, the number of joint ventures has increased five-fold, the volume of cargo transportation is increasing, and large cooperation projects are being implemented. At the meeting, the presidents supported a further comprehensive cooperation program and the establishment of an inter-parliamentary forum with the participation of the chambers of the two countries' parliaments. Before the current summit, a portfolio of new deals and contracts with a total value of $7 billion was initiated to develop industrial cooperation which includes projects in energy, transport and logistics, metallurgy, textiles, agriculture, and construction, as well as inter-regional projects. The highest priority was given to implementing strategic regional projects as soon as possible, such as the Kambarata HPP-1. It was also agreed that the first meeting of the two countries' regional leaders in Samarkand will be held this fall. In unison, the first session of the Supreme Interstate Council was held under the president's chairmanship. The two countries' leaders noted the adoption of the strategic partnership and alliance program for 2024-2034, stating that the volume of trade should increase to $10 billion in the coming years, and for this purpose, a separate program will be adopted by the end of the month. Special attention was paid to the mutual formation of markets and eliminating existing restrictions. At the end of the Supreme Interstate Council's first meeting, a ceremony was held, wherein the presidents signed the decisions of the Supreme Interstate Council on approving the strategic partnership and alliance program for 2024-2034 and establishing the Council of Foreign Ministers. In addition, agreements were reached on mutual cooperation in agriculture, health, and the economy. A memorandum on establishing the Uzbekistan-Kazakhstan Council of Experts, protocols on cooperation in the regulation of natural monopolies and competition policy, and a plan for several other activities were also signed. At the end of the bilateral negotiations, branches of the Tashkent Institute of Irrigation and Agricultural Mechanization Engineers in Almaty (Kazakhstan) and the South Kazakhstan State University named after Mukhtar Avezov in Chirchik (Uzbekistan) were ceremonially opened. The leaders of Uzbekistan and Kazakhstan also took part in a ceremony dedicated to the arrival of the first freight train on the route Xi’an–Khorgos–Almaty–Saryogoch–Tashkent. Presidents Mirziyoyev and Tokayev unveiled a statue in Astana of the founder of the Uzbek literary language, poet and great thinker, Alisher Navoi. In 2020, the late Kazakh poet Nesipbek Aytuli translated and published Navoi's most important work, Khamsa, into Kazakh, and President Tokayev...

Gold mining in central asia Industry Uzbekistan Economy Export/Import Finance Investments

Uzbekistan’s Reserves Reach $37.4 billion

As of August 1, Uzbekistan's official reserves reached $37.4 billion, 1.06 billion dollars more than a month ago, according to a Kun.uz report based on data from the Central Bank of the Republic of Uzbekistan. This reserve value is a record indicator for the period after 2018 when data disclosure began. Still, $37.4 billion is enough to cover 12 months of imports. The increase in the value of international reserves is mainly due to the continued rise in gold reserves and prices. The physical volume of gold in reserves increased by 310,000 ounces (9.64 tons) to 12.05 million ounces (374.8 tons), and the value reached $29.15 billion (+$1.84 billion). According to the Central Bank, the impact of the increase in the price of gold from $2,327.6 to $2,419.6 in July amounted to $1.11 billion. In July, foreign currency assets decreased by $781.5 million to $7.69 billion and since the beginning of the year, have declined by $1.68 billion, partly affected by the extinguishment of the sovereign Eurobonds issued in 2019, worth $500 million. The value of securities purchased by the Central Bank was 35.3 million dollars.

Finance Investments Kazakhstan Export/Import Agriculture Israel Water-Saving Technologies

Israeli Companies Ready to Invest in Construction of Reservoirs in Kazakhstan

Israeli companies have expressed interest in participating in the construction and reconstruction of reservoirs in Kazakhstan as well as their readiness to provide the country with modern flood forecasting and protection systems. The announcement was made during a meeting on August 8 between Kazakhstan’s Minister of Water Resources and Irrigation Nurzhan Nurzhigitov, and a consortium of leading Israeli companies in the field of water resources management, headed by Managing Partner of Value LBH and Chairman of the Board of the investment company Dan Capital, Shimon Ben-Hamo. Discussions focused on potential cooperation in various areas of the water industry, from the construction and reconstruction of water facilities to joint personnel training, as well as the introduction of water-saving technologies, water purification and reuse, drinking water quality control, and automation of water distribution and metering. Reporting on the meeting, Minister Nurzhigitov commented: "Israeli companies have extensive experience and modern technologies for high-quality water management. Some companies have been successfully operating in Kazakhstan for a long time. We intend to achieve the most efficient water use in all sectors, so we count on mutually beneficial cooperation.” The Kazakh Ministry of Water Resources and Irrigation plans to build 20 new reservoirs with a 2.5 billion cubic meters capacity by 2030. Once completed, the project will reduce the country’s dependence on water flowing from upstream Kyrgyzstan and China by 25%, help combat drought in southern Kazakhstan, and reduce the threat of flooding in 70 rural settlements with a total population of nearly 140 thousand people. In addition, irrigation will be provided for a further 250 thousand hectares of farmland. Plans are also in place to reconstruct 15 existing reservoirs with a total capacity of 1.9 billion cubic meters.

Railway stations Investments Transport Afghanistan Economy Railway

Uzbekistan Repairs Afghanistan’s Naibabad Railway Station

Uzbekistan Railways JSC reports that the opening ceremony of the restored Naibabad railway station in Afghanistan was held on August 7. The restoration work was carried out by Uzbekistan Railways JSC in cooperation with the Termez regional railway junction and Sogdiana Trans. During the ceremony, the first freight cars arrived at Naibabad. Afghanistan plays an important role in connecting Central and South Asia through road and railway routes passing through its territory. The Naibabad station will be an important center for transporting goods from Russia, Kazakhstan, China, and European countries to Pakistan, India, and other South Asian countries. Particular attention was paid to accelerating the implementation of the Trans-Afghan railway construction project along the Mazar-e Sharif-Kabul-Kharlachi route. This project significantly improves regional logistics relations and trade and economic cooperation. Kazakhstani diplomat Aidar Borangaziev said that Uzbekistan and SCO member states benefit from economic projects implemented in Afghanistan. These projects include the trans-Afghan railways, the North-South Transport Corridor, and the Central Asian branches of the New Silk Road – part of the Partnership Network concept of strategic ports and logistics centers being developed within the SCO.

European Union Investments Energy Export/Import Economy Environment

Uzbekistan Plans to Export Electricity to Europe by 2030

The first meeting of energy ministers was held as part of the sixth consultative meeting of the leaders of the Central Asian nations. At the meeting in Astana, Uzbekistan announced that it could begin exporting excess electricity to Europe by 2030. According to the Minister of Energy of Uzbekistan, Jorabek Mirzamahmudov, if the tripartite project of Kazakhstan, Uzbekistan and Azerbaijan on the transmission of the cable along the bottom of the Caspian Sea is successfully implemented, Uzbekistan will be able to transfer excess electricity. “By the end of this year, we will increase the total energy capacity obtained from renewable energy sources to the level of more than 4 GW. By 2030, this indicator will exceed 20 GW, of which 2–5 GW of energy will be exported to Europe,” the minister said. According to Mirzamahmudov, the exact volume of exports will depend on the electricity transmission system's capacity and European buyers' needs. Mirzamahmudov also stated that Uzbekistan’s electricity would pass through Kazakhstan through the unified energy system of Central Asia, through the Caspian Sea to Azerbaijan, from there to Georgia, and then through the Black Sea to Romania, Hungary, and Bulgaria. Following Uzbekistan's development strategy, the total generation capacity will be increased by 2.4 times (44.9 GW) by 2030. At the same time, the share of renewable energy sources will be increased to 40%. For this purpose, solar and wind energy production projects with a total capacity of 18.8 GW (8.6 GW solar, 10.2 GW wind) will be implemented.

Finance Education Investments Oil & Gas Pharmaceuticals Export/Import Economy Economic Cooperation

Uzbekistan and Kazakhstan Sign $5 Billion in Agreements at Business Forum

On August 7, a joint business forum was held in Astana with more than 300 representatives from business circles of Uzbekistan and Kazakhstan in attendance. At the forum, joint projects involving automotive engineering, electrical engineering, pharmaceuticals, the chemical and logistics industries were discussed, and a set of agreements with a total value of $5 billion were adopted, according to the Agency for the Development of the Pharmaceutical Network. A memorandum of understanding was signed between Kazakhstan’s JV KAZ AMT and Uzbekistan’s Estess Atraumatic Sterile Surgical Threads LLC, Kazakhstan’s Dolche LLC and Uzbekistan’s Medproject Technology LLC. The President of the Republic of Uzbekistan, Shavkat Mirziyoyev, arrived in Astana on August 7 at the invitation of the President of Kazakhstan. Within the framework of the visit, Mirziyoyev will participate in the consultative meeting of the leaders of the Central Asian countries and the dialogue in the format Central Asia + Japan. President Mirziyoyev signed the decision to establish a free economic zone of the Central Asia International Industrial Cooperation Center on August 6. The zone will be organized in the Syr Darya region. Industrial cooperation will be expanded by involving enterprises in the production process in the center's territory and establishing the production of import-substituting products. Only products manufactured in Uzbekistan and Kazakhstan are sold in the center's territory under the control of a production certificate. According to the decision, Kazakhstani and foreign citizens can enter the center's territory without a visa through a special checkpoint with an identity document, and stay in the territory for 15 days.