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UK Supports €12.6M Deal to Boost Exports to Uzbekistan’s Copper Producer

UK Export Finance (UKEF) has guaranteed a €12.6 million ($13.25 million) loan to the Almalyk Mining and Metallurgical Complex (AMMC) in Uzbekistan. The loan will refinance the purchase of fully automated vehicles from the Scottish multinational company Weir and marks UKEF’s first agreement in Uzbekistan. The loan, provided by the International Bank, aims to support Weir’s exports to AMMC, one of Central Asia’s largest copper production facilities. “UK businesses are increasingly keen to bring their goods and services to this dynamic market - and UKEF is here to help buyers in Uzbekistan seize this opportunity,” said Tim Reid, CEO of UKEF. Strategic Importance of Copper The UK Department of Business and Trade reports that nearly 90% of UK imports from Uzbekistan consist of non-ferrous metals, metal ores, and slag. Copper, a vital material for construction and green technologies such as solar panels and electric vehicles, is in increasing demand. Global copper requirements are projected to grow by an additional one million tons annually until 2035. The UKEF-backed deal reflects the UK’s commitment to enhancing machinery exports and supporting the global supply chain. In 2023, total trade between the UK and Uzbekistan reached £381 million, with specialized machinery ranking as the fourth most-traded category. Sustaining Production at Almalyk UKEF’s financial backing is crucial for sustaining production at AMMC by ensuring access to capital from a trusted supplier. The partnership highlights UKEF’s broader role in facilitating growth opportunities for UK businesses in Central Asia’s dynamic market.

United Kingdom Kazakhstan

Kazakhstan, UK reaffirm commitment to strategic partnership

NUR-SULTAN (TCA) — In a telephone conversation at the initiative of the British side, the Minister of Foreign Affairs of Kazakhstan Beibut Atamkulov and the Minister of State for Europe and the Americas of the Foreign and Commonwealth Office of the United Kingdom (FCO) Christopher Pincher confirmed mutual interest in further strengthening and expanding the strategic partnership between the two states and discussed plans to organize future high-level bilateral visits and events, the Kazakh Foreign Ministry reported on August 8. The Kazakh Foreign Minister congratulated the British politician on his recent appointment and highlighted his interest in further developing constructive relations with the new leadership of the FCO and the UK Government. Meetings of the Strategic Dialogue at the level of the foreign ministers and the Intergovernmental Commission for Trade, Economic, Scientific, Technical and Cultural Cooperation are scheduled for this autumn. The Kazakhstan Global Investment Forum 2019 is also scheduled to take place in London this October. Both sides emphasized the need to strengthen bilateral economic cooperation, maximize the use of Kazakhstan’s transit and transport potential, and utilize the Astana International Financial Centre’s potential to expand partnerships in the financial and logistics sectors. The two politicians stressed the importance of strengthening cultural, humanitarian and educational cooperation, including through expanding opportunities for young Kazakhs to enroll in UK’s secondary and higher educational institutions, as well as enhancing cooperation between the two countries’ universities. The UK is among Kazakhstan’s ten largest trading partners. In 2018, mutual trade amounted to $1.2 billion. The UK is also one of the six largest investors in the Kazakh economy. Foreign direct investment inflow from the UK from 2005-2018 totaled $13 billion. More than 800 companies with UK participation are currently registered in Kazakhstan. The former Minister of State for Europe and the Americas Sir Alan Duncan and the UK Prime Minister’s Trade Envoy for Kazakhstan Baroness Emma Nicholson visited Kazakhstan earlier this year.

Economy United Kingdom Uzbekistan

Uzbekistan foreign minister meets with British MPs, minister for investment

TASHKENT (TCA) — The Minister of Foreign Affairs of Uzbekistan, Abdulaziz Kamilov, who arrived in London to attend the Global Conference for Media Freedom, met with a group of members of Parliament of the United Kingdom, Uzbekistan’s Jahon official information agency reported on July 11. Continue reading

United Kingdom Economy Kazakhstan Investments

Kazakhstan and Britain discuss investment projects

ASTANA (TCA) — Investment opportunities of Kazakhstan were presented at a seminar in London, held at the headquarters of the consulting company British Expertise International with the support of the Embassy of Kazakhstan in the UK, Kazakh Invest National Company for Investment Support and Promotion reported on May 2. Continue reading

United Kingdom Trade Economy Investments Kyrgyzstan

Kyrgyzstan and UK building stronger trade and investment ties

BISHKEK (TCA) — On March 1, the second UK Trade Mission is finishing its visit to Kyrgyzstan, having conducted a series of business meetings in the country. On February 28, there were B2G meetings in the Government Office, the Ministry of Culture, Information and Tourism, the Ministry of Education and Science, the State Committee for Industry, Energy and Subsoil Use, and other state agencies. On February 27, B2B meetings took place. Kyrgyzstan becomes a good partner "The reforms that are carried out in Kyrgyzstan allow us to open our country to investors from the new side. We are becoming a good partner," Kyrgyzstan’s Economy Minister Artem Novikov said at the presentation of the UK Trade Mission on February 27. "Our business people can see which contracts could be concluded to improve trade relations with the UK," the minister said and told the guests about the country's investment potential. Kyrgyzstan has great potential for economic growth. For the past six years, the country has managed to double its GDP in nominal terms, Novikov said. In 2017, the total trade increased by 12.5%, with exports growing faster than imports. Trade with the UK has increased fivefold in 2017 compared to 2016, with a significant share of gold and precious metals. The minister expressed the hope that trade between the two countries will also develop in other sectors. The arrival of the UK Trade Mission is of great importance for Kyrgyzstan. In the future, such meetings should be held more than once a year but quarterly or once in six months, and they should be more extended to cover all areas, the minister said. Kyrgyzstan is implementing the Taza Koom (Clean Society) digital transformation program which will reduce corruption and provide business opportunities for development in electronic commerce and other industries. "We have introduced stabilization regimes for investors and adopted a law that opens up opportunities for tax benefits for industrial enterprises. There is a law on public-private partnership and fiscal mechanisms for electronic procedures are being introduced. According to international ratings, our country ranks first in protecting investors among the CIS countries," Novikov added. The minister drew attention to the tourist potential of Kyrgyzstan. "Forbes magazine included Kyrgyzstan in the top ten list of recommended Best Budget Travel Destinations,” he said. Previously, Business Insider included the country in the top 12 emerging travel destinations. Kyrgyzstan was also among the top ten countries tipped for a tourism boom by WTTC. The minister urged British companies to invest in the Kyrgyz processing industry, energy sector, tourism, and light industry. Opportunities for cooperation According to UK Ambassador to Kyrgyzstan Robin Ord-Smith, the trade between the two countries amounted to $5.1 million for 10 months of 2017, and direct investments for 9 months were $27.6 million. The UK wants to achieve an increase in trade between the two countries. There are many opportunities for cooperation between our states in education, the Taza Koom program, providing legal and business services, the Ambassador said. Last year a UK...

Kyrgyzstan Economy United Kingdom Trade

2nd UK Trade Mission to strengthen partnership between Kyrgyzstan and British businesses

BISHKEK (TCA) — From 26 February to 1 March 2018, United Kingdom undertakes second Trade Mission to Bishkek, Kyrgyzstan. A delegation of seven UK companies, led by the London based organization “British Expertise International”, will meet with the Ministry of Economy, representatives of businesses, and international organizations in Bishkek. The event is aimed at establishing stronger relations around education reforms, policy and infrastructure development, provision of media and IT solutions, the British Embassy in Bishkek said. Continue reading