• 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%

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Uzbekistan’s President Guarantees Protection of Foreign Investors’ Rights

Addressing the Tashkent International Investment Forum, Uzbekistan President Shavkat Mirziyoyev remarked that in recent years, his country had attracted more than $60 billion in foreign investment, in over 300 joint industrial projects. Regarding the goal to attract further foreign partnerships, he continued, "Our state guarantees development of market relations, reliable protection of investors' rights, improvement of favorable investment and business environment, creation of wider opportunities and conditions for fair competition, ensuring inviolability of private property and independence of [our] judicial system." To achieve its aims, Uzbekistan has adopted a new version of the law "On Investments" in accordance with World Trade Organization (WTO) standards.  Despite not yet ratified by Uzbekistan, the International Commercial Court (ICC), is already operating in the country, and the terms of land lease for foreign investors have been increased from 25 to 49 years. Uzbekistan's head of state also announced plans to introduce  new approaches to the system of industrial zones,  the management of which will involve experienced foreign companies. Drawing attention to the country's wealth of natural reserves, the  president noted, " Our country has colossal resources of gold, copper, tungsten, silver and uranium. Along with rare and unique minerals, we have deposits of more than 30 rare earth metals such as lithium, magnesium, molybdenum, germanium, vanadium and indium. " He emphasized Uzbekistan's ongoing negotiations with the U.S. and the UK  on cooperation in the field of critical raw materials (CRMs) and extended an invitation to leading companies to develop projects concerning the deep processing of strategic raw materials and the creation of a value-added chain of refining and processing. Mirziyoyev mentioned  the forthcoming construction of the Trans-Afghan railroad and upgrades to existing international airports in Tashkent, Bukhara and Urgench  planned with the cooperation of foreign investors, and with reference to improved logistics, stated,  "These strategic projects will radically change the geo-economics situation in the region and turn Central Asia into a global transit centre connecting North and South, East and West." This year's Tashkent Investment Forum was attended by 2,500 delegates including government leaders, heads of major companies and representatives of the  United Nations (UN), European Bank for Reconstruction and Development (EBRD), the Organization of the Petroleum Exporting Countries (OPEC) and the Shanghai Cooperation Organization (SCO).

OPEC Fund to Allocate $500 Million for Tourism, Logistics Development in Uzbekistan

A delegation of the Organization of the Petroleum Exporting Countries (OPEC) International Development Fund headed by President Abdulhamid Alkhalifa participated in the events of the Tashkent International Investment Forum. The OPEC Fund and the Government of Uzbekistan signed agreements on joint activities and financial commitments worth $500 million. The funds will be used for the development of tourism, logistics, pharmaceuticals, ecology, support for women's entrepreneurship, and youth initiatives. The OPEC delegation will visit the facility of water supply and wastewater disposal in the Samarkand region, which was financed by the organization. This project provides the basic tools to improve health and living conditions for 70,000 local residents. For 25 years, the OPEC Fund has been working with Uzbekistan, providing it with $760 million in loans. This financial support has helped provide drinking water to remote areas and modernize Uzbekistan's energy sector. This year's Tashkent Investment Forum was attended by 2,500 delegates - government leaders, heads of major companies and representatives of the United Nations (UN), the European Bank for Reconstruction and Development (EBRD), the Organization of the Petroleum Exporting Countries (OPEC), and the Shanghai Cooperation Organization (SCO).

EU and FAO Aid Uzbekistan’s Management of Hazardous Chemicals

On 1 May, the Food and Agriculture Organization of the United Nations (FAO) and the Ministry of Ecology, Environmental Protection and Climate Change of Uzbekistan held an inception workshop in Tashkent on technical assistance for the sound management of hazardous chemicals. The joint venture, implemented with financial support from the European Union, is designed to enhance the effectiveness of mechanisms and tools for the management of hazardous chemicals and related waste. A key goal cited by the EU Delegation to Uzbekistan, is to reduce the use of dangerous pesticides in agriculture, through the introduction and promotion of alternative methodologies amongst farmers. Aziz Abdukhakimov, Minister of Ecology, Environmental Protection and Climate Change, stressed that by actively striving to reduce the use of highly hazardous pesticides, Uzbekistan aims to lower their adverse impact on the nation’s health and environment, in addition to making a significant contribution to  UN Sustainable Development Goals. Regarding plans to address the issue, he  announced, “We need to revise our inventory of contaminated areas of former agricultural airfields and other sites, the last of which, was carried out in the ‘90s when more than 450 former agricultural airfields were identified.” Praising the move, Wim Riepma, Head of Cooperation Section, EU Delegation to Uzbekistan, stated: "Our partnership with the Government of Uzbekistan and FAO exemplifies a collective commitment to protecting the environment and public health, by cleaning up legacy waste, by improving waste management, and by reducing pesticide waste production. Integrated pest management and awareness of health and environmental risks are key to a healthier, environment- friendly and economically viable agriculture sector.” Sherzod Umarov, Assistant FAO Representative in Uzbekistan, likewise emphasized, "The project implementation will enable an improved institutional capacity for sound pesticide management and better data on hazardous wastes in agriculture allowing development of a national waste management strategy. The project also aims to scale up green practices in the agricultural sector leading to reduced risks to farmers and consumers from the use of pesticides and to food production relying on less toxic pesticides and biological protection tools.”  

Azerbaijan, Kazakhstan and Uzbekistan to Export Green Power to Europe

On 1 May , Azerbaijan, Kazakhstan, and Uzbekistan’s ministers of energy gathered in Tashkent to sign a memorandum of cooperation aimed at connecting their countries’ energy systems. The focus of the initiative is to explore means of connecting energy systems via a high-voltage cable embedded in the Caspian Sea to enable further export of green energy from Azerbaijan, Kazakhstan, and Uzbekistan to European Union countries. Referencing the parties’ earlier draft technical specification for the deep-sea cable, Kazakhstan’s Minister of Energy Almasadam Satkaliev stated, “A proposed business model will be prepared for the development of international transmission corridors - financing, revenue, ownership - and the sale of green energy to European Union countries.” Meanwhile, Asiaplustj.info reports that Tajikistan is still not being envisioned as a part of the system. As that publication notes, Uzbekistan's energy system currently operates in parallel with the energy systems of Kyrgyzstan and Kazakhstan within the framework of the United Energy System of Central Asia (UES CA), which was created under the Soviet Union. This system was abandoned by Turkmenistan in 2003 because Uzbekistan refused to allow transit of Turkmen-produced electricity through its infrastructure. "In November 2009, after a major accident in Tajikistan's energy system, Uzbekistan unilaterally left the UES CA, which automatically left Tajikistan out of this system as well. In 2018, Uzbekistan restored parallel operation within the regional system. Since 2019, with financial support from the Asian Development Bank, work has been underway to bring Tajikistan back into the unified energy ring of Central Asia. The Ministry of Energy of Tajikistan last summer reported on its intentions... to join the regional system by the end of 2023. but this has not happened so far," the report noted.  

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.

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