Monday, 09, December, 2024

Economy

Turkmenistan will increase gas supplies to Uzbekistan. This became known from a telephone conversation between President Shavkat Mirziyoyev and Chairman of the Halk Maslakhaty of Turkmenistan Gurbanguly Berdimuhamedov, the Turkmen Golden Age state news agency said.

CEO of Uzavtosanoat Ulugbek Rozukulov unveiled plans for the development of the automotive industry in an interview to the Uzbekistan 24 after a meeting with the president on Thursday.

MPs passed amendments to the 2024 State Budget Law, raising the ceiling on external loans in three readings at the session on Tuesday. The document was sent to the Senate for approval.

From January to October, the volume of money remittances to Uzbekistan topped $12.6 billion, which is 34% higher than the same period last year, the Central Bank's said in a review.

Russia will increase gas supplies to Uzbekistan via Kazakhstan, said the Russian president Putin during Kazakhstan-Russia talks in Astana on Wednesday.

The Strategic Reforms Agency studied the night-time economies of the UK, Thailand, the USA, the UAE and Australia in and the prospects for further development of night-time economy in Uzbekistan.

At the November 26 session of the Legislative Chamber, the State Budget Bill for 2024 was in principle adopted in the first reading. Deputy Prime Minister Jamshid Kuchkarov delivered a speech at the meeting, in which he also touched upon the importance of membership in the World Trade Organization.

The Ministry of Economy and Finance has published a draft Citizens Budget for the next year. In 2025, almost a quarter of the state budget revenues are projected to be collected from AMMC (Almalyk Mining and Metallurgy Plant) and NKMK (Navoi Mining and Metallurgy Plant).

Negotiations on the China-Kyrgyzstan-Uzbekistan Railway project are nearly finalized. This strategic project will significantly enhance trade and infrastructure across three nations. This was reported by the railway transport news portal Railway Supply.

Uzbek embassy in Slovakia (stationed in Vienna, Austria) held a presentation dedicated to Uzbekistan’s investment potential in the city of Turčianske Teplice.

The World Bank, in collaboration with the Astana Financial Services Authority (AFSA), is hosting a regional conference on Disaster Risk Financing and Insurance (DRFI) in Central Asia to discuss solutions the region can adopt to be financially prepared for the mounting disaster risks.

The State Assets Management Agency announced the privatization of a stake in UztemirYulKonteyner. Cotton Logistics became the winner in bids for a 35% stake of UztemirYulKonteyner, which is part of Uzbekistan Railways, which offered 200 billion soums. Reportedly the bidder's offer was above the estimated value of the enterprise.

In October, inflation expectations of the public and businesses in Uzbekistan for the next 12 months began to decline, the Central Bank said in a survey.

The European Economic Days forum in Uzbekistan has successfully concluded in Tashkent, marking a new stage in economic cooperation between Uzbekistan and the European Union.

Uzbekistan's public debt may rise to $45 billion in 2025, the Ministry of Economy and Finance said in a report. In 2024, the public debt is expected to reach $39.7 billion, or 35.5% to GDP. Next year, the figure will grow by 13.3% to $45 billion, or 36.4% of GDP. By 2027, the level of public debt may reach $55.9 billion, but with a ratio of 36.7% to GDP, the growth will be insignificant.

The Chinese Sino-Wind Energy unveiled plans to set up a wind turbine blade manufacturing plant in Uzbekistan. This was announced by the company's director Ma Yinhu.

The Central Bank’s governor Mamarizo Nurmuratov commented on the adding of two more Uzbek companies to the US sanctions list at a press conference on October 31.

The Central Bank’s governor Mamarizo Nurmuratov replied to a question about Uzbekistan's dependence on Russia in energy supplies at a press conference on October 31.

The Europe-Uzbekistan Association for Economic Cooperation (EUROUZ) is pleased to announce the European Economic Days 2024, set for November 6-7 at the Hilton Tashkent City. This flagship event will bring together senior-level stakeholders from Europe and Uzbekistan to foster partnerships, explore new business opportunities, and deepen economic collaboration.

The Ministry of Economy and Finance unveiled the proposed tax rates in the draft 2025-2027 Uzbekistan budget. Current rates of income tax (15%), personal income tax (12%), social tax (budget organizations - 25%, others - 12%), turnover tax rate - 4%, as well as fees for the transit of cars through the territory of the country and fees for the right to sell alcoholic beverages will remain the same in 2025.