• KGS/USD = 0.01134 0%
  • KZT/USD = 0.00225 0%
  • TJS/USD = 0.09234 0.22%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01134 0%
  • KZT/USD = 0.00225 0%
  • TJS/USD = 0.09234 0.22%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01134 0%
  • KZT/USD = 0.00225 0%
  • TJS/USD = 0.09234 0.22%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01134 0%
  • KZT/USD = 0.00225 0%
  • TJS/USD = 0.09234 0.22%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01134 0%
  • KZT/USD = 0.00225 0%
  • TJS/USD = 0.09234 0.22%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01134 0%
  • KZT/USD = 0.00225 0%
  • TJS/USD = 0.09234 0.22%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01134 0%
  • KZT/USD = 0.00225 0%
  • TJS/USD = 0.09234 0.22%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01134 0%
  • KZT/USD = 0.00225 0%
  • TJS/USD = 0.09234 0.22%
  • UZS/USD = 0.00008 0%

Viewing results 1 - 6 of 916

Uzbekistan Raises Its Poverty Line Due to Increases in Gas, Electricity Prices

Uzbekistan has updated its minimal poverty-defining level of consumer spending for the population to $51 from $48.9 dollars per month. This is already the second increase in the indicator since the beginning of the year, which is explained by rising gas and electricity prices. Minimum consumer spending is calculated in Uzbekistan based on the daily neds of citizens on means spent on food and non-food products and services. According to Picodi.com, Uzbekistan is among the top ten countries with the highest spending on food, with citizens spend 46.5% of their earnings on edibles. Overall, annual food inflation in the country reached one of its lowest levels in recent years in 2023, totaling 9.7% annually. In March 2024, food inflation contracted even more, to 7.8% annually, according to international data portal, Trading Economics. The Center for Economic Research and Reforms says that the country managed to lift more than a million Uzbeks out of poverty in 2023. This was due to higher wages, social payments, benefits, and increases in income from agriculture.

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.

ADB Allocates $56 Million for Sewage Treatment Plant to Protect Issyk-Kul

The Asian Development Bank (ADB) has agreed to allocate money for the construction of a sewage treatment plant in Cholpon-Ata, Kyrgyzstan's main resort city on the northern shore of the high-mountain Lake Issyk-Kul, which is the crown jewel of the Kyrgyz  tourism industry. . According to the State Agency of Architecture and Construction, the ADB will allocate $31 million in the form of a grant and $25 million as a soft loan for the construction of a sewage treatment plant with a capacity of 14,200 cubic meters per day. The funds will also be used to build 18 sewage pumping stations, 45km of main sewers, and 109km of intra-square sewage networks in the city of Cholpon-Ata. "To date, the design and cost- estimate documentation for the sewage treatment plant, two main pumping stations and sewage collector in the city of Cholpon-Ata, and tender documents for them, [have been] sent for consideration by the Asian Development Bank," reported the press service of the State Construction Committee. The agency emphasizes that all local guest houses, sanatoriums and resorts will be able to connect to the central sewage system. Environmentalists have repeatedly warned of unfavorable ecological degradation of the waters of Lake Issyk-Kul, because of hundreds of hotels located in the coastal zone. Today, most sewage treatment facilities in the coastal towns of Balykchy, Karakol and Cholpon-Ata are out of operation. Those sewage systems were put into operation in the 1960s or 1970s, and received little maintenance or upkeep.

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 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.

U.K. Plans to Open an Investment Fund in Kyrgyzstan

The United Kingdom is weighing up the prospect of opening an investment fund in Kyrgyzstan. Its main function will be to support small- and medium-sized businesses, according to comments made by the British ambassador to Kyrgyzstan Nicholas Bowler during a recent meeting of the Kyrgyz-British Business Council. "Britain is interested in cooperation in mining, agriculture, consulting, the financial sphere, information technology, education and some other areas," said Bowler. According to him, Britain intends to invest £19.5 million ($24.5 million) to create a venture capital investment fund in the country. The series of funds will seek investments in small- and medium-sized enterprises with high potential in the region. The British embassy and business community intend to maintain contacts at the International Business Council and develop trade and economic relations between the two countries. Ambassador Bowler said that the UK is also interested in mining metals and minerals in Kyrgyzstan. In the near future British geologists will begin work to digitize the republic's geological data. In addition, Bowler said, negotiations are underway to engage the international consulting company Boston Consulting Group to develop a joint mining strategy. "Work is now underway in Kyrgyzstan to introduce English commercial law. In the south of the country, United Concrete Canvas is planning to start construction of a concrete canvas [canal lining] plant in the near future, which demonstrates the trust and interest of British companies in Kyrgyzstan," said Kyrgyz ambassador to the UK Ulan Jusupov at the meeting. At the end of 2023 bilateral trade volume between Kyrgyzstan and the UK amounted to $92 million. This represented an increase of 287% on the previous year, as European nations looked for new trading partners in Central Asia, and searched for a way for their firms to get their goods into Russia with less scrutiny. Recently the British authorities have adopted a new trade scheme for developing countries. Under the scheme, Kyrgyzstan can export to the UK more than 8,000 different types of goods at reduced or zero tariffs. So far the main export items are gold, generators, and chemical products. Earlier this month, British foreign secretary David Cameron met with Kyrgyz president Sadyr Zhaparov as part of his working visit to Central Asia.

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